Any insight on how much dealerships will negotiate down on used cars. Im looking at Honda Accords in the 15k range. What can I get them down to. Never bought from a dealer before
Usually marked up around 2-3k. Look at KBB trade extra clean in value and try to pay about 1000-1300 more than trade extra clean.
Quote Originally Posted by foxwad:
Any insight on how much dealerships will negotiate down on used cars. Im looking at Honda Accords in the 15k range. What can I get them down to. Never bought from a dealer before
Usually marked up around 2-3k. Look at KBB trade extra clean in value and try to pay about 1000-1300 more than trade extra clean.
Cash or check. CTR, Currency Transaction Report--they have to file one with the IRS. Doesn't mean you would be audited, but the IRS would give it a look. Anything over $10,000. It is up to the dealerships discretion. You COULD pay $9500 on Friday, and come back Monday and pay $5500--assuming a purchase of $15000, and the dealership would NOT be required to file this report. Bol.
Not true
What payments must be reported? A business must file Form 8300 to report cash paid to it if the cash payment is:
Over $10,000,
Received as:
One lump sum of over $10,000,
Two or more related payments that total in excess of $10,000, or
Payments received as part of a single transaction (or two or more
related transactions) that cause the total cash received within a
12-month period to total more than $10,000.
Received in the course of trade or business,
Received from the same buyer (or agent), and
Received in a single transaction or in two or more related transactions.
Quote Originally Posted by bandit1010:
Cash or check. CTR, Currency Transaction Report--they have to file one with the IRS. Doesn't mean you would be audited, but the IRS would give it a look. Anything over $10,000. It is up to the dealerships discretion. You COULD pay $9500 on Friday, and come back Monday and pay $5500--assuming a purchase of $15000, and the dealership would NOT be required to file this report. Bol.
Not true
What payments must be reported? A business must file Form 8300 to report cash paid to it if the cash payment is:
Over $10,000,
Received as:
One lump sum of over $10,000,
Two or more related payments that total in excess of $10,000, or
Payments received as part of a single transaction (or two or more
related transactions) that cause the total cash received within a
12-month period to total more than $10,000.
Received in the course of trade or business,
Received from the same buyer (or agent), and
Received in a single transaction or in two or more related transactions.
Pay your taxes and sleep better at night. If they audit you.... you will have a hard time explaining the money and they will then look at other years returns.... if you have a history of evading taxes you open yourself up to some heavy fines and/or even jail time
Pay your taxes and sleep better at night. If they audit you.... you will have a hard time explaining the money and they will then look at other years returns.... if you have a history of evading taxes you open yourself up to some heavy fines and/or even jail time
Sparty I understand your comment and I have obviously never won like this before. However, does anyone that happens to win large sums from a local bookie actually report that as earnings? Just curious.
Sparty I understand your comment and I have obviously never won like this before. However, does anyone that happens to win large sums from a local bookie actually report that as earnings? Just curious.
Always wondered why paying in cash entitles people to discounts. I'd think the dealers got a kickback from the financing. Why would they prefer cash?
They don't. They're going to get a lump sum from the bank if they get financing. They can make you 'feel' like you got a good deal because you paid cash ...
Quote Originally Posted by Jelax:
Always wondered why paying in cash entitles people to discounts. I'd think the dealers got a kickback from the financing. Why would they prefer cash?
They don't. They're going to get a lump sum from the bank if they get financing. They can make you 'feel' like you got a good deal because you paid cash ...
Some people do... some people don't. Odds are you won't have a problem.... but you do open yourself up to possibly a huge headache.
Your better off financing and using the money you won to pay it off. That way you build credit and and your not throwing an amount of money that would be abnormal to the IRS.
Some people do... some people don't. Odds are you won't have a problem.... but you do open yourself up to possibly a huge headache.
Your better off financing and using the money you won to pay it off. That way you build credit and and your not throwing an amount of money that would be abnormal to the IRS.
Yes any cash transaction of 10K+ gets reported the dealership must do this because they do get audited.
What you can do is put a down payment of $9999 and finance the rest. When you get your payment book payoff the car in a month or two. You will pay minimal interest because it is a simple interest loan.
Just tell the dealership this is your plan. The dealership should not mark up the rate. If they do mark up the rate and you pay it off that early they get charged back. Just something they would like to avoid and helps if you take a bit longer to pay off.
Quote Originally Posted by tep:
Yes any cash transaction of 10K+ gets reported the dealership must do this because they do get audited.
What you can do is put a down payment of $9999 and finance the rest. When you get your payment book payoff the car in a month or two. You will pay minimal interest because it is a simple interest loan.
