Trades involving a dealer Sample Clauses

Trades involving a dealer a. The dealer must be regularly engaged in the business of selling the type of vehicles involved in the trade. EXAMPLE A: Person L trades a boat toward the purchase of a new vehicle subject to registration. The vehicle’s purchase price is $10,000, and the dealer allows a trade-in allowance of $5,000 for the boat. The dealer is not regularly engaged in the business of selling boats. The trade-in amount of $5,000 for the boat does not reduce the amount subject to the fee for new registration because the traded vehicle is not one that the dealer sells in the regular course of business. The fee for new registration is due on $10,000. EXAMPLE B: Person M is purchasing a new vehicle subject to registration for $40,000 and trades in a combine. The dealer is regularly engaged in the business of selling both vehicles subject to registration and farm equipment. The dealer allows a trade-in of $30,000 for Person M’s combine. Therefore, the price of the vehicle is $40,000 minus the $30,000 trade-in allowance. Person M pays the dealer the difference of $10,000. Since the dealer is regularly engaged in the business of selling farm equipment, the $30,000 trade-in allowance is not included in the purchase price. The fee for new registration is due on $10,000. EXAMPLE C: Person N purchases a new truck and uses a truck that Person N currently owns as a trade. Person N goes to Truck Dealer to purchase the new truck. The truck that Person N wants has to be ordered from the manufacturer and will take six months for delivery. Truck Dealer prepares a purchase order showing the retail price of $50,000 and a trade-in allowance for Person N’s truck of $20,000. Since the truck being ordered will not be delivered for six months, Truck Dealer allows Person N to drive the traded truck until the new truck arrives. Truck Dealer still allows Person N the $20,000 trade-in allowance regardless of the additional miles Person N may put on the traded truck. Since the purchase order for the new truck shows a $20,000 trade-in allowance, the fee for new registration is imposed on $30,000. EXAMPLE D: Person O owns a car dealership corporation and a separate farm tractor dealership corporation. Person P wishes to purchase a car worth $40,000 from Person O’s car dealership. Person P uses a tractor as trade, and Person O’s car dealership allows a trade-in allowance of $40,000. Person P furnishes no money. Since Person P’s tractor was traded to the car dealership and not the tractor dealership, the tr...
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