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Because you were actually planning on bringing over $10k in CURRENCY to buy a car? Who does that?
Paying "cash" for a car means writing a check for the whole amount (or having the bank write a certified check for the whole amount, perhaps) in every case I've ever known. Unless you're buying a car for well under the $10k. I've actually paid for a few of my earliest cars in currency, but these were around $1000 or so.
Writing a check for over $10k is not on the radar of the Patriot Act stuff, just currency. You can write a check for the car or pay off that loan in one payment.
Correctomundo. I'll tell ya who might pay $10k in currency for a car - a drug dealer or someone who is getting their income from some other illegitimate means. This is not to say I'm for the surveillance state...
But 10k in "cash", i.e. a check or EFT to the dealership is not going to trigger anything. My buddy just bought a car last month and was putting down exactly $10k and we asked the dealer this very question and they said they don't report it unless it's in actual physical cash.
I am currently at a crossroads with selling my car to a friend for 4000 and getting a rx330 or just keeping the car all together.
Current:
2006 scion tc/ 104k miles
Runs perfect, very few rattles.
Only issue with car is a few paint chips, rear hatch is broken (i have replacement part), paint getting dull
.
Considering that Toyota Scion platform can easily do 300K with proper maintenance and its taken you 6 years to get to 100K it seems to me you could probably drive that well maintained Scion another 10 years with no monthly payments to worry about.
If i were looking to buy used yours is the type of car i really key on, low mileage,well maintained ,cheap price..
That said life is short and if you are really into paying $16000 for another car with a dubious history then do whatever you have to do even if it really doesnt make much sense from a financial perspective..
Because you were actually planning on bringing over $10k in CURRENCY to buy a car? Who does that?
Paying "cash" for a car means writing a check for the whole amount (or having the bank write a certified check for the whole amount, perhaps) in every case I've ever known. Unless you're buying a car for well under the $10k. I've actually paid for a few of my earliest cars in currency, but these were around $1000 or so.
Writing a check for over $10k is not on the radar of the Patriot Act stuff, just currency. You can write a check for the car or pay off that loan in one payment.
After I posted the text of the clauses that cover the $10,000 you say this?
I'm with Goat,keep the car you have and change the timing belt if you haven't already.
The great thing on that Toyota motor is, they don't have belts, but good old fashioned timing chains. One reason they routinely last for 200K miles and more with minimal repairs.
I am currently at a crossroads with selling my car to a friend for 4000 and getting a rx330 or just keeping the car all together.
Current:
2006 scion tc/ 104k miles
Runs perfect, very few rattles.
Only issue with car is a few paint chips, rear hatch is broken (i have replacement part), paint getting dull
Car im considering:
2006 rx330/ 62k miles full package (navi/rearview)
Accident reported by carfax but no info available (no visible damage)
Meticulous maintenance records
Asking price :16800 (I offered 16k)
I do a lot of driving in the NYC area for work and I would definitely enjoy the rx more but I would have to finance around 12k @ around 5%. I am not sure whether this would be a smart idea in the current economic situation because my job revolves around bank work that may change at any given moment due to pnl report.
Extra info:
rx330 = cheaper insurance but higher gas fillups.
It's an absolute no brainer, keep the Scion. A 6 year old car with only 104k on the clock is just getting broken in. It's not really worn out until you get to 300-400k or more miles. If the paint is dull and has a few chips, spend ~$500 for a scratch-and-shoot repaint. Fix the rear liftgate and be happy that you have a new-looking, new-functioning, paid-off car for only $500 rather than $12,000 plus 5% in interest.
It's an absolute no brainer, keep the Scion. A 6 year old car with only 104k on the clock is just getting broken in. It's not really worn out until you get to 300-400k or more miles. If the paint is dull and has a few chips, spend ~$500 for a scratch-and-shoot repaint. Fix the rear liftgate and be happy that you have a new-looking, new-functioning, paid-off car for only $500 rather than $12,000 plus 5% in interest.
"Barely broken in"? Are you a used car dealer? Come on, let's not exaggerate here either. Very few cars-- regardless of the brand-- make it far past 200k miles. And only a select few will ever see 300-400k miles on the odometer. Even if the engine could last that long, every other part would wear out way before then. Automatic transmissions do not last 300-400k miles. A whole bunch of items, including the radiator, power steering, and front and rear struts started to break all at once on my supposedly "bulletproof" 92 Camry at around the 120k mile mark. Oil leaks will develop. Any car can be made to last forever if you start replacing the entire car piece by piece.
You cannot repaint a car for $500. Not if you want the job to last more than a few months. For a professionally done paint job, something in the ballpark of $3000 (for the entire car) is more realistic.
I'm in the middle 100k is well past broken in, but on the other hand any modern car should easily make it to about 200k or more. You can keep it running fine much longer, but the cost really starts to add up.
What has homeland security have to do with it?. Buying a car is no crime and I dont care what they do. If you are paying cash there is nothing wrong with that unless you want to hide the fact you have saved up some money.....10k is chump change,
You're in the wrong forum. The one for kings and queens is down the hall.
It's more than I paid for my last four cars combined, over seven years.
When the police state has a dossier on you, they have the leisure to think up crimes to match later on. Homeland security does not think $10,000 is chump change -- it is suspected as gains from criminal activity, and the onus is on you to prove that it's not, and they can seize it until you do prove it, and probably still not get it back. They have abolished any bills larger than $100, to make it difficult to carry that amount concealed.
Read USA PATRIOT Act, Title III, Subtitle B, Sec. 365. If you have made a transaction of over $10,000 and not reported it to the proper authorities, yes sir, you HAVE committed a crime. Banks automatically report all transactions of over "chump change", as do car dealers and other merchants if paid in cash.
I'm in the middle 100k is well past broken in, but on the other hand any modern car should easily make it to about 200k or more. You can keep it running fine much longer, but the cost really starts to add up.
Not as much as dropping $20k+ to buy a new car, especially if you do any of the work yourself.
Quote:
What is scratch-and-shoot?
Sand the existing paint and spray on new paint.
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