Not Ranked
To the best of my knowledge, the way that TU was doing business is really not the way it is being portrayed in some of these posts.. As I understand it when someone applies for a title to said vehicle no matter what it might happen to be as they issue titles to many different kinds it is done in this manner.. 1. You fill out an application for a title to said vehicle by selling that vehicle to their dealership in whatever state they are operating in for said amt.. (stated by you on this application) you provide them with description of vehicle vin number and specifics about it. 2. you provide a processing fee for this transaction, including fees required to obtain registration in that state essentially turning over the vehicle to them (on paper). They obtain registration for the vehicle and then sell it back to you at the same price you sold it to them and they provide the documentation necessary for you to title it in your state. Now please forgive me if this sounds silly, but I don't see the problem either you or the state of california is having about the issue, as far as the title transfer part goes that is. It seems pretty simple to me. If I sell a vehicle to someone and they sell it back to me for the same price the value of the auto isn't in question and taxes should only be paid on what I actually paid for the car, what they sold it to me for. The example of the divorce case is the valid argument here. if I only pay 10 percent of the value of a car should I pay taxes on that or what the car is worth.. I say on what I paid regardless of the value. and I'm sure 100 precent of you will agree with that. I'm not paying taxes on money I haven't spent. Secondly what something is valued at is at best very fluid. What I think it's worth and what someone else values it at may be worlds apart. If I buy something for 30,000 and later it's found to be valued at say 300,000 should my taxes be based on that or the 30? hopefully the 30,000 or we are all in trouble. In any case I don't see the problem here. from what I've been told about the proceedure it was totally legit. you sell them a car made whenever for said amt. they sell it back to you for the same amt with papers from another state and bingo you just bought a car for say 10,000.00 from TU in say Alabama, and you take the papers to DMV in say CA. and title it in your name, pay taxes on the 10,000 you paid for it and you are off and running, where is the issue here? At least if I were an attorney that's what I'd argue but I'm not and I'm also sure everyone reading this will slam me 10 ways to Sunday but oh well I'll survive...
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