Just tell the dealership this is your plan. The dealership should not mark up the rate. If they do mark up the rate and you pay it off that early they get charged back. Just something they would like to avoid and helps if you take a bit longer to pay off.
Any insight on how much dealerships will negotiate down on used cars. Im looking at Honda Accords in the 15k range. What can I get them down to. Never bought from a dealer before
It can be as much as 5,000 .........
Then they can give you a discount of 3,000 and you think you got a deal. As tep said, go on kelley blue book and see what the trade in value is ... then offer them 1000 more than that.
Quote Originally Posted by foxwad:
Any insight on how much dealerships will negotiate down on used cars. Im looking at Honda Accords in the 15k range. What can I get them down to. Never bought from a dealer before
It can be as much as 5,000 .........
Then they can give you a discount of 3,000 and you think you got a deal. As tep said, go on kelley blue book and see what the trade in value is ... then offer them 1000 more than that.
Some people do... some people don't. Odds are you won't have a problem.... but you do open yourself up to possibly a huge headache.
Your better off financing and using the money you won to pay it off. That way you build credit and and your not throwing an amount of money that would be abnormal to the IRS.
I think I'm going to just put a nice down payment down as you suggest and then just finance it, paying it off with the winnings and building my credit.
I guess a follow up question would be how much can I deposit in the bank without that looking suspicious? 2-3k at a time over several weeks or months I assume?
I don't mean to sound so clueless but I've obviously never been in this kind of situation before. Thanks again guys.
Quote Originally Posted by sparty444:
Some people do... some people don't. Odds are you won't have a problem.... but you do open yourself up to possibly a huge headache.
Your better off financing and using the money you won to pay it off. That way you build credit and and your not throwing an amount of money that would be abnormal to the IRS.
I think I'm going to just put a nice down payment down as you suggest and then just finance it, paying it off with the winnings and building my credit.
I guess a follow up question would be how much can I deposit in the bank without that looking suspicious? 2-3k at a time over several weeks or months I assume?
I don't mean to sound so clueless but I've obviously never been in this kind of situation before. Thanks again guys.
Coming from a very basic legal background (criminology degree) but more importantly a vast illegal background (don't ask); there are a few ways to do this but your 'best bet' is the following:
- Start making uneven and staggered deposits into your bank (ex. $1000 one day, $780 the next, then wait awhile and deposit $1200 a week or so later) until you have moved $9999 into your account. These small, uneven payments should not raise suspicion; but if for some 'long shot' reason they do, simply tell the bank that you've been liquidating assets (garage sales, personal selling, etc.) as well as depositing leftover on-hand cash and change.
- Put down $9999 on the vehicle and finance the rest. Ask your car dealer/financier to make the payment plan as quick as possible. These guys won't really care at all why you're doing it this way... they see plenty of people doing this (especially the self-employed) and just want their cut of the profit from your money. If they give you a bad rate, just take it. It'll be much cheaper than the tax man.
- As a side note, getting family or close relatives or even friends to help you out can be very helpful. Just give them some cash (two or three grand) and get them to go to a Western Union (or similar) and send you the money as a gift. I like to do this on my birthdays and any major holidays because you can get a few people to do them without raising major concern with the authorities. Just make sure to take your fam and friends out for a nice dinner if they do this for you. Again, it's a lot cheaper than the tax man and a lot more fun!
Good luck!
Coming from a very basic legal background (criminology degree) but more importantly a vast illegal background (don't ask); there are a few ways to do this but your 'best bet' is the following:
- Start making uneven and staggered deposits into your bank (ex. $1000 one day, $780 the next, then wait awhile and deposit $1200 a week or so later) until you have moved $9999 into your account. These small, uneven payments should not raise suspicion; but if for some 'long shot' reason they do, simply tell the bank that you've been liquidating assets (garage sales, personal selling, etc.) as well as depositing leftover on-hand cash and change.
- Put down $9999 on the vehicle and finance the rest. Ask your car dealer/financier to make the payment plan as quick as possible. These guys won't really care at all why you're doing it this way... they see plenty of people doing this (especially the self-employed) and just want their cut of the profit from your money. If they give you a bad rate, just take it. It'll be much cheaper than the tax man.
- As a side note, getting family or close relatives or even friends to help you out can be very helpful. Just give them some cash (two or three grand) and get them to go to a Western Union (or similar) and send you the money as a gift. I like to do this on my birthdays and any major holidays because you can get a few people to do them without raising major concern with the authorities. Just make sure to take your fam and friends out for a nice dinner if they do this for you. Again, it's a lot cheaper than the tax man and a lot more fun!
The dealership has to report the entire transaction. If the purchase is 15K, that's what they will report. [/Quo
Nope. Not true. Read what I wrote, 2 separate transactions, 2 separate days. The dealership would NOT be required to report. They still could, however. Just not required.
