tax on trade in

[tsmdvl3]

dealer in Michigan says only half the value of trade in goes to reducing sales tax. Anyone heard of this?:chat:

 

[ARtraveler]

dealer in Michigan says only half the value of trade in goes to reducing sales tax. Anyone heard of this?:chat:

I am thinking the dealer is playing numbers games with you. Read your contract very, very, carefully.

 

[GearHd]

All the equity you have in the trade in goes toward reducing taxes. If you still owe money on the trade in then that amount doesn't count toward the taxes.

 

[tsmdvl3]

my trade in is paid off. this does sound right!

 

[lwrydr]

Tax

In my state (WA) tax is only paid on the difference between the price of the vehicle and the trade in amount. Sounds like they might be trying to pull a fast one.

 

[tsmdvl3]

this does not sound correct to me! salesman said his "financial people" told him this.

 

[k3232668]

What are you looking at buying? Also what dealer are you working with?

 

[bscrive]

The dealer is trying to swindle you out of some money. nojoke I would go elsewhere.

 

[GearHd]

If the deal seems fair I'd call them out on it. Maybe someone just has no clue what they're doing, wouldn't be the first time.

 

[tsmdvl3]

trying to buy a f3s sm 6. the dealer is leaders marine, I got my 2011rs from them. that spyder has been great, just wanting to upgrade to a better riding position and cruise control!

 

[cuznjohn]

the price of the trade is reduced form the taxable amount

 

[tsmdvl3]

for taxes they are only using half the trade value, so my taxes are higher!

 

[Dan McNally]

Ask your state's attorney general's office and ask them what your state law says . . . and if the entire amount should be credited toward tax liability, then have another discussion with the dealer . . . and perhaps file a complaint with the state AG

http://www.michigan.gov/ag/0,4534,7-164-21153-51368--,00.html

 

[BLUEKNIGHT911]

ASK THE RIGHT PEOPLE

Ask your state's attorney general's office and ask them what your state law says . . . and if the entire amount should be credited toward tax liability, then have another discussion with the dealer . . . and perhaps file a complaint with the state AG

http://www.michigan.gov/ag/0,4534,7-164-21153-51368--,00.html

IMHO....forget the SAG.( they are busy with criminal matters )....and ask your Dept. of Motor Veh's they know what you can deduct from from what you will have to pay a New Purchase.....Mike

 

[IdahoMtnSpyder]

dealer in Michigan says only half the value of trade in goes to reducing sales tax. Anyone heard of this?:chat:

You guys in Michigan are screwed.

Trade-in Allowance. Effective January 1, 2015 through December 31, 2015 motor vehicles and recreational vehicles
traded in to dealers towards the purchase of a new or used motor vehicle or recreational vehicle receive a credit of the tradein
vehicle’s value or $2,500, whichever is lower. This is subtracted from the purchase price of the new vehicle.

Your dealer is wrong. It's not 50% of the trade-in value, it's the trade-in value up to a max of $2500.

Check these out.

https://www.google.com/url?sa=t&rct...=0OHgNOTfoGLBrjwv3rD-ow&bvm=bv.93990622,d.aWw


https://www.google.com/url?sa=t&rct...=2AqA58Id4LzvZTuI1t0NLg&bvm=bv.93990622,d.aWw

 

[Spyder in La.]

IMHO....forget the SAG.( they are busy with criminal matters )....and ask your Dept. of Motor Veh's they know what you can deduct from from what you will have to pay a New Purchase.....Mike

The above.... Also, as long as the full value of your trade is recorded on the bill of sale, either the finance people will catch it or it will be rejected by DMV (dept of motor vehicle ).
The salesman may be new or simply lacks understanding the financial end .
100% of your lifelines are in agreement. It's your call.

 

[Spyder in La.]

You guys in Michigan are screwed.



Your dealer is wrong. It's not 50% of the trade-in value, it's the trade-in value up to a max of $2500.

....

Check these out.

https://www.google.com/url?sa=t&rct...=0OHgNOTfoGLBrjwv3rD-ow&bvm=bv.93990622,d.aWw


https://www.google.com/url?sa=t&rct...=2AqA58Id4LzvZTuI1t0NLg&bvm=bv.93990622,d.aWw

Yelp, you're screwed..... I guess Michigan is as broke as Louisiana. :yikes:

 

[Bob Denman]

The Moral of this Story: :lecturef_smilie: Know your State's laws about this sort of thing. Mike is correct; call your DMV office, and ask them about it. :thumbup:

 

[Dan McNally]

IMHO....forget the SAG.( they are busy with criminal matters )....and ask your Dept. of Motor Veh's they know what you can deduct from from what you will have to pay a New Purchase.....Mike

Virtually every state Attorney General's office has people who work nothing but consumer affairs issues . . . why wouldn't someone ask them to do their job?

 

[Bob Denman]

Actually, posing the question to the DMV, and getting the truth from them; would be more expedient...:thumbup: