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Yes, you can trade in a car with remaining payments. If the trade-in value is lower than what you currently owe, however, the additional balance remaining from your loan will be added to the principal of your next vehicle.
Texans who buy a used vehicle from anyone other than a licensed vehicle dealer are required to pay motor vehicle sales tax of 6.25 percent on the purchase price or standard presumptive value (SPV), whichever is the highest value.
SPV applies wherever you buy the vehicle, in Texas or out of state. A vehicle's SPV is its worth based on similar sales in the Texas region. The Texas Legislature passed the law in 2009 to raise additional revenue to fund Texas schools. Black Book, the national guide that provides the values, uses an average wholesale used vehicle value based on Texas sales data. You can preview the full SPV of a used vehicle by entering the vehicle identification number (VIN) and odometer reading (not needed for motorcycles) in the boxes below.
If you paid less than the standard presumptive value for your vehicle, you may pay sales taxes on an appraisal amount provided it is certified by a licensed insurance adjuster or a licensed motor vehicle dealer; and obtained within 20 working days of the date of purchase.
However, you may be able to make a case that the pieces of the car were worth more than the book value and so increase your settlement. To do that, you'll have to submit evidence such as mileage records, service history and affidavits from mechanics to show that your car was worth more than a typical car of its make and model.
The state and Sound Transit have a winding, convoluted history with how they value vehicles and, despite a recent push in the Legislature to change the formula, the current one appears to be stuck in place for the next decade.
You might still owe money on your loan or lease if the actual cash value of your vehicle is less than what you owe. If you have Loan/Lease Payoff (or gap) coverage through Progressive, it helps pay off the difference up to the available policy limits listed on your declaration page. You may also have separately purchased gap coverage through your dealer or another insurer.
Actual cash value refers to the sum of money that your insurance company would pay if your car is stolen or totaled in an accident. If the cost of repairs exceeds that actual value, the insurer will consider your car totaled because it would be less expensive for them to replace your car than to fix it.
A car can be an expensive investment, but depreciation can quickly lower its value. The average rate of depreciation is 40.1% over 5 years, meaning your vehicle can lose an average of 8.02% of its value each year, even if you take good care of your car, drive carefully, and avoid accidents. Because depreciation can happen so quickly, many car owners choose to get gap insurance or replacement cost insurance to protect against if their vehicle gets totaled.
Vehicles, purchased on or after March 1, 2013 and titled in Georgia, are subject to Title Ad Valorem Tax (TAVT) and are exempt from sales and use tax and the annual ad valorem tax. Get the estimated TAVT tax based on the value of the vehicle using:
For a new motor vehicle, the fair market value is the greater of the retail selling price (or in the case of a lease, the agreed upon value) or the value listed in the state motor vehicle assessment manual. The higher number that is used is reduced by the trade-in value, as well as reduced by any rebate or cash discounts provided by the selling dealer at the time of the sale. Retail selling price (or in the case of a lease, the agreed upon value) includes charges for delivery, freight, doc fees, and other such fees and is meant to mirror the taxable base that was formerly used for sales tax.
For a used motor vehicle, the fair market value is the value identified in the state motor vehicle assessment manual. This value is calculated by averaging the current wholesale and retail values of the motor vehicle pursuant to O.C.G.A. 48-5-442. Accordingly, the fair market value for a used motor vehicle for purposes of TAVT will generally be the same as the value that was used in the old annual ad valorem tax system.
If the vehicle is a used vehicle and not listed in the state motor vehicle assessment manual, the value listed in a used car market guide designated by the Commissioner of the Department of Revenue will apply.
The TAVT is calculated by multiplying the fair market value by the rate in effect on the date of purchase. A reduction is made for the trade-in when the sale was made by a dealer, but not when the sale was made by a private individual.
Standard presumptive value (SPV) procedures may apply to motor vehicles acquired or purchased in a private-party transaction. A private-party transaction refers to a sale of a motor vehicle when neither party is a dealer. Private-party transactions include sales between family members, neighbors, businesses, certain trusts and other parties.
