What to do with this motorcycle!! &#(%*#!!!!

[ssmdem]

We've got a motorcycle that's going to be us over on our exemptions - and we can't seem to get rid of this thing!! Its book value is $5700. We've been trying to sell it for about three months with no luck. We're willing to go down to $5500 as I don't think we can get in trouble with the trustee for coming off the value that little. The most we've been offered for it is $5000. But the real problem is the title. Around here people typically just sign it and leave the amount blank. When we say we need to write the amount in, that runs EVERYONE off. If I have a signed bill of sale from the buyer with the correct amount on it - if we can ever find one - will it matter if we leave the amount on the title blank --- obviously the buyer is going to either write trade, gift, or a lower amount when they go to register it. Are we just plain stuck??

We don't mind giving up the motorcycle. My husband isn't thrilled with it anyway. If we can't get it sold and the trustee makes us an asset case- he will - can we pick the asset we give him, i.e. the motorcycle?

And how much can we come off the price and not look suspicious?

[tigergem]

I would guess not, but I don't know. My titles don't have a space for the amount of the sale. I guess my question is, if it is on there, and everybody knows it, why would a buyer shy away from the info being on there?

In Texas, there is a tax on used vehicles based on a wholesale valuation. So the actual amount you pay doesn't even matter.

I know you need to have that documented for your trustee though. I just don't get why the buyers are shy about it.

[HHM]

Don't worry about the title. Leave it blank (the reason they don't want the amount is they probably don't want to pay sales tax). What you need is a Bill of Sale. On the Bill of Sale, you will indicate the amount.

Also, don't be overly concerned about the trustee on valuation, bottom line, a thing is only worth what someone will pay for it. Blue Book, edmunds etc, are all fairly useless now, especially for motorcycles.

[ssmdem]

Yes, just as HHM said, most private party sales don't put the amount on the title so you don't have to pay the sales tax. Heck, we've done it ourselves many times over the years. I was just afraid in researching the title transfer, something might be said about that.

Wish I had known that earlier - probably would have already been sold. We sure could have used that money these past few months! It's been pretty lean! Quit paying our credit cards and mortgage and assumed it would free up a ton of money - well, every bill in the world has come due, not to mention a pretty costly emergency dental visit. (

Oh well - that's life. And thankful we got through it without using credit cards!!

Thanks for the info!!

[tigergem]

Funny, would think they would balk at a bill of sale then too, if it is a sales tax question. I guess that is why Texas taxes private sales based on the valuation as they do. You aren't going to get that vehicle registered until the taxes are paid lol.

[ssmdem]

No cause the title office won't ever see the bill of sale - that would stay with the seller. They only see the title when you go to register it. You still have to pay fees to get the vehicle registered - that alone isn't cheap - most buyers just don't want to have to pay the sales tax on top of that, which is most likely why they purchased through a private party in the first place.

[tigergem]

Cool that y'all can get away with that. But we don't have a state income tax, and I know the state needs some kind of revenue, so I can't complain about the sales tax on private vehicle sales. Well I could, but it wouldn't do any good lol. I would have been happier if it would been based on the actual price paid instead of that valuation, because I paid quite a bit less for my truck than the state's valuation of it, but I do understand why they assess it the way they do.

[ssmdem]

Yeh, we don't have a state income tax either. Have thought about relocating, but the lack of that is one of the things that keeps us here.