1967 GT500 - 67400F5A03116

[6s1640]

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]

Another reason to not sell on eBay, as if we needed one

[boyking]

Thank you Mr Gaines

[shelbymann1970]

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.

[JD]

wire transfer has a trail

[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]

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.

[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....... 

[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.

[shelbymann1970]

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?

[capecodmustang.com]

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]

$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

[capecodmustang.com]

$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?