Job reduction and need to make tough decision... - Camaro5 Chevy Camaro Forum / Camaro ZL1, SS and V6 Forums

hopin to cash · 10-26-2013, 12:12 PM

Have lost some income and need to trade 2013 SS/RS and a 2012 GMC Sierra 1500 crew/cab. Looking at trade value of $28,000.00 for each right now (56K total) does this sound like a reasonable beating? What happens to the sales tax when you trade more than new total?

JimE · 10-27-2013, 11:07 PM

Assuming your trade-in is more than the new loan, you will get cash back and owe no tax. But you won't get money paid in taxes returned (not that you implied that).

10-26-2013, 12:12 PM	#1
hopin to cash Drives: 2013 2SS/RS INFERNO ORANGE Join Date: Jul 2012 Location: Ravenna Posts: 85	Job reduction and need to make tough decision... Have lost some income and need to trade 2013 SS/RS and a 2012 GMC Sierra 1500 crew/cab. Looking at trade value of $28,000.00 for each right now (56K total) does this sound like a reasonable beating? What happens to the sales tax when you trade more than new total?

10-27-2013, 11:07 PM	#2
JimE Drives: 2013 2SS/RS/1LE Join Date: Apr 2010 Location: St Louis, MO Posts: 3,087	Assuming your trade-in is more than the new loan, you will get cash back and owe no tax. But you won't get money paid in taxes returned (not that you implied that).