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OfflineNashbar
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Paying off a car loan with cash?
    #8287907 - 04/15/08 05:35 PM (15 years, 9 months ago)

Car was ~$12k, I put down $3k cash. One year later, I've got ~$6k principal left that I want gone.

Can I take $5.5k cash and a blank check to the credit union? Can I pay it off in one lump sum without getting audited by the IRS or investigated by the FBI?

I should call ahead and ask to set up an appointment so I don't walk in there and stand around with a wad. I don't have a good explanation for where my money comes from.


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Invisibledr_gonz

Registered: 08/18/03
Posts: 44,654
. [Re: Nashbar]
    #8287987 - 04/15/08 05:53 PM (15 years, 9 months ago)

.


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OfflineNashbar
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Re: Paying off a car loan with cash? [Re: dr_gonz]
    #8288021 - 04/15/08 06:03 PM (15 years, 9 months ago)

like going to my bank with my cash before going to the credit union?


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Invisibledr_gonz

Registered: 08/18/03
Posts: 44,654
. [Re: Nashbar]
    #8288037 - 04/15/08 06:06 PM (15 years, 9 months ago)

.


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OfflineNashbar
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Re: Paying off a car loan with cash? [Re: dr_gonz]
    #8288064 - 04/15/08 06:12 PM (15 years, 9 months ago)

well, shit, i don't want this to be complicated.


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Offlinemaynardsdick
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Re: Paying off a car loan with cash? [Re: dr_gonz]
    #8288086 - 04/15/08 06:17 PM (15 years, 9 months ago)

Quote:

dr_gonz said:
yeah, but even then it varies by state on the amount. have a rich relative write u a check, then pay them back in chunks




any large item that you own, like a car, will have to be explained away in terms of how you obtained the money to purchase it. having a relative write you a check is best, because there is a legit paper trail. it would actually have to be a gift, in the eyes of the law. meanwhile you will give them the cash under the table; they would have to spend it discretely, here and there on small expenditures.


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Invisibletrscstghst
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Re: Paying off a car loan with cash? [Re: maynardsdick]
    #8290378 - 04/16/08 04:50 AM (15 years, 9 months ago)

i thought anything under 10k didnt have to be declaired. maybe im mistaken. it might raise some eybrows but i dont think you would have to explain where it came from


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Why use up the forests which were centuries in the making and the mines which required ages to lay down, if we can get the equivalent of forest and mineral products in the annual growth of the hemp fields?
o Henry Ford


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Offlineperosiste
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Re: Paying off a car loan with cash? [Re: trscstghst]
    #8290387 - 04/16/08 04:58 AM (15 years, 9 months ago)

With the New patriot act any transaction at a financial institution of any sort above $1000 must be reported to the man.

So the thing to do would either be the rich relative act if you can.

Or stop using your bank card at resturants/bars/stores and use the cash to pay for this and use your legit money to pay off your car.

But dont forget to put groceries and some other stuff on your bank account. That way when you get audited for trying to launder 6k in drug money you can say you went cheap to try and pay off the car.


--------------------
Risk Management will be the downfall of western civilization


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Invisiblebadchad
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Re: Paying off a car loan with cash? [Re: perosiste]
    #8290451 - 04/16/08 05:59 AM (15 years, 9 months ago)

But just because something is "reported" doesn't mean you'll be audited/investigated.

I've bought several items in the 2-3k range and never had any issues.


--------------------
...the whole experience is (and is as) a profound piece of knowledge.  It is an indellible experience; it is forever known.  I have known myself in a way I doubt I would have ever occurred except as it did.

Smith, P.  Bull. Menninger Clinic (1959) 23:20-27; p. 27.

...most subjects find the experience valuable, some find it frightening, and many say that is it uniquely lovely.

Osmond, H.  Annals, NY Acad Science (1957) 66:418-434; p.436


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OfflineSeussA
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Re: Paying off a car loan with cash? [Re: Nashbar]
    #8290467 - 04/16/08 06:12 AM (15 years, 9 months ago)

> With the New patriot act any transaction at a financial institution of any sort above $1000 must be reported to the man.

I've been all over the Patriot Act and can not find anything to back up your claim. Granted, the document is thicker than a large phone book, and I could have missed it. Please post the section of the Patriot Act that you are referring.

