If such thing were to happen you could make one up yourself.
Now if by mistake you put down the wrong price and then the person you purchased it from replies with the original price you might find yourself in a bit of a pickle
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UVIP vehicle price =$0
- Thread starter losttourist
- Start date
If such thing were to happen you could make one up yourself.
Now if by mistake you put down the wrong price and then the person you purchased it from replies with the original price you might find yourself in a bit of a pickle
Not might, you will.....My friend was in that situation and got a letter stating he had to pay the correct amount of tax on the value the seller stated in his letter he returned. And a $2000 fine
KarGo
Well-known member
So what if the the previous owner was being a jackass and put a inflated price. How does the mto know who is telling the truth.
N3WMAN
Well-known member
FYI It's illegal for someone to sell a bike they don't own. I would contact the original owner directly if you are at all thinking about purchasing the bike.
i completely missed that. WTF?
How do you even know the bike belongs to him if the ownership is in another person's name?
well Im sure if you denied paying that much court would come into play, then a judge could decide whos telling the truth...I dont have any experience in that situation, I can only speak about what happened to my close friend where the seller returned the letter with a higher value stated then what he claimed when he registered the bike and paid tax on that amount..
silverbullet132
Well-known member
Not true. As long as the paperwork is signed by the current owner it is ok.
Had a bike, didn't want to register or keep it. Gave the bill of sale and all paperwork old owner gave me + a bill of sale from me to new owner. Worked great.
Tax is paid on the price you paid for it not the original transaction price.
Sent from my SH-02E using Tapatalk 2
sid_for_speed
Well-known member
So what if the bike was a "hand me down". My Bro gave it to me.. In this case I bought it for $0. Is that acceptable?
silverbullet132
Well-known member
Yep. They might want you to do the family transfer paperwork but it's pointless for a motorcycle.
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N3WMAN
Well-known member
Just because you did it doesnt make it legal. From a legal standpoint you had no right to sell the bike until you registered it in your name.
If it is your brother you could do a family transfer, which excludes you from paying tax.
silverbullet132
Well-known member
Then why was I told by the MTO I could do it? Only did it because I was told I could.
Because sometimes the person working there is a real person. I had one apologize to me and express that she wished she could let me pay less tax. I bought a truck that the book value was honestly more than I paid, by twice. She said how much it sucked and wished I could do what everyone does when it's 0$.
N3WMAN is right from a complete 100% legal standpoint.
surnamemarc
Active member
IF you got a newer bike and claimed say, 500 on something worth 7g. Wouldn't you screw yourself over with insurance if you got into an accident? Example: insurance thinks you bike is worth 500 yet there is 1500 in damages? Just curious
N3WMAN
Well-known member
No.
When you get your insurance quote you tell them you paid 7g. They dont phone the MTO to confirm it.
And besides, it's not your insurance companies concern just because YOU got a good deal on it.....wink wink.
If they can find a replacement bike for yours and they get a good deal on it, do they give you the difference between the deal and what others are selling for? I don't think so.
marktwothousand
Well-known member
Hey all
can someone tell me exactly what the letter says that they have received?
someone I know is actually about to go thru this situation tonight. I told her I knew there was a thread online about it and I would ask.
Her and the owner have agreed on a UVIP price. If her or the owner receive a letter, do you guys think it is best to ignore the letter, or, to send a response back with the price they agreed to on the UVIP?
the owner said they have no problem cooperating in doing this, but what I am concerned about is they would question the low declared value that was sent back by mail.
i understand it's a free market economy, so if I choose to sell my bike for $500 instead of $5000, that's my choice isn't it? If MTO/MOF wants to get serious about this, they should try to valuate these bikes like cars - you pay taxes on an estimated value in their system.
AFAIAC, If the government is leaving the amount open to declaration, that's the risk they're taking when collecting.
can someone tell me exactly what the letter says that they have received?
someone I know is actually about to go thru this situation tonight. I told her I knew there was a thread online about it and I would ask.
Her and the owner have agreed on a UVIP price. If her or the owner receive a letter, do you guys think it is best to ignore the letter, or, to send a response back with the price they agreed to on the UVIP?
the owner said they have no problem cooperating in doing this, but what I am concerned about is they would question the low declared value that was sent back by mail.
i understand it's a free market economy, so if I choose to sell my bike for $500 instead of $5000, that's my choice isn't it? If MTO/MOF wants to get serious about this, they should try to valuate these bikes like cars - you pay taxes on an estimated value in their system.
AFAIAC, If the government is leaving the amount open to declaration, that's the risk they're taking when collecting.
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