on used car dmv bill of sale
#11
Registered User
Thread Starter
not tryin to be an ass, but DOES the insurance communicate with the DMV on car value? don't they determine value on their own. anyways, i never had much faith in insurance. it was just there in case someone got hurt and didn't want to lose a house, etc.
#12
Community Organizer
Originally Posted by dyhppy,Jun 15 2005, 08:56 AM
not tryin to be an ass, but DOES the insurance communicate with the DMV on car value? don't they determine value on their own. anyways, i never had much faith in insurance. it was just there in case someone got hurt and didn't want to lose a house, etc.
Hope the info is informative. I work w/ the insurance industry all the time.
#13
Member
If this was a gift they cant say that the car has no value. The insurance payout from how much your car cost to obtain locally averaged plus the value found in some book of car values (not blue book) all averaged together.
This at least is how Progressive works. I've had to deal with this before.
As for sueing for personal gains etc etc. I would not know...
my personal opinion [off the record] would be to either put the actual price minus (-) A REASONABLE AMOUNT or go with the gift option... I wouldnt set the value to like 50 dollars than ur just ASKING for trouble.
This at least is how Progressive works. I've had to deal with this before.
As for sueing for personal gains etc etc. I would not know...
my personal opinion [off the record] would be to either put the actual price minus (-) A REASONABLE AMOUNT or go with the gift option... I wouldnt set the value to like 50 dollars than ur just ASKING for trouble.
#14
Community Organizer
Originally Posted by CrAzYNeSs,Jun 15 2005, 09:20 AM
If this was a gift they cant say that the car has no value. The insurance payout from how much your car cost to obtain locally averaged plus the value found in some book of car values (not blue book) all averaged together.
This at least is how Progressive works. I've had to deal with this before.
As for sueing for personal gains etc etc. I would not know...
my personal opinion [off the record] would be to either put the actual price minus (-) A REASONABLE AMOUNT or go with the gift option... I wouldnt set the value to like 50 dollars than ur just ASKING for trouble.
This at least is how Progressive works. I've had to deal with this before.
As for sueing for personal gains etc etc. I would not know...
my personal opinion [off the record] would be to either put the actual price minus (-) A REASONABLE AMOUNT or go with the gift option... I wouldnt set the value to like 50 dollars than ur just ASKING for trouble.
My accountants tells me, what is the difference between a HOG and a PIG?
A hog gets slaughtered, and a pig gets PHAT. Get fat, not killed.
BC
#15
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Join Date: Apr 2004
Location: Santa Monica
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A gift is subject to a hefty gift tax (depending on the amount gifted). Don't declare anything of value a gift without considering the tax consequences.
Any reasonable sale price won't be questioned by the DMV, but who knows what is "reasonable" in their eyes.
Any reasonable sale price won't be questioned by the DMV, but who knows what is "reasonable" in their eyes.
#16
When a friend of mine bought his 2003 s2k it had 30k on the odometer. Now just think what the KBB is on that car PRIVATE PARTY value, when he went to fill out the paper work for DMV he wrote in that he bought the car for $15,000 when he got it for $22,000 OH YES. Goodluck man!
Kind regards,
Joe
Kind regards,
Joe
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