Quote:

Reports of Suspicious Activities - 12 CFR 21.11 requires every national bank to file a Suspicious Activity Report (SAR) when they detect certain known or suspected violations of federal law or suspicious transactions related to a money laundering activity or a violation of the BSA. A SAR filing is required for any potential crimes: (1) involving insider abuse regardless of the dollar amount; (2) where there is an identifiable suspect and the transaction involves $5,000 or more; and (3) where there is no identifiable suspect and the transaction involves $25,000 or more. A SAR filing also is required in the case of suspicious activity that is indicative of potential money laundering or BSA violations and the transaction involves $5,000 or more.




> I don't have a good explanation for where my money comes from.

I would be more worried about the IRS than HLS (homeland security). Walking in with a large wad of cash is going to raise questions... but, if you have a reasonable answer ready, I don't think it would be a huge deal. "I just sold an old XYZ and the guy paid me in cash." (I'm as far from an expert in this field as you can get! Don't trust that what I say is correct. I'm also assuming that you just want to avoid attention and are not doing anything illegal.)


--------------------
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Offlineperosiste
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Re: Paying off a car loan with cash? [Re: Seuss]
    #8290775 - 04/16/08 09:26 AM (15 years, 9 months ago)

I might have mis spoken on that one. I work for a convenience store chain and that number might actually come from "activities concerning the sale of checks" (money orders). I know that the most a person can buy from us in one day is 900 so that we dont hit they magic $1000 number that has to be reported. Ill research this to see if its just our policy or everyones.

But I do agree with you that the IRS would be the largest of the concerns.


--------------------
Risk Management will be the downfall of western civilization


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OfflineWronguy

Registered: 03/05/05
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Re: Paying off a car loan with cash? [Re: perosiste]
    #8290984 - 04/16/08 10:37 AM (15 years, 9 months ago)

Pay the loan off in 2-3 installments to avoid suspicion. I seriously doubt any one is going to report something like that to the IRS. I'm pretty sure the declaration of income comes from a single transaction, not one that is cumulative.

Also, in the event you did hear from the IRS, a simple explanation of savings could be feasible. There's no law that says you have to put money you save into a bank. If anyone ever asked me where I got my money and I didn't have a bank record to support a lump sum withdrawal, I would simply add up all my ATM/cash withdrawals over the years and state that it's been sitting under my mattress.

You're basically providing an explanation for how you came up with money that has already been taxed. I hate the IRS and anyone who works for them!


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Offlineperosiste
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Re: Paying off a car loan with cash? [Re: Wronguy]
    #8291907 - 04/16/08 03:32 PM (15 years, 9 months ago)

Ok so I looked into the transaction reporting a little more. The $1000 dollar limit that I mentioned is one that my company set on itself so that we dont have to deal with keeping records.


--------------------
Risk Management will be the downfall of western civilization


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OfflineSeussA
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Re: Paying off a car loan with cash? [Re: Wronguy]
    #8295006 - 04/17/08 05:15 AM (15 years, 9 months ago)

Quote:

Ok so I looked into the transaction reporting a little more. The $1000 dollar limit that I mentioned is one that my company set on itself so that we dont have to deal with keeping records.




Good to know. Thanks for the update!


--------------------
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Offlineperosiste
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Re: Paying off a car loan with cash? [Re: Seuss]
    #8295010 - 04/17/08 05:18 AM (15 years, 9 months ago)

Quote:

Seuss said:
Quote:

Ok so I looked into the transaction reporting a little more. The $1000 dollar limit that I mentioned is one that my company set on itself so that we dont have to deal with keeping records.




Good to know. Thanks for the update!




The company is incredibally uptight about not being involved in anything that might be considered money laundering.


--------------------
Risk Management will be the downfall of western civilization


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Offlinekadakuda
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Re: Paying off a car loan with cash? [Re: Nashbar]
    #8322136 - 04/24/08 06:31 AM (15 years, 9 months ago)

your family is helping you pay off your loan???? HOW NIʍ15;E!


--------------------
The seeds you won't sow are the plants you dont grow.


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Offlinekindmok
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Registered: 04/08/12
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Re: Paying off a car loan with cash? [Re: Nashbar]
    #16063469 - 04/08/12 11:33 PM (11 years, 9 months ago)

I think to know the answer of your query you should contact the bank from there you got a loan. Because every bank has different rules related to car loan or other type of loan....To get more information on car loan just follow the given links..

car loans | car finance Australia


Edited by kindmok (04/08/12 11:39 PM)


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