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Paying cash doesn't do much to up your credit score. Folks who have always paid cash for everything, don't have any credit; that is tough when one goes to buy a house, unless one can also pay cash for that.
I bought my Saturn new in 2002, making use of all their discounts including interest free financing.
We moved cross country shortly thereafter. I gave the loan 90 days, called the finance institution to be sure there wouldn't be a penalty for a 90 day pay off, then wrote the pay off check.
As far as the over 10K thing, I had sold my home for a healthy profit, the bulk of which went into the retirement home we built.
I filed my taxes, the accountant asked all the right questions, I never went to jail, I think we got a little money back that year, and I still have that 2002 Saturn. it didn't even ruffle one IRS feather.
IMO, finance the car for 90 days to build your credit score, then pay it off
I never use dealer financing and have also paid in cash.
Don't see why this would be a problem.
It probably depends on the dealership, but I have walked out on a salesman who wouldn't give me a price, only a per month payment. At several others it was also a problem.
What on earth made you say that? If you are worried about IRS reporting for transactions for more than $10K, then you have other issues....
If you don't want the police breaking your door down in the middle of the night, then you have other issues.
Do you believe the federal government has right to keep a dossier on you, and enter such facts about the ordinary purchase of a used car? I feel it is my duty as a citizen to obfuscate and conceal from prying government eyes whatever I possibly can.
Nothing lubricates the wheels of a police state better than the attitude that "if you have done nothing wrong, you don't need to worry about police surveillance of your activities." They came for people who bought used cars, but I did not buy a used car so I said nothing.
If you don't want the police breaking your door down in the middle of the night, then you have other issues.
Do you believe the federal government has right to keep a dossier on you, and enter facts about the purchase of a used car?
Nothing lubricates the wheels of a police state better than the attitude that "if you have done nothing wrong, you don't need to worry about police surveillance of your activities." They came for people who bought used cars, but I did not buy a used car so I said nothing.
So if you buy a house and transfer 50k for the down payment your first housewarming will be a no knock warrant?
So if you buy a house and transfer 50k for the down payment your first housewarming will be a no knock warrant?
That's up to you. You elect the people who say they need to know about the $50K. If the citizenry consents to a law that requires that it be reported, and it is not reported, they can get any warrant they need in order to force compliance. With your consent.
Before you start in with the tinfoil analogies, I happen to think the Libertarians are full of ****. But on this issue, they are right. Read about FBAR and FinCEN. " Each person (including a bank) subject to the jurisdiction of the United States having an interest in, signature or other authority over, one or more bank, securities, or other financial accounts in a foreign country must file an FBAR if the aggregate value of such accounts at any point in a calendar year exceeds $10,000." FinCEN stands for Financial Crimes Enforcement Network, which means these disclosures, with draconian penalties, are a part of "crime enforcement" even when no crime is alleged to have taken place. Newspeak. It falls under the Banking Secrecy Act, designed to ensure that you and your bank have absolutely no secrecy rights at all. Newspeak. The Congressman you elected -- this falls on you. Would you like to know what's in your dossier? Sorry, that's a secret.
That's up to you. You elect the people who say they need to know about the $50K. If the citizenry consents to a law that requires that it be reported, and it is not reported, they can get any warrant they need in order to force compliance. With your consent.
Before you start in with the tinfoil analogies, I happen to think the Libertarians are full of ****. But on this issue, they are right. Read about FBAR and FinCEN.
I agree the whole 10K is completely asinine. I should be able to go to the bank and withdraw $xx,xxx just so I can roll around in it without being looked at by the Government.
Personally though I am not going to lift a finger to do anything about it.
That's up to you. You elect the people who say they need to know about the $50K. If the citizenry consents to a law that requires that it be reported, and it is not reported, they can get any warrant they need in order to force compliance. With your consent.
Before you start in with the tinfoil analogies, I happen to think the Libertarians are full of ****. But on this issue, they are right. Read about FBAR and FinCEN.
No, bank transfers are not included in the reporting requirements. Only CASH.
Most reputable dealers will have no problem with you paying cash. Yes, they lose a few grand in financing, but you'll be in equity sooner and they'll be hitting you up within 18 months or even earlier to trade in your car for something newer.
I agree with the private party comment, though. With an allocated budget under $10k, you're much better off buying private. Bring someone who knows cars, and have the vehicle inspected.
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