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Old 06-25-2008, 03:59 PM   #1
AhmadHasib
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Question about title trasnfer fees

If I was to purchase a bike and keep it just for a month to fix up damages to the bike and later sell it, how will i be able to do so without transferring the title to my name and playing the taxes for it? I don't see myself keeping this bike for more than a month or 2, so I wanted to know if there is anyway I can sell this bike FROM MY NAME to the next owner without having to transfer the title to me?

I want to know a LEGAL method
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Old 06-25-2008, 04:15 PM   #2
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Old 06-25-2008, 04:39 PM   #3
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From what I'm told, it's called having an open title. I'm not sure it's legal, but it's what I did with my first bike. The previous owner signed it over to me, but I never titled the bike into my own name. I then turned around and sold it to the next guy. He didn't have an issue with titling it in his own name.
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Old 06-25-2008, 09:52 PM   #4
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Quote:
Originally Posted by proxim2020 View Post
From what I'm told, it's called having an open title. I'm not sure it's legal, but it's what I did with my first bike. The previous owner signed it over to me, but I never titled the bike into my own name. I then turned around and sold it to the next guy. He didn't have an issue with titling it in his own name.
The only issue i see with that is when trasnfering the title, it has a date of sale on it. I feel the guy selling me the bike would feel kinda iffy if he didnt write that in, Plus there are late fees for transfering title if the guy writes the date on the title for me.

I'll just transfer the title over to my name
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Old 06-25-2008, 09:55 PM   #5
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Quote:
Originally Posted by AhmadHasib View Post
I'll just transfer the title over to my name
that would be your best bet

i wouldnt buy a bike with any flaws about the title

CLEAN title in hand or no deal
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Old 06-26-2008, 12:20 AM   #6
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Quote:
Originally Posted by AhmadHasib View Post
The only issue i see with that is when trasnfering the title, it has a date of sale on it. I feel the guy selling me the bike would feel kinda iffy if he didnt write that in, Plus there are late fees for transfering title if the guy writes the date on the title for me.

I'll just transfer the title over to my name
if ur just gonna transfer the title try a notary place and say its a gift....that will significantly cut down on the taxes that u will have to pay
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Old 06-26-2008, 12:23 AM   #7
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Quote:
Originally Posted by NiS13 View Post
if ur just gonna transfer the title try a notary place and say its a gift....that will significantly cut down on the taxes that u will have to pay
Also illegal

Just FYI
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Old 06-26-2008, 12:25 AM   #8
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There is no way you can transfer it to your name without paying the regular fees. The law on title transfers is very strange, and there is absolutely no reason it should be as difficult, time consuming, and expensive as it is to transfer a vehicle from one person to another. Like someone mentioned above I have seen an "open" title done many times. The person selling signs the title and the transfer paperwork but the buyer never fills out his portion. Thus when he sells it, it is essentially just skipping you. It is very doable, but I cannot speak for the legalities of it, anything that cuts the state out of their money is most likely illegal.

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nothing goes unmoderated....
"And so, this tiny metal deathtrap becomes known as the ultimate form of freedom. Like a steampunk cyborg, man and machine fuse to make a symbol of what you can become when style and speed matter more than safety and efficiency. Is it any wonder that some people just get mad every time they see a motorcycle go by? Because it challenges everything they have, while proving to them that they donít have enough."
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Old 06-26-2008, 01:01 AM   #9
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why sell it so soon? figure by then youll be ready to graduate to a gixxer?
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Old 06-26-2008, 10:23 AM   #10
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regarding: gift tax

if taxes were paid on a bike when it was new, why are u paying taxes on it again when u sell it

if that was the case then sales tax should applied to every item on craigslist

thats the gubment going beyond the line and i never agreed with it
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Old 06-26-2008, 10:48 AM   #11
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So you want to be an unlicensed dealer?

Nope.

If you do it as an individual to be legal you need to title it and pay the sales tax (they shouldn't be allowed to charge sales tax on the resale of products for which sales tax has already been charged, but that's the law). Want to be a dealer, get a license, bonded, and all that comes with being a business...
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Old 06-26-2008, 10:53 AM   #12
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Quote:
Originally Posted by AhmadHasib View Post
The only issue i see with that is when trasnfering the title, it has a date of sale on it. I feel the guy selling me the bike would feel kinda iffy if he didnt write that in, Plus there are late fees for transfering title if the guy writes the date on the title for me.

I'll just transfer the title over to my name
I guess that's how we got away with it. The person I bought from gave me a title with a signature and a printed name. The rest was filled once I sold it.
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Old 06-26-2008, 01:10 PM   #13
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I bought my bike from somebody who never titled it in their own name and it was a huge mistake. Luckily we were able to contact the original owner and he was an honest guy so it turned out alright, but there are so many things that could have gone wrong that I would never recommend it to anybody else and I will never do it again either.
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Old 06-26-2008, 10:41 PM   #14
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my bike had been transferred between 3 diff buyers before it got to me....i just ignored ever bill of sale and piece of paper that did not have matching info on the title. so i walked in with a vtr30 form (i think that is what it was), the old salvage title from louisiana, handed it over, 20 minutes later and $215 later i had plates and a new texas title.

and yeah legally the only way to transfer a title without paying transfer taxes is to be a dealer, they have to pay tax on their inventory.
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