Bring a Trailer - anyone ever bought a P- car that way?
12-31-2020, 04:17 PM
#16
Rennlist Member
not sure what you are trying to say here. BAT will take some of the commisson to put into the deal to make a deal happen. To them half commission is better than no commission. Greg, please explain how the money laundering works on these? they buy a car for over market then sell at a loss but get money laundered? do they pay cash? kinda makes some sense.
there was a 83 944 yesterday and bid was 5k and guy bid 10k and got the car. they were making fun of him for overpaying and he said he was gonna buy one for 15 so he saved money.
there was a 83 944 yesterday and bid was 5k and guy bid 10k and got the car. they were making fun of him for overpaying and he said he was gonna buy one for 15 so he saved money.
08-09-2021, 06:01 PM
#17
Some of us in the industry including myself believe that bring a trailer has become a market place for money laundering. Not all auctions list but you can easily find them. One that sticks out for me is a Honda Element with 60k miles that sold for 32k... lots of the pricing just doesn't add up . You also have back door dealings on BaT, inflated bids and such.
Be patient Abe and the correct car will come to you.
Be patient Abe and the correct car will come to you.
could you please explain how one would launder money buying or selling a car on bat. I’d seriously like to know.
Thanks
08-10-2021, 01:05 PM
#18
So way late to the thread, but my experience hasn't been great.
Unless you're local, you can't examine the vehicle easily, so you're reliant on the honesty of the seller. Who may be selling for a relative. (That part, FWIW, seems 100% real.) But... "It was his baby, I'm sure all service was done!" Never done a water pump or timing belt, on a 968 at 29 years and 85K miles!
And a ton of other issues: Cruise control - I asked about it, was told it's working, it isn't. Dome lights not working (seems to be a minor wire break in the rear), broken latches, real audio speakers not working (receipts show they were replaced, 15 years ago, though), driver's side windshield wiper doesn't work, the passenger window switch on the driver's door only works for "up", and more. Tires are from 2009.
Oddly, regularly service was done. Recent repaints, frequent and recent oil changes. The oversights are strange.
And there's no recourse. Oh well. Be careful with the auction.
Unless you're local, you can't examine the vehicle easily, so you're reliant on the honesty of the seller. Who may be selling for a relative. (That part, FWIW, seems 100% real.) But... "It was his baby, I'm sure all service was done!" Never done a water pump or timing belt, on a 968 at 29 years and 85K miles!
And a ton of other issues: Cruise control - I asked about it, was told it's working, it isn't. Dome lights not working (seems to be a minor wire break in the rear), broken latches, real audio speakers not working (receipts show they were replaced, 15 years ago, though), driver's side windshield wiper doesn't work, the passenger window switch on the driver's door only works for "up", and more. Tires are from 2009.
Oddly, regularly service was done. Recent repaints, frequent and recent oil changes. The oversights are strange.
And there's no recourse. Oh well. Be careful with the auction.
08-10-2021, 01:18 PM
#19
Team Owner
In fact buying any car with cash ( usually used higher value are easier to buy with cash ) . Then selling it and having deposits from buyer put right into your account would Launder the money .The bank sees funds as generated from "selling classic car "
just a theory from watching breaking bad, im no expert.
08-10-2021, 01:20 PM
#20
Team Owner
So way late to the thread, but my experience hasn't been great.
Unless you're local, you can't examine the vehicle easily, so you're reliant on the honesty of the seller. Who may be selling for a relative. (That part, FWIW, seems 100% real.) But... "It was his baby, I'm sure all service was done!" Never done a water pump or timing belt, on a 968 at 29 years and 85K miles!
And a ton of other issues: Cruise control - I asked about it, was told it's working, it isn't. Dome lights not working (seems to be a minor wire break in the rear), broken latches, real audio speakers not working (receipts show they were replaced, 15 years ago, though), driver's side windshield wiper doesn't work, the passenger window switch on the driver's door only works for "up", and more. Tires are from 2009.
Oddly, regularly service was done. Recent repaints, frequent and recent oil changes. The oversights are strange.
And there's no recourse. Oh well. Be careful with ANY auction.
Unless you're local, you can't examine the vehicle easily, so you're reliant on the honesty of the seller. Who may be selling for a relative. (That part, FWIW, seems 100% real.) But... "It was his baby, I'm sure all service was done!" Never done a water pump or timing belt, on a 968 at 29 years and 85K miles!
And a ton of other issues: Cruise control - I asked about it, was told it's working, it isn't. Dome lights not working (seems to be a minor wire break in the rear), broken latches, real audio speakers not working (receipts show they were replaced, 15 years ago, though), driver's side windshield wiper doesn't work, the passenger window switch on the driver's door only works for "up", and more. Tires are from 2009.
Oddly, regularly service was done. Recent repaints, frequent and recent oil changes. The oversights are strange.
And there's no recourse. Oh well. Be careful with ANY auction.
08-10-2021, 01:28 PM
#21
Rennlist Member
the way i would imagine it would work is you buy a car with dirty money .. sell it on bat. The buyer pays bat and bat cuts you a cheque ? the money has now been cleaned and can be deposited as a cheque from bat into your account. I'm not saying this is how it works, just how i imagine it works.
In fact buying any car with cash ( usually used higher value are easier to buy with cash ) . Then selling it and having deposits from buyer put right into your account would Launder the money .The bank sees funds as generated from "selling classic car "
just a theory from watching breaking bad, im no expert.
In fact buying any car with cash ( usually used higher value are easier to buy with cash ) . Then selling it and having deposits from buyer put right into your account would Launder the money .The bank sees funds as generated from "selling classic car "
just a theory from watching breaking bad, im no expert.
08-10-2021, 02:48 PM
#22
Team Owner
not sure they do though ...
side note
i hate those irritating questions from tellers like they are making small talk.. when you pull large wads of cash out .
them: Oh you going on a trip ?
me: its really not your business
Them: oh it was just a friendly inquiry
me: you don't inquire when im putting my money in !
08-10-2021, 05:12 PM
#23
Rennlist Member
pretty sure they do, otherwise they can have their accounts frozen and business frozen. Don't think it is worth the risk of being labelled aiding terrorism.
08-13-2021, 11:44 PM
#24
Also late to the post...
I bought a car off BaT just a week after after the original post. It is really just a private sale that in most cases requires travel to get to the car. So this comes with risks - there is no recourse as to the quality of the car (although some are reputable sellers), and you take the risk that the seller isn't taking off with your funds as you have only 3 business days to wire the funds.
As for money laundering, it is possible... but probably not that workable. Money is due by wire in 3 business days, and once funds are in a financial institution, the theory is that money is "clean". You really need to have to a purchase with cash to start money laundering. Not impossible...
I bought a car off BaT just a week after after the original post. It is really just a private sale that in most cases requires travel to get to the car. So this comes with risks - there is no recourse as to the quality of the car (although some are reputable sellers), and you take the risk that the seller isn't taking off with your funds as you have only 3 business days to wire the funds.
As for money laundering, it is possible... but probably not that workable. Money is due by wire in 3 business days, and once funds are in a financial institution, the theory is that money is "clean". You really need to have to a purchase with cash to start money laundering. Not impossible...