poser

Not a personal or bank check, but a big stack of actual cash money. Besides the risk of carrying around a large sum of money, is there any actual benefit to doing this?

Heck, $30000 is only 300 $100 bills. Thats just over an inch thick stack. Not too bad. That's easy to carry around.

nj2pa2nc

no benefit

09TSXTech

Also the dealer will have to file Form 8300, Report of Cash Payments Over $10,000 Received in a Trade or Business, if their business receives more than $10,000 in cash from one buyer as a result of a single transaction or two or more related transactions.

The information is then send to the Internal Revenue Service (IRS) and the Financial Crimes Enforcement Network (FinCEN) in their efforts to combat money laundering. This is an important effort, since money laundering is a tool that assists many individuals who participate in various criminal activities, ranging from tax evasion to terrorist financing to drug dealing, to hide the proceeds from their illegal activities.

So you may get a visit from the Feds!!

poser

I own a business and when >$10,000 is deposited at the bank, same thing, I have to fill out a similar IRS form. What the heck... its a bank, right, aren't you SUPPOSED to deposit money there?

I guess it would be such a hassle to go to bank, get cash (they may not be able to provide enough on demand). Then the whole stack would have to be re-counted at the dealership. Then the Feds come and visit. What a pain.

Surely the feds would be able to tell that my income is sufficient, I own a business that has cash transactions, I pay my taxes, and the whole thing is likely legit.

09TSXTech

I am sure everything is legit for your business, but do you want to put yourself under their radar and have your business as well as personal finance go through an extensive audit.

The end result will not get you a better deal on the vehicle, I would pay by cheque or bank draft instead and avoid any hassle.

Colin

When they come calling, you can explain it all to them. If you're legit, it's just an extra hassle but not a problem. As I recall (its been 14 years since I watched that video) if someone in the dealership even discusses the 10k limit, they are in violation of the law.

DerwoodEE

I never have, but when I worked at a Porsche, Mercedes-Benz & BMW dealership in college I witnessed a guy pay over $120K CASH for a 911 Turbo. Brought it in a briefcase. I didn't see it as an intelligent thing to do.

JD23

Aside from drug traffickers, I don't see why anyone would bring $40,000 in cash to a car dealer.

HeavyDuty

I wanted to do that like...20 years ago? I was going to have a friend who's a bouncer accompany me with a briefcase & all that stupid stuff. I wanted to pay a whopping $11,000 cash for a 87 5.0 coupe. Not exactly the thing that big money dreams are made of.

Years later, after having a carbon copy of Agent Scully walk in my business and flash an IRS badge...I thought about how cool it *wouldn't* be to attract any undue attention.

princelybug

iTrader: (16)

No point, as mentioned by all previously, and a big hassle at that!

darmok

That's true by definition, since under federal and state asset forfeiture laws having that much cash with you makes you a drug trafficker. If you get pulled over on the way to the dealer, they can charge the money with a crime (it's called "in rem forfeiture") and take it, even if you're never convicted of or even charged with anything. You have to prove that the money didn't come from drug trafficking to get it back.

Bottom line, don't have large amounts of cash with you. Get a cashier's check.

Colin

I've always liked Scully. Mmmmm Scully.

I remember a long time ago when I was selling big TVs, a stripper came in wanting to buy a 50" TV with 1's and 5's. Um...No.

Me to her, "see that bank over there, go and change this into bigger bills"

ESHBG

Yep, you are correct.

I paid "cash" for my TSX via a personal check and a bank check. I don't know why anyone in their right mind would walk around with that much $ on them...it is WAY too risky and so many things could go wrong!

cyberbro

They like it when you pay them in pennies.

boydanger

are you guys serious?

walking into a dealership with a briefcase full of cash will score you the best deal ever!

if the car costs 30k you just walk in tell the sales guy you have a briefcase with 27k cash and you want that car. then if you wanna make things dramatic you can throw the money at him grab the keys and drive straight off the showroom through the glass windows.

if he turns you away..well then he must be a terrible salesman.

dom

Point of this thread or what it has to do with the TSX?

SoCaliTrojan

This is an off-topic thread. Before it gets closed, I'd suggest using a credit card. Then, pay off the credit card with all that cash you have. That way, you get reward points or cash back. lol

ttk5

lol

and about the pennies thing; if you really payed in pennies or say like in 2dollars coins that we have here in canada, I wonder if they would accept that as cash.

Viper98912

Many people don't have that high of a credit limit on their cards. It'd have to be an AMEX or something. Also, many cards limit the amount of points you can get per year, etc., so you don't do stuff like this in a single purchase. And then there's the possibility that the dealership will charge you the processing fee since they'd be losing a large chunk too.

I've thought about it though

Tigmd99

I don't think that you can charge over $4k (or around that amount) on a credit card when you buy a car. I tried that years ago and there was a limit of some kind.

Derk's K24

At my dealership the limit is $5K on CC.

oldguytsxer

looking at a 2002 Honda Civic Lx sticker was 6200.00 offered 5500 cash money (car was reconditioned new tires timing chain etc) got a blank look and no thanks, figured he would counter at 5700 or so. Premium NO PROBLEM 7-8 year old Hondas are bringing top dollar right now..rated at 30-38 mpg according to original build out sheet, listed for 16900 new...

check or cash he knocked off 100.00...it was a sweet car, rode close to new, we bought it, could find nothing closer to it in town.


lot down the street had a 2008 tsx with 10,000 miles glacier blue 5 at, nav for 25900.

It had kuhmo tires, and custom rims...could not figure out why non-stock wheels and tires with such low mileage...it was at an auto max, maybe they needed the money after some mods and sold it?