Multi Vehicle, Out of State, Cash Added Trade

NYSpeed Automotive
1

I know this “general” question has been asked but not in this flavor before, so hopefully an Einstein will be able to point me in the right direction here or itl get locked before I can find what I need. I already searched the site and the webz to no avail.

Heres the situation

Me:
Lives in New York State
Will be trading NYS titled car X

Him:
Lives in North Carolina
Will be trading NC titled cars Y, Z
Will be adding $X,XXX

It probably doesn’t help me that the exchange will go down in Philadelphia (Half way), and that NC titles are required to have a notary signature however…

What I am asking is

How do I make this transaction work the best financially (tax purposes) and paperwork-wise, so I dont get boned over come time to take it up with NYSDMV?

I feel as if im forgetting some important details, please let me know if so.

Thanks in advance!

2

Your OP is a bit confusing. So you’re trading 1 car for 2 of his cars plus cash?

3

Yes exactly!

4

Oof. Good luck with that and the oh so helpful people at the DMV.

5

He only needs to notorize his signature. He can sign the titles and have them notorized before he meets with you. Other than that it should be business as usual.

6

I live in NC. Almost positive both parties must be present.

7

my fiances dad just did this…the title in NC need to be signed by the owner and a notary…and u can take it from there

8

Ok thanks for the notary info, this actually makes that aspect easier but what I want to know is how should I go about recording the sale?

Is there a NYSDMV form for trading vehicles? If so is there any crazy added tax on it or do they just tax you on the current value of the vehicle??? I havent done this in a while.

How should the actual transaction read in our best interest. Can I sell my car to him for $1000 and have him sell each of his to me for $1?

9

have you looked at the DMV forms on the website yet? All of them are there. There is one on the normal transaction one for traded items.

10

Nope but im gonna look at that. Thanks!