Buying an Evo with CASH
#16
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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
#17
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.
#19
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
#20
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Originally Posted by leonard_shelby
There is a law (maybe just in my state). Something like the most you can pay for a car in cash is $9,999.00. To avoid people buying cars w/ drug / money laundering schemes etc.
#21
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Originally Posted by moviemadness
What is a reasonable price to pay if I was paying cash?
(ignore this if it really doesn't matter what form of payment I make)
Also, can I still finance a car with sh_t credit? bad credit meaning, not that I don't have credit history, but the fact that I ***ed up a lot of credit cards.
(ignore this if it really doesn't matter what form of payment I make)
Also, can I still finance a car with sh_t credit? bad credit meaning, not that I don't have credit history, but the fact that I ***ed up a lot of credit cards.
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.
#22
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Originally Posted by VanillaEps
So they make you go through the hassle of financing the rest and subsequently paying it off? What a waste of time.
#23
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Originally Posted by OnlineAlias
No, that confuses the term "cash". You can buy for as much as you want with a check, just not real, green "cash".
#24
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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.
#25
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Originally Posted by leonard_shelby
There is a law (maybe just in my state). Something like the most you can pay for a car in cash is $9,999.00. To avoid people buying cars w/ drug / money laundering schemes etc.
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.
#26
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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 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?
#29
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dude I didn't get your message.
if you have aim, or msn, add me
moviemadness@hotmail.com
aim: ddongnee
if you have aim, or msn, add me
moviemadness@hotmail.com
aim: ddongnee
#30
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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
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