Ok, I bought the bike about 3 weeks ago and just now starting to get a little free time where I can go title the bike in my name....Yes I have bill of sale and the title with my and the sellers signature on the back.

Here is where my issue comes in. I went Friday to get the bike title but they are telling me that because the title states I bought the bike for 500$ that they will have to charge me 344$ because anything under 75% of the bluebook value gets charged full blue value. This I find to be stupid.

The bike is in running order with no liens no insurance claims. The only thing I had to do was replace all the fairings and headlight wires along with steering head bearings.

It is for a tennessee tags and title for a 01 cbr 600 f4i.
My question is what did you all have to do or pay and what can I do to pay less then 344$ to title in my name?

If it comes down to it I will just suck it up pay the 344$ and be happy seeing as how I have maybe 1500.00$ in the bike total.

 

had a similar issue when i bough my F4, stated its value as $1500 and couple of weeks later got a letter from the registry of motor vehicle stating that "they find the fair value of the bike is ~ $2700" and hence, i have to pay tax on that amount, sucks that tax in Nova Scotia is 15% !!!
anyway, only way out of that is to "appraise" the bike's value at any dealer (as far as i know doesn't have to be a bike dealer, could be a used cars dealer) and they appraise it to less than that so u pay less tax.
so, try to find maybe a friend or relative who have or work at a dealership to write u the appraisal with lesser value

 

Call or visit your DMV and explain that the value of the bike when you bought it was in fact $500 do to all of the fairing damage. They will tell you what you need to do from there. Here in California, I sold a wrecked bike (some years ago) for well under it's book value of a perfect bike. The DMV did question the numbers, but gave me a form on which I wrote that "the value was low due to it being wrecked." Done, we walked away. No inspection or anything needed.

The reason they have those policies are to prevent them from getting screwed out of tax dollars when someone sells a Ferrari for $1. There is a way to prevent you from paying taxes on a bike that is not worth book value, you just need to find it out. Remember that broken plastics can cost thousands of dollars to replace and make it in new shape. Any damage it has brings the value down from there. A tank with a dent in it can cost $800 by itself. The price of "new" parts should be what's considered.

 

I know when I had my title put in my name I said it was a gift and only had to pay 25$ for taxes on it

 

I've explained to the DMV and all they told me was to get the seller to sign off on a affadavite with the sales price of 500$. Here is the issue with that. The seller/original owner wants nothing more to do with me or the bike. In his eyes he sold the bike signed the title off and in his words " Not my f****ng problem anymore. The guy is a total A-Hole from the get go but I could not let that deal pass by.

 

If he wont do it for you, then I'm afraid you must pay the taxes on their estimated value.

 

Ok, I'll just pay the 344 sales tax and be happy I got a bike. Eh...Worth a try for different options.

Thanks Everybody!

 

Just had a thought.....What are the odds that if I take the bike to a dealer and ask for a appraisal along with what parts need fixing/replacing and take that forum to the DMV, would they honor that as a official cost of the bike instead of the 3440.44$ that the Tennessee DMV go by in NADA and KBB?

 

They may still need the paperwork from the seller. Ask first though.

A shop would charge you to appraise it. By the time and money you spend on getting out of the extra taxes, it may end up being as much as just paying it. Give it some thought.

 

i wouldn't pay that much, blue book value is a joke, the bike has already had taxes payed at its full value.
write up a bill for your labor in time and materials and im sure it will make the difference, its a 10+ year old bike with problems, that is ridiculous.