| izzer | 08-20-2010 01:23 AM |
Quote:
Originally Posted by Hondaracer
(Post 6855441)
quick question regarding the sale of a car, first is selling a car between family members any different than a regular private sale?
and second, i've heard of people using the "gift" form or whatever, if this form is used to transfer the title of a vehicle if said vehicle is written off do you still get the blue book value?
ive heard that if in a private sale if you sell a car for much lower value than blue book that if the vehicle is written off you only get sale value?
| You can gift a vehicle to anyone, it does not have to be a family member. Private sales usually involve the purchaser to pay tax on the vehicle.
If you gift a vehicle and its written off you get current market value for the vehicle ( its always a good idea to take in adds off buysell etc for similar cars incase icbc does try to low ball) its usually a pretty decent pay out, keep in mind im looking at it form a claims perspective
We use a gold book value now, it shows the original MSRP, current value, and whole sale price of the vehicle
The reason we ask why you are selling the vehicle for less the 90% of current market value or what the relation is between buyer and seller is because we have to input something on the APV9E (tax exemption online form)
If icbc does really want to know if the vehicle is really a gift or not they send a letter to the seller of the vehicle asking what the vehicle was sold for, if you send the letter back saying "gift" the trail ends there
hope that helps | 