Buying a car with cash
02-09-2007, 07:32 AM
#11
Heh heh.
02-09-2007, 07:44 AM
#12
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Originally Posted by basscase,Feb 9 2007, 11:22 AM
Interesting. Modern investment theory holds that at least 5% of assets should be allocated to cash, and of that cash allotment at least 50% should be allocated specifically to a sock kept on your person. Theory proscribes a Hanes tube sock as the ideal cash vehicle. But your investment performance may vary.
02-09-2007, 07:53 AM
#13
Originally Posted by basscase,Feb 9 2007, 11:22 AM
Interesting. Modern investment theory holds that at least 5% of assets should be allocated to cash, and of that cash allotment at least 50% should be allocated specifically to a sock kept on your person. Theory proscribes a Hanes tube sock as the ideal cash vehicle. But your investment performance may vary.
02-09-2007, 08:01 AM
#14
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i will be an effort to not share some personal stuff with the dealer, they will want to transfer the title and stuff. Compromise. I would be concerned if you cant find a middle ground, back out fast.
i would not do a credit app, if they are making you do this there is money in it for them,
offer the stupid a bank draft if they dont knw the color of money.
i would not do a credit app, if they are making you do this there is money in it for them,
offer the stupid a bank draft if they dont knw the color of money.
02-09-2007, 08:11 AM
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Originally Posted by JonBoy,Feb 9 2007, 10:37 AM
There's a big difference between writing a cheque and paying in cash (actual dollar bills). A cheque means that the money has been put in a bank, which presumes that it's been "cleared" and "approved" by the bank as not being laundered or illegal. Using cash means that the seller is taking a (significant) risk that the money is illegal.
At any rate, Corey, you are an accountant...are you actually asking this because you don't know, or are you just flaunting your ability to buy a C6 in cash....?
02-09-2007, 08:26 AM
#16
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Originally Posted by Chris Stack,Feb 9 2007, 09:11 AM
At any rate, Corey, you are an accountant...are you actually asking this because you don't know, or are you just flaunting your ability to buy a C6 in cash....?
Come on, Chris. You are smarter than this. Where did I say I could or even would buy a C6 with cash? This was purely an academic question because of the discrepancy I explained above.
Maybe someday I would buy a car with cash and I don't want to give the stealership private and personal information if I don't have to.
02-09-2007, 08:27 AM
#17
Chris - not sure where you and I are disagreeing here. 
I'm talking about paying in actual cash, not just the term "cash" as used by Corey (to describe "not financing"). Perhaps that's where you are finding a point of contention?
No one wants to deal with lots of physical cash unless they're going to mark down the sale price (on the bill of sale) to put untaxed money/profit in their pocket. A cheque is much safer since it constitutes a felony if a bad cheque is written for a car, so the seller is at least covered in that regard.
I'm talking about paying in actual cash, not just the term "cash" as used by Corey (to describe "not financing"). Perhaps that's where you are finding a point of contention?
No one wants to deal with lots of physical cash unless they're going to mark down the sale price (on the bill of sale) to put untaxed money/profit in their pocket. A cheque is much safer since it constitutes a felony if a bad cheque is written for a car, so the seller is at least covered in that regard.
02-09-2007, 08:29 AM
#18
I know that Scott at Bankston Honda said that they will often pull credit on a person paying with a personal cheque, just to check their "appearance" financially. That isn't always fair nor does it always tell the whole story, but it's a good way of verifying financial means for most people.
Of course, it's also illegal without the customer's consent, so some dealers will have you sign a release in order to pull your credit, even if they're not financing you.
When I bought my last Accord (with a personal cheque), they did NOT pull my credit. If I'd have bought the $43K Chevy Z71 in their showroom, I'm pretty sure they'd have asked to pull my credit.
Of course, it's also illegal without the customer's consent, so some dealers will have you sign a release in order to pull your credit, even if they're not financing you.
When I bought my last Accord (with a personal cheque), they did NOT pull my credit. If I'd have bought the $43K Chevy Z71 in their showroom, I'm pretty sure they'd have asked to pull my credit.
02-09-2007, 08:30 AM
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Originally Posted by JonBoy,Feb 9 2007, 12:27 PM
Chris - not sure where you and I are disagreeing here.
I'm talking about paying in actual cash, not just the term "cash" as used by Corey (to describe "not financing"). Perhaps that's where you are finding a point of contention?
No one wants to deal with lots of physical cash unless they're going to mark down the sale price (on the bill of sale) to put untaxed money/profit in their pocket. A cheque is much safer since it constitutes a felony if a bad cheque is written for a car, so the seller is at least covered in that regard.
I'm talking about paying in actual cash, not just the term "cash" as used by Corey (to describe "not financing"). Perhaps that's where you are finding a point of contention?
No one wants to deal with lots of physical cash unless they're going to mark down the sale price (on the bill of sale) to put untaxed money/profit in their pocket. A cheque is much safer since it constitutes a felony if a bad cheque is written for a car, so the seller is at least covered in that regard.
02-09-2007, 08:32 AM
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[QUOTE=QUIKAG,Feb 9 2007, 12:26 PM]I have heard varying reports about whether you are buying a car with check or through a separate bank's financing, that the dealership still requires a credit application be filled out for their records in case the check or bank financing is fraudulent or you are a terrorist, etc.