Buying basses with credit [poll]

[g-dude]

Banks here would rather do a check than involve themselves in the extra step of reporting cash transactions above the drug dealer limit. Expect it would be like that pretty much everywhere.

ANY transaction over $10,000 - regardless of cash, check, ACH, etc. - is a reportable transaction.

What’s more, any transactions that are split apart to avoid the $10,000 reporting limit not only get reported, but also open up the person engaging in those transactions to legal liability.

In short, if you’re reporting the sort of income that would make it unlikely that you can engage in transactions over $10k, you need to have a documented way of establishing where you got the money. If you engage in a series of transactions over $10k, or even close to that, they’ll definitely be looking at you.

Businessmen who underreport their income, Congressmen paying blackmail money, people with undeclared foreign assets - these are all the sorts of people that can run afoul of this.

 

[turf3]

I use "cash" when I refer to buying a car or other large item with a personal check or cashier's check. It's basically the same thing as currency. I'm not a drug dealer, I'm not going to carry $20,000 in bills to a car dealer. I suppose there are occasionally people who pay for a car with actual currency, but it's got to be vanishingly rare. I would expect a lot of dealerships would refuse it due to security risks and reporting requirements.

 

[BadSanta1281]

I sold several cars that got paid with 99 hundred dollar bills and the rest by check.

 

[g-dude]

I sold several cars that got paid with 99 hundred dollar bills and the rest by check.

Hopefully they weren’t using you to unwittingly launder money.

 

[BadSanta1281]

As long as it is under 10k no dealer will turn away cash.

 

[Nuage420]

I use "cash" when I refer to buying a car or other large item with a personal check or cashier's check. It's basically the same thing as currency. I'm not a drug dealer, I'm not going to carry $20,000 in bills to a car dealer. I suppose there are occasionally people who pay for a car with actual currency, but it's got to be vanishingly rare. I would expect a lot of dealerships would refuse it due to security risks and reporting requirements.

There are extra documents required for cash over a certain amount. But dealerships ABSOLUTELY WILL NOT refuse to accept money.

 

[ILIA]

Exactly. People who've paid off their debt have noticed that their credit score went down.

People who've paid off their debt (including paid off their house, cars, student loans, etc) don't give a hoot about their credit score going down.

 

[MrClassicMetal]

People who've paid off their debt (including paid off their house, cars, student loans, etc) don't give a hoot about their credit score going down.

Very true, I sure wouldn't!

 

[Volker Kirstein]

I'm churchmouse poor, and have 0 credit. I have to pay up front for everything. Period. If I don't have the cash, I can't afford it. Simple as that.

Credit is a trap door to wage enslavement and/or bankruptcy. IMO.

 

[turf3]

“‘My other piece of advice, Copperfield,’ said Mr. Micawber, ‘you know. Annual income twenty pounds, annual expenditure nineteen nineteen six, result happiness. Annual income twenty pounds, annual expenditure twenty pounds nought and six, result misery.”

The use of credit for non-emergency non-essential purchases is not the same thing as living beyond one's means but it's a very fast highway to it.

 

[turf3]

There are extra documents required for cash over a certain amount. But dealerships ABSOLUTELY WILL NOT refuse to accept money.

Well, I'm not going to put it to the test. Carrying around $20,000+ in currency seems like a great way to get knocked in the head.

 

[Spidey2112]

Credit cards that get paid off every month.

Ditto... use the CC for rewards and protection the CC offers.

It's worked out well for me, and I'm sure it has for the CC company, as well.

 

[Spidey2112]

Businessmen who underreport their income, Congressmen paying blackmail money, people with undeclared foreign assets - these are all the sorts of people that can run afoul of this.

I bet they have plenty of basses, too.

 

[g-dude]

I bet they have plenty of basses, too.

Maybe even an amp or two.

 

[Spidey2112]

Maybe even an amp or two.

 

[wiscoaster]

I pay for almost everything by credit card, making sure I don't spend more than I can pay in full on the next statement.

 

[BadSanta1281]

The thing about the "cash only" concept is that you're still paying the same inflated prices we are that fund our credit card rewards but you're not reaping the benefits.

Work the system, don't let the system work you.

 

[GIBrat51]

I use a credit card 99.9% of the time. However, unless it's time to give that credit card company their annual taste of interest? I pay it off when the first bill shows up. In fact, I just gave PayPal their interest taste last month, then paid them off. I don't think I've ever bought anything - that wasn't a car; a motorcycle; or a house - that I couldn't have paid cash for. Well, if the Feds didn't get their panties in a wad over $10K+ cash transactions, that is. Actually, now that I think about it? I've bought several motorcycles; the new car in my driveway right now; and this house I'm living in, with a check...

 

[Acoustic356]

Sweetwater ran a Fodera deal that ended last year. 36 equal payments 0 interest. They are doing the same this year, except it's 2 years 0% interest.

IN the end, you have to be savvy and figure out how much interest will be added to the cost of the gear.

 

[marchone]

I’ll pay cash when I can but PayPal has a 6-month zero interest option. Just saying.