john_crx

Hi HT,

Pretty new to this forum. I got a question about purchasing a type r. If I was to purchase a type r for 10,000 but on the purchase sale amount the owner puts down 3,000 for sale price. Would the type r still be worth 9000+ or would it be worth 3000 if say it was to get into a wreck or stolen? I would like to know because when registering a 10,000 car its a 1000 in fees. Thanks for any advice.

B00stedEh3

I don't know about in CA, but here in Texas you can tell the seller to write 'gift' and no registration taxes will be assesed. I don't think that has anything to do with your insurance if that's what you mean? Usually on a full coverage for any car they'll base it off the Kelly blue book value.

However, I heard that some insurance companies will base the ITR model from a GSR value depending on the year of your Type R. It's just hear say though, you can ask your insurance rep for verification.

john_crx

It looks like it is the same thing here in CA. I just don't want the insurance company to base the value of the car off of the sale purchase when owner signs it over to me, but from what i hear they will base it off of KBB or something of that sort rather than the sale purchase amount. Thanks for all and anymore input on this subject.

wego5typer#431

The purchase price should have no impact on the value placed on the car by an insurance co. Whether you underpay or overpay for a vehicle, insurance places their own value on the car based on Kbb or Nada guide.
The state just wants their money, you could really put any amount you want in the title transfer and dmv can't really prove otherwise, unless their you financed the vehicle.
If you finance the car, there is a paper trail and you should put that amount on the title transfer.

john_crx

Thanks for all the help. Looking to join the R family pretty soon.

BlueIntegraBoy

iTrader: (5)

I see you live in SoCal. Make sure you get awesome security and watch your rearview mirror.

(. )( .)

i traded my bike of a clean 96 Integra RS and i asked the seller to say i bought it for $500 when we went to go register. the fee was around $100 for me.

you can say your buddy sold it to you for 5k and bite the bullet on the fees. they don't care how much you payed for the car. they're getting there pay check in the mail, that's all they care about. I'm in Los Angeles so you can do the same.

(. )( .)

I've been wanting to buy an R for many years man. many chances....i don't think about it anymore. I'm in LA...people break into my DC4 once a month...i wouldn't disrespect a type r by buying one. to the OP buy it only if you have a secret hiding spot for it....lol

copescobra

CA DMV is now cracking down of "false" sales prices being reported when selling a car. My neighbor's son just got popped and is doing time for it. Pretty harsh, but guess it is as a way to get the word as that is what I am doing here.
Not worth the money you save by being dishonest. If the seller gets called by the DMV squad he will surely fold when given immunity for turning the buyer in. CA is what 8% sales tax. = $480 dollars saved to have a rap sheet does not sound worth it to me. Just my 2cents. Insurance companies also reserve the right in small print to ask for bill of sale and pay off that now for totaled vehicles. They are all aware of the scam buyers are doing, especially for speciality cars like these.

jdmeg6118

iTrader: (1)

Todd00

It's technically a 10+ year old Integra. That's exactly how the BMV will see it. They won't know an ITR is worth waaay more than a normal Integra, so as long as you don't do something stupid (like put a $200 purchase price), then you'll be fine.

I'd probably put something like $5K and no one would give it a second thought.

shahriar35

iTrader: (1)

As a disclaimer, you are lying on a Gov't form, therefore they can criminally charge you. How often this happens, I dont really know. So on that note, attempt at own risk.

As for insurance, I cannot see how they can cheat you on the value of the vehicle based upon the price you paid. Maybe you made some very good financial decision and were able to purchase the car for a better price. Though again it is the insurance company to bring you back to the same level prior to the lost of vehicle, so they may use this as their reasoning. But I believe they dont because they are suppose to bring you back to the financial level you were at prior to the lost of your vehicle and that is based upon the market price which other ITRs are going for. I can say this from personal experience because I purchased my ITR for less because it was out of state, so the owner assisted me by lowering the price because of my travel expenses. And when the adjuster came to see my wrecked ITR, they never questioned me about the price I paid for the vehicle.

I hope this helps. But dont lie to the DMV, its not worth the little bit you will save.

donut.

If they base the value of an itr from a gsr because they don't know any better, then have them join honda-tech where people think it's worth a million dollars. That'll show em

Yea seriously. I wouldn't park an itr in the street because it's disrespectful, not to mention that the itr's feelings would be hurt

irev210

Probably not a good idea.

A) It's illegal

B) If your car does get stolen, it's hard for you to say how much your car is worth (prove). You would want your original bill of sale to match the sale price on the title.

If you are super **** about trying to dodge sales tax, and you are buying the car out of state, you can just let it sit some place outside of california for 1 year and one day and pay no sales tax (it used to be 3 months, but they cracked down).

Todd00

It's not your fault that someone was silly enough to sell a car under book value. If I bought an ITR off a little old lady too cheap because she thought it was priced the same as an Integra RS, then that is not the buyer's fault and insurance will/should not base any values from that purchase price.

When you insure a car, you insure it for how many miles and what it is. The insurance company will be able to decode an ITR vin and will place the value on it per that. They could care less what your purchase price was, unless perhaps it was a salvage/rebuild title or something.

guanacoracing

Not necessarily. They may decode the VIN but they will still go by book value. When I bought my 97, the NADA book value was about $9.5K. I paid way more than book value (and given the condition the R was/is worth way more as well). I had the car appraised, told the insurance company it would be a limited use car (some insurance companies classify as classic - I never intended it to be a dd) as well and it is insured for the full amount that I paid for.

Obviously this works in your benefit if you paid what the R is worth and it is more than book value. If you paid under book value and can get away with it, let the insurance use book value to determine the insured value.

Rene1123

lol put down you bought it for 600 on the title and write a bill of sale on the side for your personal records on how much you really bought it for.

Todd00

Yeah...this is the same thing I said. They will decode the VIN and go by book value on that. Your (lower) purchase price has zero bearing on this value.

Obviously you'll want to make sure the replacement value is where it should be when dealing with an ITR, but that's another subject. Point being, a lower purchase price usually has zero impact on insurance value.

Dogginator

Is this systematic devaluation of the KBB price? If everyone puts down a low sale price, the vehicle must only be worth that amount.