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A few months ago I saw an ad for an 05 Mustang for sale in the Tallahassee paper. Ad said the car was won in a Marlboro cigerette drawing. Have not seen the ad for a while and was at Mustangs at Hooters tonight and a guy talks to some of us asking if anyone interested in an 05 Mustang convert he won in a Marlboro drawing. Of course it was the same guy that ran the add. He said the car is torch red with red leather interior with every option possible and has 19 miles on it with plastic still on the seats. He wants to sell it because he doesn't want to pay the 26% of value taxes that is due on it. When I saw the ad I thought there had to be some sort of catch but after meeting the guy i feel he is straight up and just wants to get the car sold as he would have to go in debt to pay the taxes. I have his name and number if anyone interested.
 

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how much taxes could he owe on an 05 model
 

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The guy said the taxes were $7400 and he would have to go in debt to come up with that amount. He got an extension/delay to pay this amount. I know this all sounds strange and it seems like to me the guy could just sell the car at blue book and walk away with some cash. I think he is very frustrated because he also tried to sell the car on e-bay and some guy came up with a bad check or money order and the seller just started feeling that folks were trying to screw him.
 

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Does not sound strange at all. There was a lady in my area that won a new GT500 about 3 weeks ago. ( I did have a ticket on it). She had to pay the tax on the value of the car when it was sold. $63,000 was the price last Feburary. She ended up paying around $16,000 in taxes. Neither she nor her husband can drive a stick. She was offered $53,000 for the car and she pay the taxes and said no. She paid the taxes, the car is in storage now, and I have no idea what she will do with it. If he does not want the car for himself anything over $7,400 would be profit. He could take a few thousand off of retail, sell the car, pay the taxes and make a little money.
 

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dennisbaker said:
A few months ago I saw an ad for an 05 Mustang for sale in the Tallahassee paper. Ad said the car was won in a Marlboro cigerette drawing. Have not seen the ad for a while and was at Mustangs at Hooters tonight and a guy talks to some of us asking if anyone interested in an 05 Mustang convert he won in a Marlboro drawing. Of course it was the same guy that ran the add. He said the car is torch red with red leather interior with every option possible and has 19 miles on it with plastic still on the seats. He wants to sell it because he doesn't want to pay the 26% of value taxes that is due on it. When I saw the ad I thought there had to be some sort of catch but after meeting the guy i feel he is straight up and just wants to get the car sold as he would have to go in debt to pay the taxes. I have his name and number if anyone interested.
I am interested, Dennis. Could you give me his info please?
 
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Hmmm, I guess this stuff must be more common than we think. Toward the end of last year, my father-in-law's ticket number was called during a car giveaway contest at a local Indian gaming center. Stunned, he walked up to the stage area and was instructed to pull out one set of car keys from a jar. As luck would have it, he yanked out the grand prize - a LeMans Blue 2006 Chevrolet Z51 Corvette. At first he was overjoyed, but it was short-lived.

Afterward he was given a choice: take possession of the Vette or exchange it for cash from the Chevy dealer who originally sold it to the casino. While the sticker read $55,000, the dealer was only offering $40,000 (supposedly the fleet price payed for the car). Of course, IRS officials were also on hand to gleefully inform my in-laws that taxes would be due in April to the tune of $18,000 (they both work and are in the highest bracket). Unwilling to take $40,000 for a car the dealer would have back on his lot the next day listed at $54,950, my in-laws defiantly drove their prize home.

During the trip, however, they realized that, while a lot of fun to drive, the car sat too low and was nearly impossible for them to get in and out of without help. So they decided to put it up for sale locally and at cars.com. But as soon as any potential buyer heard that the vehicle had been won in a contest, they wanted it for nothing. Several weeks passed without any serious offers, and my father-in-law was really starting to get spooked about having to fork over eighteen large for a car he couldn't drive (needless to say, they didn't have that kind of cash just laying around).

Fortunately for them, the right guy came along just in time and, after viewing the Vette online and falling in love, flew out from Arizona and bought it with cash. But he still got a great deal ($42,000), because by then my in-laws were pretty desperate to unload it.

So kiddies, I guess the MORAL of the story is: Winning isn't everything it's cracked up to be. Just ask powerball winner Jack Whittaker...
 

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People have to realize that winning these high dollar items is income. In the above post the taxes should be figured on what the casino paid for the Vette.
 

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Discussion Starter #8
Sending you a PM

DHG3931 said:
I am interested, Dennis. Could you give me his info please?
Found the guy's card and sending pm.
 

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Discussion Starter #9
DHG3931 said:
I am interested, Dennis. Could you give me his info please?
The guy's name and number:
Randy Villarreal
cell - 850-694-2420

Tell the guy I was talking to him at Hooters this past Monday night at the Mustang drive in. If you want, I will be happy to check the car out for you and even take a pic if it is okay with the guy. I don't think he knows my name but tell him I was the guy that said I saw his ad in the paper a few months ago. My cell is 850-284-6402 if you need to talk with me. Tried to pm you but looks like your mailbox is full.
 

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dennisbaker said:
The guy's name and number:
Randy Villarreal
cell - 850-694-2420

Tell the guy I was talking to him at Hooters this past Monday night at the Mustang drive in. If you want, I will be happy to check the car out for you and even take a pic if it is okay with the guy. I don't think he knows my name but tell him I was the guy that said I saw his ad in the paper a few months ago. My cell is 850-284-6402 if you need to talk with me. Tried to pm you but looks like your mailbox is full.
Thanks! I just emptied my inbox, finally. :)
Dave
 
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