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05-18-2011, 12:03 PM
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#1 | | RS Lurker, I don't post!
Join Date: May 2011 Location: vancouver
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| question regarding buying a used car
hey guys, im currently dealing with a guy in private sale selling his 2008 Accord, however, this guy said he wants cash only, like in 100$ bills, and no hst because he can give me as a gift....I am just wondering if theres any tricks involve with paying cash in bills but not money order...bcuz we just cant chase back the record if i pay cash....anyone has experience dealing with this?
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05-18-2011, 12:14 PM
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#2 | | I STILL don't get it
Join Date: Jun 2005 Location: Vancouver
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Get a lien and dec check, plus vehicle inspection before you buy. I also wouldn't recommend signing it over as a gift if you want a paper trail.
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05-18-2011, 12:27 PM
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#3 | | Da Vinci's real masterpiece: The Mona Diesel
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Wow for a 2008 accord you have to pay at least 20000, so 20 grand in 100 bills? Seems weird/fishy if he wants this specifically :S
Also don't try to gift it, if you get caught you will get screwed pretty bad.
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05-18-2011, 12:51 PM
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#4 | | nuggets mod
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Don't spend 20K unless you're comfortable with every part of the transaction.
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05-18-2011, 01:08 PM
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#5 | | & Associates Inc.
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| DO NOT do a cash transaction, definitely seems sketchy to me...and as stated above do not receive the car as a gift, if ICBC were to find out they will fuck you nicely
Get the car checked out, do a carproof, and carfax check etc. there may be a lien on the car, especially since the buyer won't accept another form of payment and wants all the cash upfront.
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05-18-2011, 02:32 PM
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#6 | | OMGWTFBBQ is a common word I say everyday
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lol i'm guessing it's not going to be 20g, and that's why the OP is considering it.
who wants 20gs in cash?
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05-20-2011, 01:02 AM
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#7 | | RS Licensed Vendor
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Heh sounds like he plans on ripping you off at gun point
or
He could just mace you take cash and run
20K.... just saying. I would just pay by certified chq and part cash if you're really trying to save on the taxes. Gifting a 20K car to someone you don't know is kinda odd. Gifting a POS $500 beater is another story.
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05-20-2011, 08:20 AM
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#8 | | I told him no, what y'all do?
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i wouldnt trust anyone with that amount of cash
sounds like he's trying to take advantage of the greed to save on HST to scam you. for that amount, cashiers check or nothing IMO.
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05-20-2011, 08:49 AM
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#9 | | Rs has made me the woman i am today!
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umm.... Gov't is gonna wonder why someone with no relation to you gifted you a car.... 12% tax>goign to jail for fraud.
just get him a bank draft, that's just as good as cash.
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05-20-2011, 12:50 PM
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#10 | | I *Fwap* *Fwap* *Fwap* to RS
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make sure you don't do your transaction in Lansdowne Mall ...
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05-20-2011, 12:50 PM
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#11 | | My homepage has been set to RS
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When it comes down to it, getting it gifted is just a plain bad idea for a car that still has some "WORTH" in it.
Gifting ANY CAR, tells ICBC that this car is WORTHLESS. On the insurance papers your putting the cars value to $0. So if you ever get into an accident, your screwed. If someone hits you, your covered under their collateral, but if you smash into someone, or something, your car is worthless and ICBC will laugh at you. gg.
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05-20-2011, 12:52 PM
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#12 | | & Associates Inc.
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| Quote:
Originally Posted by melloman When it comes down to it, getting it gifted is just a plain bad idea for a car that still has some "WORTH" in it.
Gifting ANY CAR, tells ICBC that this car is WORTHLESS. On the insurance papers your putting the cars value to $0. So if you ever get into an accident, your screwed. If someone hits you, your covered under their collateral, but if you smash into someone, or something, your car is worthless and ICBC will laugh at you. gg. | Source please!
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05-20-2011, 12:55 PM
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#13 | | SardaukarMod
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Originally Posted by Cman333 Heh sounds like he plans on ripping you off at gun point
or
He could just mace you take cash and run
20K.... just saying. I would just pay by certified chq and part cash if you're really trying to save on the taxes. Gifting a 20K car to someone you don't know is kinda odd. Gifting a POS $500 beater is another story. | +1 i'd stay away. very suspicious. or he's trying to do something else sketchy on the side.
