Cars, Time for a new ride.

[smurfin'herb]

I wanna buy a newer car in cash, without it raising eyebrows that need not be raised! Im not gonna go buy and escalade or some crap like that, i just want to spend maybe 10-12 g's on somethin nice but not flashy. Im getting older now and i cant be driving beaters anymore, because the older you get, the more people expect out of you and plus i deserve a nice car for all of the ridiculous risks i took to get where i am today.

What is the process of paying cash for a car like..? Do they like photo copy yor i.d.? Does the government or IRS get notified when people buys cars so that they can compare that persons average yearly salary to the price of the car to see if that person can afford it..? I imagine they do but maybe not until its gets to a certain amount. So many q's going thru my head! How can i pull this off without questions being asked...?

So heres my history. I havent worked for any taxable income for about 3 years now. As far as taxes, I have filed no income, or less than the required amount u need to make to even need to file. I have ZERO debt but also ZERO credit. Credit may be just a tad scewed tho. I think the cable company turned me into a collection agency for 40 dollars a long time ago that i never handled. I also skipped out on a 200 dollar bill from a medical facility, and i think they turned me over as well. So im guessing im in pretty good shape compared to the rest of the nation. lol!

 

[smurfin'herb]

no ideas..?

 

[konstantgrdnr]

What i would do is go to privately owned car dealership(can find them on craigslist, also beware for deals to good to be true ), They are in the Business of swapping and trading and buying cars from the secondary market (Bank Repo's ,Trade ins) usually you haggle a little and by then your instincts would tell you if it is ok to ask many people often like under-reporting the cost for tax purposes. at the end of the day whenever you have cash they know, if they don't make the sale someone down the street will.


These are usually located in minority areas where most people deal in cash.You should be comfortable with the person and business your buying from, and do the customary thing like get a carfax (history of the car title) and have the car inspected by a mechanic. Just because you do business like this does not mean you have to deal with shady people or be scammed.

 

[LiLWaynE]

whats up smurf, long time no talk...

what I would do personally is search for a private seller. give them a call, tell them you want to come see the car/truck and set up a meeting. get your purse full of 20's and roll on out to the meeting. if they are asking 12k, tell them youll give them 10500 cash money. If they say no and you like the car, obviously you can tell them 11k so on and so fourth.

Im a private buyer kind of guy, but sometimes you just have to go to a dealer. problem with dealers is they charge sales tax, and thats another huge chunk of change that you dont want to have to pay.

buy out of state if need be. Down south here they have some nice cars at some nice prices. I dont know where you are but try searching some southern cities- Florida has some good prices... buy a 1 way airplane ticket to a certain city, pick up yourself a car, vacate for a while?, then road trip it back to your house.,,,

 

[Mr. Bongjangles]

I recommend you pay a little extra and finance the vehicle you want from a used lot.

This way you can put a few grand down in cash, which will not raise any eyebrows, and then make your payments with cash or money orders purchased with cash.

That will also help get some credit rolling for you.

12k is just too much cash to drop anywhere at once. A business will be suspicious, and you don't want the private buyer going to drop 12k cash into the bank, as they will have to answer questions and your name will come up, and prolly go on a bank form that goes to the government.

That could come back to haunt you someday considering you claim little or no income. Maybe not, who knows.

Another option would be to wait a little and start depositing into the bank. Say 6 months and deposit 500 a week. 13 grand to spend without a second glance from anybody. You'll want to claim the income, but if you're not claiming much now, 13k shouldn't cost you much at all in income tax.

 

[bostondutchmast]

if u were in the area i could hook u with a nice ride...i have a few friends who own some car dealerships and sell cars privately as well. plus i have a car i am trying to sell that is 2k over your price range but is a 09 and is a very reliable good looking car.

but on another note


i dont think its suspicious to have 12k cash when you are shopping for a car. alot of people will have cash in hand when buying a vehicle. When you buy the car all that happens is the title is signed over into your name. However there might be a flag drawn up if you have no income and buying a car worth 12k. My uncles use to just put everything they owned in someone elses name since they didnt have any legitimite money.

or you can always go into what mr bojangles said but of course if you dont have a job you cant get financed.

