Paying for a car???

[John D.]

Re: Paying for a car???

Guys;

Be careful about dealing in cash... The Feds require reporting on any cash in or out transaction involving a bank or other financial institution.. This is all part of the anti-money laundering program. In other words if you walk into your bank, make a withdrawal in excess of $10,000 (cheap for a Vette, right) the bank will, by law, need to report you to the Treasury. Similarly, if you walk into your bank with a brown bag full of bills, more than $10K, to do anything with, the same thing will happen. Given the focus on anti-terror activities, the detection systems are fairly sophisticated, meaning even if you bring excess cash in or withdraw over multiple days, different branches, etc., chances are you will get caught...

It's hard to drive your new Vette when you are away from home, if you get my drift!! Seriously, the enforcement and penalties got much more severe after 9/11.

Joel

Joel

So what happens if you take out $9k...no disclosure ?. So if you need 38k and take the money out over four seperate transactions... ?. When I bought my car over fifteen years ago the deal was sealed when I flashed the cash...it was all twenties too.

[Jim D.]

Re: Paying for a car???

Guys;

Be careful about dealing in cash... The Feds require reporting on any cash in or out transaction involving a bank or other financial institution.. This is all part of the anti-money laundering program. In other words if you walk into your bank, make a withdrawal in excess of $10,000 (cheap for a Vette, right) the bank will, by law, need to report you to the Treasury. Similarly, if you walk into your bank with a brown bag full of bills, more than $10K, to do anything with, the same thing will happen. Given the focus on anti-terror activities, the detection systems are fairly sophisticated, meaning even if you bring excess cash in or withdraw over multiple days, different branches, etc., chances are you will get caught...

"Chances are you will get caught"! Doing what? It is not against the law to move or possess large amounts of cash. In this past year, I have withdrawn, deposited or moved large amounts of cash (sometimes in excess of $100K). Nobody has said or done anything to me.

[Joe D.]

Re: Paying for a car???

I found a bank that has branches in Orlando. I opened up an account. I am wiring my money form my old bank to the new one. This way the money is imediately in the new account. Thanks for all you help. I hope I find a car after all this!!!! Joe DeLuca

[Tom S.]

Re: Paying for a car???

I have never had a problem writing a personal check for a large amount.I do however get a letter from my bank stating that I have x amount of $ in the account. There is no problem. Good luck with your car search I am looking for the same.Tom