wvugurl26
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Post by wvugurl26 on Dec 31, 2014 13:49:48 GMT -5
It probably is up to each dealer since they are paying the fees. When I bought my car in February I wrote a personal check for $7k for the down payment.
I'm guessing the dealership allowed it since it was a $30-40k purchase? And I think they'd bought there before.
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midjd
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Post by midjd on Dec 31, 2014 13:51:52 GMT -5
My grandparents bought a brand new Cadillac sedan for grandma on a credit card. They forgot the checkbook at home. Paid it off when the statement came. Does each dealership have their own rules? When I bought a car they would only let me put 2k on a cc. I'm pretty sure they do. The one where DH works has a $2K CC limit because of the swipe fees (their profit margin on new vehicles is already razor thin if the buyer doesn't take the upgrades/extended warranties). I think even with a $2K charge they're paying $40 - $50 in swipe fees. They are a little more relaxed on the used side, but that's because they're making about a 40% profit on those cars.
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HoneyBBQ
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Post by HoneyBBQ on Dec 31, 2014 13:57:25 GMT -5
I don't understand you at ALL, Carl.
Why on EARTH would you want stacks of money laying around your house for your wife to spend? For God's sakes, keep it in an account that you can at least write a check from.
I wrote a check for my last car. NBD.
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TheHaitian
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Post by TheHaitian on Dec 31, 2014 13:58:40 GMT -5
We buy all our cars with cash. We hate consumer debt. But we have virtually no cash hanging around our house. It's all in the bank (except for a small True Emergency stash - a major earthquake, zombie apocalypse, etc).
I just did that, opened a checking/savings account with Wells Fargo. Ok cash at home is bad and make you look like a drug dealer. Got it, I will transfer money to that weekly instead!
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ArchietheDragon
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Post by ArchietheDragon on Dec 31, 2014 13:59:29 GMT -5
No offense meant, but that $50 will be gone the next Saturday night when everyone is over hanging out and drinking and at 11PM and a pizza sounds like the best idea anyone has ever had.
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TheHaitian
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Post by TheHaitian on Dec 31, 2014 14:01:47 GMT -5
No offense meant, but that $50 will be gone the next Saturday night when everyone is over hanging out and drinking and at 11PM and a pizza sounds like the best idea anyone has ever had. Credit card / Debit card !!! We both never have cash on us
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ArchietheDragon
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Post by ArchietheDragon on Dec 31, 2014 14:03:51 GMT -5
No offense meant, but that $50 will be gone the next Saturday night when everyone is over hanging out and drinking and at 11PM and a pizza sounds like the best idea anyone has ever had. Credit card / Debit card !!! We both never have cash on us Now you don't. But when there is now $50 just sitting there in the drawer in the kitchen doing nothing, which could so easily be turned into a hot delicious pizza. And when you think about it, it is almost like a free pizza. How can it not make sense? Just this once.
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midjd
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Post by midjd on Dec 31, 2014 14:05:32 GMT -5
Credit card / Debit card !!! We both never have cash on us Now you don't. But when there is now $50 just sitting there in the drawer in the kitchen doing nothing, which could so easily be turned into a hot delicious pizza. And when you think about it, it is almost like a free pizza. How can it not make sense? Just this once. It is disturbing how much this mirrors my thought process, which is why I try to never have cash either.
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cronewitch
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Post by cronewitch on Dec 31, 2014 14:07:28 GMT -5
I'd just move it to savings. I don't like cash. A bank would have to report a 10k+ deposit. I'm not sure retailers have any such requirement. Yes retailers do have to report. We were audited once checking to see if we had large cash transactions. Even if the 10K is spread out over a year you need to report it. It isn't illegal you just need to report so they can check for money laundering.
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kittensaver
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Post by kittensaver on Dec 31, 2014 14:20:44 GMT -5
We buy all our cars with cash. We hate consumer debt. But we have virtually no cash hanging around our house. It's all in the bank (except for a small True Emergency stash - a major earthquake, zombie apocalypse, etc).
