Buying outright vs Financing? Any advantage?

Joe1 · May 26, 2006

Mopauly:

Your $100.00 dollar savings will disappear the moment you have to bring the tractor back for some kind of service.

Joe1 · May 26, 2006

Mopauly:

Your $100.00 dollar savings will disappear the moment you have to bring the tractor back for some kind of service.

Joe1 · May 26, 2006

Robison:

You sound like an honest guy. I find it hard to believe that a car dealer unwittingly participated in money laundering. Most times, the money launderer is not buying a striped $11,000 Ranger pickup for cash. It's usually an expensive car. If someone came in and wanted to buy a used $ 4,000.00 car for cash, I wouldn't think a thing about it. If he wanted a Bentely at $325,000.00, any "reasonable and prudent man" would suspect something fishy. If the dealer didn's suspect something, then I want to buy from him because he's not prudent.

Joe1 · May 26, 2006

Robison:

You sound like an honest guy. I find it hard to believe that a car dealer unwittingly participated in money laundering. Most times, the money launderer is not buying a striped $11,000 Ranger pickup for cash. It's usually an expensive car. If someone came in and wanted to buy a used $ 4,000.00 car for cash, I wouldn't think a thing about it. If he wanted a Bentely at $325,000.00, any "reasonable and prudent man" would suspect something fishy. If the dealer didn's suspect something, then I want to buy from him because he's not prudent.

robison · May 26, 2006

( Robison:

You sound like an honest guy. I find it hard to believe that a car dealer unwittingly participated in money laundering. Most times, the money launderer is not buying a striped $11,000 Ranger pickup for cash. It's usually an expensive car. If someone came in and wanted to buy a used $ 4,000.00 car for cash, I wouldn't think a thing about it. If he wanted a Bentely at $325,000.00, any "reasonable and prudent man" would suspect something fishy. If the dealer didn's suspect something, then I want to buy from him because he's not prudent. )

Joe, let me give you an example of how the IRS sees money laundering.

A guy comes into a car dealership, a farmer looking fellow. Wants a new F250. Wants to pay cash. $35,000. Pays in hundreds.

Five months later he's busted for having 2 tons of home grown pot in his shed.

A year later the IRS comes to the dealership, asks how that truck they sold was paid for . . . . cash? . . . .where's the currency transaction report? . . . no report, you say?

The dealer would be lucky to forfeit the cash received in the deal. If they were unlucky someone there could face criminal charges.

You see, the Federal crime was taking the cash without filing a CTR. It didn't matter what they did or didn't know about the buyer.

Hope this clears the situation up.

robison · May 26, 2006

( Robison:

You sound like an honest guy. I find it hard to believe that a car dealer unwittingly participated in money laundering. Most times, the money launderer is not buying a striped $11,000 Ranger pickup for cash. It's usually an expensive car. If someone came in and wanted to buy a used $ 4,000.00 car for cash, I wouldn't think a thing about it. If he wanted a Bentely at $325,000.00, any "reasonable and prudent man" would suspect something fishy. If the dealer didn's suspect something, then I want to buy from him because he's not prudent. )

Joe, let me give you an example of how the IRS sees money laundering.

A guy comes into a car dealership, a farmer looking fellow. Wants a new F250. Wants to pay cash. $35,000. Pays in hundreds.

Five months later he's busted for having 2 tons of home grown pot in his shed.

A year later the IRS comes to the dealership, asks how that truck they sold was paid for . . . . cash? . . . .where's the currency transaction report? . . . no report, you say?

The dealer would be lucky to forfeit the cash received in the deal. If they were unlucky someone there could face criminal charges.

You see, the Federal crime was taking the cash without filing a CTR. It didn't matter what they did or didn't know about the buyer.

Hope this clears the situation up.

Joe1 · May 26, 2006

I understand what you're saying, but the Government will still expect the dealer to fill out the CTR be it on a farmer or a politician or just some old geezer that doesn't believe in banks. The dealer MUST be aware of this requirement. If they don't file it, they are either lazy or don't mind violating a law that's pretty simple to comply with; or they are afraid to lose a customer.

Joe1 · May 26, 2006

I understand what you're saying, but the Government will still expect the dealer to fill out the CTR be it on a farmer or a politician or just some old geezer that doesn't believe in banks. The dealer MUST be aware of this requirement. If they don't file it, they are either lazy or don't mind violating a law that's pretty simple to comply with; or they are afraid to lose a customer.

KiotiJohn · May 27, 2006

As I understand it, the law is that any cash transaction of $10,000 must be reported to the IRS via forms. This law applies to deposits to your bank, and any other business that accepts cash money, not just car dealers.

There are more parts to this law than this example.
John

KiotiJohn · May 27, 2006

As I understand it, the law is that any cash transaction of $10,000 must be reported to the IRS via forms. This law applies to deposits to your bank, and any other business that accepts cash money, not just car dealers.

There are more parts to this law than this example.
John