DMV FEES-LYING ABOUT PURCHASE PRICE USED CAR?
Im in california, i bought a car and its actual purchase price was 16250… im going to register it as i paid 5000 for it.. its blue book was about 16000. my question is, the guy i bought it from signed the documents stating that he sold it to me for 5000 dollars, but he had a lein holder on the vehicle when i purchased it, will the state go to the lein holder and inquire about the previous owners balance? secondly, does that carry any weight over what the seller says he sold it for? how would they know if he didnt just sell it for a loss?
and is there a cut off point for where the state of california red flags too low of a reported purchase price?
please keep ur idiot answers to urself if you’ve got nothing else to add.
2 Responses
Otto
09 Mar 2010
Scott H
09 Mar 2010
Lying to the DMV. Ever hear of perjury?
Typically DMV’s will use book values to establish worth. It isn’t right as many times the car/truck isn’t worth what the book says nor does it sell for anywhere near that amount. If there is a large disparity between the figures, you will need to sign a statement of condition, swearing the car either doesn’t run, or has significant damage which lessens it’s value.