From what I hear, most dealerships don't like to accept cash as much anymore. My friend tried pulling one of those scenes with a briefcase like he was.. "ballin" and the dealership told him to put it into the form of a check or money order... haha

 

If you give a dealer $10,000 or more in cash it by law must be reported to the IRS. Also if you put down enough money you can get financed anyway and it might help you fix your credit situattion a little. If you put down $20,000 on a $30,000 dollar car you put the bank in a positive equity situation which makes them more willing to finance you and with a slightly lower interest rate as well. Just something to think about.

 

Yes, that was it reported to the IRS and some type of documentation as to where the $$ came from.

 

that is true same with buying a house....i got a large sum of money for a down payment from a family member and it had to be written off as a gift and proof it was in the account prior so it wasnt looked at as something illegal. The ole mafia front business type stuff. lol

 

So they make you go through the hassle of financing the rest and subsequently paying it off? What a waste of time.

 

I don't have very good credit cause I made a lot of mistakes with credit cards when I was in college. I was able to finance my vehicle for a lot less than 20%. But it's not easy. What I've noticed is that it really depends on how good the finance manager is. Some of them can really get you a very good and honest interest rate and work for you and others don't even bother and offer you a rate that is laughable.
If you have the cash, why not just put down half of it on the car. Use the other half to clean up your credit. Putting down some good green on the car will help you land a decent interest rate, regardless of your credit. Even better if you are able to secure a co-signer.

 

No, that confuses the term "cash". You can buy for as much as you want with a check, just not real, green "cash".

 

Ohhhhh I got ya.

 

If you absolutely need to finance, go to a bank and get a loan through them, they'll at least help you out get the best APR. Dealers like to tack on a "kickback", on your APR, so if they lock you in at 5.99% intrest rate, they'll get 1% of that.

 

Its a national law, if you have a dire need of paying cash, you can use a combination of cash and a bank check if the car is worth more than $10K + you'll get the IRS/FBI's attention.

Just get a bankcheck.

 

My credit is so bad that I got denied to even opening up a bank account at HSBC.

I don't have a bank account.

I wonder how they're gonna let me finance.

If they won't accept cash, then can I just make a money order for the entire price of the car?

 

I need a car now, and I don't have 7 years to rebuild my credit.

So what's the fastest way to get the car?

 

moviemadness......i pm'ed you

 

dude I didn't get your message.

if you have aim, or msn, add me

moviemadness@hotmail.com
aim: ddongnee

 

It's not ILLEGAL to buy a car with cash, it just gets everybody's attention. By law, the dealer must report the purchase immediately. Isn't there actually a law somewhere that states that retailers MUST accept physical cash? As in you can walk in with $30k in dimes and they can't refuse on ground of inadequate payment

As an aside, pennies don't apply to the legal tender laws i believe (i.e. you can destroy them if you feel like it).

Time to pull out the FTC docs....

d