Re: Buying a car that is being financed.... - Saab General Bulletin Board - Saabnet.com
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Re: Buying a car that is being financed....
Posted by mb25 [Email] (more from mb25) on Wed, 21 Apr 2004 08:34:40
In Reply to: Re: Buying a car that is being financed...., mb25, Wed, 21 Apr 2004 08:26:19
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OK, let me add to that. I missed that you were going to take over his loan. I'll assume that the car and loan are going to stay in his name, so no transfer of title and the related sales tax. So, assuming all this. Figure out the fair market value of the car. Add the applicable sales tax, then subtract the current payoff on the loan. If it's a positive number, you owe him, if negative, he owes you. At least that is how I would do it. If you total the car tomorrow, you'll only the get the fair market value, not a value based on some complex calculation that you created for yourself.
posted by 209.208.2...
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