La. Admin. Code tit. 55 § III-355

Current through Register Vol. 50, No. 9, September 20, 2024

Section III-355 - Valuation of Motor Vehicles for Purposes of Initial and Subsequent Registration on or after January 1, 1990

A. Except in cases of damaged motor vehicles, donations, out-of-state transfers, or low bills of sale, the value of the motor vehicle shall be determined by the purchase price as indicated on the bill of sale or invoice.

B. In the case of donations, out-of-state transfers, or low bills of sale, the value shall be determined and based upon the full loan value contained in the most current N.A.D.A. Official Used Car Guide, South-Western Edition (or its successor) as maintained by the Office of Motor Vehicles. In the case of classic automobiles or other automobiles of particular interest not included in the N.A.D.A. Official Used Car Guide, South-Western Edition (or its successor), the full loan value shall be determined by reference to the N.A.D.A. Official Older Used Car Guide or the Value Guide to CARS of Particular Interest. If the value of the motor vehicle cannot be determined by reference to any of these three guide books, the actual value of the motor vehicle shall be determined by the Office of Motor Vehicles based upon such information supplied by the person seeking to register the vehicle and such information that may be required from such person by the assistant secretary or his designee.

C. The valuation of a damaged motor vehicle shall be the value of the motor vehicle at time of acquisition as determined pursuant to §355. C.1 The following must be presented to the Office of Motor Vehicles to establish an actual value on such a vehicle of less than the full loan value:

1.

a. an affidavit by the seller or transferor of the motor vehicle specifying in detail the nature of damage to the vehicle and a written invoice from a bona fide mechanic or repairman showing a detailed estimate of the cost of repair to said vehicle. The assistant secretary or his designee may require additional information or documentation to determine the value of the motor vehicle. Upon review of all documentation and information, the assistant secretary or his designee may add the proven damages to the sales price of the motor vehicle as is reflected in the bill of sale submitted in connection with the application to register the motor vehicle. If the total of the proven damages and the sales price is within $1,000 of the full loan value as determined in §355 B, the vehicle shall be valued according to the sales price. If the total of the proven damages and the sales price differs by more than $1,000 from the full loan value as determined in §355 B, the value of the motor vehicle shall be determined by deducting the proven damages from the full loan value as determined in §355 B;

b. upon a showing of good cause by the person applying to register the damaged motor vehicle, the assistant secretary or his designee may assign a value other than the value established pursuant to §355. B The applicant for registration shall provide the department with such documentation as is necessary to justify this alternative valuation;

2. if the seller is a licensed new or used motor vehicle dealer, then the dealer or an employee of such dealer shall submit an affidavit specifying the nature of the damage and the sale price. The assistant secretary or his designee may require additional information or documentation to determine the value of the motor vehicle. Upon review of all documentation and information, the assistant secretary or his designee shall calculate the value of the motor vehicle in the same manner and under the same conditions as provided in §355. C 1

D. Motor vehicles, the ownership of which is reacquired by the original owner within a period of two years from date of original acquisition, shall be registered at the original value upon renewal or registration by the original owner. Upon a showing of good cause by the person seeking to register the motor vehicle, the assistant secretary of the Office of Motor Vehicles may permit the vehicle to be valued as provided in §355 B-C, as the case may be.

E. Additional documentation may be required of any applicant for license or registration, including renewals, by the assistant secretary of the Office of Motor Vehicles or his designee.

F. In the case of high mileage, the loan value of the motor vehicle may be reduced according to the deduction contained in the guide book depending on the model year, the type of motor vehicle, and the amount of mileage set as excessive in the guide book.

G. In those instances when a federal or state regulated lending institution or financial institution determines that the motor vehicle has a loan value less than is indicated in the guide book, the applicant for motor vehicle registration may submit a statement from the lending institution or financial institution, signed by an officer of the institution, stating the loan value assigned to the vehicle by the institution. Such statement shall also contain a description of the vehicle including make, model, model year, and vehicle identification number. Upon receipt of such statement, the department may use the loan value contained in such statement for purposes of calculating the tax.

La. Admin. Code tit. 55, § III-355

Promulgated by the Department of Public Safety and Corrections, Office of Motor Vehicles, LR 23:1324 (October 1997), amended LR 24:475 (March 1998).

AUTHORITY NOTE: Promulgated in accordance with R.S. 47:463(A)(2).