 

[Mr. Bongjangles]

i dont think its suspicious to have 12k cash when you are shopping for a car. alot of people will have cash in hand when buying a vehicle. When you buy the car all that happens is the title is signed over into your name. However there might be a flag drawn up if you have no income and buying a car worth 12k. My uncles use to just put everything they owned in someone elses name since they didnt have any legitimite money.

or you can always go into what mr bojangles said but of course if you dont have a job you cant get financed.

Cash transactions over 10k will be reported by the dealership to the IRS. That law has been around since 1985.

(edited some harsh comments, was in bad mood sorry)

Also, no way do a lot of people walk into dealerships with 10k+ cash in their pocket. When the term "cash" is used in the context of an automobile sale, it usually means the person has the money in the bank as opposed to financing the purchase.

About financing without a job.. It's possible, he'll just need a buddy/relative to co-sign. I said used lot for a reason, as they will be easier about that.. They will also take the car back asap if you miss payments and stuff, but that isn't a problem for someone who is financially sound.

 

[smurfin'herb]

OK, nobody is going to co-sign for me. I was thinking i could go find somethin from a private seller and ask him to write down that the car was sold for $1000. That would probly work, but then that guy that sold it would have to figure out how to prove he got 12 g's.

Konstant, when the buy here pay here guys underwrite the cost for tax reasons for people, how do they prove where the extra money that wasnt reported came from..? In these scenarios, do you just end up tossing your burden onto someone else..?

All i wanna do is buy a nice car. And its such a pita. I feel like its almost impossible to pull this off. Only thing i can think of is this.....I could buy a bunch of cheaper cars from private parties over a decent period of time (say i bought them all for $100 lol), and have the sellers each list a reallly low selling price on paper (say like $10 all together), then i could go and sell/trade them for around what i actually paid for them, and make it look like i profited a bunch of money from them on paper. So in this case if i sold the cars for what i actually bought them for ($100), it would look like i profited 90 dollars since uncle sam thinks i only paid 10 bucks for them and not 100!
I actually feel like a bad person talking about this kinda stuff. Its sad that people like us are forced into these kind of positions. I lead a good life, love my family, pay my bills on time and help my neighbors. Why am i so different from everyone? Because of a plant...?

 

[PonicallyMade]

I hear ya.

Find a private seller - give him the cash for his car and ask him to write something smaller in the sale price on the title.

Really all depends on the seller - most people would just take the cash and just spend it as they wouldn't want to pay income tax on the sale anyways.

You need to find a way to tell the seller not to deposit that 12k without sounding like a "drug dealer".

or if you can get a loan - just finance some shit - usually a bad call if you've got the cash, but it looks normal - and that interest $$ - fuck it ..at least they cant come and confinscate your ride should shit hit the fan.

Its almost a good thing in this game to not have your big purchases paid off.

best of luck

 

[LiLWaynE]

ok, so lets just say you aquired your 12k cash from just saving it ...since... say... time of birth..ok.. or even better, say you saved it up from selling a bunch of other personal items of value... (i.e; you have a garage sale and do VERY well with it)

so you then decide to go and buy a car with your savings...

how is the government going to prove that you did not infact save that money up?

there are MANY cash transactions that go on.. WAYYY larger amounts then 12k...

someone school me please..

 

[smurfin'herb]

You got a great point LW. Whos to say if i said that my grandpa gave me the money a few months before he passed. They coudlnt even try to tax it in that case could they...? Could they tax it if i said i have saved it over the course of my life? Hell, i went to vegas multiple time last year, i could have won 8 grand each trip for all they know. I dont think they record and tax your winnings till you hit the 10k mark. And thats just for a single casino, theres no interconnected database between the hotels, so you could go to one casino and win 9,999 and not have to report it, and then go to the casino next door and do the same thing, and boom, you just made almost 20k tax free. Whos to say you cant blame it on vegas? Its like prove it! If youve been to vegas then you know how hard it would be for them to prove your statements, months or even years later after you are back home from your trip/trips. Does any of this sound like a legitiment excuse or is it too far fetched...?

 

[PonicallyMade]

right..12k is barely a blip on the radar..but if 12k is getting deposited either by an individual or business the paperwork has to be filed out.

whether somebody is ever going to look further into it who knows..but I sure wouldn't want to risk it...leading to further look of your financial life.

how is the government going to prove that you did not infact save that money up?

they dont care how you aquired it - its considered income I'm sure and they want their cut. You can however be gifted 10K a year tax free - but the gifter has to show that as well.

