Buying a car with cash
02-09-2007, 09:21 AM
#22
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Originally Posted by Chris Stack,Feb 9 2007, 09:32 AM
I just ASSumed by your asking it, you were asking in reference to a purchase you were going to make, and since every third post of yours is about buying a C6, I ASSumed it referred to your future purchase of, duh, a C6.
I also ASSumed that, given your profession, you might have better resources at your disposal to research this question than a bunch of chuckleheads on the internet (myself included).
I also ASSumed that, given your profession, you might have better resources at your disposal to research this question than a bunch of chuckleheads on the internet (myself included).
Anyway, I certainly want to get a C6 towards the end of the year. My lease will be almost up on my S2000.
I do have resources to get information, but it's more fun and much easier to just ask a "relatively" informed group of people on Car Talk.
Not to mention, the type of accounting I do has almost nothing to do with the Patriot Act or buying cars with financing or cash. Actually, I do buy trucks with cash or financing, but that is acting as an agent of the company I work for and not as an individual.
02-09-2007, 09:40 AM
#23
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For any "cash" withdraw from banks over $5k, it will be traced by the FBI now. It used to be $9k before 9/11.
This is to track down money laundering or potential Terriorist transactions.
Like it or not, be careful.
This is to track down money laundering or potential Terriorist transactions.
Like it or not, be careful.
02-09-2007, 09:45 AM
#25
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Really? I paid JUST under double that for the fiancee's engagement ring (with my debit card), and the only thing I had to deal with was calling my bank to let them know to expect a big transaction coming through, so please temporarily increase my daily limit.
02-09-2007, 09:49 AM
#26
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I paid for my S with a personal check. The dealer didn't do a credit check on me.
I also paid for my truck with a personal check. The dealership insisted on running a credit check. I can't say I blamed them. I had lost my wallet the day before, so I didn't even have a drivers license to show them. I drove home amazed that they had done the deal.
I also paid for my truck with a personal check. The dealership insisted on running a credit check. I can't say I blamed them. I had lost my wallet the day before, so I didn't even have a drivers license to show them. I drove home amazed that they had done the deal.
02-09-2007, 09:50 AM
#27
Originally Posted by QUIKAG,Feb 9 2007, 05:26 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. That way, they have your information on hand.
02-09-2007, 09:50 AM
#28
The history of this thread:
1. People distinguish between currency transactions and cash-equivalent funds transfers.
2. People forget the distinction.
3. People distinguish between currency transactions and cash-equivalent funds transfers.
4. People forget the distinction.
5. People distinguish between currency transactions and cash-equivalent funds transfers.
6. People forget the distinction.
...
...
02-09-2007, 09:53 AM
#29
Any cash transaction of over $10k had to, even pre 9/11, be reported to the IRS. They tracked a lot of people for tax evasion this way, especially drug dealers.
A local cadilac dealer here recieved a large fine for not reporting the transactions in the 1980's. Local drug dealers were buying Caddies with cash and somehow the police, after arresting several of the dealers traced all the vehicles to one, very respected car dealership.
A local cadilac dealer here recieved a large fine for not reporting the transactions in the 1980's. Local drug dealers were buying Caddies with cash and somehow the police, after arresting several of the dealers traced all the vehicles to one, very respected car dealership.
02-09-2007, 09:56 AM
#30
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Originally Posted by Chris Stack,Feb 9 2007, 10:45 AM
Really? I paid JUST under double that for the fiancee's engagement ring (with my debit card), and the only thing I had to deal with was calling my bank to let them know to expect a big transaction coming through, so please temporarily increase my daily limit.