My brother work abroad. He bought an SUV 2 years ago. He didn't sell it to

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JessieR1

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me but instead, he just asked me to? pay it off. I applied a car loan to our credit Union. The car company sent the title to the Credit Union. The title has a lien holder. Now my brother signed the title and I will go to NJ DMV to change the title to my name. My concern is, will I pay a sales tax when I apply for the new title? Many people told me to put $1.00 to avoid big sales tax. What should I do? How do you calculate the sales tax?
 
If you are putting it in your name, its a transfer of ownership/sale.

Thus sales tax may be due. Putting $1 may backfire because its not realistic.

Paying the car off IS buying/selling it. You owe tax on the price you paid off.
 
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