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any honest reasons to pay cash?

Discussion in 'Ferrari Discussion (not model specific)' started by watt, Sep 9, 2005.

  1. garysp7

    garysp7 Formula Junior

    Mar 28, 2004
    436
    Florida
    Full Name:
    Gary
    I would tink you could have used his wanting to pay with cash as a negotiating point to pay you more. In light that you could not go to the bank with a briefcase full of cash without raising questions which he did not want, I would have asked for ten or twenty percent more for the inconvenience of laundering his money. Then it would have been worth it.
    You never know his circumstances. Maybe he was soon to be divorces and it was his way of getting some money out of the estate without giving his wife half. Not everyone is a drug dealer.
     
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  3. dmcgill

    dmcgill Formula 3

    Apr 16, 2004
    1,641
    Las Vegas, NV
    If your an honest guy and can afford it, why not pay cash?

    Sure, when dealing with $200,000 sports cars it is going to "raise a few eyebrows"...but like I said, if your a honest person who works hard for his/her money you shouldn't have to go through the hassle of financing when you dont want too.

    Or, do you mean paying straight up CASH or giving them (dealer) a check?
     
  4. docmirror

    docmirror Formula Junior

    May 6, 2004
    772
    Ft Worth TX

    I realize this is a F chat forum and not a political forum but I just have to point this out.

    Governments, including ours, have no rights. Humans have rights, govts try to restrict those rights through legislation and enforcement.

    Now, the govt may want to take that money from you, and they may succeed to some degree. If the money is impounded(not siezed, siezure occurs after an arrangment, trial, conviction, sentencing, etc) you can petition the govt for redress. In this case, the preemptive impounding of the money with no evidence of a prima facia crime, (ownership, in and of itself, of cash is not a crime). If you transact in cash, report it using the correct forms, follow the procedures set down for handling cash carefully, and it'll be pretty hard for anyone to take it away from you(permanently).

    *******

    I don't care how he wants to fund the purchase, but darn sure his name, address, and sale price is going on the appropriate forms for transfer of title. Every state has different rules, and the issuing state in most cases require the buyers true name and address. Do I agree with this legislation? No, am I going to win the fight about civil liberties in the current security climate? Again, no, but that leads back to a discussion of politics, and is not for this forum. If you think the transfer of a car is getting difficult, try buying/selling an aircraft these days......
     
  5. mikeyr

    mikeyr Formula 3

    Jun 17, 2004
    2,155
    Santa Barbara, CA.
    Full Name:
    Mike Rambour
    Don't know about $200k in cash, I would have assumed it was drug money or he didn't want the govt. to know about it. I would also have assumed that if the forms were properly filled out so the govt. knew that you had nothing to do with it and it was just a sale, it was fine. From the previous posts, I may have been wrong in my beliefs, I will check next time before I make a $200k cash deal :) (have to win the lottery before that happens)

    My last car I purchased, I had a problem with the seller not wanting to take a check, even a cashiers check and giving me the car. He wanted me to give him a check and after it cleared in a week give me the car. He was afraid because of all the scams on the net (our first contact was through the net) and I was I afraid after he got the cash I would not see the car, so I gave him $25,000 in crisp $100 bills and made him go to the DMV with me. Basically, if he did not trust my cashiers check, I was not going to trust his title to the car. Not my first cash deal and it won't be my last, I like dealing with cash...no issues of bad checks, etc.
     
  6. darth550

    darth550 Five Time F1 World Champ
    Lifetime Rossa

    Jul 14, 2003
    59,051
    In front of you
    Full Name:
    BCHC
    Usually a guy like that doesn't haggle. I hope you (still) get your price. :)
     
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  8. ylshih

    ylshih Global Moderator
    Global Moderator Advising Moderator Honorary Owner

    Mar 21, 2004
    16,425
    Northern CA
    Full Name:
    Yin
    Regarding your basic question - "any honest reasons to pay cash". No, not if that was the only way he wanted to pay.

    Pure folding cash in those quantities is desirable only for anonymity. Some really well-off people might like anonymity, but they've figured out how to buy things to suit their purpose (holding co's, nominee's, overseas accounts, etc). Anonymous cash comes from something illegal (drugs, money laundering, skimming, unreported transactions, etc).
     
