Buying a car (private party) questions (sales, 2015, insurance)

[enTERPRising]

Apologies but this is one of those situations where I found the info online; but, I want confirmation from others in the know.

The private party in question is my dad. Trying to reduce tax of the sale (since it's family, the price is negotiable). But, the below seems to indicate no matter what price we agree on, the MVP tax is not determined by the sale price.

Per https://www.dmv.org/nc-north-carolin...lling-faqs.php
Does the Division of Motor Vehicles (DMV) have anything to do with the state's Motor Vehicle Property Tax or the Highway Use Tax?
Motor Vehicle Property Tax rates are determined by the county in which you reside. The North Carolina Division of Motor Vehicles (DMV) does however, handle the state Highway Use Tax (HUT). This tax is determined by vehicle type and takes the place of state sales tax. The Highway Use Tax (HUT) is levied when a title is transferred. Some vehicles are exempt from the Highway Use Tax.

Since it's an family transaction, are there any sales tips (as it applies to North Carolina laws) that can save me money? FWIW, the car is out of state (South Carolina). Thanks!

[BC1960]

Sales between parents and children are exempt from the 3% Highway Use Tax, with the following caveat: "This exemption does not include out-of-state title transactions, only NC title transactions apply." Since your father lives in SC, I'm not exactly if, or how, this impacts anything. You should probably contact DMV and confirm.

https://www.ncdot.gov/dmv/vehicle/title/tax/

Otherwise, you are correct. There is no correlation between sales price and the value used to determine the Highway Use Tax. Just as there is no direct correlation between the sales price of a house and the assessed value for tax purposes.

[enTERPRising]

Thank you, BC1960! I appreciate the effort; but, I'm going to take it at face value.
Sadly, dealings with the DMV (USPS, or other gov't agencies) doesn't warrant the frustration - the is a bar of costs I'm willing to pay than waste my time with gov't workers.

[enTERPRising]

Now, I'm selling my old car, private party to prospective buyers. Car is paid off and I have title in hand. I am wondering what paperwork needs to be ready and what I need to have (to do this seamlessly as possible):

Does this guy have it right?
How to Sell a Car in North Carolina - Part III

For those who don't want to open the link, he notes:
- Have a Bill of Sale. Make or have copies for both parties. Even though the seller is only required to sign, you should also have the buyer sign.
- Title (paperwork): It's a NC Title so we'll need a notary present?

Thanks!

[getatag]

Meet at your bank, sign the title as seller IN THE PRESENCE OF NOTARY. Get money, take your plate off car, give signed/notarized title and keys to new owner, go home.

[underPSI]

Originally Posted by getatag

Meet at your bank, sign the title as seller IN THE PRESENCE OF NOTARY. Get money, take your plate off car, give signed/notarized title and keys to new owner, go home.

Mostly correct. The buyer does not need to be present when signing the title in front of a notary. The notary doesn't care who you're selling the car to, only that you are the current owner and can legally sell the car.
Give the vin of the car to the buyer and have them add vehicle to their insurance policy before signing over the title. Verify proof of insurance when you meet. (Their insurance company can send them a temporary proof of insurance via email). This and a bill of sale is very important so if they crash into and kill someone on the way home neither party involved can sue you.

Also, don't forget a bill of sale. I always print 2 bill of sales, both parties sign both allowing both parties to have original copies.

[Repatriot]

FWIW my experiences with DMV here have been pretty good.

[enTERPRising]

Thank you for your affirmations!

[getatag]

Originally Posted by underPSI

Mostly correct. The buyer does not need to be present when signing the title in front of a notary. The notary doesn't care who you're selling the car to, only that you are the current owner and can legally sell the car.
Give the vin of the car to the buyer and have them add vehicle to their insurance policy before signing over the title. Verify proof of insurance when you meet. (Their insurance company can send them a temporary proof of insurance via email). This and a bill of sale is very important so if they crash into and kill someone on the way home neither party involved can sue you.

Also, don't forget a bill of sale. I always print 2 bill of sales, both parties sign both allowing both parties to have original copies.

I have never sold a car and asked for proof of insurance prior to releasing the car, BUT, it makes sense and I will begin selling all my cars with that stipulation. Just more protection against the unscrupulous or just plain dumb buyer. Thanks for the tip.

[wheelsup]

Asking for insurance is unnessary IMO. My insurance covers me up to thirty days after purchase with no requirement to add a specific car.

You've sold the car, it's not your requirement to insure it. Keep in mind in the US, anyone can sue anyone else for anything.