Got a deal in the works to trade my bike.

By the time I get there, its going to be dark out and most likely any tag and title place will be closed.

Just sign over eachothers titles and thats it for that step?

Never traded cars or a bike before.
This one I bought from a local used car dealer owner and just did all the paperwork at the shop.
Privately bought cars, the title and everything was always signed over at a tag and title business.

So sign the titles over, get a bill of sale as well and thats it?

I know the next day I will be taking the new bikes title to the tag and title shop tho.
then insurance etc etc

thanks

step 1. nooooooooo! you put all this time and effort in, why?


but really,

step 1. Acquire the current, free and clear title from the bike you are trading       <- this is imperative!!!!
step 2. Fill out the transfer of title section on the title document itself
step 3. go to dmv, transfer the title ($$), and apply/get registration ($$), transfer your old plate to save $$
step 4. go riding

most title documents have a box to check for "received in trade" if not, I recommend:

-sell your bike for $10 and buy a new bike for $10. There is a net of 0 and no money has to actually change hands, and is therefore: still legal.
a lot of times its easier to do that, because they may require an appraisal of value of the items traded, by a PROfessional, so they can tax you. and him/her.

Your dmv/county will likely make you pay tax on any amount, so keep it low.

Thank you! 

and why?

He is a new rider and basically bought something too big and fast to start with.
and doesnt sound like hes too young either.

Also inexperienced wrencher too.

I am simply passing on my baby to someone who was in the same boat as me. (completely fresh to motorcycles)

and I've simply outgrown the bike.

I want and need something bigger, and also something else to tinker with and make my own. 

I am going to be trading him the bike, clymer manual, extra running motor, and every single extra and spare part I have for the bike, for his.

what is it tho? I'll say When it happens.
3.5 hr drive from where I live and cant go til Monday as my friend with a trailer cant take me until then.
As I cant ride the bike there with the extra motor and a bin full of parts.

I will say tho, it was only made for 2 years. (cruiser)
Doesnt look its age, in general or in its current shape.
and is a rare bike, which is a good thing and bad (hard to get parts and costly sometimes)

The guy seems cool as hell and he seems even more excited to get my bike then I am to get his.
Because I explained everythingggggg I've done to the bike and then some.
Which he Really seems to appreciate it too.

So I honestly think she will be in good hands.

Not to mention, 3.5 hrs away is still doable to go wrench on my old bike if we trade if he ever needs help 


So, we will see if it all pans out.

If it does, I will still be on here and helping out.
But also starting another build thread up (but non GS) getting this bike back to its original shine. 

Idk about that buy and sell for ten dollars thing..in my state you have to pay sales tax (9.75) on everything, vehicles included. When I went to title and register my GS, they asked what I paid for it and I told them 3000 (which I also had to put on the original title). They went to NADA to check the retail on a 2009 GS500F and made sure that I was within 75% of the actual retail value to make sure I wasn't evading taxes. I believe even if I did pay less than 75% I would have had to pay that amount as my taxes. But..we take sales taxes pretty seriously here so idk. But if at all possible I recommend the "trade" route on the deed.

Good luck.

Quote from: chemist on August 03, 2012, 12:10:00 AM
Idk about that buy and sell for ten dollars thing..in my state you have to pay sales tax (9.75) on everything, vehicles included. When I went to title and register my GS, they asked what I paid for it and I told them 3000 (which I also had to put on the original title). They went to NADA to check the retail on a 2009 GS500F and made sure that I was within 75% of the actual retail value to make sure I wasn't evading taxes. I believe even if I did pay less than 75% I would have had to pay that amount as my taxes. But..we take sales taxes pretty seriously here so idk. But if at all possible I recommend the "trade" route on the deed.

Good luck.

Yeah, I wouldn't fudge numbers.  You want the process to go smoothly, and in your favor, so don't give any reason it shouldn't.  The tax on a bike title here in Illinois is the same price no matter what price you list on the title anyway ($25).  Some states you just list that it was aquired in trade on the price line, if there is no indication for that anywhere else on the title.  I would still check with your local DMV regardless. 

- Bboy

QuoteI believe even if I did pay less than 75% I would have had to pay that amount as my taxes.

that doesnt sound legal...   
I don't see how, even a state, could justify taxing you on an amount that you didn't actually pay without a legal nightmare...

