vpFREE2 Forums

XVP: Selling a Won Car Back to the Dealer

#1

Hi,

Last night I won a new Lexus at a local casino. You earned 1 entry for every $20,000 coin in of VP and I had 7. It was amazing when they called my name. In 20+ years of gaming and hundreds of drawing I had never won anything close to this.

My question is had does anyone have experience with winning a car and then selling it back to the dealer? Is there any negotiation or is it take what they offer. I asked the person in charge of the drawing if I would do better than the casino cash offer if I sold it back to the dealer directly and he said yes. fyi, the casino was offering me 23K less then the value on the prize form.

Thanks for any info.

Joel

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#2

A few years ago I won/earned a LandRover from the M. The car
had a retail price of $53,000. The casino did not offer a cash option. I HAD to
take the car which was currently at the LandRover of Las Vegas dealership. I called the dealer and they offered me $40,000. I
declined. One week later they called me back and offered $45,000. I told them
to make it $47,000 and we would have a deal. I ended up with $46,000.

I don’t know how applicable this experience is to your case
--- other than to follow the well-known rule of “don’t take their first offer.” Bob

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#3

Car Max

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-----Original Message-----
From: Bob Dancer <bobdancervp@hotmail.com>
To: vpfree <vpfree@yahoogroups.com>
Sent: Sun, Nov 25, 2012 11:10 am
Subject: RE: [vpFREE] XVP: Selling a Won Car Back to the Dealer

A few years ago I won/earned a LandRover from the M. The car
had a retail price of $53,000. The casino did not offer a cash option. I HAD to
take the car which was currently at the LandRover of Las Vegas dealership. I
called the dealer and they offered me $40,000. I
declined. One week later they called me back and offered $45,000. I told them
to make it $47,000 and we would have a deal. I ended up with $46,000.

I don�t know how applicable this experience is to your case
--- other than to follow the well-known rule of �don�t take their first offer.�
Bob

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#4

Congratulations!

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Sent from my iPad

On Nov 25, 2012, at 1:15 PM, joel0457 <joel0457@yahoo.com> wrote:

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#5

Just thought I would jump in and add my two cents- for what it's worth- you only have to pay the fair market street value on the car, on your taxes, and not the sticker value, if you keep/kept the car. So, in other words, if the declared value is $40k, and you keep it, and you can show with current newspaper ads, in your market area, that the current value is ony $34k then you only have to pay taxes on the $34k. Good luck. (and keep that documentation!!!)

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________________________________
From: joel0457 <joel0457@yahoo.com>
To: "vpFREE@yahoogroups.com" <vpFREE@yahoogroups.com>
Sent: Sunday, November 25, 2012 10:15 AM
Subject: [vpFREE] XVP: Selling a Won Car Back to the Dealer

Hi,

Last night I won a new Lexus at a local casino. You earned 1 entry for every $20,000 coin in of VP and I had 7. It was amazing when they called my name. In 20+ years of gaming and hundreds of drawing I had never won anything close to this.

My question is had does anyone have experience with winning a car and then selling it back to the dealer? Is there any negotiation or is it take what they offer. I asked the person in charge of the drawing if I would do better than the casino cash offer if I sold it back to the dealer directly and he said yes. fyi, the casino was offering me 23K less then the value on the prize form.

Thanks for any info.

Joel

________________________________

[Non-text portions of this message have been removed]

[Non-text portions of this message have been removed]

#6

As I'm sure she will say when she has a chance, Jean Scott has written two editions of her book on gambling winnings and income taxes, which probably would be a good idea to pick up as you make your decision--you've already done the hard part--winning the thing, so take a bit of time and research the options (agree with other posters in that there is room to haggle).

And of course congratulations!!

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--- In vpFREE@yahoogroups.com, M Rathz <scorpiomr@...> wrote:

Just thought I would jump in and add my two cents- for what it's worth- you only have to pay the fair market street value on the car, on your taxes, and not the sticker value, if you keep/kept the car. So, in other words, if the declared value is $40k, and you keep it, and you can show with current newspaper ads, in your market area, that the current value is ony $34k then you only have to pay taxes on the $34k. Good luck. (and keep that documentation!!!)