[Quote: Originally Posted by Hank55]
The dealership has to report the entire transaction. If the purchase is 15K, that's what they will report. [/Quo
Nope. Not true. Read what I wrote, 2 separate transactions, 2 separate days. The dealership would NOT be required to report. They still could, however. Just not required.
Bought my wife a Kia Sorrento in the spring and the discount for paying cash was something like $4200 after negotiating a price. It was a manufacturer discount. I forget what the financing was but i think it was 0% for 5 years and paying cash worked out to an annual after tax return of 3% so I took it.
I look at investing differently than a lot of people because I'm not willing to take on risk in this market so interest avoidance is huge to me (or in this case the cash discount).
Bought my wife a Kia Sorrento in the spring and the discount for paying cash was something like $4200 after negotiating a price. It was a manufacturer discount. I forget what the financing was but i think it was 0% for 5 years and paying cash worked out to an annual after tax return of 3% so I took it.
I look at investing differently than a lot of people because I'm not willing to take on risk in this market so interest avoidance is huge to me (or in this case the cash discount).
The dealership has to report the entire transaction. If the purchase is 15K, that's what they will report. [/Quo
Nope. Not true. Read what I wrote, 2 separate transactions, 2 separate days. The dealership would NOT be required to report. They still could, however. Just not required.
You are wrong stop with the wrong info. Just because you right does not make it true. This is direct from the IRS site.
What payments must be reported? A business must file Form 8300 to report cash paid to it if the cash payment is:
Over $10,000,
Received as:
One lump sum of over $10,000,
Two or more related payments that total in excess of $10,000, or
Payments received as part of a single transaction (or two or more related transactions) that cause the total cash received within a 12-month period to total more than $10,000.
Received in the course of trade or business,
Received from the same buyer (or agent), and
Received in a single transaction or in two or more related transactions.
Quote Originally Posted by bandit1010:
Quote Originally Posted by Hank55:
The dealership has to report the entire transaction. If the purchase is 15K, that's what they will report. [/Quo
Nope. Not true. Read what I wrote, 2 separate transactions, 2 separate days. The dealership would NOT be required to report. They still could, however. Just not required.
You are wrong stop with the wrong info. Just because you right does not make it true. This is direct from the IRS site.
What payments must be reported? A business must file Form 8300 to report cash paid to it if the cash payment is:
Over $10,000,
Received as:
One lump sum of over $10,000,
Two or more related payments that total in excess of $10,000, or
Payments received as part of a single transaction (or two or more related transactions) that cause the total cash received within a 12-month period to total more than $10,000.
Received in the course of trade or business,
Received from the same buyer (or agent), and
Received in a single transaction or in two or more related transactions.
why not just pay all your other bills (ie: rent, groceries, gas, electric, cable, cell phone) with the cash and just pay you car note with your payCHECK
...this isnt that hard bro
btw....LETS GO MOUNTAINEERS!!!
why not just pay all your other bills (ie: rent, groceries, gas, electric, cable, cell phone) with the cash and just pay you car note with your payCHECK
This one appears simple, for a 24K car, open 2 checking accounts at 2 different banks with $8000 each, pay the the dealership $8000 cash plus the 2 checks for $8000 from different banks, NO ONE ASKS ANY QUESTIONS. I am a CPA, and this has been done before - screw the IRS and invading your privacy, and my way won't cost you a penny more than the purchase price.
Mind if I ask you a bank deposit question in private?
Quote Originally Posted by howzuck:
This one appears simple, for a 24K car, open 2 checking accounts at 2 different banks with $8000 each, pay the the dealership $8000 cash plus the 2 checks for $8000 from different banks, NO ONE ASKS ANY QUESTIONS. I am a CPA, and this has been done before - screw the IRS and invading your privacy, and my way won't cost you a penny more than the purchase price.
Mind if I ask you a bank deposit question in private?
K if im wanting to buy a car it costs 40 grand , im not wanting to deal with the irs and want to just pay it off at once . If I get four people to buy cashiers checks at 9000 each and Im gonna pay rest in cash . Will this get reported as one transaction on me even if the cashiers checks aren't in my name but the vehicle I. Purchasing is goin to b put in my?
K if im wanting to buy a car it costs 40 grand , im not wanting to deal with the irs and want to just pay it off at once . If I get four people to buy cashiers checks at 9000 each and Im gonna pay rest in cash . Will this get reported as one transaction on me even if the cashiers checks aren't in my name but the vehicle I. Purchasing is goin to b put in my?
You are wrong stop with the wrong info. Just because you right does not make it true. This is direct from the IRS site.
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