Complicated pinkslip situation..

[Kevin920415]

So I bought my sileighty back in April 11' HOWEVER, I have not registered the vehicle and decided to sell due to money issue at that time. (I was dumb for not registering it and selling it -.-"

The car was parted out and I ended giving my shell to my close friend.
However, the problem is.. I received the letter from BOE stating the actual price I bought it for from the previous owner instead of "the" value I put down in the pink slip..

Have you guys ever been in this situation?

I'm left with 23 months of interests...penalties.. on top of the tax..

Has anyone been in this type of situation?

I have an option to apply for exemption for "Purchasing for Resale"

Any guides or tips to get out of this mess can help alot...