Buying a Missouri used carÂ or preowned vehicle mandates several statute requirements. For new residents ofÂ the state or first time buyers, the statutes represent specific legalities and rights. TheÂ used car dealership Missouri,Â GMT Auto Sales highlights the latest details on sales tax and taxation laws in Missouri.
Based on the Â Missouri Department of Revenue (DOR) car buyers have a 30 day deadline from the date of purchase to title and remit sales tax. This law applies to new residents, who purchase a vehicle in Â another state within 90-days of relocating to Missouri. Failure to conduct this important step may result in a $25 title penalty subsequent to the 31st dateÂ of the purchase. This title penalty carries a maximum fine up to $200, increasing by $25 for every 30 days the buyer neglects to pay the title and sales tax.
The title fee as of January 23, 2011 is $8.50 title fee, as well as a $2.50 title processing fee.
Form 108, also referred to as an ‘Application for Missouri Title and License’, is another statute requirement. (This document is available at the Missouri Department of Â Revenue). (Source:http://dor.mo.gov/faq/motorv/general.php#q1)
In the Show Me state, titling entails the submission of a Certificate of Title, which must have proper documentation. This means that theÂ title includes either the Manufacturer’s Statement of Origin (MSO) or the title is signed over to the new owner of the vehicle.
The current sales tax in the state of Missouri is 4.225 percent.
When the title is issued from another state or even country, residents have to provide a vehicle identification number and odometer (ID/OD) inspection.Â Acquiring an odometer inspection or a safety inspection generally satisfies the ID/OD inspection. These assessments are available at designated times atÂ any Missouri authorized inspection station. However, most used car dealerships Missouri, such as GMT Auto Sales normally supply this document in an OdometerÂ Disclosure Statement or Form 3019.
Check out these Missouri used cars for the best deal this side of the Mississippi River.