Young Viper Wondering about Sale policies

[Hot Rod]

The IRS could care less how you spend your dough as long as they've alredy taxed it. Best advise, have your bank(s)issue a cashiers check (very samll fee), definitly get a bill of sale and an odometer statement from the seller then take the paperwork to your motor vehicle department to complete the registration process. In most, if not all states, you can't complete registration without both documents.

Be ready to pay the sales tax on your purchase at time of registration. You can find your particular states vehicle registration requirements on the internet. If you're buying out of state, you'll need a temporary or transit tag issued in the seller's state to drive it home.

 

[prohydro]

I would never accept a personal check from:

a) someone I didn't know

b) for a car

c) for that amount of money

My guess is the seller would just laugh at you with out certified funds.

 

[grayman]

Anyone accepting a personal check from anyone other than a close friend or family memeber (and probably not too good of an idea there either) for the purchase of a car is a complete *****. Certified funds only...and even then you should go with seller to his/her bank for verification and deposit. Believe me, I am in auto sale/tag & title and can tell you some stories.

Email me if you want specific info on licensing in your state as I do it for a living and will give you real and straight-up answers you wont get from motor vehicle dept.

 

[JonB]

--Personal check clears my bank first; THEN you take my car.

--The IRS could not care less

--What HOT ROD said.....

--cash is NOT the same as a personal check. Think about it!

A stranger gives you the choice of a $100 bill, or $110 personal check...... which will YOU take from a stranger ?

 

[Makara]

I bought my viper from a dealer 7 months ago. I'm not sure age has anything to do with it. I was 23 at the time and wrote a personal check. The dealer called my bank and gave me the keys.

 

[Don Hiltz]

Pay close attention to Hot Rod regarding sales tax.

Assume, for the sake of argument, that your state/local taxes total 5% of the purchase price. Next, assume that your cost will be $50.000. Your tax liability will then total $2500, which you'll have to produce when the vehicle is registered.

This is a significant expense that many potential buyers don't factor into their financial game plan.

 

[Dr Roof]

verified funds is fine by me with a bill of sale.

(just posted here to see if my car pic is working)

David

98 Red GTS
Currently Being Supercharged By DLM

 

[BigsViper]

<BLOCKQUOTE><font size="1" face="Verdana, Arial">quote:</font><HR>Originally posted by milfred:
Hi guys, first post.

I'm 21 and looking to purchase a 96 or 97 GTS with cash (personal check), most likely from a private seller, not a dealer. I have a couple different bank accounts, so I may use this as an excuse to close a few of them by drawing funds (writing checks from) a couple different banks. <HR></BLOCKQUOTE>

You must be registered for see images attach

:troll: :bs:

Hey milfred, Congrats on buying your Viper with a "personal check!!" At 21, I'm sure you have all the other bases covered financially. Be sure and post some pics!

 

[genXgts]

Hey Bigs, bet Milfred doesn't know that Led Zeppelin originally sang "Ramble On" either, I don't feel so bad

.......

Milfred, the flag is up, as most will attest, if you have that kinda cash laying around, dumping it on a depreciating (albeit, lighter than some, Z06 who?) asset is not the smartest move.
Invest the cash, and loan the Viper, moreso than ever in this record low interest rate era, as well as hammered stock prices, some smart choices stockwise could appreciate enough to cover the Viper before the payments are over!

Of course some people detest payments of any kind, personally I'm comfy leveraging things, sometimes I live on peanut butter sandwiches, crunchy on good weeks!haha.....

Ryan

 

[BigsViper]

<BLOCKQUOTE><font size="1" face="Verdana, Arial">quote:</font><HR>Originally posted by genXgts:
Hey Bigs, bet Milfred doesn't know that Led Zeppelin originally sang "Ramble On" either, I don't feel so bad

.......
Ryan<HR></BLOCKQUOTE>

RYAN - THANKS FORE MAKEING ME FEELE BADE!!

(Hoo-Boy! Do I get a kick out of that!!)

Thanks to you Ryan I'm downloading Train's version as we speak. Thanks for the tip; Please realize smacking young-un's is one of the few ways us Boomers can distract ourselves from "creeping mortality"

Steel GTS: WHAT HE HELL??? Did we miss the "T" key? Or is this some new code? HE HAW! HOO HIS HI HINK HE HISS???

Great Color, BTW.

