Car Raffle....

[PremiumBlend]

So I'm getting a feeler here, I was thinking how many of you would be in on a car raffle? I have a 1992 Honda Accord that I'm trying to get rid of but I thought maybe with the way the economy is people would be willing to spend $50 on a raffle ticket to try and win a car. If there is enough interest I could bring it to a race weekend and raffle the car off at lunch? Anyone interested?

http://denver.craigslist.org/cto/1126620120.html

[rybo]

Just a word of caution:

Raffles are considered "games of chance" and HIGHLY regulated in colorado, on nearly the same level as casinos.

They are generally considered OK when run with a permit for the purpose of a charitable or non-profit venture. Getting caught running one without permit for profit can equal a VERY hefty fine.

Good luck selling the car

Scott

[PremiumBlend]

I would have no problem donating to a charity. That kills 3 birds with 1 stone... Cheap car for someone, I sell the car, and I can donate to a charity.

Thanks for the heads up!

[Jim 'smooth' Brewer]

Or you can just donate the car to charity directly and take a deduction.

[PremiumBlend]

I kind of need the money now so I can get some more race stuff. :)

[TRK]

if you need the money for racing....................how does that equate to donating to charity?

[DOUBLE A]

if you need the money for racing....................how does that equate to donating to charity?

+1 :?:

[CurtisRR]

Just a word of caution:

Raffles are considered "games of chance" and HIGHLY regulated in colorado, on nearly the same level as casinos.

They are generally considered OK when run with a permit for the purpose of a charitable or non-profit venture. Getting caught running one without permit for profit can equal a VERY hefty fine.

Good luck selling the car

Scott

There are federal laws that come into play also. Expect your fines and legal fees to far exceed the value of the vehicle.

You can not raffle and then donate, that helps you none. You must be a charitable org.

[benfoxmra95]

I spoke to a lawyer about this type of thing several years ago. And at the minimum you can be held liable to every ticket purchaser for the full value of the prize.

ie. If your raffling a car that's worth $5000. And you sell 100 tickets you can be sued by each person for the $5000. And they'll win.

So you'd be shelling out $500,000. If all 100 people sued you.

There are ways around this as you don't want to "sell" tickets.

The one way that it could possibly be circumvented is to sell a sheet of paper for $10. And then that person uses that paper to write a essay as to why they should win and you grade every paper and give the car away to the person you feel submitted the best essay in regards to content, punctuation, etc....

This is still dicey and I'm no lawyer, I personally wouldn't try it.