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      01-16-2012, 06:32 PM   #67
radiantm3
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Quote:
Originally Posted by Rolf-Dieter View Post
Something is real fishy about this story ...

Dealer had only one used M3 on the lot (I assume it is the OP M3 that they took back from him)

Try to contact the dealership about this 2008 M3 and they will come back to you and tell you it was sold last night.

Sorry OP seams they took your $20K and sold your repossessed car again last night.

Oh it is still listed, they do explain it will take a few days to remove a sold car from there web site inventory.

The car in question (2008 M3) was $44K not $50K

Perhaps the OP put some score marks on the car ? and devaluated it since driving it of the lot ?
I HIGHLY doubt they would go out and sell a car that was just repossessed. There's paperwork to go through and I'm sure they are investigating the whole situation.
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      01-16-2012, 06:36 PM   #68
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Quote:
Originally Posted by radiantm3 View Post
I HIGHLY doubt they would go out and sell a car that was just repossessed. There's paperwork to go through and I'm sure they are investigating the whole situation.
I will PM you the Dealer response to me. Perhaps you are right ... and they use the "has been sold" response as a cushion.
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      01-16-2012, 06:50 PM   #69
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Quote:
Originally Posted by coogs08 View Post
No way is it illegal to have $20k in cash...I think you're confused about the amount of cash you can travel with. You can deposit 10k at once into a bank, but you will have to fill out IRS paperwork when you do.
You can enter the US with any amount of cash, as long as you declare it. Also, $20,000 in hundreds does not take much space. Why is it so hard to believe that some people have reasonably large amounts of cash on hand?
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      01-16-2012, 07:09 PM   #70
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Quote:
Originally Posted by Rolf-Dieter View Post
Is this the car? ===> CLICK The price BTW is not $50K it is $44K and the only M3 they are showing

Why not go thru your bank? Cash under the table? ... What are you hiding?

Man in all fairness ... you hand someone that much money you need to get the right confirmation paperwork.

Case in point ... in 2010 I sold my e46 M3 privately. The fellow arrived by train I picked him up. We went to the bank deposited his certified cheque into my account. Since even a certified cheque can be falsified I asked my bank manager to phone his bank and verify that that the cash indeed had been assigned to this certified cheque. It took 20 minutes for my bank manager to confirm that the certified cheque is legitimate.

While we waited for confirmation the fellow I sold the car to wanted the key. I did not give him the key until I had the confirmation from my bank manager.

That is the way you do this ... there is no other way.
Well said!
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      01-16-2012, 07:09 PM   #71
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Quote:
Originally Posted by coogs08 View Post
No way is it illegal to have $20k in cash...I think you're confused about the amount of cash you can travel with. You can deposit 10k at once into a bank, but you will have to fill out IRS paperwork when you do.
I deposited $23,000 in a regular fashion February of last year. No IRS paper work or anything.
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      01-16-2012, 07:10 PM   #72
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Quote:
Originally Posted by EndlessZ4M View Post
I had 3 banks about 10 years ago and only Bank of America could fill my $20,000 withdrawal. Union Bank had to "ORDER" the money or some bullshit excuse so you can't just go in and take out $20,000 in 100's. They told me they order enough to get by for the week and they have people that get paid weekly that withdrawal immediately so they have to be able to cover all those transactions. So I said thanks and went to my other bank. Takes 3-5 working days to order the cash.
Sometimes, they have it on hand but won't admit it until they see your balance because they think you might be scoping out a heist. Bank of America had to "order" cash for me one time when I needed to take out $10K even after they saw my balance.
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      01-16-2012, 07:52 PM   #73
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if i was 100% clear on my end (as in, legit cash, legit transaction, etc...), i would have been in the repo truck that took my M3 back to the dealership to get to the bottom of that real quick...
either with the salesman who "received the cash and gave the keys to OP", or with the GM...
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      01-16-2012, 07:57 PM   #74
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i think the OP gave them 20k in fake bills= $0
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      01-16-2012, 08:00 PM   #75
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I paid for my last Z06 in cash..... It took the bank 4 hours to get the money, and when I went to the dealership it was nothing but a hassle... Filled out a ton of paper work and the sales manager and myself counted the money four times... To be honest i was pretty disappointed when i saw what 70k looks like...Never again.. Bank draft is it... As far as depositing 10k you do have to fill out a form, even if the bank has all your info to fill it in you still have to sign it and they copy your license with it...from my own personal experience unless something really shady was going on there's no way op would have walked out of there with out stone cold proof of his cash down....
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      01-16-2012, 08:03 PM   #76
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Wow, I was actually inquiring about this car today! It was just put up on autotrader.
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      01-16-2012, 08:07 PM   #77
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Quote:
Originally Posted by 328xi0wner View Post
I deposited $23,000 in a regular fashion February of last year. No IRS paper work or anything.
... that you saw. The deposit causes the IRS to be notified. You see and know nothing on your end unless they decide to hit you up with an audit later.
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      01-16-2012, 08:11 PM   #78
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Quote:
Originally Posted by Lostx89xSoulz View Post
thank you, exactly the amount of money you have is not illegal just if you deposit it into the bank more than 10k you have to answer to where the money come from.
This also holds true if you make a purchase for 10k in cash. You must fill out IRS forms and others........Phil
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      01-16-2012, 08:13 PM   #79
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Quote:
Originally Posted by Chachi112 View Post
I paid for my last Z06 in cash.....
Gack! Why did you want to do this? Sounds like a huge pain as well as a security risk.
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      01-16-2012, 08:17 PM   #80
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I think people on here are being a little too harsh on the OP. While it's possible that he deals in cash to avoid taxes or because he's a drug dealer, it's also possible that he's a regular guy.