I just did that, opened a checking/savings account with Wells Fargo. Ok cash at home is bad and make you look like a drug dealer. Got it, I will transfer money to that weekly instead! Smart man
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sapphire12
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Post by sapphire12 on Dec 31, 2014 16:40:01 GMT -5
When I bought my SUV, almost 11 years ago, I could only put $2K on my credit card. I agree set up a separate account for the car and vacation funds.
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TheHaitian
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Post by TheHaitian on Dec 31, 2014 16:48:07 GMT -5
I just did that, opened a checking/savings account with Wells Fargo. Ok cash at home is bad and make you look like a drug dealer. Got it, I will transfer money to that weekly instead! Smart man I still withdrew the $50
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Chocolate Lover
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Post by Chocolate Lover on Dec 31, 2014 16:49:07 GMT -5
Smart man I still withdrew the $50 Enjoy that pizza
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sapphire12
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Post by sapphire12 on Dec 31, 2014 16:52:33 GMT -5
I still withdrew the $50 Enjoy that pizza LOL
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dannylion
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Post by dannylion on Dec 31, 2014 17:28:22 GMT -5
Thanks a lot, guys. Now I want pizza.
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Deleted
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Post by Deleted on Dec 31, 2014 17:30:48 GMT -5
Just sent husband to pick one up
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justme
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Post by justme on Dec 31, 2014 18:47:32 GMT -5
Damn, I'm afraid of calling to see how long it'd take to get pizza delivered.
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msventoux
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Post by msventoux on Dec 31, 2014 19:31:13 GMT -5
I have my car replacement funds going into buying I bonds. I can't access the money for a year, and there's a 3 month interest penalty if I cash the bonds out before 5 years, I think.
It works for me. It gets the money out of my immediate grasp, but I can get to it in an emergency. And it's far enough out of my grasp that it seems like too much of a hassle to raid for things that aren't an emergency. No worries about getting robbed or the house burning down since it's all electronic.
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NastyWoman
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Post by NastyWoman on Dec 31, 2014 21:24:45 GMT -5
I don't have $10-20K lying around at home, but ever since Katrina and its aftermath, I have $500 in small bills in a fireproof safe. I remember the news showing stores selling to people who had cash on hand. No credit/debit since those systems didn't work. And while we don't have hurricanes here, we do have earthquakes...
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Peace77
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Post by Peace77 on Jan 1, 2015 20:47:50 GMT -5
Carl,
Put your money in a fire proof safe.
If you don't have one, put it in a sandwich baggie and stick it in the back of the freezer.
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aliciar6
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Post by aliciar6 on Jan 2, 2015 10:02:33 GMT -5
It's always nice to have the option available to pay cash for your car. We just bought a new truck Wednesday and we thought about paying cash or putting it on the CC for the cash back if the dealership would go for that. However, with the interest rate we got, the fact that we can pay it off as soon as we want or not, we decided to just finance it instead. The money is doing more for us earning interest in savings and also the majority of what we would have put towards the truck will instead be put in a 529 plan for our daughter. It made more sense to us to max out the contributions to that early on vs paying a smaller amount over a longer time frame. So in 3 years, we can fund pretty much fully fund her 529.
Since you are planning kids in your future, something to consider.
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dogmom
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Post by dogmom on Jan 2, 2015 10:23:34 GMT -5
We wrote out a check for my car. Dealership had no issues...(a little over two years ago) Last year wrote out a check for Hubby's truck. Save, invest, write out the check....No credit check involved. Both transactions went through without a hitch.
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moneymom
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Post by moneymom on Jan 3, 2015 2:05:44 GMT -5
When I bought my last car I wanted to pay in cash. The dealer said they couldn't accept it because there could be some counterfeit in there LOL. I wouldn't assume they would take the greens in that amount.
As far as reporting, I have taken out $30k in the last several months, in cash, from my checking account and not one single word was said, other than asking if I wanted an escort to my car. I know they need to report but I was expecting they'd ask what the money was for or have me sign something which neither happened. It literally took me seconds to get it. I was so shocked how easy it was. In that case I was using the cash to pay off a bunch of things (mostly for things purchased for a home remodel).
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Deleted
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Post by Deleted on Jan 3, 2015 5:53:31 GMT -5
Money mom, can I ask why you took out cash to pay? It seems an odd thing to do? To me ? Could just be me though....
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happytraveler
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Post by happytraveler on Jan 3, 2015 9:42:54 GMT -5
It is the new year and we were planning (or I) to take out $50/$100 week and stash it for a new car downpayment; I was supposed to do that when I got done paying the KIA but life happens and never got around to it. Guess 1.5 years later is better than never My wife liked that idea and said we should do the same for our vacation fund... Oh well! Anyway I am just thinking: how do you think a car dealership will react if 3-4-5 years down the road I walk in with 15-30k of cold hard cash to buy a car? You think someone will call the IRS on my ass lol! Or savings account is a better alternative vs CASH CASH? I was also worried about the house getting robbed (we do have an alarm system) or burning down with all the cash inside. Anyway getting ahead of myself since today is the first time I will be withdrawing $50... I am curious...why would you consider keeping that kind of cash on hand at home? It never would occur to me to do that, nor can I can I think of any good reason to do so. Seems like the safest and easiest way to go would be to have $50 per paycheck auto deducted into an online savings account.
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happytraveler
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Post by happytraveler on Jan 3, 2015 9:47:49 GMT -5
We just bought a new truck Wednesday and we thought about paying cash or putting it on the CC for the cash back if the dealership would go for that. I have always been told that a car dealership would not take a credit card as payment as they pay a percentage of charge to Visa/MC/etc. So if you negotiate a price of $10K, and then pullout a credit card, they would net 1 to 2% less. Has anyone ever done this? Did the dealer come back and ask for an additional fee to take the credit card?
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Timberwolf
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Post by Timberwolf on Jan 3, 2015 19:34:28 GMT -5
Earlier in the thread some people had stated they did that. The dealership almost always limits the amount a person can put on a credit card (seems like they will allow about $2000. to be put on a card with a new car purchase). We did it with the last new car we bought and they allowed us to put $2500. on the card. Even that amount was a nice little cash-back treat.
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8 Bit WWBG
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Post by 8 Bit WWBG on Jan 6, 2015 13:39:58 GMT -5
A young fit black dude buying a Challenger, or a white Escalade with a briefcase full of neat crisp bills... they are going to say "let me just check how to process this with my manager" and run back and call the fuzz.
As to the strategy of saving a bit at a time up front and out of sight, yes it works very well. Its amazing how easily we feel we have the money for little vices that add up, but seldom feel we have the equivalent money to save. You might do a lot better setting up a small direct transfer to another savings account.
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Sam_2.0
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Post by Sam_2.0 on Jan 6, 2015 14:20:49 GMT -5
It is the new year and we were planning (or I) to take out $50/$100 week and stash it for a new car downpayment; I was supposed to do that when I got done paying the KIA but life happens and never got around to it. Guess 1.5 years later is better than never My wife liked that idea and said we should do the same for our vacation fund... Oh well! Anyway I am just thinking: how do you think a car dealership will react if 3-4-5 years down the road I walk in with 15-30k of cold hard cash to buy a car? You think someone will call the IRS on my ass lol! Or savings account is a better alternative vs CASH CASH? I was also worried about the house getting robbed (we do have an alarm system) or burning down with all the cash inside. Anyway getting ahead of myself since today is the first time I will be withdrawing $50... This is how my grandpa bought his truck 15 years ago. Walked in and said i want this truck for this price. If you dont want my cash, then the guy down the street will. He walked out with the truck he wanted. That darn truck barely has 30k miles on it now, lol.
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steph08
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Post by steph08 on Jan 6, 2015 14:44:22 GMT -5
I would create a separate savings account for it, instead of withdrawing cash.
Like everyone else said, it is so easy to raid cash savings. I've done it.
Instead I have like 10 different savings accounts under ING (or Capital One 360, whatever it is called now).
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