Did anyone WIN their JL?

blackrock

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Just wondering if anyone in here won their JL. My dad had a good buddy who won a GMC Sierra at a golf tournament on a hole in one. Always thought that was such a cool story.
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LarryB

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Two points from a Marketing friend. First, he said that most vehicles they use are ones that are often bought in fleets, as they get a better deal (if they are offering it as a giveaway). That would make sense it was a truck.

A bit off topic on the 2nd point ... same friend was in charge of the hole in one contest at his company’s event when he first started out. Most times, they buy insurance in case it is done (I think it is about 1-2% of the cost of the item, as I recall). He declined, as he had no budgeted for it and figured none of these guys would come close.

He said the flag was hit twice and two shots came within inches ... he bought the insurance every year since.
 
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blackrock

blackrock

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Yeah I knew a lot of times it was covered by insurance. Didn’t know if anyone had any interesting stories or had won any of the Jeep’s from vendors occasionally.
 

Rufus

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I’ve seen a few contests from various vendors but never received notification of who won (yes I entered).
 

Miloe

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Back in the day, I had a buddy that won a new 4runner on the annual Mesa duck race.
You buy a duck for $5 or $10 and they dump a truckload of rubber ducks in a canal and the first one across the finish line wins a truck. We were about 20 at the time and made next to no money, so a free truck was a huge deal to him.
 

Rufus

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When that happens do you have to pay income tax on the value of the prize?
 

Maverick909

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I didn't win my jeep but thank god i didn't, I won a Toyota Rav4 a few years back from a Hockey game at Staple center. after all the tax i had to pay up front then turn around and pay on my tax return i basically bought the damn thing anyways. Gave it to my mom as i had just bought a new Silverado when I won the car. she loved that car so that made it worth it in the end. Everyone when they find out expect this rad story then they find out the cold truth. lol Best part of winning was being on the ice at a kings game with Luc Robitaille and getting a team signed 2014 championship Jersey
 

Maverick909

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When that happens do you have to pay income tax on the value of the prize?
you pay Income tax of the MSRP of the vehicle
 

Rufus

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you pay Income tax of the MSRP of the vehicle
So all you’re “winning” is a 50% (depending on where you live) discount. Unless a cash equivalent is offered.
 

Maverick909

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So all you’re “winning” is a 50% (depending on where you live) discount. Unless a cash equivalent is offered.
i mean i got screw because my pay that year had me at the top of my bracket and the car price put me into the bottom of the next bracket. so depended on your income 50% is a good number.
 

DavidArmen

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When that happens do you have to pay income tax on the value of the prize?
Yes, all taxes and fees are on you unless specifically mentioned that those will be covered. I’ve only ever seen of one contest where taxes and fees were covered if you won.
 

The Last Cowboy

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I would think that you would have to pay sales tax too. Not to mention registration. So, winning a $40k vehicle for me would cost about $14k with income tax, sales tax and associated fees.
 
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