J-Man,
Found a good 2002 article for you:
http://money.cnn.com/2002/05/20/pf/autos/q_cashcar/
The main point of it is: <TABLE cellSpacing=0 cellPadding=0 border=0><TBODY><TR><TD bgColor=#eeeeee>[FONT=ARIAL,HELVETICA,SANS-SERIF]If you pay $10,000+ in cash for a car, it's automatically reported to the Drug Enforcement Administration. Some of our clients get so mad they pay $9,999.99 in cash, and finance the rest. [/FONT]</TD><TD width=8></TD></TR><TR><TD width=8></TD><TD bgColor=#eeeeee height=5></TD><TD width=8></TD></TR><TR><TD width=8></TD><TD align=right bgColor=#eeeeee>
</TD><TD width=8></TD></TR><TR><TD width=8></TD><TD bgColor=#eeeeee height=5></TD><TD width=8></TD></TR><TR><TD width=8></TD><TD align=right bgColor=#dddddd>[FONT=ARIAL,HELVETICA,SANS-SERIF][SIZE=-1]Ashley Knapp
autoadvisor.com[/SIZE][/FONT] </TD></TR></TBODY></TABLE>
Found a good 2002 article for you:
http://money.cnn.com/2002/05/20/pf/autos/q_cashcar/
The main point of it is: <TABLE cellSpacing=0 cellPadding=0 border=0><TBODY><TR><TD bgColor=#eeeeee>[FONT=ARIAL,HELVETICA,SANS-SERIF]If you pay $10,000+ in cash for a car, it's automatically reported to the Drug Enforcement Administration. Some of our clients get so mad they pay $9,999.99 in cash, and finance the rest. [/FONT]</TD><TD width=8></TD></TR><TR><TD width=8></TD><TD bgColor=#eeeeee height=5></TD><TD width=8></TD></TR><TR><TD width=8></TD><TD align=right bgColor=#eeeeee>
autoadvisor.com[/SIZE][/FONT] </TD></TR></TBODY></TABLE>
Jman:
Just some final thoughts. Suggest that you assure yourself that you are purchasing a quality automobile more then worrying about being reported for how you purchased the car. Most people make mistakes in their choice of vehicles and pay the price in the long run. Buying the right vehicle can save you a great deal over a decade or two.
Just some final thoughts. Suggest that you assure yourself that you are purchasing a quality automobile more then worrying about being reported for how you purchased the car. Most people make mistakes in their choice of vehicles and pay the price in the long run. Buying the right vehicle can save you a great deal over a decade or two.
LEYKIS101 said:J-Man,
Found a good 2002 article for you:
http://money.cnn.com/2002/05/20/pf/autos/q_cashcar/
The main point of it is: <TABLE cellSpacing=0 cellPadding=0 border=0><TBODY><TR><TD bgColor=#eeeeee>[FONT=ARIAL,HELVETICA,SANS-SERIF]If you pay $10,000+ in cash for a car, it's automatically reported to the Drug Enforcement Administration. Some of our clients get so mad they pay $9,999.99 in cash, and finance the rest. [/FONT]</TD><TD width=8></TD></TR><TR><TD width=8></TD><TD bgColor=#eeeeee height=5></TD><TD width=8></TD></TR><TR><TD width=8></TD><TD align=right bgColor=#eeeeee></TD><TD width=8></TD></TR><TR><TD width=8></TD><TD bgColor=#eeeeee height=5></TD><TD width=8></TD></TR><TR><TD width=8></TD><TD align=right bgColor=#dddddd>[FONT=ARIAL,HELVETICA,SANS-SERIF][SIZE=-1]Ashley Knapp
autoadvisor.com[/SIZE][/FONT]
</TD></TR></TBODY></TABLE>
So does 10,000+ mean cash or a check? :nohead:
Jimmy Hoffa said:
tons of blanket statements in this thread that are flat out false.
here is the MAIN (and by a big margin) concern when making a decision like this.
can you get more interest elsewhere than what a bank is going to charge you in interest on your vehicle. some places will charge you 2.9% for the first year, in cases like that you are an IDIOT to pay cash up front. HSBC bank is offering something like 5% APY for simple savings accounts etc.... its called opportunity cost, meaning if you buy the car for 20k when you could have invested that 20k at 5% and took a loan for 3% then you 'cost' yourself the chance at investing 20k at 2% profit.
of course, your credit may suck and you cant beat the current savings rates. in that case, you may still want to take out a loan and pay it off within a year as you will boost up your credit score by paying off the loan and making timely payments.
fwiw, i bought a new BWM a few months ago but was looking at some used ones. the 04 models were being offered with 1.9% financing for a year maybe longer....im sure you can get similar deals with other manufacturers.
Journeyman said:
Good new, J-Man.
Sublime brings up a good point, I was going to mention it too. If you can get financing(with the same price on the vehicle if you were to pay cash), look to see if you can get a better rate of return yourself and just make payments and pocket the difference.
So you gonna get something pretty soon?
Well, I'm still reserved about it after reading about the report u have to fill out ....the 10k barrier seems so small, the form is an 8300 form and is designed to catch crooks who pay with lots of cash...still not 100% sure now even though it does not affect me .
I was all set to do it now I'm not sure...I went into my own business a few years ago and getting large amounts of credit is more difficult for me now...I don't really mind paying it up front but I don't want to be audited over it either or have someone snooping around...so I'm undecided...kind of depressed over it, to be honest.
I was all set to do it now I'm not sure...I went into my own business a few years ago and getting large amounts of credit is more difficult for me now...I don't really mind paying it up front but I don't want to be audited over it either or have someone snooping around...so I'm undecided...kind of depressed over it, to be honest.
