How to pay cash at a car Dealership! And believe me when i say, you have to play your cards right if you want to be a cash car buyer! There’s definitely a right way and a wrong way to pay cash.
Hi everyone, I’m Kevin Hunter, known online for the last 15 years by Car Buyers as The Homework Guy. In this show, we’re picking up a subject we’ve talked about a lot over the years, and today we’re diving into how to pay cash at a car dealership without getting burned. You heard that right. You can actually get burned paying with cash. The interesting thing to us is that quite a few people wonder “Who’s got money to buy cars with cash anyway these days?” Well, it’s more than you’d think, so to help you cash buyers out there, today we’re diving into a topic that’s always in demand.
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This video is an update of the show "How to Pay Cash at Car Dealerships."
1st, Dealers Love Financing: Dealerships make a big chunk of their profits through financing deals. That includes kickbacks from banks and upselling you on extra products like extended warranties, gap insurance, and much more.
2nd, Cash Buyers Lose Negotiating Power: When you announce you’re paying cash, you remove a key profit stream for the dealer. They may stop offering discounts or incentives because they know they won’t make up for any of that money on what’s known as the back end.
So, when should you reveal you’re paying cash? After you’ve locked in the price of the car. First, negotiate as if you’re open to financing. It’s perfectly ok to say things like “I’d like to know what I’ll be paying before I discuss financing details.” Once you’ve nailed down a deal, you have it all in writing, and you’re sitting in finance, now it’s time to let them know you’ll be paying cash. But, there is a right way and a wrong way to do it, so let’s set that up first with a role-play example.
Next, let’s talk about What “Paying Cash” Really Means
And let me begin by clearing up a common misconception. Paying cash doesn’t have to mean showing up with a suitcase full of bills. In fact, carrying large amounts of physical cash is not only risky but can also trigger unnecessary government scrutiny.
IRS Form 8300: Any business receiving over $10,000 in physical cash is required to report the transaction to the IRS. This is to monitor tax evasion and illegal activities.
Personal or Business Checks
These are straightforward and widely accepted. Dealers can quickly verify your funds, making it an easy way for you to pay.
Cashier’s Check or Certified Check
Issued by your bank, these are secure and ideal for large transactions. Just confirm the exact amount with the dealership before requesting the check, or approximate based on your advance homework like Liz did in the role play.
Money Orders
While accepted, money orders are typically limited, making them impractical for larger purchases like a car. The maximum amount per money order is $1,000. With a given car deal, that would be several money orders, and when you exceed $3,000 in money orders in a single day you may be required to complete additional forms and present identification, because of concerns over money laundering.
Debit Card
You can use a debit card for a large purchase, but you’ll need to notify your bank beforehand to temporarily lift your spending limit to accommodate a larger transaction.
Wire Transfers and Bank Drafts
These methods aren’t as common but work well for high-value transactions. Check with your dealership beforehand to see if they accept them.
What About Physical Cash? If you prefer to pay with physical cash, here are some tips:
Keep It Under $9,000: This helps avoid triggering IRS Form 8300.
Stay Safe: Transporting large sums of money can make you a target, so be discreet and secure when carrying cash.
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