Texas TV reporter investigates Wounded Warrior Craig’s List post The latest information on the use of veteran’s as straw (fake) buyers to purchase luxury vehicles for export to China, Russia and other international markets heats up with this televised news report on the various ploys and potential pitfalls of purchasing cars in your name for sale to exporting auto brokers. Watch this video: The profits run to $50k or more, but the individuals using their own name, and auto insurance to buy luxury vehicles for export overseas get $500.00 and a potential windfall of problems beginning with auto insurance surcharges, excise or personal property taxes on the vehicle registration for a car they no longer have in their possession and that’s just the beginning. As some of these companies advertising on Craig’s List will insist they are legal business entities, when the car title is never transferred to their company name, the shell game of who is paying the tax on the profit becomes a paper trail of denial and finger-pointing, often leaving the unsuspecting “buyer” in a world of hurt. Bill of Sales and quasi contracts defined as demand papers if the “buyer” fails to produce the vehicle purchased with the auto broker -exporters funds, fail to outline the re-titling process or anything resembling a proper buy-sell arrangement between two parties. There are no specific employment terms or 1099 tax forms signed during the transaction, another red light as the IRS might scrutinize this definition of an employee versus independent contractor, when using company funds and set schedules for pre-arranged appointments. Some of the “buyers” have even been stiffed part of their fee, and others total the pending tax liability as more than the $400-$500 earned for their efforts.
Federal – State Agencies investigate illegal luxury car Auto Exporting
By Michelle Farino|2013-05-12T22:49:29+00:00May 12th, 2013|Auto Exporting, BMW, Land Rover, Mercedes-Benz, Porsche, Women Car Buyers|Comments Off on Federal – State Agencies investigate illegal luxury car Auto Exporting