News:

SAAC Member Badges are NOW available. Make your request through saac.memberlodge.com to validate membership.

Main Menu

1967 GT500 - 67400F5A03116

Started by 6s1640, February 03, 2024, 03:25:32 AM

Previous topic - Next topic

6s1640

#15
Quote from: capecodmustang.com on February 04, 2024, 01:09:50 PM
The seller just informed me they want to get paid in cash..

Good luck with that...

Kinda complicates things....

The other issue with the auction site now is that they are required to withhold 20% Federal Taxes of the final sale over a certain threshold.  This will beat the threshold.  At the end of the year, all sellers will get a 1099-K form with total sales.  It will be then up to the seller, when filing their federal tax return, to reduce the capital gain with expenses (storage, heat, repairs, etc), commissions and original purchase price.  If the seller is clever, there should be no net profit and zero taxes will be paid.  They should then get a full refund of the 20%.  But that means the Feds get to hold you money for nearly a year.  So a cash deal might alleviate some of these issues.

Cory


Coralsnake

#16
Another reason to not sell on eBay, as if we needed one
The original Influencer, check out www.thecoralsnake.com


shelbymann1970

Quote from: capecodmustang.com on February 04, 2024, 01:09:50 PM
The seller just informed me they want to get paid in cash..

Good luck with that...

Kinda complicates things....
A wire transfer is the same as cash to the seller but suspect he doesn't want a profit paper trail on the car.
Shelby owner since 1984
SAAC member since 1990
1970 GT350 4 speed(owned since 1985).
  MCA gold 2003(not anymore)
1969 Mach1 428SCJ 4 speed R-code (owned since 2013)
"2nd" owner of 68 GT500 #1626

JD

'67 Shelby Headlight Bucket Grommets https://www.saacforum.com/index.php?topic=254.0
'67 Shelby Lower Grille Edge Protective Strip https://www.saacforum.com/index.php?topic=1237.0

stephen_becker

Spoke with owner/seller this a.m.

He is very well-versed  and in the know

He tells me that he has a guaranteed offer on the table for $150,000 cash so if the auction does not exceed that amount, he will be taking that person's standing cash in a bag offer

shelbymann1970

Quote from: stephen_becker on February 05, 2024, 10:14:17 AM
Spoke with owner/seller this a.m.

He is very well-versed  and in the know

He tells me that he has a guaranteed offer on the table for $150,000 cash so if the auction does not exceed that amount, he will be taking that person's standing cash in a bag offer
Really? What happens if he lets the auction end and it ends at 115K say? He doesn't sell to the high bidder/winner(not a reserve auction) I'd think he could be sued. I do most of my work myself and I sure wouldn't pay 150K for that car with the butchered shock towers and needing a total resto. Am I off on these?  So is the seller just full of crap? If he wanted 150K that should be his reserve. I don't see "reserve not met" on the high bid.
Shelby owner since 1984
SAAC member since 1990
1970 GT350 4 speed(owned since 1985).
  MCA gold 2003(not anymore)
1969 Mach1 428SCJ 4 speed R-code (owned since 2013)
"2nd" owner of 68 GT500 #1626

stephen_becker

Great questions. No answers here. I would say that he's already violating eBay policy by demanding cash outside of the transactions, so why wouldn't anything else be up for debated that point?

But you're right it doesn't hit his hundred and $50,000 number and it's no reserve. What does he do?

Inquiry minds wanna know.......  ;D

rcgt350

That rear quarter panel appears to me to be riveted on to the upper section of the original panel , showing no sign of a complete replacement quarter panel, which says it would have been some type of lap joint done, which means body filler would have to run the outer length of that joint, if I'm mistaken please point out if a different approach was used.

Coralsnake

^ that is what I see as well. Certainly not "professional" in my book.
The original Influencer, check out www.thecoralsnake.com

shelbymann1970

Quote from: rcgt350 on February 05, 2024, 10:35:17 AM
That rear quarter panel appears to me to be riveted on to the upper section of the original panel , showing no sign of a complete replacement quarter panel, which says it would have been some type of lap joint done, which means body filler would have to run the outer length of that joint, if I'm mistaken please point out if a different approach was used.
pop riveted into place then welded as witnessed by the burn marks at the overlap edges?
Shelby owner since 1984
SAAC member since 1990
1970 GT350 4 speed(owned since 1985).
  MCA gold 2003(not anymore)
1969 Mach1 428SCJ 4 speed R-code (owned since 2013)
"2nd" owner of 68 GT500 #1626

capecodmustang.com

Quote from: stephen_becker on February 05, 2024, 10:14:17 AM
Spoke with owner/seller this a.m.

He is very well-versed  and in the know

He tells me that he has a guaranteed offer on the table for $150,000 cash so if the auction does not exceed that amount, he will be taking that person's standing cash in a bag offer


Steve:  This seller is putting himself in a bad position.
If someone truly offered him $150,000 in cash he'd be best to get a small deposit via paypal and then end the auction.
Then let the buyer show up with the $$$$..

If he doesn't end the auction, the high bidder is then informed after the bidding ends that the seller wants "cash".
What happens then if the guy is in Waco TX but is just told that Mr. Michigan wants cash for his purchase?
He has the $$$ but no way to get that $$$ to him.

Also, if the high bidder is sincere he's then told someone offered "more" so his bid isn't honored .

I should also point out in the Ebay advertisment it says "Payment:  wire to my account"...

And I know my Shelby's.
If someone truly offered him $150,000 I suggest he makes the deal and ends the auction at once.


Just my .02




Coralsnake

#27
$150k in cash is like a $190k offer.

Better run with that, this car isnt that nice in my opinion

There seems to be certain level of dishonesty if hes not revealing the "I want to be paid in cash" to the eBay bidders
The original Influencer, check out www.thecoralsnake.com

capecodmustang.com

Quote from: Coralsnake on February 05, 2024, 12:00:36 PM
$150k in cash is like a $190k offer.

Better run with that, this car isnt that nice in my opinion

There seems to be certain level of dishonesty if hes not revealing the "I want to be paid in cash" to the eBay bidders

Pete:  I understand in this environment that cash is a positive.
But the seller is putting himself in a bad position if a well meaning bidder is told AFTER the auction that the seller wants cash or he's not selling the car.
Or for that matter the high bidder is told there's another guy that wants the car for more $$$.
That's just not how it works.

He might open a can of worms with both Ebay and the IRS...


Coralsnake

I think we are in agreement

I dont see a reserve price in the auction?
The original Influencer, check out www.thecoralsnake.com