Private Party Motor Vehicle Sale Questions

[ArkRescue]

If a person is going to buy a vehicle from a private party in MD, what things should they put on their checklist to remember?

How does MVA handle the sales tax if the sales price is lower than blue book? AND what blue book value do they use? wholesale or retail (or whatever terms they use now)?

 

[Rommey]

If a person is going to buy a vehicle from a private party in MD, what things should they put on their checklist to remember?

How does MVA handle the sales tax if the sales price is lower than blue book? AND what blue book value do they use? wholesale or retail (or whatever terms they use now)?

An MVA “Bill of Sale”

A notarized MVA “Bill of Sale” is needed if the sale price is less than the vehicle’s book value and the vehicle is 7 years old or newer. Please call the MVA’s Customer Service Center at 1-800-950-1MVA (1682) to verify the vehicle’s book value.
If a notarized “Bill of Sale” is not presented and the purchase price of the vehicle is within $500 of the retail value as shown in the National Publication of Used Car Values, MVA will accept the purchase price as completed on the title.
An excise tax will be charged on the basis of 6% of the vehicle’s book value or 6% of the purchase price on the notarized “Bill of Sale” for vehicles 7 years old or newer. For older vehicles, the tax is calculated on the purchase price. Maryland’s minimum excise tax charged is $38.40, based on a minimum value of $640.


link

 

[ArkRescue]

thanks - it'll be over 7 years old.

Does it get complicated if the car was titled in another state? Not sure if it was, just asking in case that comes up.

An MVA “Bill of Sale”

A notarized MVA “Bill of Sale” is needed if the sale price is less than the vehicle’s book value and the vehicle is 7 years old or newer. Please call the MVA’s Customer Service Center at 1-800-950-1MVA (1682) to verify the vehicle’s book value.
If a notarized “Bill of Sale” is not presented and the purchase price of the vehicle is within $500 of the retail value as shown in the National Publication of Used Car Values, MVA will accept the purchase price as completed on the title.
An excise tax will be charged on the basis of 6% of the vehicle’s book value or 6% of the purchase price on the notarized “Bill of Sale” for vehicles 7 years old or newer. For older vehicles, the tax is calculated on the purchase price. Maryland’s minimum excise tax charged is $38.40, based on a minimum value of $640.


link

 

[Rommey]

thanks - it'll be over 7 years old.

Does it get complicated if the car was titled in another state? Not sure if it was, just asking in case that comes up.

Doubt it...As long as the title is clean and legit.

 

[aps45819]

thanks - it'll be over 7 years old.

Does it get complicated if the car was titled in another state? Not sure if it was, just asking in case that comes up.

Maryland will only accept the national title form.
I once had to get a seller to re-title a boat trailer in Fl on the form Maryland would accept. It took a couple of months during which I got to look at a new boat sitting in my driveway

 

[ArkRescue]

Well now see, had you been nicer to the feral cats in your area (and those that rescue them), that probably wouldn't have happened to you karma ... LOL

Maryland will only accept the national title form.
I once had to get a seller to re-title a boat trailer in Fl on the form Maryland would accept. It took a couple of months during which I got to look at a new boat sitting in my driveway

 

[aps45819]

Well now see, had you been nicer to the feral cats in your area (and those that rescue them), that probably wouldn't have happened to you karma ... LOL

You're welcome

 

[ArkRescue]

thanks ....

You're welcome