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Wanted to make some extra money selling cars on craigslist and thought this would be a good idea. Nothing big, just something to supplement my income. Is it possible? Please advise.
You probably should incorporate, or become a Limited Liability Corporation (LLC) to protect your private assets should something go wrong, but I am not a lawyer (IANAL).
Wanted to make some extra money selling cars on craigslist and thought this would be a good idea. Nothing big, just something to supplement my income. Is it possible? Please advise.
Wanted to make some extra money selling cars on craigslist and thought this would be a good idea. Nothing big, just something to supplement my income. Is it possible? Please advise.
There are people who do this without a dealer license. They are sometimes called curbstoners. It's legal to "flip" a car just as it is legal to "flip" a house. However, the curbstoner is supposed to pay Use Tax and Title fees which reduces his profit on each deal. Sometime curbstoners attempt to circumvent paying ... buying from such a person may expose you to his other fraudulent business practices. NCDOT: License & Theft Bureau
There are people who do this without a dealer license. They are sometimes called curbstoners. It's legal to "flip" a car just as it is legal to "flip" a house. However, the curbstoner is supposed to pay Use Tax and Title fees which reduces his profit on each deal. Sometime curbstoners attempt to circumvent paying ... buying from such a person may expose you to his other fraudulent business practices. NCDOT: License & Theft Bureau
The usual caveat: IANAL (I Am Not A Lawyer).
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However....after a certain # of "sales" the DMV will send you a notice advising you that if you purchase and sell any more vehicles, you will need a dealer's license. I know as this happened to my family.
The class use to be in Charlotte. I took it about 5 years ago. There's no easy way to go about it. You have to start up a business and have a legit location.
However....after a certain # of "sales" the DMV will send you a notice advising you that if you purchase and sell any more vehicles, you will need a dealer's license. I know as this happened to my family.
You may buy a car and have the seller sign the title in front of a notary, but not fill in the buyer's name. If you do this, it is an "Open Title." If you lose that Open Title and someone else finds it, the finder owns the car!
A Curbstoner might (dishonestly) evade the Use Tax the Title fee by acquiring a used car with an Open Title. When he finds a buyer, he fills in the buyer's name on the title. When handled this way the Curbstoner's participation in the transaction is invisible. The DMV won't see it. If a problem develops with the car after the sale the Curbstoner may say "Who, me? I don't know anything about that car!"
You may buy a car and have the seller sign the title in front of a notary, but not fill in the buyer's name. If you do this, it is an "Open Title." If you lose that Open Title and someone else finds it, the finder owns the car!
A Curbstoner might (dishonestly) evade the Use Tax the Title fee by acquiring a used car with an Open Title. When he finds a buyer, he fills in the buyer's name on the title. When handled this way the Curbstoner's participation in the transaction is invisible. The DMV won't see it. If a problem develops with the car after the sale the Curbstoner may say "Who, me? I don't know anything about that car!"
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Good Lord, how sneaky people are! I have to be honest, I would feel like a shyster doing the open title thing. Thanks for sharing
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