Trade-in allowance

64:29:02:14. Trade-in allowance. When determining the purchase price of a vehicle, the value of a vehicle being traded-in may be deducted from the purchase price of a vehicle being purchased if the vehicle being traded-in is titled in the same name as that in which the vehicle being purchased will be titled.
In the case of a trade-in vehicle that is titled in the name of a company or corporation, the trade-in allowance applies if the purchaser is the majority owner of the company or corporation.
The applicant must provide documentation or an affidavit to substantiate this information. On leases entered into before June 30, 2000, if the lessee exercises an option to purchase the vehicle, no additional tax is due if tax was previously paid on the total value of the vehicle, including the buy-out option, when the vehicle was first leased.
No trade-in's are allowed on leases entered into after June 30, 2000.
On any lease entered into after June
30, 2000, where the lessee exercises an option to purchase the vehicle, title must first be obtained in the lessee's name and all taxes must be paid before the vehicle may be used as a credit or trade-in on the purchase of another vehicle.