• When you click on links to various merchants on this site and make a purchase, this can result in this site earning a commission. Affiliate programs and affiliations include, but are not limited to, the eBay Partner Network.

Might be getting back one of my old cars...

Only way to do things in Canada... as you are required to claim capital gains on a vehicle sale for any amount above the original "claimed" cost the government has on record (when it was registered) + any repair/restoration costs. Buyers and sellers just have to keep track of the "lies" to stay out of trouble and make sure trackable bank transaction match the "claims". It's a vicious game.. especially with aircraft. This is what has kept me from selling my Superbird for many years, the capital gain tax I'd get nailed for and so glad that I now have an entire file for a "mopar restoration" to cover that value gap if I decide to do so!
When I purchased my current GTX, I sat my wife down with our attorney, and went over the use of the "step up basis" available in the states to legally avoid capital gains taxes on appreciated assets, by passing them to a surviving spouse, who then proceeds with liquidation. My executor has also been briefed on the process. Wayne, you have definitely done your home work on the Superbird. The process in the US on tracking capital gains looks really loose in comparison with your system in Canada. The political winds shift back and forth on it here, but to a large extent, reporting of gains on vehicle sales have tended to be treated as a "gentlemens' agreement."
 
Spoke with the guy today about my old coronet and we've agreed on a price! Have lots of logistics to sort out but at least we can start moving forward, So getting closer to being mine again.

He did say that he wasn't completely ready to sell the car and had turned down offers the last couple years, but when he saw that I was looking for it he thought that who else would appreciate the car as much as him if not the fellow who restored it! So that is why he contacted me...:thumbsup:
 
That's great news TC! Are you going to go check it out?
 
Spoke with the guy today about my old coronet and we've agreed on a price! Have lots of logistics to sort out but at least we can start moving forward, So getting closer to being mine again.

He did say that he wasn't completely ready to sell the car and had turned down offers the last couple years, but when he saw that I was looking for it he thought that who else would appreciate the car as much as him if not the fellow who restored it! So that is why he contacted me...:thumbsup:

Snoopy.gif
 
I don't blame the seller for wanting cash in Canada, given the political climate there in 2022.
 
That's great news TC! Are you going to go check it out?

Was talking about the car with the wife last night and I think I want to meet the guy who looked after it all these years, get some pics of us together with the car to add to the story of the car.

When he bought the car years ago I sent him all the photos and camcorder tapes I had of it, I asked him yesterday if he still had all that stuff...he still does which is awesome because there was maybe 5-6 photos I got with the car that are from the 70-80's all modded out, plus all the documentation I made of it's journey from ratty car that should have been parted out...to nicely restored car. ;)
 
Was talking about the car with the wife last night and I think I want to meet the guy who looked after it all these years, get some pics of us together with the car to add to the story of the car.

When he bought the car years ago I sent him all the photos and camcorder tapes I had of it, I asked him yesterday if he still had all that stuff...he still does which is awesome because there was maybe 5-6 photos I got with the car that are from the 70-80's all modded out, plus all the documentation I made of it's journey from ratty car that should have been parted out...to nicely restored car. ;)
So a big congratulations to you for finding and getting the car back. Well done, and I think you will be happy you did.
I think flying (or driving) out there is a small price to pay to close the deal.
(a) You get to inspect the car to be sure it is as advertised.
(b) You have the opportunity to make friends with the long time caretaker of your old car. You can get pictures and information from the guy who has had it all these years. There is nothing wrong with buyers and sellers becoming friends after completing a fair transaction!

I look forward to hearing how it goes, and, of course, seeing more pictures!!!
 
So a big congratulations to you for finding and getting the car back. Well done, and I think you will be happy you did.
I think flying (or driving) out there is a small price to pay to close the deal.
(a) You get to inspect the car to be sure it is as advertised.
(b) You have the opportunity to make friends with the long time caretaker of your old car. You can get pictures and information from the guy who has had it all these years. There is nothing wrong with buyers and sellers becoming friends after completing a fair transaction!

I look forward to hearing how it goes, and, of course, seeing more pictures!!!
That is a 5200 mile trip one way. So flying would be a match better way to go.
 