When it comes to the IRS they dont have to prove SHIT! You are the one who has to prove that it was legitimately earned if they suspect otherwise.

I'm pretty sure you have to pay tax on your winnings though. It does allow you to claim your "weed money" but you still pay tax. Hell you can just deposit it if you want over the course of some time - and just CLAIM it. Sure you pay tax - but its then clean money. Remember all those yards you mowed..big yards every 8 weeks - when you file there is a section for extra income. Couldn't one just claim an extra say 30k a year from odd jobs if they wanted to with no problems?

Smurf, cant you find something for like $9k..and maybe toss a few 3k into it to make it want you want.

NOTE - take what I say with a grain of salt - I am no lawyer, financial guru, money launderer or anything like that.

 

[thc43]

edits im in another country and rereading seems in US The IRS we have the tax man might be an issue aint here/ private a sale get the local papers and start looking dont buy first car u see


all my cars have sold for 1g to get more at time of sale and save buyer stamp duty, tax and fee for name/ rego change very cheep on. Just put down it was damaged ive had no probs except fines after sale which are easily solved.

I hear ya smurf bunkys are ok for going to the local shop but we all need a choice i know i couldnt drive the same car daily. My sports car has been black marked/ or known by local porkers.. Are you after a usable car or a project to work on?

where your $$ come from under 25k should be no issue and nobodys buisness most folk would turn over $1500us a week avg job wouldnt they. private sellers love cash. forget dealers there waiting for someone just like you specially in this day. If you have to use them to import or bring from another state things get fuzzy price will change when car is in lot all shiney waiting to come home.. hate car dealers worst than Umm.

 

[smurfin'herb]

See if i go 9k then after taxes it will be over 10, so then i will have to get a car thats even cheaper so i can stay under 10k. I dont wanna have to limit myself like that. I worked long and hard, and took a lot of risks for this and i deserve it. .... LOL

How am i sposed to prove how i saved all of that money over that long ass period of time...? For all they know, my parents could have put $500/year for every year of my life into safe for me, and then just given it to me. They used the money from their workchecks, which were taxed, so taxes have been paid on the money they saved up for me. At this point it is a gift, and they cant tax a gift can they..? Can they tax cash every time is transfers owners like that....?

 

[thc43]

Money jar.. lol

havnt you worked alittle in past year? if so must be able to save remember you dont trust banks.. have cash buisness thay dont need to know more. Do they? if so its a different system to id have thought. soz

 

[Mr. Bongjangles]

ok, so lets just say you aquired your 12k cash from just saving it ...since... say... time of birth..ok.. or even better, say you saved it up from selling a bunch of other personal items of value... (i.e; you have a garage sale and do VERY well with it)

so you then decide to go and buy a car with your savings...

how is the government going to prove that you did not infact save that money up?

there are MANY cash transactions that go on.. WAYYY larger amounts then 12k...

someone school me please..

You could play the "saved it under the mattress" card and maybe get away with it. I'd consider it taking an unnecessary risk to get a new car a little faster in the end though, and that is something I would advise against.

This dude doesn't work a regular job and supports a family (edit: maybe just loves his extended family, could have read that wrong hehe).. Can he survive someone poking around into the finances assuming they don't take his word for it that he has had 12 thousand dollars cash just sitting around that he slowly saved instead of depositing into the bank? A person with no real income on the past few tax returns?

In the case of proceeds from a yard sale, you could definitely say that, but you'd need to have your tax return reflect a 10k+ profit from that yard sale or there will be problems when the dealership sends the form off to the irs and the numbers don't match.

As for the many cash transactions that go on in way larger amounts than 12k, well could you name a few? I can't think of a single one off the top of my head that goes down regularly outside of a bank.

