Paid off friends loan on truck ??

Discussion in 'Trucker Taxes and Truck Financing' started by mortal_oean, Sep 16, 2016.

  1. mortal_oean

    mortal_oean Bobtail Member

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    Sep 13, 2014
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    Hope some one here can help me understand and advice as wat to do next ?? I paid off a loan on the truck that I bought from my friend through wire transfer . he just got the title from the financer with line 2 signed which released him from lien .
    Now my question is ? do I have to pay the tax if he goes to dmv and transfer the title on his name First and then transfers it on my name ?
    Or he can just transfer it to my name directly ? We are in California and I will be leasing the truck with the company for interstate out of California so are there any taxes involved for interstate ? I know I'm kind confused ?
     
    Last edited: Sep 16, 2016
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  3. rickybobby

    rickybobby Road Train Member

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    Call Cal DMV.
     
    mortal_oean Thanks this.
  4. sdaniel

    sdaniel Road Train Member

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    Or watch as he drives off into the sunset...
     
  5. mortal_oean

    mortal_oean Bobtail Member

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    Sep 13, 2014
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    Yeaaa Thought did cross my mind !
     
  6. xsetra

    xsetra Road Train Member

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    Put your own lien on the title.
     
  7. Accidental Trucker

    Accidental Trucker Road Train Member

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    Should not be a problem, the truck was only sold once. The finance company just released the lien.
     
  8. mortal_oean

    mortal_oean Bobtail Member

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    Sep 13, 2014
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    Apparently ur right went to one of those third party office where they do all filling
    Papers for commercial vehicle hey charged me $ 150 and said u will be getting a title on ur name in a few weeks and that there are no taxes involve so went ahead and did it .waiting on title now .thanks all for ur input always appreciated. Be safe
     
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