darin3 Posted December 4, 2007 Share Posted December 4, 2007 I had a crazy-ish idea the other day, and decided to pursue it. I posted on my local Craigslist about my 2001 Ford Ranger extra cab truck. It's a good truck and all, but I've been wanting something bigger with a few more horses in it. I don't drive much, so fuel efficiency is not very important to me. OK, so I post on Craigslist that I'm open to trading my truck for a larger (but older, due to price difference) truck. I have already received two responses, and both sound pretty legit. I'd like to think I'm pretty savvy when it comes to stuff like this, but what do you esteemed Huddlers think about this? Anything I should be looking for specifically in my due diligence? I will, of course, have a third-party mechanic take a look at the vehicle before I do this. How would title be handled? I assume I'd do a bill of sale for my truck, and we'd do one for his. TIA Quote Link to comment Share on other sites More sharing options...
Zooty Posted December 4, 2007 Share Posted December 4, 2007 I know in PA, you can't sell a vehicle for less than $100 (or maybe its $1). When you go to the notary to swap tags and titles, they should have the paperwork for a bill of sale. Definitely check out the truck to see if it was used for hauling and other things that could damage the suspension and drive-train. Good Luck! Quote Link to comment Share on other sites More sharing options...
darin3 Posted December 4, 2007 Author Share Posted December 4, 2007 I know in PA, you can't sell a vehicle for less than $100 (or maybe its $1). When you go to the notary to swap tags and titles, they should have the paperwork for a bill of sale. Definitely check out the truck to see if it was used for hauling and other things that could damage the suspension and drive-train. Good Luck! Good points, didn't think about having the suspension checked out. I'll have to check the rules/regs here in TX. If this was Louisiana, I could have my stepfather-in-law handle it. Darn. Quote Link to comment Share on other sites More sharing options...
detlef Posted December 4, 2007 Share Posted December 4, 2007 Besides the obvious checking out the car as you would any used car purchase... Just in case there's anything weird about "trading" trucks, why not just sell each other yours for $500? Seems like six of one. I mean, considering that neither of you will be making money on the transaction (guessing both cars were bought for more than $500), I can't imagine any tax implications. Quote Link to comment Share on other sites More sharing options...
jetsfan Posted December 4, 2007 Share Posted December 4, 2007 Texas will hammer you on sales tax. They charge to the book value of the vehicle regardless of what you paid. I would seriously find out about bartering, maybe you can gift the vehicles to each other or something to avoid the craptacular experience that is Texas DMV. Quote Link to comment Share on other sites More sharing options...
darin3 Posted December 4, 2007 Author Share Posted December 4, 2007 Texas will hammer you on sales tax. They charge to the book value of the vehicle regardless of what you paid. I would seriously find out about bartering, maybe you can gift the vehicles to each other or something to avoid the craptacular experience that is Texas DMV. Wow, now there's something I didn't know. Reasons like this to always ask here first. I have an attorney buddy who is also well-versed in automobile stuff so I'm sure he'll have some ideas. Thanks jetsfan! Quote Link to comment Share on other sites More sharing options...
driveby Posted December 4, 2007 Share Posted December 4, 2007 Texas will hammer you on sales tax. They charge to the book value of the vehicle regardless of what you paid. I would seriously find out about bartering, maybe you can gift the vehicles to each other or something to avoid the craptacular experience that is Texas DMV. yup. Didn't used to be that way. I guess too many cars selling for a couple dollars got someones attention. The link to the new law. gift info; Giving a car as a gift: If you wish to hand over your car to another person without receiving payment, you must sign the title over to that person and have the recipient complete a title application. The recipient should present these items to the County Tax Assessor-Collectors office. On the title application, the recipient must check the $10 gift tax box located in section 21. Quote Link to comment Share on other sites More sharing options...
darin3 Posted December 4, 2007 Author Share Posted December 4, 2007 yup. Didn't used to be that way. I guess too many cars selling for a couple dollars got someones attention. The link to the new law. gift info; Question is, if I gift my truck to this dude, and dude gifts his truck to me, will it raise a red flag? Quote Link to comment Share on other sites More sharing options...
godtomsatan Posted December 4, 2007 Share Posted December 4, 2007 Question is, if I gift my truck to this dude, and dude gifts his truck to me, will it raise a red flag? This kind of activity is probably cool in Austin, but would get you shot and dragged behind a vehicle in the rest of the state. Quote Link to comment Share on other sites More sharing options...
darin3 Posted December 4, 2007 Author Share Posted December 4, 2007 This kind of activity is probably cool in Austin, but would get you shot and dragged behind a vehicle in the rest of the state. Quote Link to comment Share on other sites More sharing options...
