Reading Topic: Selling my Mazda6

What? you want to sell your car?? What happened??

Well to answer your question, the 0% apr is gone. Once you sell your car, the buyer (or the buyer's loan holder) will give you the check to pay off your loan.

Someone correct me if i'm wrong.

 

Reading Topic: Selling my Mazda6

She is going to pay off the loan or assume it?

 

Reading Topic: Selling my Mazda6

that is the question.

can she "assume" i.e. continue the 0% loan with Mazda?

She(our teeny weeny startup) does not have enough funds to buy it outright.

 

Replying to Topic 'Selling my Mazda6'

Originally posted by dawei213


            What? you want to sell your car?? What happened??

Well to answer your question, the 0% apr is gone. Once you sell your car, the buyer (or the buyer's loan holder) will give you the check to pay off your loan.  

Someone correct me if i'm wrong.

You need to read the whole message. He said he's selling it to his wife's company. I'm assuming this is a tax thing and the car will still be in the family. As to the original question, contact your lender. Your wife's company might be able to assume the note at the original interest rate.

 

Replying to Topic 'Selling my Mazda6'

Mazda American Credit uses a Transfer of Equity to add a third party to
an existing account. The party to be included on the account must
complete a credit application to determine if he/she is eligible. Once
the credit application is processed, Mazda American Credit will advise
both the existing customer and third party of the decision. Please bear in mind, if the application is approved, the original customer will
remain liable throughout the duration of the contract.

For more information on Transfer of Ownership, please click on the
"Customer Service" link and then on "Services".


http://www.mazdacredit.com/transfer.html

 

Reading Topic: Selling my Mazda6

You have two issues. First issue, read your loan documents. Second issue, consult an accountant.

 

Replying to Topic 'Selling my Mazda6'

Careful, you might have to pay taxes again on it, since you are selling it. Uncle Sam doesn't care who you sell it to unfortunately. If the car is registered under your name (David for instance), then you will need to pay taxes once you title the car at the DMV in your own name (since Mazda is the lein holder). Then she (Jane) will need to pay her own taxes on it because she purchased the car.

Does that make sense?

 

Replying to Topic 'Selling my Mazda6'

Not always. At least in CA, the state allows a car to be given as "a gift for no consideration", ie: given away for free. Since the tax is calculated based on the transaction price, if the transaction price is 0, there is no tax to be paid.

 

Reading Topic: Selling my Mazda6

Interesting Paul... I never knew you could do it for free like that. Little off topic... but I can use that info in relation to me getting my car.

 

Reading Topic: Selling my Mazda6

Yeah there is ways to transfer as a gift w/no tax, of course dependant on state as to exactly wha tyou must do / can do.

 

Reading Topic: Selling my Mazda6

But there usually is a gift tax associated with such a large transfer...