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Old 05-16-2022, 02:10 PM   #958 (permalink)
Drifter
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My parents bought a 1998 base model Camry new in cash and counting 150 bills was the least of their hassle. The dealer would not accept a personal cheque unless my parents were willing to wait 2 weeks for it to clear, would not accept a credit card unless my parents paid a 3% premium for the CC fees (~$500), would not cover the wire transfer fee ($50), and would not even cover the cashier's cheque fee ($25). The dealership was pushing hard for them to finance. Truth be told, the dealership was already aggressively pushing them away from that low low advertised base model loss leader, but my parents were like "No thanks, we'll take the car with roll-up windows that you advertised for $14,999" and the dealer was essentially like "but we don't actually have that car, we just advertise it to get people in the door to upsell."

Anyway, they located a base model car nearby and my parents brought in cash. This required the dealership to fill out some extra paperwork the IRS requires for cash transactions over $10,000, which was something that only a handful of sales managers there knew how to do. The dealership was like "we can save this aggravation if you just wire it or get a cashier's cheque" and my parents were like "why should WE pay extra to lower YOUR aggravation?"

Long story short, paying cash for cars over $10,000 (in the USA) means the person receiving the funds is supposed to file a form 8300 with the IRS and later send you a notice that they did so. Today it is pretty easy to do so online, but still an extra hoop to jump through.
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Piotrsko (05-16-2022)