SPV is a value of a motor vehicle as determined by the Texas Department of Motor Vehicles (TxDMV), and is based on an appropriate regional guidebook of a nationally recognized motor vehicle value guide service. Values are based on the average sales price of private-party transactions of used motor vehicles sold regionally. The condition of the motor vehicle is not used to determine the SPV.
If a purchaser trades in a motor vehicle to the seller as part of the purchase transaction, the purchaser pays the motor vehicle tax on the trade difference. The allowance for the motor vehicle traded in is the value of the vehicle and not the equity in that vehicle. SPV is not used to determine the value of the trade-in motor vehicle.
Fender benders affect the value of your vehicle, but not as much as more significant damage. However, if your auto technician can repair minor damage with factory-replacement parts, buyers may not know that your vehicle was damaged in a wreck, since it will show less evidence of repairs.
Because insurance companies may use white-box replacement parts to repair a damaged vehicle, its value may further decline following an accident. In some cases, insurance companies give you just enough money to replace damaged parts with used parts. Using cheap or used parts diminishes the value of your vehicle. However, even if you have your auto technician use factory-replacement parts, anything more than a fender bender will diminish the value of your car.
Dealing with insurance companies can prove complicated and frequently results in significantly devaluing your vehicle or leaving out the diminished value of a vehicle. Instead of taking a chance on getting the shaft from the insurance company, work with an experienced car accident attorney. Not only will you know that the insurance company has a lower chance of ripping you off, but also you do not have to worry about managing repairs and insurance companies during your recovery.
If at all possible after a wreck, you should take as many photos of the accident scene and your injuries as possible. Not only will these photos help in determining fault in an accident, but they will also help to determine the value of your vehicle and the types of repairs it needs. You should also take pictures of your vehicle after a mechanic has repaired it. The insurance company might require the mechanic to determine the diminished value of your vehicle. If you sustained injuries in an accident, contact a car wreck attorney as soon as possible.
This type of vehicle diminished value represents the difference in resale value immediately after an accident and before the vehicle is repaired. Although this is the type of diminished value that court systems use, it is rarely used when filing a diminished value claim with an insurance company, since the company covers the cost of repairs immediately after a covered accident.
Most insurance companies in the United States use a calculation called the 17c Diminished Value Formula to determine the new value of a vehicle post-accident. This formula originated in a Georgia claims case involving State Farm, where it appeared as paragraph 17, section c, which is where it got its name. Below are the steps used to calculate diminished value under this formula.
You can determine the sales, or market, value of your vehicle using the NADA or Kelley Blue Book websites. Both offer a calculator where you can input a few pieces of information regarding your vehicle. You will need to include the year, make, model, mileage and the extent of damage done to your car.
Insurance companies commonly apply a 10% cap, known as the base loss of value, to the sales value of your vehicle estimated by NADA or Kelley Blue Book. This cap is the maximum amount your insurance company will pay on the claim.
Insurance companies use a damage multiplier to adjust the value of the vehicle described in step two. The 10% cap value is multiplied by a number ranging from 0.00 to 1.00 according to the structural damage done to your car after an accident. The 0.00 multiplier represents no structural damage or replaced panels, while the 1.00 multiplier represents vehicles with severe structural damage.
While NADA and Kelley Blue Book take the mileage of your car into consideration when determining the value, insurance companies calculate their own mileage deduction. The adjusted value in step three is multiplied by one of these mileage multipliers to calculate the final diminished value of your vehicle.
Under formula 17c, to calculate the diminished value of your car, you would take your vehicle value and multiply it by a 10% cap. You would then apply a damage multiplier based on the damage to your car and a mileage multiplier based on your mileage.
If you are at fault in the accident, your diminished value claim will likely be denied. If the other driver is at fault, then you should contact their auto insurer to discuss its diminished value claim process.
It is important to note that state regulations also affect how diminished value claims are handled. Since every state has different statutes regarding insurance, researching state laws will better help you understand your rights regarding the diminished value of your vehicle. 59ce067264