What Are the Additional Fees When Buying a Car?

If you plan to purchase a vehicle privately without registering or titling it, you may not pay any fees at all. Registering and titling a vehicle requires you to pay a variety of fees, which depend on the state and county you live in. You'll also pay additional fees if purchasing from a dealership. Tax Most states charge tax for a vehicle purchase, and some charge more than others. Taxes are figured differently by state and county. Some states may require you to pay more than 8 percent for a car purchase. While the amounts vastly differ,...

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How to Transfer an Auto License Plate From Oklahoma to Florida

Personalized license plates allow vehicle owners to add unique touches to their vehicles. A person moving from Oklahoma to Florida needs to register her car in Florida and change her license plates to those of her new state. Although someone cannot actually transfer a license plate between states, Florida law allows a car owner to apply for a personalized plate with the same or similar number and letter combination. Instructions 1 Go to the Florida Department of Highway Safety and Motor Vehicles' website, and download the "Rate Chart" (see...

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How to Get Out of a Lease Without Paying

Depending how far you are into your lease, you may be able to sell the leased vehicle for its payoff amount. Or, you can transfer your lease to an interested party if your bank allows it. Getting out of a lease is not usually a quick and easy process, but it can be done if you allow some time for a sale or lease transfer. Instructions Sell Your Leased Vehicle 1 Check your odometer and write down the exact mileage. Call your bank to ask for your lease purchase amount and provide your current mileage. Write the buyout figure down, as this...

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Can a Co-signer Be Liable to Pay If a Car Is Repossessed?

Co-signing an auto loan for a relative or friend requires careful consideration. If the person can't afford the car or has credit that is too poor to qualify without you, the risk of default may be too high. If you already co-signed and the borrower is not making regular payments, the vehicle can be repossessed. If this happens, you are liable to the finance company to pay any remaining unpaid balance on the account. Co-signer Co-signing on an auto loan so the buyer of the vehicle can qualify for approval is the same as carrying the debt...

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How to Transfer a Vehicle Title Without Tax in Tennessee

If you are buying or selling a vehicle in Tennessee and you want to complete the transaction without needing to pay taxes, you are out of luck. There is no way to do this legally. However, if you simply want to transfer the vehicle to another party and no money will exchange hands, you can do so and avoid needing to pay any taxes. Gifting The Tennessee Department of Revenue allows those who have a vehicle to give the vehicle as a gift to another party through a process known as gifting. The interested parties must both participate in submitting...

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How to Calculate the Early Buyout of a Leased Vehicle

Most of the numbers you need to calculate an early lease purchase are stated in your lease contract. Your monthly lease payment includes an interest rate and tax charges, which you'll need to deduct from your figures when determining your cost. Expect to pay taxes on the car's purchase price, as long as you didn't pay taxes on the car's entire price at the beginning of your lease. You'll have to ask your leasing bank, your state motor vehicle office or a dealer if a portion of your payment goes toward taxes. Instructions 1 Locate your lease...

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How Do Car Payments Affect My Credit Score?

Many people use car loans to purchase cars, trucks or other automobiles instead of paying cash. As with all loans, borrowers must pay back the loan with interest. These payments can affect your credit score in several ways. Significance Car loans are a line of credit that financial institutions issue on the basis of your creditworthiness. According to Edmunds.com, your payment history is a major portion of your credit profile. Automotive...

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How to Finance a Rav 4 Toyota

If you're in the market for an SUV, you might be set on purchasing a Toyota Rav4. You have some different options to finance a Rav4, from getting a loan at your local bank to getting approved through Toyota's financial department. While your credit history has a lot to do with getting approved for a Rav4 loan, it's possible to still get a loan, even if one financing option doesn't work out. Instructions 1 Visit your financial institution, and ask for an auto loan. Many banks or credit unions will be happy to give you a loan if your account...

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How to Calculate Lease Payment With a Factor Rate

Most car lease payment amounts are a combination of two parts. The first part of the payment is the value of the vehicle you will be using up during the lease term divided by the number of months in the lease. The second part is a calculated interest amount on the money that is derived by a formula that uses a lease factor. How that lease factor is figured is not a secret. Most people can master the formula if they are made aware of the numbers that...

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Keys to Leasing a Vehicle

Many individuals expect to buy their new car or truck outright. Purchasing isn't the only option available to those who want a new car, as dealers typically offer lease options as well. Leasing a vehicle can be significantly different than buying one, so interested individuals should learn about the key concepts of leasing. How Leasing Works An auto lease can be likened to a middle step between buying and renting. You do not own the vehicle,...

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Rights When Purchasing a Car

Purchasing a car can be an exciting endeavor; however, you must be an informed consumer to avoid being swindled in the process. After all, depending on where and from who you purchase the vehicle, you might buy a car that has a host of problems that will now be yours when the vehicle is in your name. Knowing your rights before you purchase a car offers you some level of protection from this scenario. The Price Is the Price When you purchase a vehicle for a certain agreed upon price, once you sign the paperwork, the price is the price. Some...

