Buying used truck out of state need help

Discussion in 'Trucker Taxes and Truck Financing' started by Wumbo Jumbo, May 5, 2021.

  1. Wumbo Jumbo

    Wumbo Jumbo Bobtail Member

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    I live in Illinois (cook county) I’m buying a truck in North Dakota. Do I have to pay sales tax on the truck?? Please help I’ve gotten multiple answers
     
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  3. Bean Jr.

    Bean Jr. Road Train Member

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    No. Rolling stock is exempt. Bring your carrier's ILCC number with you when you go to the secretary of state office. Exit Laramie off the Ike. That's where you do titles for cmv and IRP.
     
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  4. Wumbo Jumbo

    Wumbo Jumbo Bobtail Member

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    Thank you!
     
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  5. Wumbo Jumbo

    Wumbo Jumbo Bobtail Member

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    Any good references for insurance companies? loan company is basically waiting on me to setup my insurance before I will be able to fully finish the deal.
     
  6. Bean Jr.

    Bean Jr. Road Train Member

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    Bobtail and physical damage only or liability and cargo?
     
  7. Wumbo Jumbo

    Wumbo Jumbo Bobtail Member

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    Here you go this is exactly from the loan docs they just sent me.

    The Certificate of Insurance (COI) should list: ✔ Borrower's business name ✔ Location address of the equipment ✔ Equipment Description ✔ Equipment Value ✔ Insurance Policy Number ✔ Effective and expiration date of coverage (A new policy must provide at least six months of continuous coverage, and equipment added to a current policy must provide an automatic semi-annual or annual renewal date.) ✔ Coverages afforded under the policy ✔ Applicable deductible amounts. Deductible not to exceed $1,000.00. ✔ CHB contract number if known ✔ D e s i g n a t i o n of Secured Party as Loss Payee ✔ I n d i c a t i o n the Policy cannot be Cancelled until after Thirty (30) Days' Prior Written Notice to Loss Payee Physical Damage Insurance: Physical damage insurance is required on all of the assets we finance. Insurance is to be provided for fire, theft, extended coverage, vandalism, all risk physical damage and malicious mischief for the full value of the equipment. Binders will not be accepted for Physical/Property Insurance. Secured Party or its successors or assigns is to be named as Lender's Loss Payable, as its interest may appear. The deductible may be no more than $1,000.00. Liability: Liability coverage is required as part of your contract, and proof of that liability insurance is required upon request by t he Secured Party. The Secured Party must be listed as an additional insured under the policy.

    I wont need to worry about trailer insurance as the company takes care of everything with the trailers.
     
  8. Bean Jr.

    Bean Jr. Road Train Member

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    Contact OOODA to get non-trucking liability and physical damage. They'll ask all about your equipment that you need to insure.
     
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  9. Wumbo Jumbo

    Wumbo Jumbo Bobtail Member

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    Does my lease contract need to be signed and in place with the company I will be running under before I finish the purchase on the truck to qualify for the rolling stock exemption? thats what it says on google is this correct or can I purchase truck first then sign the lease contract and still be exempt from the sales tax? trying to make this happen quick so dealer doesn't back out of deal while I am making them wait on the lease contract and loan documents. Trying to make sure I do this in the right order so I do not get screwed over thank you for your help so far
     
  10. Bean Jr.

    Bean Jr. Road Train Member

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    Yes. I don't remember them requiring the signed lease, only the ILCC number.

    Are you running under their plates?
     
  11. Wumbo Jumbo

    Wumbo Jumbo Bobtail Member

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    No ill be under my own plates and IFTA stickers. That's why I was also trying to find out if Im allowed to write on windshield "In transit" driving it back from North Dakota or if I need some sort of temp tag?
     
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