Paying in cash
Newbie
Joined: Mar 2008
Posts: 13
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From: Vancouver, Wa. USA
97 SL600
Uh, no... Thats not a solution, its a stupid person thinking he's smart. The only thing your buddy, who manages that dealership, is doing is compromising the owners.
The law is pretty clear and your friend is a moron for doing such a thing to appease a customer who obviously has something to hide. As a "manager", he should know that the world is much bigger than his tiny paycheck. Not only is he liable for thousands in fines but the company that hired the dumbass is at risk too.
The law is pretty clear and your friend is a moron for doing such a thing to appease a customer who obviously has something to hide. As a "manager", he should know that the world is much bigger than his tiny paycheck. Not only is he liable for thousands in fines but the company that hired the dumbass is at risk too.
As far as my specific example of this & your response to it, it was not a single customer & my buddy didn't create the process. Matter of fact the store owner HIMSELF came up with the idea as a way to help out a segment of his customers who otherwise would not have been able to do business with the store. I am sure that this is not the only car dealership to utilize this legal way to get around the intent of the law. I see no difference between this & some speeder using a radar detector to let him know where the cops are at. Be careful up there on your high horse NY C32, for you know people fall off them all the time.
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Joined: Dec 2004
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From: NYC / Miami
2020 BMW X3M Comp
Must be nice living in fantasy land where the sun always shines & every one is beyond reproach. However over here in reality people make laws & others circumvent them, legally mind you, through loopholes that the lawmaker's lack of foresight allow for.
As far as my specific example of this & your response to it, it was not a single customer & my buddy didn't create the process. Matter of fact the store owner HIMSELF came up with the idea as a way to help out a segment of his customers who otherwise would not have been able to do business with the store. I am sure that this is not the only car dealership to utilize this legal way to get around the intent of the law. I see no difference between this & some speeder using a radar detector to let him know where the cops are at. Be careful up there on your high horse NY C32, for you know people fall off them all the time.
As far as my specific example of this & your response to it, it was not a single customer & my buddy didn't create the process. Matter of fact the store owner HIMSELF came up with the idea as a way to help out a segment of his customers who otherwise would not have been able to do business with the store. I am sure that this is not the only car dealership to utilize this legal way to get around the intent of the law. I see no difference between this & some speeder using a radar detector to let him know where the cops are at. Be careful up there on your high horse NY C32, for you know people fall off them all the time.
One, there is only one reason to try to evade reporting a large transaction - MONEY LAUNDERING
Two, Your made up scenario doesn't make the dealer exempt from reporting. The law says any one transaction or related transactions over $10k. So wheres your solution genius?
Three, This isn't a loophole, a solution or an exemption from a pretty simple law. If your story is true, it is still illegal with the intent to evade.
Four, this isn't even metaphorically the similar to using a radar detector.
five, I don't need to be careful on my high horse because I'm not on one. I just hate stupid people thinking they're smarter.
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Joined: Mar 2006
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From: NY/NJ
2012 W212 E350 Bluetec
At A dealership my buddy manages they get cash customers that do not want the government receiving their info, & being ever motivated to please the customer they came up with this solution. Say they want a $50,000.00 car, they first sell them 6 used cars for for $8,333.33 each then he trades them in on the new one. All this is done on paper only & since you do not pay sales tax on trade in value of your car(s) sales tax is only paid once. Done deal & no government reporting required.
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Joined: Dec 2004
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From: NYC / Miami
2020 BMW X3M Comp
MBWorld Fanatic!
Joined: Aug 2004
Posts: 3,764
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From: Blasting off!
CLS63 Designo Edition, Hyundai Genesis 3.8 , Veloster Turbo, CLS500(Sold), E320 (SMOKED) R500 (Sold)
First you say your friend, the manager, came up with this "solution" and now you say the owner himself... Whatever. I think there is no friend at the dealer and you came up with this lame idea just to take part in a thread that. You have no idea what you're talking about.
One, there is only one reason to try to evade reporting a large transaction - MONEY LAUNDERING
Two, Your made up scenario doesn't make the dealer exempt from reporting. The law says any one transaction or related transactions over $10k. So wheres your solution genius?
Three, This isn't a loophole, a solution or an exemption from a pretty simple law. If your story is true, it is still illegal with the intent to evade.
Four, this isn't even metaphorically the similar to using a radar detector.
five, I don't need to be careful on my high horse because I'm not on one. I just hate stupid people thinking they're smarter.
One, there is only one reason to try to evade reporting a large transaction - MONEY LAUNDERING
Two, Your made up scenario doesn't make the dealer exempt from reporting. The law says any one transaction or related transactions over $10k. So wheres your solution genius?
Three, This isn't a loophole, a solution or an exemption from a pretty simple law. If your story is true, it is still illegal with the intent to evade.
Four, this isn't even metaphorically the similar to using a radar detector.
five, I don't need to be careful on my high horse because I'm not on one. I just hate stupid people thinking they're smarter.
This smells of money laundering (plenty of people in ATL do it) and does not exempt of reporting the money changing hands once the "traded-in" cars are sold back. It does not make sense. I sense...oh no! It's:
and pure:
