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06-07-2010, 04:33 PM #1
What does it mean by "cash in hand"
What do people mean by "cash price" when selling a car. I ask because im looking into a car and the guy is asking 25k for it. My friend asked "20k cash and ill pick it up tommorow" and the guy agreed. Does that mean I bring an envelope with 20k liquid cash and hand it to him? I just dont understand how this is an advantage over a certified cheq? My only guess is that cash would be black money and he doesnt have to show/pay taxes on it unlike a cheq?
Im just lost because why would he go down by 5k for a "cash" price? Hes gonna get the money either way even if he gets a cheq for 20k or if he finances the car. Whats the advantage of a "cash" price????
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06-07-2010, 04:38 PM #2
cash is harder to trace and tax, plus the seller could writeup a bill of sale for less than the price to save the buyer some taxes.
Plus you can't spend a cert check at the local strip club
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06-07-2010, 04:46 PM #3
Well on a 20k car how much tax will I be paying? 7%??? Thats like an extra $1400!! Why cant he spend the $$? Once I give him the cheqe he can go to the bank and cash/deposit it cant he? Isnt cash also bad in a way? If I give the guy 20k cash I will have NO PROOF that I gave him the $. I know I can make a bill of sale but still. At least with a cheqe you know where the $ went and should something happen you can always fight it because the bank did issue you the cheqe.
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06-07-2010, 04:47 PM #4
Money/Cash talks....
Plus, it also means,no BS like "I have to get the financing in order" or "as soon as I sell my car then I'll come check your car out" and of course the ever famous "will you take payments?"
It's a term that basically means no BS I am serious,have the money ready for an immediate purchase... many times a seller will bite at such a buyer even at a small loss or after being frustrated with the process of selling a car...
Also ignorance can play a role in wether or not a seller will accept a certified check or not.... after all in this day and age, technology has made it much easier for someone to fake a document such as a check,money order...etc.. even cash!!
Plus I agree with the statement about taxes....even the strip club comment!Last edited by Baluchitherium; 06-07-2010 at 04:49 PM.
1999 Firehawk Trans Am #530
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06-07-2010, 04:49 PM #5
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06-07-2010, 04:55 PM #6
Yes, a Cashiers check is just as good as dollar bills. I still say I paid cash for my TA, even though on the trip down there I turned it in for a cashiers check. Paying in paper currency is a great way to get robbed.
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06-07-2010, 04:56 PM #7
I know what you are saying man and you have valid points but,some sellers are just... hmmm... "flakey"??
Many people handle deals with cash and are comfortable with it,if you aren't (understandably) I would not make a cash deal.Personally I would not pay in cash on a car but,I would probably accept cash as payment as I did when I sold my SS earlier this year. I just mde sureto have plenty of documentation of the sale,the amount,the car's details including condition and clearly stating that there isn't any warranty....etc.. even used driver's license numbers and VIN#s...etc..
I guess it's not for everyone though...
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06-07-2010, 05:00 PM #8
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06-07-2010, 05:03 PM #9
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06-07-2010, 05:07 PM #10
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06-07-2010, 06:37 PM #11
- Join Date
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Current best: 10.60/126.8- 1998 Pontiac TA WS6
When your staring at 20k in cash, you will then know the answer to your question. It is very enticing to see all that cash..oh yeah..
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06-07-2010, 06:49 PM #12
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Pewter metallic- 2000 Camaro SS
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06-07-2010, 06:53 PM #13
Imagine if they actually made that. Pull that bad boy put at a Ferrari showroom and be lik. Yeah I'll have one of those. Better yet at a 7-11 and say "could u change a million?"
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06-07-2010, 07:02 PM #14
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Sebring Silver- 2000 CamaroSS
Well.....if you show up with 20K in cash, it's easier to knock you out & take it than force you to write a check.
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06-07-2010, 07:41 PM #15
I did the meet-at-the-bank thing, and it worked. I would never hand a stranger thousands of dollars in cash.
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06-07-2010, 08:30 PM #16
If I were taking $20k to pay for a car, I'd probably get him to meet me at the police station, inside it... Something to make sure you don't get KTFO and robbed. I'd say a cashier's cheque at the bank is a pretty good alternative.
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06-07-2010, 10:37 PM #17
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2002 Z28 A4 NBM- Sadly now demodded :(
Any transaction through a bank (or other institution) over $10K gets reported to the feds because of all the 9/11 BS from the PATRIOT Act.
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06-08-2010, 07:29 AM #18
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Black- 1998 LS1 T/A Conv. RamAir
My bank (Chase) makes me wait 7 to 10 days for the cashier's check to clear, not much different from a personal check anymore. You can however go to the bank where the check is drawn from and get the cash. I personally like to work with cash no banks etc...
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06-08-2010, 07:53 AM #19
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06-08-2010, 08:34 AM #20
- Join Date
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- Kennesaw, GA
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Silver- 2005 Toyota Corolla (DD)
Agreed, but payment recieved for goods through private party sale such as this is not taxed as income to the seller.
When I sold my Mustang for $9,999 the buyer showed up with 10k in hundred dollar bills. I didn't have a $1.00 to give him so I told him I'd scrounge up some change. He laughed and said don't worry about it.
I wasn't thrilled about that much money exchanging hands in my home, but I was carrying and he was most likely carrying as well. The buyer brought his kid with him and my wife was present too (kids were at the neighbor's house).
The money went in my safe that night (Saturday) until Monday morning when I took it to the bank. I never keep a firearm in the nightstand but I did for those 2 evenings.
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