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05-20-2011, 12:56 PM
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#14 | | SardaukarMod
Join Date: Dec 2001 Location: Salusa Secundus
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| Quote:
Originally Posted by melloman When it comes down to it, getting it gifted is just a plain bad idea for a car that still has some "WORTH" in it.
Gifting ANY CAR, tells ICBC that this car is WORTHLESS. On the insurance papers your putting the cars value to $0. So if you ever get into an accident, your screwed. If someone hits you, your covered under their collateral, but if you smash into someone, or something, your car is worthless and ICBC will laugh at you. gg. | no.
if i give my car to my kid and he puts the car in his name, does that automatically mean that the car's value is $0?
icbc cares about the car's value. not how much you paid for it.
from another thread of RS: Quote:
Originally Posted by fliptuner Bottom line, ICBC sells insurance - they could care less what you pay for a vehicle. If it's in an accident, they pay what the car's worth, not what you paid. It's Revenue Canada (or whatever they call themselves these days) that cares if you're ripping them off. | http://www.revscene.net/forums/selli...ml#post3974662
Last edited by seakrait; 05-20-2011 at 01:12 PM.
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05-20-2011, 12:58 PM
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#15 | | Banned (ABWS)
Join Date: Oct 2006 Location: Richmond
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| Quote:
Originally Posted by melloman When it comes down to it, getting it gifted is just a plain bad idea for a car that still has some "WORTH" in it.
Gifting ANY CAR, tells ICBC that this car is WORTHLESS. On the insurance papers your putting the cars value to $0. So if you ever get into an accident, your screwed. If someone hits you, your covered under their collateral, but if you smash into someone, or something, your car is worthless and ICBC will laugh at you. gg. | Quote:
Originally Posted by ruthless Source please! | Quote:
Originally Posted by seakrait no.
if i give my car to my kid and he puts the car in his name, does that automatically mean that the car's value is $0? | must be some c-lai's tale this kid picked up.
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05-20-2011, 01:52 PM
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#16 | | RS Licensed Vendor
Join Date: Apr 2001 Location: 604
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Either way....don't pay all cash. NO ONE I've encountered has ever paid 20K+ in cash to buy a used car privately. Maybe <10k.
Maybe HE doesn't want a paper trail linked to him. Maybe the car isn't even owned by him. Maybe the car is a rebuild. Who knows, you want to cover your ass.
As for gifting the car and making it 0 value. That's new to me. ICBC always goes by market value. They'll use black/blue book pricing and craigslist/buysell to determine the value on a vehicle. I've seen many people get paid out MORE than they paid for the car (used car obviously). I doubt ICBC cares if the car's gifted. Afterall.....it's the GOVERNMENT that makes the HST. Not ICBC.
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05-24-2011, 08:06 AM
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#17 | | My homepage has been set to RS
Join Date: May 2005 Location: #604
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| Quote:
Originally Posted by seakrait no.
if i give my car to my kid and he puts the car in his name, does that automatically mean that the car's value is $0?
icbc cares about the car's value. not how much you paid for it.
from another thread of RS: http://www.revscene.net/forums/selli...ml#post3974662 | Yes I understand this. But have you gotten a gifted car and gotten into an accident? A friend of mine has.. and ICBC took into consideration that he didn't pay anything for the car, so he got much less then what the car was worth.. just something to take into consideration.
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05-24-2011, 10:25 AM
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#18 | | Banned (ABWS)
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who is the seller? Anthony?
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05-24-2011, 11:34 AM
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#19 | | Rs has made me the woman i am today!
Join Date: Mar 2010 Location: PM
Posts: 4,476
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| Quote:
Originally Posted by melloman Yes I understand this. But have you gotten a gifted car and gotten into an accident? A friend of mine has.. and ICBC took into consideration that he didn't pay anything for the car, so he got much less then what the car was worth.. just something to take into consideration. | Have you considered your friend just didn't know how to negotiate with ICBC? They always lowball hoping the idiot will say yes.....
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05-24-2011, 12:19 PM
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#20 | | I don't get it
Join Date: Aug 2007 Location: Burnaby
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I have the same car for 5 g's less!!! Bring cash and come alone. Im located right near hastings and main  | |
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