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#46
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used cars
Just an FYI. As a private seller of a used car you don't have to declare anything to the purchaser. It is there responsibility to determine the car's history. I personally think that the emphasis on service history and accidents has more to do with cost savings than with saftey or wanting the perfect car.
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#47
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#48
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Cars vs Houses
Im not sure about your state but there are not many states with laws on the books regarding disclosures for automobile sales. Buyers in a lot of cases will use insignifigant issues with the cars and use them as an excuse to get a cheaper price on the car. Keep in mind the buyers have a huge market of cars that they can buy and that the other sellers might not be as honest as you are. Im not suggesting you lie if they ask you a direct question but a "disclosure" could be used unfairly by the buyer to get a better than normal deal. As an individual the buyer has little to no recourse against you even if the car blows up a mile down the road. As long as your use a bill of sale that indicates AS IS your pretty much covered for anything that happens. Dealers have a bit more of a complicated legal situation but you don't see them volunteering info about the used cars on their lots do you?
Houses are where you need to do disclosures. Real estate law is much more complicated and there is lots of recourse available against the seller in the event that information is not disclosed. Airplanes are also a complicated sale area where the buyer has a lot of legal rights against the seller for repair issues down the road. Since in a lot of cases Aircraft service is mandated by law issues caused by cheap or substandard service can severely affect the Aircraft's airworthyness. Nearly 99.99% of aircraft negotiations are based on a prepurchace inspection where they take the plane apart partially and look at every nut bolt and wire in the plane. I just got a bit of a shocker when I bought my most recent car. I bought my car from a BMW dealer and it was represented to me by the as a trade in on a brand new 7 series BMW (no accounting for taste eh?). When I was doing the final paperwork at the credit union to get my check for the car the loan officer wanted a copy of the title for the file. The people at the BMW dealership said the following "oh we need to get that faxes over by State Farm". Of course my heart skipped a beat. The shiny perfect car that I was about to buy was an insurance buy out or a wreck. The dealership clarified that the car was owned by a State Farm Insurance Agent and the fax was coming from State Farm Credit union where the vehicle was financed. WHEW!!!!!!!! |
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