ChuckB Posted December 4, 2007 Share Posted December 4, 2007 What's he wanting to trade you for yours? Quote Link to comment Share on other sites More sharing options...
yo mama Posted December 4, 2007 Share Posted December 4, 2007 Question is, if I gift my truck to this dude, and dude gifts his truck to me, will it raise a red flag? That's not a "gift." The standard for a gift is "detached and disinterested generosity." You have to be willing to give him your truck and get nothing in return. If you're only giving him your truck if he gives you his, then its not a gift. DMV will likely catch it when you guys try to register each other's former vehicles within a close proximity of each other. Assuming you register... Quote Link to comment Share on other sites More sharing options...
darin3 Posted December 4, 2007 Author Share Posted December 4, 2007 What's he wanting to trade you for yours? A '99 Chevy 2500 extended cab. That's not a "gift." The standard for a gift is "detached and disinterested generosity." You have to be willing to give him your truck and get nothing in return. If you're only giving him your truck if he gives you his, then its not a gift. DMV will likely catch it when you guys try to register each other's former vehicles within a close proximity of each other. Assuming you register... Hmm. May just have to buck up and pay the taxes like a Good American © Quote Link to comment Share on other sites More sharing options...
ChuckB Posted December 5, 2007 Share Posted December 5, 2007 A '99 Chevy 2500 extended cab. Hmm. May just have to buck up and pay the taxes like a Good American © Sounds like you'd be makin out in the deal unless his is beat to chit or has a million miles. Quote Link to comment Share on other sites More sharing options...
yo mama Posted December 5, 2007 Share Posted December 5, 2007 (edited) Hmm. May just have to buck up and pay the taxes like a Good American © It's for the best. Your state needs that money to fund welfare for illegal aliens. And nothing is more American than that. Edited December 5, 2007 by yo mama Quote Link to comment Share on other sites More sharing options...
darin3 Posted December 5, 2007 Author Share Posted December 5, 2007 (edited) Sounds like you'd be makin out in the deal unless his is beat to chit or has a million miles. I offered "up to" $1,000 to make whatever trade work. The body/frame has a bunch of miles (264k) on it, but the engine (new, dealer-installed w/ backup documentation, apparently) has 40k on it. E2A: With the 264,000 miles on it, it's an even deal. With a 40,000 mile engine, it's worth like $9,000. I am going to have a mechanic go over it with a fine-toothed comb, for sure. Of course, my truck is no gem either. Its for the best. Your state needs that money to fund welfare for illegal aliens. And nothing is more American than that. Sad, ain't it... Edited December 5, 2007 by darin3 Quote Link to comment Share on other sites More sharing options...
yo mama Posted December 5, 2007 Share Posted December 5, 2007 I offered "up to" $1,000 to make whatever trade work. The body/frame has a bunch of miles (264k) on it, but the engine (new, dealer-installed w/ backup documentation, apparently) has 40k on it. Sad, ain't it... That's exactly why I moved back to California. Oh, wait... Quote Link to comment Share on other sites More sharing options...
jetsfan Posted December 5, 2007 Share Posted December 5, 2007 A '99 Chevy 2500 extended cab. Hmm. May just have to buck up and pay the taxes like a Good American © Maybe not...when you trade a vehicle in to a dealer, they do not pay sales tax on your trade. Also, you pay taxes only on the difference. So, I think if you know someone in a stealership, they may be able to help. Quote Link to comment Share on other sites More sharing options...
Savage Beatings Posted December 5, 2007 Share Posted December 5, 2007 Who run Barter town? You know who. WHO RUN BARTER TOWN??? Master Blaster... Say Louder. MASTER BLASTER! Quote Link to comment Share on other sites More sharing options...
Chief Dick Posted December 5, 2007 Share Posted December 5, 2007 my 2001 Ford Ranger extra cab truck. Glad to see you are upgrading to a man-truck. Quote Link to comment Share on other sites More sharing options...
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