________________________________
From: joel0457 <joel0457@...>
To: "vpFREE@yahoogroups.com" <vpFREE@yahoogroups.com>
Sent: Sunday, November 25, 2012 10:15 AM
Subject: [vpFREE] XVP: Selling a Won Car Back to the Dealer

Â
Hi,

Last night I won a new Lexus at a local casino. You earned 1 entry for every $20,000 coin in of VP and I had 7. It was amazing when they called my name. In 20+ years of gaming and hundreds of drawing I had never won anything close to this.

My question is had does anyone have experience with winning a car and then selling it back to the dealer? Is there any negotiation or is it take what they offer. I asked the person in charge of the drawing if I would do better than the casino cash offer if I sold it back to the dealer directly and he said yes. fyi, the casino was offering me 23K less then the value on the prize form.

Thanks for any info.

Joel

________________________________
Â

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[Non-text portions of this message have been removed]

#7

<<Just thought I would jump in and add my two cents- for what it's worth- you only have to pay the fair market street value on the car, on your taxes, and not the sticker value, if you keep/kept the car. So, in other words, if the declared value is $40k, and you keep it, and you can show with current newspaper ads, in your market area, that the current value is only $34k then you only have to pay taxes on the $34k. Good luck. (and keep that documentation!!!)>>

That is good advice for anything of value you win from a casino, i.e., cruises, when you get a 1099 with an inflated price.

When we won a car at the Stardust many many years ago we sold it back to the dealer for a higher price than what the casino was giving us as a cash option. We did not haggle because they gave us a good price right at first.

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------------------------------------------
Jean $¢ott, Frugal Gambler
http://queenofcomps.com/
You can read my blog at
http://jscott.lvablog.com/

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#8

I won a car back in 2006. My only options were to keep the car or sell it back to the dealer. The sticker was a little less than $32,000. The dealer offered me $26,000. I did have to pay for registration & title.I'm not sure if anything else was paid for but it cost me $1,500.

#9

I wanted to thanks everyone for their good wishes and input on selling the car back to the dealer. For anyone interested or lucky enough to be in a similar position, the numbers are below.

The car was a Lexus LS, the MSRP was $76,811. The Casino offered $53,000. The dealer offered $64,000. I countered with $69,000 and we settled on $66,000. I also researched the car on Edmunds and KBB. The invoice was approx $71,000 with a 1-2% hold back, dealer cost was about $70,000.

Thanks again to everyone.

Joel

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________________________________
From: Queen of Comps <queenofcomps@cox.net>
To: vpFREE@yahoogroups.com
Sent: Sunday, November 25, 2012 11:05 PM
Subject: Re: [vpFREE] XVP: Selling a Won Car Back to the Dealer

<<Just thought I would jump in and add my two cents- for what it's worth- you only have to pay the fair market street value on the car, on your taxes, and not the sticker value, if you keep/kept the car. So, in other words, if the declared value is $40k, and you keep it, and you can show with current newspaper ads, in your market area, that the current value is only $34k then you only have to pay taxes on the $34k. Good luck. (and keep that documentation!!!)>>

That is good advice for anything of value you win from a casino, i.e., cruises, when you get a 1099 with an inflated price.

When we won a car at the Stardust many many years ago we sold it back to the dealer for a higher price than what the casino was giving us as a cash option. We did not haggle because they gave us a good price right at first.

------------------------------------------
Jean $¢ott, Frugal Gambler
http://queenofcomps.com/
You can read my blog at
http://jscott.lvablog.com/

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#10

What about running a raffle or donating it to charity?

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-----Original Message-----
From: akole219 <scanner219@netzero.net>
To: vpFREE <vpFREE@yahoogroups.com>
Sent: Wed, Nov 28, 2012 3:05 pm
Subject: [vpFREE] Re: XVP: Selling a Won Car Back to the Dealer

I won a car back in 2006. My only options were to keep the car or sell it back to the dealer. The sticker was a little less than $32,000. The dealer offered me $26,000. I did have to pay for registration & title.I'm not sure if anything else was paid for but it cost me $1,500.

[Non-text portions of this message have been removed]