Pretty cool to not only get the car back but all that you also parted with! Congrats, look forward to seeing more of it!
 
Pretty cool to not only get the car back but all that you also parted with! Congrats, look forward to seeing more of it!
When I sold Baby Blue in 1991, I passed along every date coded original part (fuel pump, master cylinder, exhaust manifolds, alternator) that had been removed from the car, along the with the original owner's manual, signed by the original owner, and the IBM punch card. Wisely, I kept all the photos, and the original maintenance records, passing on photocopies to the buyer.
From the day I passed the title, I never heard from the buyer again, and 22 years later when the car came back to me, with the exception of the manifolds, anything that wasn't bolted to it was gone.

Bob Miller, on the other hand, became a close friend after he sold me the car in '83, and thirty years later, he passed additional artifacts on to me, such as the original keys, and copies of the time slips from Baby Blue's racing days in the 1970s. We've made the trip to Carlisle every year for a decade to tell the car's story, and this will continue this summer with the the car's new owner. To be able to recover the mementos from earlier days, as well as the car itself, is truly a gift.

Bob gtx.jpg Bob Miller, left, and myself in 2013, the day I bought Baby Blue for the second time.
 
Last edited:
So been trying to sort out the cash payment and things are not going as I had hoped.

I deal with a large national bank and figured I could give them a couple weeks notice and just set up the cash withdrawal at one of their local banks in his area of the country, then fly in and go to the bank and pick up the money....but it turns out that they are not keen on this for the simple fact that I'm not from the "area" and they are hesitant to release those kind of funds because of this.:(

I have been a customer for over 30 years with this bank, you wouldn't think that this would even be an issue.
 
So been trying to sort out the cash payment and things are not going as I had hoped.

I deal with a large national bank and figured I could give them a couple weeks notice and just set up the cash withdrawal at one of their local banks in his area of the country, then fly in and go to the bank and pick up the money....but it turns out that they are not keen on this for the simple fact that I'm not from the "area" and they are hesitant to release those kind of funds because of this.:(

I have been a customer for over 30 years with this bank, you wouldn't think that this would even be an issue.
Not sure if it the same in Canada, but in the US, if you withdraw or deposit $10K in cash at one time, it gets reported to the government. So you need to take out less than that per transaction. And separate days until you get out what you need.
 
Not sure if it the same in Canada, but in the US, if you withdraw or deposit $10K in cash at one time, it gets reported to the government. So you need to take out less than that per transaction. And separate days until you get out what you need.
It's actually any transaction over $10K - doesn't have to be cash. But they don't stop it, they just report it due to tax (or possible money laundering) reasons.
Thrashingcows seems to have another issue. Banks don't seem to want to deal with cash anymore, so they make it problematic. When you have a seller that only wants cash and it is a big transaction, it can become an issue.

@Thrashingcows
I would explain the situation and why you need to get this money this way. I would tell them they are threatening to not allow you to buy back a family heirloom and demand they allow this. If not, then you may need to take the cash out locally and carry it with you.
 
I've been in your situation a few times. I always got the funds at my local bank, and traveled with them. After placing an order for currency, usually took a couple weeks to process. My wife was always nervous about me traveling with cash, but I wouldn't have gotten Baby Blue back in 2013 if I hadn't done it.
 
Carrying cash has its own issues too. Check out “civil asset forfeiture” on YouTube. Proceed carefully.
 
maybe have the seller open an account at this bank then you can just transfer the money from your account to his, thaty way no actual cash is handled?
 
Carrying cash has its own issues too. Check out “civil asset forfeiture” on YouTube. Proceed carefully.
So been trying to sort out the cash payment and things are not going as I had hoped.

I deal with a large national bank and figured I could give them a couple weeks notice and just set up the cash withdrawal at one of their local banks in his area of the country, then fly in and go to the bank and pick up the money....but it turns out that they are not keen on this for the simple fact that I'm not from the "area" and they are hesitant to release those kind of funds because of this.:(

I have been a customer for over 30 years with this bank, you wouldn't think that this would even be an issue.
How dare you think its YOUR money....LOL
 
Auto Transport Service
Back
Top