[s-cars] Out of town buyer.

[Scott Justusson]

I call this *BS* (again) to a Private Party Sale.  If your Buyer pulls the cash from his mattress and pays you, there is NO requirement whatsoever by any Bank or institution that you the Seller verify his identity.  Yes, to Patriot Act if you the *Seller* then go to the Bank and deposit 50 large in cash into your account, the bank is required to get your (Seller) ID.  
 
The Patriot Act (2002) moved the responsibility of Money amounts over 10,000USD from the Dealer's Financial Institution, back a step to the Dealer.  The key verbiage to Motor Vehicle Sales is "engaged in Trade or Business" which specifically *excludes* Private Party Sales.  In reality, this scooped up more 'other' cash transactions at Dealerships, than the threat of National Security (think drug traffickers with tons of cash money).

 To license and Insurance at a dealer, I addressed that already.  That's not Patriot Act, that's Dealer Liability Policy.  The dealer must prove ID under Patriot act, only if the *cash* part of the transaction is over 10,000USD.  Patriot Act clearly states that.

Maybe best to stick to Private Party Sale.  When I asked the 'why ID' to Bruce, I became aware he is a Dealer, which means his advice is good for Dealer Sales.  Private Party with or without Broker, operates much differently.  I enjoy reading all this advice, but most of it is not applicable, nor correct.  Patriot Act?  I bet you couldn't find a Private Party Seller that EVER entered into a violation of the Patriot Act.  Because it specifically can't apply!

Insert <roll eyes>

Scott J

 

 

-----Original Message-----
From: Taka Mizutani <t44tqtro at gmail.com>
To: s-car-list <s-car-list at audifans.com>
Sent: Mon, Jul 29, 2013 12:35 pm
Subject: Re: [s-cars] Out of town buyer.


There are three things going on in your statement, Scott.

With regard to the Patriot Act, you're partially correct. If you're paying
with cash, as in United States Federal Reserve Notes, then you do not need
to comply. However, in any transaction that involves banks, whether it is a
wire transfer, bank check or a finance agreement, it is required that the
financial institution verify the identity of the transactor. Title III,
Section 326 of the Patriot Act. Because most people, when buying from a
dealership, are leasing or financing the car, they are subject to these
conditions and the dealership needs to comply as being the agent of the
financial institution writing the loan or lease.

http://frwebgate.access.gpo.gov/cgi-bin/getdoc.cgi?dbname=107_cong_public_laws&docid=f:publ056.107.pdf

As for requiring a driver's license and insurance, you're not going to be
covered as a dealer if you allow someone who is unlicensed to drive your
car. Your insurance will deny coverage. You're also required to have
insurance in most (but not all) states in order to issue a tag- in my area,
you must have proof of insurance in order to get a tag. Most people have
the dealership act as tag agent because of convenience. This may not be the
case in your state.



On Mon, Jul 29, 2013 at 11:25 AM, Scott Justusson <qshipq at aol.com> wrote:

> That's BS, DL has nothing to do with Patriot Act at all.  I don't care who
> buys the car if I have the money.  The Dealer usually has a Policy to
> require DL license because that's part of their dealer insurance liability
> going to 'intent' of a unlicensed buyer to drive a car without one.  Same
> reason a dealer has a Policy that requires an Insurance Binder.
>
>
> http://www.usacoverage.com/auto-insurance/can-an-auto-dealership-sell-a-car-to-someone-with-no-driver%E2%80%99s-license-or-insurance.html
>
> Scott J
>
>
>
>  -----Original Message-----
> From: Taka Mizutani <t44tqtro at gmail.com>
> To: Bruce Mendel <brucem105 at comcast.net>
> Cc: s-car-list <s-car-list at audifans.com>
> Sent: Mon, Jul 29, 2013 10:12 am
> Subject: Re: [s-cars] Out of town buyer.
>
>  The reason you need the buyer's drivers license number is to comply with
> the Patriot Act. I don't think individuals are required to do this, but
> dealers must make a photocopy of the buyer's license.
> _______________________________________________
> S-CAR-List mailing listhttp://audifans.com/mailman/listinfo/s-car-listhttp://www.audifans.com/kb/List_information
>
>
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