NLIC.org

Renee Said:

Possibly looking to buy a "low flood vehicle"?

We Answered:

You probably won't pay more for insurance, the problem is if you ever have a claim on the insurance. The insurance company may try to reduce the value if it is ever totaled, and not want to pay as much. If the car was reconditioned properly it may never cause any real problems.
BTW, Carfax is not infallible. I bought a package of 5 when shopping for a car, and had 3 left over. I punched in my wife's vehicle which had been repaired once and had been totaled out from a second accident, and neither was listed on the Carfax.

Harold Said:

My car was totaled out but I want to keep it?

We Answered:

Tell the adjuster that you'd like to buy the car; you can negotiate with them. If you can agree on a price, it's yours.

Monica Said:

Is Nader taking a tuffer stance on Obama?

We Answered:

Maybe he will publish another book called 'unsafe in any office'.

Josephine Said:

Sales Tax on car received as gift in CT?

We Answered:

There is a method to transfer vehicles between family members tax free, see http://www.ct.gov/dmv/cwp/view.asp?a=810…

But since this is a friend, This doesn't apply, and the rule becomes this:

The taxable price is based on the total considerations (cash, property, services, assumption of seller's debt, etc.) in the transaction. Hence if a vehicle is purchased through other considerations besides money alone (such as through service provided to the transferor), the transferee is taxed on the book value of the vehicle.

You will pay taxes on the book value.