Automotive

No Wholesale value on Used Vehicle Package

  • Last Updated:
  • Jul 18th, 2015 3:34 pm
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[OP]
Jr. Member
Jul 14, 2015
108 posts
23 upvotes
Toronto, ON

No Wholesale value on Used Vehicle Package

Hi Everyone,

I am selling my 2015 Lexus and on the Used Vehicle Package, there is no value listed for the car so does the buyer pay taxes on the amount that we agreed upon?

he has offered to pay me the bulk in a certified check and the balance in cash and use the check amount as the sale price when he is registering the vehicle so he can pay less taxes which is cool with me.
7 replies
Banned
Jun 3, 2015
5 posts
Ottawa, ON
I'm assuming there's no value listed because it's a 2015, so it would be safe to assume they'll go by purchase price. Keep in mind, they'll have the value for the 2014 or 2013 models...so anything completely far off won't work.

Just a tip, I'd recommend getting a bank draft with a reciept versus a certified cheque (bank drafts are more secure from fraud than certified cheque's).
Jr. Member
May 20, 2015
132 posts
49 upvotes
Toronto, ON
consider yourself lucky.

I usually come across this with BMW cars, and we put something really low, (Not ridiculous low tho)

On a 2003 BMW M3, I put $2000, and had no issues :D
Deal Addict
Jan 11, 2004
4895 posts
480 upvotes
Victoria
Safest transaction is email money transfer OR witness the bank draft being issued at their bank.
[OP]
Jr. Member
Jul 14, 2015
108 posts
23 upvotes
Toronto, ON
Thanks for your replys guys. We are meeting at service Ontario to register the car on Saturday and then we will go to bank together to deposit the certified check so hopefully, all goes well.
Deal Expert
User avatar
Jul 30, 2007
25067 posts
9961 upvotes
Toronto
if it's certified cheque. You may want to meet the buyer at the bank and witness the entire cheque certification process. Once it's done, then head over to the MTO to sign over the ownership.

Just saying ...
Deal Fanatic
User avatar
Apr 15, 2011
5835 posts
1210 upvotes
aGincourt
pointblank wrote:
Jul 16th, 2015 7:02 pm
Thanks for your replys guys. We are meeting at service Ontario to register the car on Saturday and then we will go to bank together to deposit the certified check so hopefully, all goes well.
I'd rather do it the other way around (And take pics of ID)
[OP]
Jr. Member
Jul 14, 2015
108 posts
23 upvotes
Toronto, ON
The transaction went well for both parties.

The buyer paid tax on the certified check amount which was 5k less than the agreed amount (he paid cash for balance) and we ended up splitting the $500 tax savings so $250 each.

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