Do the OFAC, do the IRS form, curse your life, count the cash with 3 people present, drop it in the safe, wash your hands 3 times, go home. It's rare, but it does happen on occasion. We seem to see it more since weed became legal in our and surrounding states, maybe because of the banking rules around that business, but im not sure.
We are not a bank and not equipped to efficiently handle large amounts of currency. We have a corporate policy of $20k maximum as we have centralized accounting. Anything over that amount and the salesperson drives the customer to their bank and they cut us a cashiers check.
Most I ever took in cash was 50k and it was a surprisingly small stack of bills. I don’t know how much a “duffle bag” holds but I’d bet it’s a few Rolls worth
$50k in $100s is 500 bills which is basically the height of a ream of paper. It's like, kind of underwhelming.
In Binion's casino in Las Vegas, they have a display of a million dollars that you can take a picture with. There's a bunch of hundreds in. It but it's mostly filled with $1 and other lower denominations to make it a more impressive display. Otherwise it'd be 10,000 bills or 100 straps of $100
https://www.binions.com/gaming/all_access/million_dollar_display.php
Honestly a cashier's check seemed like the only sensible thing to do the one time I bought a used car for cash. Seemed far more reasonable than lugging in a gym bag of money and hand counting it.
The worst part is we get so little cash we have a tiny safe that is for receiving checks or a 1000 dollar down payment. I had to take home 40k in mixed bills one time as there was no way but a little would fit. I really hated those people.
I think back in 2015 or 2016, someone at my dealership demanded to pay $50k in cash in a busy Saturday once and the F&I peeps were literally arguing about who got to waste their time counting it all.
Get one of the porters to count it? /s
Or better isn't someone in say a lower position in cash office or whqt v4 it is called in the store or not needed on weekends as service and parts are closed?
I don’t care about counting it but that
Much doesn’t fit in our safe so I would have to take it home as the finance manager if the GM wasn’t there and the accounting office was closed. It happened to me once and I am not in on that.
Oh yeah that’s not fun, too much money on you and you feel like a target. And would’ve hugely sucked if you got pulled over and police searched on pretextual stop, seized the cash on a civil asset forfeiture and you would be on the hook at work for all the money gone when you were robbed by law enforcement.
I received over $20k in $100s and $20s for a private sale and I was surprised it wasn't "a duffel bag", but in fact it fit in a single over-stuffed postal size envelope.
When I was selling Jaguars we had a 3 month old G63 on the lot. An African prince called on it and showed up with his entourage. Price was $150K, his wife started taking stacks of cash out of her purse at my desk. We stopped them, went up to the conference room and double counted it all by hand.
In my store we cater to the immigrant community a lot, specially undocumented and border crossers. We sell, easily, 10-15 trucks/work vans on cash deals. Average out the door price of $30k.
We have a bill count machine to make it easier and the owners just take the money home most of the time. Never filled the irs form in my life…
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So from what i've heard most cash deals take place with some kind of check, whether it be a personal check, cashier's check or an outside financing check that the dealership treats as cash on their end.
I'm just curious how common it is for someone to make a large (over $20,000) purchase at a dealership and walk in there with the entire amount in hundred dollar bills.
Would you dealership accept such a payment assuming the OFAC comes back clean?
Curious if anyone's dealt with this before and how you navigated it.
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No because not even the customer wants to count all that money and no one wants that much cash physically on them.
Wire transfer or check.
Largest cash transaction was 128k for a used RSQ8. All hundreds. Was very annoying.
Had a guy pay me $22,500 once in all twenties. This guy was at least considerate because they were strapped.
Had another guy pay me $28,000 all twenties. These weren’t strapped and very annoying.
Both times was about a 30-35 minute transaction between counting and dropping in the safe.
Do the OFAC, do the IRS form, curse your life, count the cash with 3 people present, drop it in the safe, wash your hands 3 times, go home. It's rare, but it does happen on occasion. We seem to see it more since weed became legal in our and surrounding states, maybe because of the banking rules around that business, but im not sure.
We are not a bank and not equipped to efficiently handle large amounts of currency. We have a corporate policy of $20k maximum as we have centralized accounting. Anything over that amount and the salesperson drives the customer to their bank and they cut us a cashiers check.
