Has anyone used autoloan to buy a car but put less in DMV?

[GT500916]

OK so we all do it, we buy the car for lets say $20k and for DMV we bought the purchase price of $5,000 or something to save on getting taxed the crap out of. I personality think that private party tax is the dumbest idea i have ever heard ever!! There is no reasonable explanation of this unreasonable tax, and none of us know where that money goes so im assuming to some guys pocket. Private party things should not be taxed period, especially if things are old like 10 years old. Its like im trying to sell you my bike and then tax you, what kinda crap is that?!! DMV gets their money from the registration fees and license fees, etc. So... let me get to my point...

So lets say that car that i want to buy is $20k but me and the seller agree that he is selling me the car for $5k and the rest $15k is like a gift to him, so he puts $5k on the dmv forms.

BUT lets say i go to the bank and get a $15,000 autoloan (not personal loan) with autoloan they need the vin number of the car before they can give me that cashiers check. So lets say i take that $15,000 autoloan cashiers check and $5,000 in cash and go get the car. Me and the guy lets say agree he will put $5,000 on the DMV paper work and im giving him the $15,000 cashiers check as a gift. But since i never done this before with a chashier check autoloan way would it still work putting $5k on the bill of sale and DMV would not question me, this is why im asking if anyone has used an autoloan before and put much less on the bill of sale compared to the autoloan they got from the bank and DMV and nobody asked no questions and no probs?

Hope all that made sense

[240SXSlideStar]

I thought they taxed you on the blue book value and not the sale value so that people couldn't screw around like that.

[GT500916]

Originally Posted by 240SXSlideStar

I thought they taxed you on the blue book value and not the sale value so that people couldn't screw around like that.

nope... they tax ont he bill of sale.


here is what one guy told me....

I wouldnt risk it. I know that with small businesses the IRS watches like a hawk. They can actually look at transactions between your account and customers. So say you bill a customer 100 and and they see he wired you 600 your f***ed. Be carfull they have alot of power and you dont want to get in trouble for a federal crime.


and here is what i said...

But i mean lets say i get that $15,000 autoloan and then i have that $5,000 cash and when i was getting ready to buy the car we had a little talk and he decided to drop the price of the car to $5,000 just for me! and i go... well crap... i do have $5,000 in cash so here you go so he puts that he sold it to me for $5,000 and then i still have that $15,000 autoloan cashiers check and then i notice that his house catches on fire as im driving away... so me being a nice person i turn around and i say "crap dude!! your house is on fire!! thats gonna cost tons of money to repair well i was gonna take this cashiers check back to the bank, but tell you what here you go, go cash it and use it for your repair, and thanks for the great deal on the car!!!"

[Hit_N_Run-player]

lol, the house burning....

[Daeshara'cor]

of course that's technically legal what you suggested in the end there, but perhaps not ethical and they'd probably see through it. private party tax is retarded.

[zdude]

say the rest of the loan is for upgrades/repairs.

5 g's cash was never there...