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How to Sell a Vehicle Without a Co-Signer Signature

If you are planning to sell a vehicle that is jointly owned, you will need to examine the title to determine whether a signature from both owners will be required. If the title is listed with your name or the co-signer's, only one signature is required to sell the vehicle. However, if the title is listed with your name and the co-signer, both signatures will be required to sign over the title. In this case, you would need to obtain a power of attorney to be legally able to sell the jointly owned vehicle without the co-signer's signature. Instructions...

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How to Get Out of a Nissan Lease Cleanly

If you have leased a Nissan vehicle from a local dealer, the lease is valid only for the term you initially agreed on with the dealer. As you approach the end of your Nissan lease you will get a letter from Nissan Motor Acceptance Corporation, or NMAC, the in-house financing unit for all Nissan leases, letting you know what your options are. The letter you will get comes with a wear-and-use guidebook, which you will need if you are going to return the vehicle to the dealer. Instructions 1 Keep the Nissan and pay the balloon payment that...

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How to Take Over Payments on a Semi

Taking over another person's semi-truck loan payments might seem like an affordable option, as the original borrower already provided a down payment. The loan terms, however, including length of the loan and interest rate, were based on the original borrower's income and credit history. For this reason, you can't exactly take over the semi loan with the same loan terms, as your credit and income likely differ from the original borrower. Expect to complete a credit application to secure your own loan terms for the remaining loan balance instead....

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What Are Subprime Auto Loans?

Subprime auto loans are written for borrowers who have low credit scores. Typically, lenders are reluctant to lend to subprime borrowers due to the fact that low credit scores are indicative of past problems with managing credit. However, some companies specialize in lending to subprime borrowers. Subprime People that banks view as creditworthy customers can borrow funds at a low interest rate known as the prime rate. Credit scores range from 300 to 850, and in order to qualify for prime rate loans, borrowers must have credit scores of...

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Options for a Person Buying a Car With Negative Equity & Limited Credit

If you've paid your current car loan on time, you can likely pursue another car loan, although negative equity might be an issue. Depending on your credit, the bank may allow you to carry over all or part of your old loan. You may have to put money down. Loan-to-Value Ratio Banks determine your loan amount based on your credit and vehicle value, known as a loan-to-value ratio. The vehicle's loan value is based on its options, mileage, year and make. Using your credit score and history, the bank determines your loan value at roughly 60 to...

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How Does a Simple Interest Car Loan Work?

Simple interest financing is the most common setup for a car loan. According to Vertex 42, simple interest loans require "paying interest only the principal." With a car loan, you pay interest on the principal balance of the loan at the time of payment. Basics Car loans, like home loans, have payoff periods. Car loan terms commonly range from 36 to 72 months. Your original loan balance is what remains when you add the sales price, taxes,...

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Do I Pay Tax on a Lease Buyout?

Drivers who lease an automobile for a set term must make a decision when the lease is up: Turn in the car to the dealer or leasing company, or purchase the car as a lease buyout. A lease buyout can be an economical way to buy a car with a history you know, depending upon the residual rate you agreed to at lease inception. Because a lease buyout is different from a lease, you may be faced with paying sales tax on the agreed-upon price. State Sales Tax When you lease a car, you may pay a small monthly use tax on the lease depending on your...

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Giving a Receipt when Selling a Car

The receipt you give when selling a car is also known as a bill of sale. It is optional in some states and required in others. It also serves as a title replacement in some states for transfer of ownership if the car's original title is not on hand. Types Depending on the state you live in, an official, state-provided bill of sale may be required along with the title. In such a case, you can download the form from your state's website or find you have to go to a local office to obtain one. Most states allow you to create a bill of sale...

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Auto Title Loan Regulations

Auto title loans are short-term loans granted to consumers for the rights to the car title. These loans are often thought of as emergency loans and carry higher interest rates than normal consumer loans. The incentive for unsuspecting consumers is that lenders usually do not check credit--instead, they assume a risk because they can repossess the vehicle if need be. The business of auto title lending has been scandalized after scores of investigative studies report the business is a front for predatory lending. Federal Regulation There...

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Can You Go From Buying a Car to a Lease Option?

You cannot go from a vehicle purchase to a lease contract after purchase, although you can buy a lease at any time during the contract term. If you haven't completed the purchase paperwork for your vehicle with your dealership, you may still have an opportunity to lease the car instead. Before You Purchase If you haven't signed your new car paperwork yet, inquire about leasing with your purchasing dealer. To view current lease offers, visit the manufacturer's website to find out about current lease terms, mileage allowance, down payment...

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How to Refinance an Auto Loan With a Bad Credit Score

Credit plays a vital role in American society. Information in your credit report impacts your credit score. Your approval for a mortgage, credit card, car loan and even a job depend upon this score. If you're experiencing credit problems and have a bad credit score, it can be difficult to obtain financing. Fortunately, there are lenders that specialize in providing financial assistance to consumers with less-than-perfect credit. Instructions ...

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