DEsi asked:
My cousin had to go outside US for a while, so she sent her brand new car(Camry) to me. Now she is planning not to return and asked me to take over her car payments. I would like to make a full payment(about $15,000) to avoid higher APR from her bank. She owes me lot of money so she asked me to keep the car and all payments she made till now. Do I have to pay sales tax for $15000 or for the market value of the car??
My cousin had to go outside US for a while, so she sent her brand new car(Camry) to me. Now she is planning not to return and asked me to take over her car payments. I would like to make a full payment(about $15,000) to avoid higher APR from her bank. She owes me lot of money so she asked me to keep the car and all payments she made till now. Do I have to pay sales tax for $15000 or for the market value of the car??
You’ll probably have to pay sales tax in TN, but you’ll need to call their BMV to know for sure, and find out the rate.