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Old 03-15-2012, 03:28 PM   #1
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Claiming less on car sale?

How risky is it to claim less when selling your car? For example, car sells for $16000, but you only wrote down $12000? Worth the risk?
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Old 03-15-2012, 03:36 PM   #2
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Maybe you should try searching, noob. The bottom line is you risk going to jail for fraud to save 2.7% of the price you are paying ($480). If the price you declare for the car is not inline with what ICBC expects, they will request additional documentation to make sure that you aren't screwing them.

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Old 03-15-2012, 03:50 PM   #3
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If you need to decide your personal ethics based on the responses in a public forum, I would say you're probably too stupid to risk it.

That said, when you do put your neck on the line, be sure you trust everyone involved.
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Old 03-15-2012, 04:31 PM   #4
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It's illegal.

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Old 03-15-2012, 04:34 PM   #5
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I'll only say this, While I havn't cheated the tax system for used cars (even though I don't believe in it) I have bought a modest number of cars that in ICBCs eyes should have been fraud (super cheap cars) plus a gifted car from my brother worth a good amount, and I've never had any issues or them 'auditing' me or whatever they would do.

except my 2 brand new cars and the skyline, every car i've bought has had an under value form filled out (that I can remember)


Not worth it if you're worried enough to post about it on a public forum that ICBC just may be watching
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Old 03-15-2012, 04:36 PM   #6
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I read the thread wrong...

I always thought it was up to the BUYER to declare the price and that the BUYER would take 100% of the issues for under valuing it
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Old 03-15-2012, 05:09 PM   #7
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Both the buyer and the seller are required to sign the transfer form. Both of them are legally guaranteeing that the sale price was as disclosed. As such, BOTH are going to get raped by ICBC should it ever come to it.

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Old 03-15-2012, 06:47 PM   #8
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I dont even know why someone is stupid enough to ask such a question on the internet. Its like asking if its worth the risk to rob a bank. If u are stupid enough to post such a question in a public forum, you are most likely going to get caught.
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Old 03-15-2012, 07:17 PM   #9
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Every time I sell a used car the other party wants to do this.

The last time was an older English guy, we got into the insurance office and then he got nervous and chickened out hahaha. I didn't want to anyway.
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Old 03-15-2012, 07:30 PM   #10
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If you and the seller both agree on a lower amount bill of sale, then there really isn't that much risk. Unless its a resonable amount.

12k - 16k difference isn't that much.
just don't put $1k when the car is worth $16k.....
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Old 03-15-2012, 08:32 PM   #11
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rob a bank
Because these two are comparable...
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Old 03-15-2012, 08:34 PM   #12
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Quote:
Originally Posted by temp55 View Post
How risky is it to claim less when selling your car? For example, car sells for $16000, but you only wrote down $12000? Worth the risk?
It's super risky man! Don't do it!!!!!!!!!!!!!
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Old 03-15-2012, 09:15 PM   #13
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Haven't they been basing tax on the car's book value since about a year ago?
I feel like I'm missing something.
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Old 03-15-2012, 09:26 PM   #14
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Old 03-15-2012, 09:38 PM   #15
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ive done it before. its not a big deal just as long as its a reasonable amount.
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Old 03-16-2012, 01:48 AM   #16
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Just put like $1000, I always do it.

Just tell 'em its a quick sale.
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Old 03-16-2012, 02:54 AM   #17
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Although I know its bad, taxing for second hand cars is complete bullshit and just another cash grab from the government.

I've always gifted my cars sold and purchased. Mind you I've always driven beaters. I wouldn't risk it on a car in question that is worth $16,000.
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Old 03-16-2012, 03:11 AM   #18
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Just put like $1000, I always do it.

Just tell 'em its a quick sale.
I guess it depends on the type of car you're buying?
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Old 03-16-2012, 10:27 AM   #19
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Should do what you want. If buyer and seller agrees, then it's fine. Both of you will know the risks.
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Old 03-16-2012, 12:01 PM   #20
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ive done it before. its not a big deal just as long as its a reasonable amount.
I have done it a number of times as well and have never had a issue. It's just fucking over ICBC it a complete joke we have to pay tax on something that was already paid tax on from the get go. But don't get me wrong taking a couple grand off isn't a big deal but with enough of a discount it will look really fishy.
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Old 03-16-2012, 12:09 PM   #21
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post the vin number of the car before we can decide ...
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this is the internet and everyone knows better about what happened sitting behind a desk than the people who are actually involved.
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Old 03-16-2012, 12:54 PM   #22
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Don't listen to these fools, just claim that you're his brother and he's giving you the car, even if your name might be Mike Skeeter and the sellers name is Jin Hsui/Abdul Mohammed/Joe Zitzak/[insert any other name different from op's name to get point across that this is not a good idea]

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Old 03-16-2012, 01:20 PM   #23
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I have done it a number of times as well and have never had a issue. It's just fucking over ICBC it a complete joke we have to pay tax on something that was already paid tax on from the get go. But don't get me wrong taking a couple grand off isn't a big deal but with enough of a discount it will look really fishy.
We pay taxes on anything used and sold through a business, I don't understand why everyone is so offended when the purchase happens to be a vehicle other than that the dollar amount is higher. Car parts, thrift stores, anything on consignment, antiques, often art, used textbooks, to an extent property; all are taxed.
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Old 03-16-2012, 01:29 PM   #24
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We pay taxes on anything used and sold through a business, I don't understand why everyone is so offended when the purchase happens to be a vehicle other than that the dollar amount is higher. Car parts, thrift stores, anything on consignment, antiques, often art, used textbooks, to an extent property; all are taxed.
Oh I'm aware of that but I can still bitch about it. The thing that really piss's me off is Canada is the only country that pays tax's on top of tax's. Gas for example there are two tax's on top of each other cause the goverment can. Talk about a complete joke....
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Old 03-16-2012, 01:45 PM   #25
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I think on this case 16000 declared at 12000 is get away-able with, depending on the car as well. ICBC does and can investigate if they think the declared value is too low. Ive been told they can see how much money was deposited for the transaction if you deposited the cash or cheque. Definitely youd be risking it buying a 2008 BMW and declaring it for 12000 haha. Id say go for it.
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