Immediately buying from a friend

[pstansel]

What dealership in CT are you purchasing from? There are some that will work with you and some that won't.

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[gschom]

What dealership in CT are you purchasing from? There are some that will work with you and some that won't.

Gengras Ford in Plainville

 

[pstansel]

Ah don't know them sorry! I'm dealing with Hoffman in East Hartford. Will definitely be interesting to read

 

[PiMatrix]

Other ideas without marrying your friend....
https://www.wikihow.com/Co‐Own-a-Car

 

[Yellow Buddy]

Gengras Ford in Plainville

Transfer your allocation to NJ which isnt too far away. There’s no sales tax on EVs in that state.

Legally purchase the vehicle in both your names, that will satisfy the name match from Ford and any resell clauses

Request temporary tags from the dealer to transport home - out of state. And request paperwork to do self titling and reigistration.

Go back to CT and transfer title registration to 1 person, pay CTs applicable sales tax and registration.

I think in that situation you’ve paid everyone their due in terms of tax and registration. no funky business with gift money. Tax credit won’t be a concern since it’ll be the first title in CT. You won’t get double taxed. Limited liability of co-ownership to the period between picking up the car and the DMV in CT.

Did I miss anything?

 

[personalt]

Transfer your allocation to NJ which isnt too far away. There’s no sales tax on EVs in that state.

Legally purchase the vehicle in both your names, that will satisfy the name match from Ford and any resell clauses

Request temporary tags from the dealer to transport home - out of state. And request paperwork to do self titling and reigistration.

Go back to CT and transfer title registration to 1 person, pay CTs applicable sales tax and registration.

I think in that situation you’ve paid everyone their due in terms of tax and registration. no funky business with gift money. Tax credit won’t be a concern since it’ll be the first title in CT. You won’t get double taxed. Limited liability of co-ownership to the period between picking up the car and the DMV in CT.

Did I miss anything?

To be technical I think you could do this in any state other then CT - doesn't really need to be NJ. Since you would be buying the truck to be registered in another state you normally fill out some paperwork saying you will register it elsewhere. Only issue would be - can you change the name at time of registration

 

[Amps]

How many neighboring states is Connecticut reciprocal with? My state requires dealers to collect the appropriate state's sales tax at point of sale.

 

[personalt]

CT is a progressive state. Why cant you just walk in there holding hands and buy it in both your names. Making a not-really funny joke of course but there is no reason you cant put both of you on the title. I use to buy houses with a friend and just referred to him as my partner. Partner is the technical term for 'our relationship is not your business'. No one ever questioned what our relationship was. In NJ if we dual titled a car/truck one name would end up on registration. Is CT the same?

You would just need to research CT law when it comes to taking a car/truck titled in two names and retitling it to one - https://portal.ct.gov/DMV/Registrat...r-Changing-a-Name-on-a-Registration-and-Title. There is some comments here on bottom that imply you don't pay taxes if transfer is between family and you only pay 1/2 in certain conditions of divorce so there is a shot you would have to pay sales tax again if you went this way.

I would go with plan B/C go form a small LLC where you are both members. Buy the truck in the LLC's name. That wouldn't be that surprising at the dealer for a work truck. He can then sell you his interest in LLC for the cost of the truck. Might cost you a few hundred to a thousand to form the LLC and to change the members but that is likely way cheaper then the other options.

 

[personalt]

How many neighboring states is Connecticut reciprocal with? My state requires dealers to collect the appropriate state's sales tax at point of sale.

Exactly.. this is one gotcha. Many states collect for each other.

 

[Yellow Buddy]

To be technical I think you could do this in any state other then CT - doesn't really need to be NJ. Since you would be buying the truck to be registered in another state you normally fill out some paperwork saying you will register it elsewhere. Only issue would be - can you change the name at time of registration

Some states will charge you the sales tax anyway if as some have stated reciprocals exist.

 

[rdr854]

If the truck is being financed through the dealership, most banks require the dealership to handle the title Work in order to ensure that the lien is perfected. If financed outside of the dealership, the preference is for you to let the dealer handle the title work for the same reason. However, some credit unions do not care and give you X days to get the proof of lien to them before the loan is converted to an unsecured loan at a much higher interest rate.

 

[gschom]

Update: My friend contacted the dealer and explained our predicament. The dealer responded and said that 1) if my friend doesn’t take delivery, the truck will be theirs to sell “at market value” and 2) that if he does take delivery, he must sign a “no resale agreement” that restricts him from selling me the truck for 1 year.

So it certainly seems like they have $$$ in their eyes and are doing everything they can to get us to give this up.

We’ve asked if they can give us a ballpark as to what “market value” means, but I’m not hopeful they’ll provide us with a reasonable number, or even a number at all.

 

[F150ROD]

Update: My friend contacted the dealer and explained our predicament. The dealer responded and said that 1) if my friend doesn’t take delivery, the truck will be theirs to sell “at market value” and 2) that if he does take delivery, he must sign a “no resale agreement” that restricts him from selling me the truck for 1 year.

So it certainly seems like they have $$$ in their eyes and are doing everything they can to get us to give this up.

We’ve asked if they can give us a ballpark as to what “market value” means, but I’m not hopeful they’ll provide us with a reasonable number, or even a number at all.

Damn that blows but expected.

What about both of you financing and then refinancing in only one persons name

 

[MickeyAO]

Give your friend the money to buy, and get insurance covering you driving the vehicle. In a year, he sells you the truck for 1/4 value (less taxes). The only question is does he repay you the $7.5k tax refund or is it his reward for doing this?

 

[gschom]

As much as I don’t want to admit it, I don’t think neither me nor my friend have the appetite to work around Ford’s rules here.

There are a lot of good suggestions in here that I’m sure would work if we committed to them, but we both aren’t super familiar with the laws and processes that would be at play.

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