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FIB - Scams 101 - Ye Olde Archives
Posted By: P. Drammel In Response To: Example: (MaaMaw)
Thursday, 21 July 2005, at 11:52 a.m.
First of all, you have to realise that if you get into something like this, you should have a good understanding of what people who buy these junk cars are most likely to buy as far as make and model and what works and what doesn't. Otherwise, you'll find yourself buying junk that takes forever to sell if at all then you'll be the one placing then ads for free cars and losing space and money.
As far as tags, title and registration, I think you need to definitely pay this when you take the car. So this may cut into profits drastically. However, you may be able to forego this buy gettigna dealer's license. They are not wxpensive and are fairly easy to get. I know a lot of people who buy cars at auctions (you need a dealer license to be able to participate in these auction, BTW) and sell them for profit from their homes. You can also contact local dealers and buy used cars from their lot at wholesale, but you have to buy so many at a time, of course. But not that many. Maybe about 5 orso. Depends on the dealer. Not so with auctions. You can bid and win just one auction if you like.
> 1980 MITSUBISHI Mighty Max truck, 4x4, Good camper & extra tires.
> Needs work! Free, you haul!
> Okay, so the camper is worth money, and so are the extra tires -- without
> even worrying about the truck!
> When ownership of a junk car is transferred, do you have to immediately
> pay the registration? Transfer fees? Are there costs involved that I'm not
> seeing through my rose-colored glasses? Can you turn around and
> re-transfer ownership without incurring costs?
> Luv,
> MaaMaw
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