Quote:
Originally Posted by jlstyle
I’m currently in process of buying a car out of state, sight unseen.
Seller is very diligently responding in mature manner and I have a confidence on him.
I’m also having the pre purchase inspection done today to verify any possible issues before committing to it.
Purchase will be through the credit union he will put me in contact with.
Is there anything else I should look into before I make my move?
Also, in order to save tax on the purchase, should I make a certified check and send it to him and have him write lower purchase price on the bill of sale?
Or can I just use his credit union (who is currently the lien holder of his car I presume) to make all the transaction? Is bill of sale something we can write or does the lien holder have to write out?
It is first time for me and him to buy/sell car over the internet, let alone sight unseen.
Please shed some light to get the most benefit out of doing private purchase.
Thank you.
Jung
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see my comments below:
1) PPI is a must, and it looks like you have this covered.
2) I was able to have my guy FaceTime with me and do a walk around on the car along with starting and revving, etc. This went a very long way in making me comfortable with the purchase. I would encourage this, or if he isn't an iphone guy, then use Skype or Whatsapp.
3) Regarding your comment about the tax savings on reducing the purchase price documentation. Please don't do this, it is tax fraud - a federal crime and a felony. See statute below:
Title 26 USC § 7201-Attempt to evade or defeat tax
Any person required under this title to collect, account for, and pay over any tax imposed by this title who willfully fails to collect or truthfully account for and pay over such tax shall, in addition to penalties provide by the law, be guilty of a felony
+ Shall be imprisoned not more than 5 years
+ Or fined not more than $250,000 for individuals
+ Or both , together with the costs of prosecution