QuoteYeah, I wouldn't fudge numbers

remember, what i said isn't fudging the numbers, it would be a totally legitimate routine.

the sale price you pay sales tax on, is what I am referring to. A vehicle tax is entirely different, and you can't change that at all.
here in fla:
Transfer of title: 77.50
MC registration: 13.50 +++++++++ fees (you know, air fee, disgruntled dmv employee fund fee, pen ink fee, paper fee, paperless transaction fee.... etc)
New Plate: 28.00 can be avoided with transferring an old plate ($5)
Sales tax: $p(.07)

keep p low and you save da green, yo.


Post some damn pictures when you can, i wanna see this thing, tombstone! You know- pics or it didn't happen

If both bikes are free and clear then they can be sold for $1, $10, $100 or $1000. It doesn't matter.

I've transferred stuff before, the worst possible way to do it is to mark it as a gift (big taxes) i would go with the $10 or trade, you'll pay more taxes on a trade but it'll be a bit quicker, if you say you paid $10-100 (i'd go with 100) its safer, me and my dad have transferred  vehicles this way and my sister and i have transferred bikes that way before to.

QuoteThe tax on a bike title here in Illinois is the same price no matter what price you list on the title anyway ($25)

I just drooled at that tax rate..although, we don't have state income tax so I guess there's that. In Tennessee we try to let tourists pay the taxes. 

Tennessee does have high sales tax.

Quote from: Funderb on August 03, 2012, 06:23:58 AM

remember, what i said isn't fudging the numbers, it would be a totally legitimate routine.

the sale price you pay sales tax on, is what I am referring to. A vehicle tax is entirely different, and you can't change that at all.
here in fla:
Transfer of title: 77.50
MC registration: 13.50 +++++++++ fees (you know, air fee, disgruntled dmv employee fund fee, pen ink fee, paper fee, paperless transaction fee.... etc)
New Plate: 28.00 can be avoided with transferring an old plate ($5)
Sales tax: $p(.07)

keep p low and you save da green, yo.


Post some damn pictures when you can, i wanna see this thing, tombstone! You know- pics or it didn't happen

fees comment made me lol 
... I just know that nothing was 'calculated' when I paid for everything at the DMV, all numbers came out even, and I knew the amount before I came in... They told me on the phone and never asked the price I paid for it, never looked at it when I brought in the signed title to transfer.  I payed the vehicle use tax, title transfer fee, and registration/plates.  They may actually called vehicle use tax in Illinois, 'vehicle sales and use tax'  Trouble is, its different in every state...

QuoteI believe even if I did pay less than 75% I would have had to pay that amount as my taxes.

Quotethat doesnt sound legal...   
I don't see how, even a state, could justify taxing you on an amount that you didn't actually pay without a legal nightmare...

Why should it be any different the other way around?

Something just doesn't seem right with changing the price you 'paid' for a vehicle.  Like insurance would nab you somehow if get in an accident or something.. again I dunno for sure BUT...  It just seems like 'What's the point?' to even put the price on there if anyone can just put whatever they want, or whatever buyer/seller agree on, or what the traders agree on... 

I mean I see your point with an even trade, and people may actually do it.  But I bet there is something official the DMV would have for even trades.  In the end, there really aren't short cuts around law is all I'm getting at.  Just call your local DMV to know what it is to avoid any legality issues, its just not worth messing up.

- Bboy

Tomb, talk to a notary agent and tell them exactly what you're doing. In PA, I believe trading vehicles is a tax free process. But both of you guys need to be at the notary agents office (photo ID and clean titles) to do anything.

Super Magna maybe?  What do I win?

Quote from: Huff1371 on August 03, 2012, 04:59:42 PM
Super Magna maybe?  What do I win?

Karma Korn! hahaha

Did I miss what you are trading for?  It's early,...maybe I missed it,...

and its time to take the Last ride on my precious GS 

Headed over my friends to trailer it up and head out.

Heres what im trading for.

87 Honda Magna VF700C (Super Magna)
20K and runs Great!
Just needs some cleaning up.

Im just a sucker for odd looking (for its time) and rare things.

fook yea,...I already told you what I thought but I really hope this works out good for you Tomb! 

I mean you established the world record for open, close, open close,. open close, on the gs engine,...I wonder what you'll do with this beast!

Nice!

On a side note. I've paid a dollar for every bike I've ever bought...as far as the dmv is concerned. Who are they to tell me I didn't? They weren't there.

Got the bike   
Trailering it back home now. Picd when I can

QuoteGot the bike   
Trailering it back home now.

WOOOOO! pics pics pics!


and it if aint broke, and you take it apart chasing a rattle, it might end up broke... just saying. i'm more guilty of that than most.