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Started By
Message
1
Posted on 2/25/21 at 1:21 pm to tgrbaitn08
quote:
I think he's talking about putting a fake $$$ amount on the paperwork
But he said "do a trade on paper"
Posted on 2/25/21 at 1:22 pm to LNCHBOX
quote:
I'm not following how a friend that is a dealer doing a "trade" would help the buyer with any tax stuff.
Courtesy trades are a pretty common thing, but I assume that's not what he's talking about based on the context of the thread
Hes either saying add a trade in to lower the price and thus tax liability or alter the actual trade in value to cash received.
Both are absolute lies.
quote:
But he said "do a trade on paper"
Put there was a trade in to lower the purchase price and thus liability without actually trading anything in
This post was edited on 2/25/21 at 1:24 pm
Posted on 2/25/21 at 1:25 pm to Mingo Was His NameO
Gotcha. Yea, I'm doubting anyone is doing that for a "friend"
Posted on 2/25/21 at 1:27 pm to LNCHBOX
quote:
But he said "do a trade on paper"
putting a value on the paperwork lower than what the vehicle is actually worth....the DMV will ask him and he will be lying to the DMV and his insurance company
Posted on 2/25/21 at 1:29 pm to LNCHBOX
quote:
Yea, I'm doubting anyone is doing that for a "friend"
They're absolutely not. The only way that would happen is if it's a large scale operation of cooking the books. By doing that for one friend you are opening yourself up to a possible tens to hundreds of thousand dollar assessment upon audit because of projection factors.
And that's completely ignoring criminal liability. Dude is full of shite.
Posted on 2/25/21 at 1:30 pm to tgrbaitn08
quote:
the DMV will ask him and he will be lying to the DMV and his insurance company
I've never had the DMV question vehicle value at registration, and I've done a few private party with just bill of sale registrations.
Don't see why insurance would care what was paid for a vehicle. They will only be paying FMV and rates will be based on that.
Posted on 2/25/21 at 1:32 pm to LNCHBOX
quote:
I've never had the DMV question vehicle value at registration, and I've done a few private party with just bill of sale registrations.
the value of my vehicles is on the registration..
quote:
Don't see why insurance would care what was paid for a vehicle. They will only be paying FMV and rates will be based on that.
They ask you for current value...at least mine does...I lower it every time my policies renew
This post was edited on 2/25/21 at 1:33 pm
Posted on 2/26/21 at 5:42 am to Mingo Was His NameO
quote:
What you described is absolutely fraud and could be found in about 15 seconds.
If I own a car lot and you find a car you want to buy while having a customer for your car, it's absolutely not fraud for me to buy the car you found, take your car on trade for it, sell you the car you found and sell your car to your customer. It's called an In and Out and it has been taking place 1000x a day everywhere in the country. I've done this 100x myself. I suggest you do a minute of research by calling any dealer in the state and asking them if they'd do an in and out for you on a trade. They'll gladly accept.
This post was edited on 2/26/21 at 5:43 am
Posted on 2/26/21 at 6:31 am to Mingo Was His NameO
quote:
And that's completely ignoring criminal liability
Y'all are really overestimating the honesty & integrity of car salesmen
Posted on 2/26/21 at 8:01 am to UnoMe
quote:
“Government’s view of the economy could be summed up in a few short phrases: If it moves, tax it. If it keeps moving, regulate it. And if it stops moving, subsidize it.” - Ronald Reagan
Posted on 2/26/21 at 9:07 am to LSUTigerFan247
quote:
If I own a car lot and you find a car you want to buy while having a customer for your car, it's absolutely not fraud for me to buy the car you found, take your car on trade for it, sell you the car you found and sell your car to your customer. It's called an In and Out and it has been taking place 1000x a day everywhere in the country. I've done this 100x myself. I suggest you do a minute of research by calling any dealer in the state and asking them if they'd do an in and out for you on a trade. They'll gladly accept.
So an actual trade? Yeah no shite
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