ARSD § 64:29:02:14 — 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.