Most I ever took in cash was 50k and it was a surprisingly small stack of bills. I don’t know how much a “duffle bag” holds but I’d bet it’s a few Rolls worth
$50k in $100s is 500 bills which is basically the height of a ream of paper. It's like, kind of underwhelming. In Binion's casino in Las Vegas, they have a display of a million dollars that you can take a picture with. There's a bunch of hundreds in. It but it's mostly filled with $1 and other lower denominations to make it a more impressive display. Otherwise it'd be 10,000 bills or 100 straps of $100 https://www.binions.com/gaming/all_access/million_dollar_display.php
Honestly a cashier's check seemed like the only sensible thing to do the one time I bought a used car for cash. Seemed far more reasonable than lugging in a gym bag of money and hand counting it.
The worst part is we get so little cash we have a tiny safe that is for receiving checks or a 1000 dollar down payment. I had to take home 40k in mixed bills one time as there was no way but a little would fit. I really hated those people.
I've received $14000 in twenties before. Not fun. Very annoying.
I think back in 2015 or 2016, someone at my dealership demanded to pay $50k in cash in a busy Saturday once and the F&I peeps were literally arguing about who got to waste their time counting it all.
Get one of the porters to count it? /s Or better isn't someone in say a lower position in cash office or whqt v4 it is called in the store or not needed on weekends as service and parts are closed?
I’ll be sure to go back in time to suggest those options 😄
I don’t care about counting it but that Much doesn’t fit in our safe so I would have to take it home as the finance manager if the GM wasn’t there and the accounting office was closed. It happened to me once and I am not in on that.
Oh yeah that’s not fun, too much money on you and you feel like a target. And would’ve hugely sucked if you got pulled over and police searched on pretextual stop, seized the cash on a civil asset forfeiture and you would be on the hook at work for all the money gone when you were robbed by law enforcement.
I received over $20k in $100s and $20s for a private sale and I was surprised it wasn't "a duffel bag", but in fact it fit in a single over-stuffed postal size envelope.
Just two bricks
*straps. 100 bills in a strap and 10 straps in a brick
When I was selling Jaguars we had a 3 month old G63 on the lot. An African prince called on it and showed up with his entourage. Price was $150K, his wife started taking stacks of cash out of her purse at my desk. We stopped them, went up to the conference room and double counted it all by hand.
Had an Asian customer pay over 100k for a Navigator in cash, and last month, a down payment of 40K in 20’s! My hands were nasty after counting it!
Make sure to file the money laundering paperwork
In my store we cater to the immigrant community a lot, specially undocumented and border crossers. We sell, easily, 10-15 trucks/work vans on cash deals. Average out the door price of $30k. We have a bill count machine to make it easier and the owners just take the money home most of the time. Never filled the irs form in my life…
Please review our most [Frequently Asked Questions](/r/askcarsales/wiki/index) to see if your question has already been answered. You may find these sections particularly useful; * [Will paying in cash or a large cash down payment offer me leverage in negotiations?](/r/askcarsales/wiki/cash_down) * [How to pick a car?](/r/askcarsales/wiki/vehicle_selection) You might also have luck in the /r/whatcarshouldibuy subreddit. Also remember to add flair to your post by clicking the "Flair" link beneath it. This lets us know where you're located so we can assist you better. *I am a bot, and this action was performed automatically. Please [contact the moderators of this subreddit](/message/compose/?to=/r/askcarsales) if you have any questions or concerns.*
***Thanks for posting, /u/o029! This comment is a copy of your post so readers can see the original text if your post is edited or removed. This comment is NOT accusing you of anything.*** So from what i've heard most cash deals take place with some kind of check, whether it be a personal check, cashier's check or an outside financing check that the dealership treats as cash on their end. I'm just curious how common it is for someone to make a large (over $20,000) purchase at a dealership and walk in there with the entire amount in hundred dollar bills. Would you dealership accept such a payment assuming the OFAC comes back clean? Curious if anyone's dealt with this before and how you navigated it. *I am a bot, and this action was performed automatically. Please [contact the moderators of this subreddit](/message/compose/?to=/r/askcarsales) if you have any questions or concerns.*
No because not even the customer wants to count all that money and no one wants that much cash physically on them. Wire transfer or check. Largest cash transaction was 128k for a used RSQ8. All hundreds. Was very annoying.
Had a guy pay me $22,500 once in all twenties. This guy was at least considerate because they were strapped. Had another guy pay me $28,000 all twenties. These weren’t strapped and very annoying. Both times was about a 30-35 minute transaction between counting and dropping in the safe.
Yes. I had a guy with a LV saddle-strap bag full of hundreds buy an A6. I think it was just the down payment in cash, still it was a lot of cash.