Big_Hitter
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Actually cash over 10k can be a "minor" problem. CTR's, SAR's... But if your bank knows you then it's usually not even mentioned...
good point, forgot about that
Actually cash over 10k can be a "minor" problem. CTR's, SAR's... But if your bank knows you then it's usually not even mentioned...
I have sold and bought vehicles for cash multiple times. Once a buyer asked to pay with check and I told him I would retain the title and mail it to him after the check cleared. He elected to pay cash. I like the idea of meeting at the bank if cash is a problem.
I go the expensive route to avoid all this hassle. Since I always buy my cars brand new from the dealer, I just trade in my old car. It becomes part of the negotiating process so how much I lose by doing this, is unknown.
Ask me if I care. It lowers my stress level and I only do it once in every 10-15 years. BTD
With this method, I believe you only pay sales tax on the difference between the trade in value, and the new car price, so you save some that way.
Here you go:You need to look into that because states differ in how they treat it. In my state sales tax is paid on the full price of the car, regardless of trade-in credit.
How are car trade-ins taxed in Louisiana?
Louisiana does not require the value of your trade-in to be subjected to sales tax. For example, if you trade in your current vehicle and receive a $7,000 credit on a new vehicle that costs $20,000, you would only be required to pay sales tax on $13,000 for the new vehicle.
Sorry, that's not enough to get me to move.
Wow - lots of great tips here. Thanks everyone. I'm definitely going to want to meet at the bank.
As to trading it in instead of selling - I'm buying a new Ford Bronco in Iowa from a dealer. Not sure when it will come in. Chances are it will be winter, and the corvette doesn't go out in the winter. So I'll sell the car this summer and drive my truck until the Bronco comes in.
I think Illinois law has recently changed - the tax on the purchase of a new vehicle is now on the amount of the new vehicle regardless if there was a trade in or not. The trade in value is no longer subtracted from the new vehicle amount in calculating tax. Dealers were lobbying to reverse this, but I don't know if that got done.
Last time I sold one I met the buyer at his bank and watched him get a bank check from the teller, which he then handed to me. Quick, easy and safe.
I only did this once, and same thing, we drove to her bank, did it all there, and then I handed her the keys.
Last time I sold one I met the buyer at his bank and watched him get a bank check from the teller, which he then handed to me. Quick, easy and safe.
Cash transactions over $10k don't need to be deposited all at once. I don't know how much time must elapse before it triggers a flag somewhere. If someone knows, please respond. I would think the results of one car sale would not be a problem.
Even if some deposit(s) were to trigger a flag, it doesn't mean that the feds will automatically come and take all of your possessions. Now if you were depositing >$10K on the 1st day of every month, suspicions may be raised.
Cash transactions over $10k don't need to be deposited all at once. I don't know how much time must elapse before it triggers a flag somewhere. If someone knows, please respond. I would think the results of one car sale would not be a problem.
Even if some deposit(s) were to trigger a flag, it doesn't mean that the feds will automatically come and take all of your possessions. Now if you were depositing >$10K on the 1st day of every month, suspicions may be raised.
Last time I sold one I met the buyer at his bank and watched him get a bank check from the teller, which he then handed to me. Quick, easy and safe.
I'm selling my 2001 corvette sometime this year. Just wondering what would be the safest way to take payment. Cash? Cashier's check?
or some type of online $ transfer?
It will probably be around $13,000.
I don't want to get ripped off by counterfeit cash or a fake cashier's check.