2wd? Update - figuring out the transaction

[naomi 343]

Test drove the car today. It's pretty nice. I think I'll go for it.

I'm not clear (and she's not savvy on this front either) the best way to do the transaction. She's owes $20,500. The dealership had offered her $21,000, so I assume that means they'd pay off the rest of her loan and give her $500 credit toward her next car (or possibly just $500 straight up). I'd like to do whatever means paying less in the big picture (as long as it works out decently for her, too). Assume her debt and then pay it all off. Or give her $20,500, she pays it off, gives me the car as a gift, etc. I think the way I can save money is by not needing to pay taxes on it, if that's workable. 

[tubby_mcgee 686]

On 11/1/2019 at 9:09 AM, MTSkiBum said:

People are babies now days. When I worked in the Yellowstone club(just outside Big Sky) I drove a Sentra or a Camry and never once did I feel unsafe. You are just as safe on slick roads and shallow snow in a FWD car as in an AWD car.

The majority of the days in the wintertime I was driving on either fresh snow or packed snow.

 

Theoretically you would be less likely to get stuck in deep snow or sand in an AWD car, but even that claim is dubious because there is no locking differentials or anything else to prevent the tires from spinning on an AWD car.

AWD is a marketing scheme.

 

Agree and disagree.

Agree: Driving on highway ice, FWD (front wheel drive) is as good as AWD, IMO as your back end won't try to pass your front end. 

Disagree that AWD is a marketing scheme.    Its like someone saying that FWD is a marketing scheme (vs RWD- rear wheel drive).   Or saying leather (vs cloth) is  marketing scheme.

"Scheme"  implies deception to me.

 

 

[IGotWorms 3,300]

12 hours ago, naomi said:

Test drove the car today. It's pretty nice. I think I'll go for it.

I'm not clear (and she's not savvy on this front either) the best way to do the transaction. She's owes $20,500. The dealership had offered her $21,000, so I assume that means they'd pay off the rest of her loan and give her $500 credit toward her next car (or possibly just $500 straight up). I'd like to do whatever means paying less in the big picture (as long as it works out decently for her, too). Assume her debt and then pay it all off. Or give her $20,500, she pays it off, gives me the car as a gift, etc. I think the way I can save money is by not needing to pay taxes on it, if that's workable. 

I believe you go get a used car loan from your lender and they pay off her loan and remit whatever further proceeds.

 Doing anything else will probably just be a huge headache with a good chance you’ll fock it up by trying to get too clever.

[Hardcore troubadour 12,588]

The tax gambit doesn't work in a lot of places. In NY you are taxed on the book value when you register.  

[TimmySmith 2,782]

2 minutes ago, IGotWorms said:

I believe you go get a used car loan from your lender and they pay off her loan and remit whatever further proceeds.

 Doing anything else will probably just be a huge headache with a good chance you’ll fock it up by trying to get too clever.

Yeah, go to your bank and they will handle the whole thing.

[Patriotsfatboy1 1,432]

3 minutes ago, Hardcore troubadour said:

The tax gambit doesn't work in a lot of places. In NY you are taxed on the book value when you register.  

There are some states that allow gifting to avoid sales tax, but it needs to be a close relative.  I did that with my sister when she got a new car.  I gave her a few hundred more than the dealer was offering and she "gifted" it to me so that my kids could have a car.

[TimmySmith 2,782]

6 minutes ago, Hardcore troubadour said:

The tax gambit doesn't work in a lot of places. In NY you are taxed on the book value when you register.  

In MD and probably many others, a notorized bill of sale trumps blue book.  So pay whatever, but get the other party to agree to a lower bill of sale price.

[MTSkiBum 1,593]

I did not think this would go that far, but you are getting screwed on a 3 year old car. I bet I could buy a brand new CRV for less than what you are paying for a used one. The below link was with 2 minutes of searching and no negotiating.

https://www.cars.com/vehicledetail/detail/771753106/overview/

 

 

[Patriotsfatboy1 1,432]

10 minutes ago, MTSkiBum said:

I did not think this would go that far, but you are getting screwed on a 3 year old car. I bet I could buy a brand new CRV for less than what you are paying for a used one. The below link was with 2 minutes of searching and no negotiating.

https://www.cars.com/vehicledetail/detail/771753106/overview/

 

 

I just bought an EX-L (AWD) for 27,450, which is below invoice.  This is for an LX which is their cheapest trim, but I still see that going for 22k.

That seems like it is a little incorrect and probably an "Internet special". Not sure that they will actually sell you this one for that price unless you finance through them and pay 10% interest. 

[naomi 343]

On 11/4/2019 at 12:15 PM, MTSkiBum said:

I did not think this would go that far, but you are getting screwed on a 3 year old car. I bet I could buy a brand new CRV for less than what you are paying for a used one. The below link was with 2 minutes of searching and no negotiating.

https://www.cars.com/vehicledetail/detail/771753106/overview/

 

 

I've done a lot of CR-V browsing as it was one of the cars I was initially interested in a while back. Hers is a nice trim, and has some neat extras she added "the longer I stayed [at the dealership]." Only 14K miles. It's a pretty good deal from what I've been seeing.

[shorepatrol 1,735]

18 minutes ago, naomi said:

I've done a lot of CR-V browsing as it was one of the cars I was initially interested in a while back. Hers is a nice trim, and has some neat extras she added "the longer I stayed [at the dealership]." Only 14K miles. It's a pretty good deal from what I've been seeing.

That should've been gone at that price the second it hit. 

[IGotWorms 3,300]

41 minutes ago, naomi said:

 Hers is a nice trim