  9. vanimal

    vanimal Formula Junior

    Mar 19, 2003
    380
    UK
    Full Name:
    Vaughan
    Simple really - post 9/11 all large cash transaction = serious inspections by banks, you will be flagged and an anti money laudering docket with your name will be started, especially if you have no history of large cash deposits (unless you keep the cash under your pillow till you have spent it all) The banks are so suspicious of any change in normal account behaviour today it is not worth the hassle at all. I know, I work in these circles.
     
  10. Malfoy

    Malfoy Formula 3

    Mar 22, 2004
    1,960
    Hampton, VA
    I use cards only because I forget to go to the bank often. When I become financially well off, I plan to do as much as my transactions as possible in up front cash. I hate paperwork almost as much as I hate banks that b!tch everytime I want to remove large amounts of money. I shouldn't have to wait 24 hours to use large sums I deposit and I should be able to walk into any bank I'm with and empty my account at a moments notice. Until that day comes(which it won't, it'll only get longer), I will deal in cash when I can and won't deal with those who won't take it.
     
  11. docmirror

    docmirror Formula Junior

    May 6, 2004
    772
    Ft Worth TX
    I've had two people run cashier's check scams on me in the past 18 month. Guy walks up to me with cash, wants car, no problem. If there is a concern about legality of the transaction, hop on down to any Escrow company. Have them write down, in clear and unambiguious language what is going to transpire. i.e. "Tom Smith sells 1988 Ferrari TR to Mike Jones for $xx,xxx in CASH." Signatures by both sides, an Escrow fee for some notaries and we're on our way.

    What's the problem with all you folks and your worry about the big bad gov't? Are you doing something illegal? Then fear the gov't. If not tell 'em to eat ****, get sick, then go die. They want to look into me and my lifestyle, fine it'll be pretty boring. So I own a Ferrari? It's not illegal to own a car is it? Look at my taxes? Go ahead.

    People who lead normal, productive, honest lifestyles shouldn't have to live in fear of what this or that arm of gov't will think. That is the road to Germany in the 1930s. Is that the kind of society you want to live in?

    Doc
     
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  13. tx246

    tx246 F1 Veteran
    Rossa Subscribed Owner

    Nov 4, 2003
    5,678
    Texas
    Full Name:
    Shawn
    i was at a car dealership once and a guy walked in with a silver breif case. he wanted to by a 355 and the asking price was $110k. he offered $105k in cash. my eyes about popped out of my head when he opened the brief case. i don't know if it was $105k in cash, but there were alot of $100 bills. i don't doubt it was real. the dealer said no, for him to go to the bank and get a cashiers check made payable to the dealer. the guy left and never came back. i later asked him if he was sorry he lost the customer. his response was interesting. he said he would have sold the car for $105k. he didn't see it as losing a customer, he saw it as saving his life. in his mind, had he taken the cash, he would have most certainly been robbed on the way home or when he got teher. it wasn't a risk worth taking.

    all the stuff about the irs aside, i can't deny the logic he used. it does make one wonder why he buyer couldn't get a cashiers check. it seems to me that any buyer in good standing in society could, only those that have questionable histories couldn't.
     
  14. charliebronson

    charliebronson Formula 3

    Dec 5, 2004
    1,227
    Full Name:
    Charliebronson
    Cash is KING! Some of my "grunt" employees prefer to get paid in cash which is fine with me. All thats needed is my CPA keeping a cash ledger. I dont see anything wrong in taking a payment in cash. You would take payment in good faith so I don't see you getting into any legal troubles. The only very minor problem would be the ctr fee for a deposit into your account, for over $10 K. I think a wire transfer might be a few bucks cheaper. Oh and the hassle of counting it and checking for counterfit money.
     
  15. PerryJ

    PerryJ Formula 3

    Jun 5, 2003
    1,909
    N. Alabama
    Full Name:
    John Perry
    you sleep better at night ;)
     
  16. ylshih

    ylshih Global Moderator
    Global Moderator Advising Moderator Honorary Owner

    Mar 21, 2004
    16,425
    Northern CA
    Full Name:
    Yin
    With the cash under the mattress? Probably too lumpy! :D
     
  17. PerryJ

    PerryJ Formula 3

    Jun 5, 2003
    1,909
    N. Alabama
    Full Name:
    John Perry
    and also..........

    Proverbs 22:7
    "The rich rules over the poor, and the borrower is the slave of the lender" :D
     

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