 

[USAF BAD ASP]

um, hate to say it but I smell troll? why in the world do you need to buy a 40k-60k dollar car to close a bank account? Most places can do it in no time and wire your existing funds into one account almost instantly. Makara may have used a personal check, but that's from a dealer. They know who to call to get it verified and have the means to repo the car if something happens. I'm suprised you have this much money laying around, but know so little about it how it all works. Did you just get a big inheritance or something?

 

[Mike Brunton]

Are these 'accounts' you are closing registered in a bunch of different folks names (i.e. not folks you know)?

Did you find them online and download the account numbers during your latest pr0n search?

I can't imagine someone who has enough $$'s in the bank to pay cash for a Viper not having an understanding of how this all works.

As for me, sure I'd take a personal check for my car. Then we will go to your bank and I will cash that check on the spot before I give you any keys, or a bill of sale, or sign anything.

If you could write a personal check and drive away in the car, I'd have a pretty good collection of Vipers going on in my garage... hahaha

 

[BlackACR]

Sounds very strange. I'm 25 on my third Viper and would not dare insult someone with a personal check to purchase a Viper. I would not expect to be driving it home that day either. Anyone, that deals in that kind of money understands the use of a cashiers check. If you cant figure that out, I don't think you should be driving around in a 400+ horsepower car.

 

[prohydro]

<BLOCKQUOTE><font size="1" face="Verdana, Arial">quote:</font><HR>Originally posted by Mike Brunton:
I can't imagine someone who has enough $$'s in the bank to pay cash for a Viper not having an understanding of how this all works.<HR></BLOCKQUOTE>

I don't know...I know a few rich kids up here with mommy and daddy's money that I have had to explain to them how a credit card works (that it's not free money...). This does look like someone looking to cause trouble, but could just be someone with a nice allowance.

 

[BurnR8]

hehe "free money"... hehee....

"fat drunk and stupid is no way to go through life son"...Dean Vernon Wermer Faber College

 

[BlackACR]

Who said anything about a dealer taking a personal check. I am referring to an individual. Dealers have insurance so, if you wreck it, there covered. If you give a individual a personal check there is no REAL recourse. So, I state again a personal check to buy from a person is an insult in my eyes. Especially,when you can give them guaranteed funds (CASHIERS CHECK). It's just good business!!!!

 

[BigsViper]

<BLOCKQUOTE><font size="1" face="Verdana, Arial">quote:</font><HR>Originally posted by milfred:
I could just avoid the extra step and paperwork w/ the cashier's... <HR></BLOCKQUOTE>

I don't know about your bank, but at mine there is no charge or hassle for a cashier's check, just give them the name of the person or entity to be listed as the payee and the amount (assuming you have enough on deposit to buy a Viper).

<BLOCKQUOTE><font size="1" face="Verdana, Arial">quote:</font><HR>Originally posted by milfred:...and a little security on the seller's side) <HR></BLOCKQUOTE>

How about a lot of security on the sellers side!!!

<BLOCKQUOTE><font size="1" face="Verdana, Arial">quote:</font><HR>Originally posted by milfred:...basically pull out my wallet and just buy it......<HR></BLOCKQUOTE>

Why not just pull out the cashiers check instead of your personal check? That would carry lot's more credibility with the seller. I don't think your wallet could fit $40m+ cash(unless it's one of those expanding biker deals that connects to your belt loop with a chain...) In addition, if you tried to withdraw that much cash you will learn what a paperwork hassle really is!!! (Major documentation for any withdrawal in excess of $9,999)

If this is a real deal and you are just goofy, then use the suggestions here, and welcome to the club.

 

[Makara]

<BLOCKQUOTE><font size="1" face="Verdana, Arial">quote:</font><HR>Originally posted by BlackACR:
Sounds very strange. I'm 25 on my third Viper and would not dare insult someone with a personal check to purchase a Viper. I would not expect to be driving it home that day either. Anyone, that deals in that kind of money understands the use of a cashiers check. If you cant figure that out, I don't think you should be driving around in a 400+ horsepower car.

<HR></BLOCKQUOTE>

Not every young person on this board had a viper handed to them. I'm sure I'm not the only one who has a good job and works very hard to afford my things. I'm not really sure why a personal check is an insult (if that comment was directed to me) The viper was the second car that I have bought with a personal check from a dealer and they seemed rather happy with the payment method. That being said, I think milfred is a troll. If he actually did earn the money and wasn't given a few bank accounts by mommy and daddy, then more power to him.