|
With the crazy 12% taxes nowadays on private vehicle transfer and no more gift letters, what is becoming much more common now is for someone to go buy a car that's a "deal" that they intend to flip... and they pay the owner, take the transfer form and say they will finish the transaction themselves... and they never actually transfer it into their name so they don't need to pay the tax... so the car is floating around in space still technically under the original seller's name and then the flipper tries to sell the car and when he does produces the transfer form which is signed by the previous owner and "brokers" the deal so-to-speak. So, technically in the case of this car, he can still say it's 1 owner because he never probably never registered it in his own name. You can also avoid detection from ICBC as a curber using this method.
Long story short -- when you sell a car, it's a good idea to finish the transaction and get your copy of the transfer form instead of letting the buyer leave with the paperwork + car just because you have your money.
|