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Isn't paying "cash" for a car a just shorthand for "money up front, no credit cards or loans"? I don't personally know anyone who's taken $20,000 cash into a de
by scrooched_moose 8y ago
Isn't paying "cash" for a car a just shorthand for "money up front, no credit cards or loans"? I don't personally know anyone who's taken $20,000 cash into a dealer for a car, they all pay by check which is still allowed:
> It means transactions over $10,000 will have to be made through an electronic payment system or cheque when purchasing goods or services.
- tripletao 8y agoIn the USA, it's uncommon but not unheard of--people who don't have bank accounts, don't like paying taxes, don't want to pay their bank a fee for a cashier's check or wire, etc. It probably still gets reported to the government, though. https://www.irs.gov/businesses/small-businesses-self-employed/report-of-cash-payments-over-10000-received-in-a-trade-or-business-motor-vehicle-dealership-qas https://www.irs.gov/businesses/small-businesses-self-employe... Pro tip: In a private transaction, do as much of the work as possible in the bank lobby. I sold a car, and the cash never left the bank--both I and the buyer had accounts at the same bank, so he withdrew and I deposited. The cash was just the cheapest way for us to do the transfer given the bank's fee structure. The physical handoff also synchronizes well with the physical handoff of the title/keys.