You got a great point LW. Whos to say if i said that my grandpa gave me the money a few months before he passed. They coudlnt even try to tax it in that case could they...? Could they tax it if i said i have saved it over the course of my life? Hell, i went to vegas multiple time last year, i could have won 8 grand each trip for all they know. I dont think they record and tax your winnings till you hit the 10k mark. And thats just for a single casino, theres no interconnected database between the hotels, so you could go to one casino and win 9,999 and not have to report it, and then go to the casino next door and do the same thing, and boom, you just made almost 20k tax free. Whos to say you cant blame it on vegas? Its like prove it! If youve been to vegas then you know how hard it would be for them to prove. Does any of this sound like a legitiment excuse or is it too far fetched...?

I'm pretty sure you have to declare winnings yourself no matter what the amount. I know there is a box for it in your tax software/form just waiting.

Same thing goes for inheritance/lotto winnings/etc..

If you pay the dealer 10k+ they will report it to the IRS. If your returns don't reflect any winnings, then you will have to explain where it came from, assuming you get audited or whatever, which is likely if the numbers don't match.

LW has the best excuse down, that you saved it over the years, but its not perfect and could cause someone to ask questions someday, especially since you don't show any income lately. Now you're dropping 12k cash on a car? Just won't add up if someone starts asking questions.

I see the lack of reported income as the real crux of the matter here. If you were showing even just 20k of income a year, you would pay a couple grand in taxes, if that with deductions and all, and be able to make moves in cash much more comfortably. Say you mow lawns, whatever. Not trying to get too deep on that topic, but think on it for a bit, cause just saying you don't make anything at all could come back to bite you someday.

 

[dawghead99]

What about your friends? Can you get them to buy you a car and then pay them?

 

[Twisted Metal]

Iv delt with many car transactions and paying cash is not a problem, it actually happens a lot more then you think. Me personally I hate dealers with a passion and try to avoid them. Your best bet is to get a cashiers check for say 10k. If you find a car thats a little more just pay the difference in cash. I just had a friend sell his car for 25k and the buyer paid with cash, and my buddy also bought his new car cash.

 

[smurfin'herb]

You could play the "saved it under the mattress" card and maybe get away with it. I'd consider it taking an unnecessary risk to get a new car a little faster in the end though, and that is something I would advise against.

This dude doesn't work a regular job and supports a family (edit: maybe just loves his extended family, could have read that wrong hehe).. Can he survive someone poking around into the finances assuming they don't take his word for it that he has had 12 thousand dollars cash just sitting around that he slowly saved instead of depositing into the bank? A person with no real income on the past few tax returns?

In the case of proceeds from a yard sale, you could definitely say that, but you'd need to have your tax return reflect a 10k+ profit from that yard sale or there will be problems when the dealership sends the form off to the irs and the numbers don't match.

As for the many cash transactions that go on in way larger amounts than 12k, well could you name a few? I can't think of a single one off the top of my head that goes down regularly outside of a bank.



I'm pretty sure you have to declare winnings yourself no matter what the amount. I know there is a box for it in your tax software/form just waiting.

Same thing goes for inheritance/lotto winnings/etc..

If you pay the dealer 10k+ they will report it to the IRS. If your returns don't reflect any winnings, then you will have to explain where it came from, assuming you get audited or whatever, which is likely if the numbers don't match.

LW has the best excuse down, that you saved it over the years, but its not perfect and could cause someone to ask questions someday, especially since you don't show any income lately. Now you're dropping 12k cash on a car? Just won't add up if someone starts asking questions.

I see the lack of reported income as the real crux of the matter here. If you were showing even just 20k of income a year, you would pay a couple grand in taxes, if that with deductions and all, and be able to make moves in cash much more comfortably. Say you mow lawns, whatever. Not trying to get too deep on that topic, but think on it for a bit, cause just saying you don't make anything at all could come back to bite you someday.

Well if i have been saving money all my life, then i would have had that money to live off of since graduating high school and, therefore proves why i havent had a job in 3yrs, simply because i have money and dont need to make more yet. Ive been using the money to live off of, and now i all of the sudden would like to spend a decent chunk of it. How are they gonna fight that...? How can they tax the money i saved under the mattress...? Like i said, for all they know, the taxes have been paid on it since it came out of honest work checks which were taxed! Can they really just tax cash when it changes ownership...? Like if my parents just gave me 50k from their workchecks, i would have to pay taxes on that gift even tho they already did.....?

 

[Rouge]

Well if you go legit., don't forget that $4500 stimulus rebate that you can get for trading in your very old gas guzzler for a brand new polute mobile.