yupMany preach that.
I bought cash this year and got a great deal. Yes they make money on financing but you can get screwed on that.
Try to take advantage of zero percent financing and watch them increase the price or take away incentives.
yupMany preach that.
I bought cash this year and got a great deal. Yes they make money on financing but you can get screwed on that.
Try to take advantage of zero percent financing and watch them increase the price or take away incentives.
We’ll, let’s see now…,Where do people come up with this stuff? Unless you're buying a different car every week, the IRS has better things to do.
Yes it was part of my inheritance and was all documented and legal. It was reported to the IRS when the money came in and out plus I got receipts and keep the electronically for 7 years. It helps when your dad is a CPASo you were OK with the dealership filing the form mentioned above to the IRS and the Financial Crimes Enforcement Network? A bank check would have prevented it.
The OP likely isn't going to do much dealing with cash in today's situation unless maybe at a used car lot.
I don’t think I have ever seen this. I’m not saying you’re wrong, but I haven’t had this happen...although the last time I bought a brand new vehicle was 2018.If a potential buyer gives ANY indication that he might be willing to finance through the dealer, before the dealer will even negotiate they will get your SS # and check your credit. You DON'T want them to do that unless your credit is sketchy. Assuming that you have good credit, you must separate the vehicle from the financing if you want to negotiate the best deal on either one or both. This is the biggest reason for obtaining your own financing BEFORE going car shopping. The dealer profits from both unless you have bad credit. If you have good credit, financing the vehicle through the dealer might get them to reduce the price on the vehicle, but it also allows the dealer to confuse you and extract the most profit from you.
In the case of a used vehicle, particularly at a dealer that specifically advertises "we finance", they will always check your credit before negotiating. They need to know this before negotiating because many/most dealers have "second chance" or "sub-par credit" lenders that specialize in financing people with sketchy credit, but they charge the dealer a fee to finance one of these individuals, which means that the fee is included in the vehicle's price (in many/most states that have usury laws) and the vehicle's price is inflated because of it.
Keep in mind that all of this is subject to normal market conditions, which we are not currently experiencing. The dealers are in the driver's seat right now because of way more demand than supply.
If not appreciated I'd tell them I don't 'need' a car today and ________ dealership _____ miles away will be glad to accept it, then walk out.Cash is not king anymore. If you walk in there saying you’re paying cash they will suddenly have that fresh *****-.slapped look on their faces.
That wasn’t my experience… did this when we bought our Caliber used at a Nissan dealership.If a potential buyer gives ANY indication that he might be willing to finance through the dealer, before the dealer will even negotiate they will get your SS # and check your credit. You DON'T want them to do that unless your credit is sketchy. Assuming that you have good credit, you must separate the vehicle from the financing if you want to negotiate the best deal on either one or both. This is the biggest reason for obtaining your own financing BEFORE going car shopping. The dealer profits from both unless you have bad credit. If you have good credit, financing the vehicle through the dealer might get them to reduce the price on the vehicle, but it also allows the dealer to confuse you and extract the most profit from you.
In the case of a used vehicle, particularly at a dealer that specifically advertises "we finance", they will always check your credit before negotiating. They need to know this before negotiating because many/most dealers have "second chance" or "sub-par credit" lenders that specialize in financing people with sketchy credit, but they charge the dealer a fee to finance one of these individuals, which means that the fee is included in the vehicle's price (in many/most states that have usury laws) and the vehicle's price is inflated because of it.
Keep in mind that all of this is subject to normal market conditions, which we are not currently experiencing. The dealers are in the driver's seat right now because of way more demand than supply.
Done that many times!If not appreciated I'd tell them I don't 'need' a car today and ________ dealership _____ miles away will be glad to accept it, then walk out.
It's not a big deal. The IRS doesn't use the information. It's used to track money-laundering and the associated crimes. The surest was to get into trouble is trying to avoid the CTR by structuring your withdrawals/deposits.When you say cash do you mean cash or a check? If in US currency then if you pay over $10k it has to be reported. If you don't care go for it.
Report of Cash Payments Over 10000 Received in a Trade or Business Motor Vehicle Dealership QAs | Internal Revenue Service
The Motor Vehicle Technical Advisor Program in conjunction with IRS specialists on money laundering would like to assist dealers in their compliance with the filing requirements of Form 8300. In pursuit of that goal, we have compiled a list of dealership specific questions and answers.www.irs.gov
I would get the best possible deal on the price, let the dealer make their money on the financing and then pay off the loan when the first payment comes due.I'm starting to shop for a used vehicle, and most of the ones I am looking for are at dealerships. I've heard that saying you are paying cash for a new vehicle is a bad thing, but not sure how it goes for used vehicles.
Should I keep it quiet, or come out with it?
I'm starting to shop for a used vehicle, and most of the ones I am looking for are at dealerships. I've heard that saying you are paying cash for a new vehicle is a bad thing, but not sure how it goes for used vehicles.
Should I keep it quiet, or come out with it?
So you were OK with the dealership filing the form mentioned above to the IRS and the Financial Crimes Enforcement Network? A bank check would have prevented it.
The OP likely isn't going to do much dealing with cash in today's situation unless maybe at a used car lot.