Either way, the dealer misplaced $20,000. That isn't just incompetent, that's criminal and a serious and legitimate problem for anyone. Seriously guys, wtf?
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      01-16-2012, 08:28 PM   #81
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Quote:
Originally Posted by Legion5 View Post
I think people on here are being a little too harsh on the OP. While it's possible that he deals in cash to avoid taxes or because he's a drug dealer, it's also possible that he's a regular guy.
It's pretty clear from the OP's responses that at the very least he is trying very hard to avoid the attention of the IRS. So in my book, that doesn't qualify as "regular guy" who just happens to have $20k cash lying around the house.

Quote:
Either way, the dealer misplaced $20,000. That isn't just incompetent, that's criminal and a serious and legitimate problem for anyone. Seriously guys, wtf?
Right, so the normal response would be to first call the dealer to try to resolve the issue (obviously did not work since the dealer repossessed the car), then call the police (since someone at the dealership pocketed $20k). OP has shown marked resistance to calling the po-po for no stated reason.
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      01-16-2012, 08:39 PM   #82
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OP - time to move on. It's only 20k and really not work the hassle. Go find another dealer and don't half-ass it next time. Bank roll the entire amount.
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      01-16-2012, 08:39 PM   #83
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Quote:
Originally Posted by Foodle View Post
Gack! Why did you want to do this? Sounds like a huge pain as well as a security risk.
To be honest I have no idea.... It was stupid
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      01-16-2012, 08:44 PM   #84
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Some clarification on this whole $10K question.

First, the dealer has to report any transaction to the IRS if more than $10,000 in cash is involved. If you go to your bank and make a deposit of more than $10K it will report the transaction. These rules apply when in the course of its trade or business a business receives such an amount. It's all part of the anti-money laundering rules incorporated in the Bank Secrecy Act.

So, in the OP's transaction, the dealer will have to report the receipt of the $20K to the IRS. Not a big deal, just part of doing business in the US.

As for why the OP did not want the cash hitting his bank account, he has his own reasons and does not need to tell us anything. His reasons may be entirely legitimate. Generally, however, folks may not want to deposit cash in an account in their name because they may be trying to avoid creditors, which can include ex-spouses looking for alimony or child support, the IRS, or even a party that has a judgment against the account holder and is trying to collect. Sure it sounds suspicious but it's all just conjecture.
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      01-16-2012, 08:46 PM   #85
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Originally Posted by SehrSchnell View Post
This thread made me realize that my life is boring.
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      01-16-2012, 08:52 PM   #86
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Guess I am not going to worry about the strawberry lemonade, I paid $1.79 for the other day at McDonalds, that I drove off and forgot to get at the window.
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      01-16-2012, 08:53 PM   #87
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Quote:
Originally Posted by AMPowerJ View Post
Guess I am not going to worry about the strawberry lemonade, I paid $1.79 for the other day at McDonalds, that I drove off and forgot to get at the window.
you didn't pay cash did you?
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      01-16-2012, 09:22 PM   #88
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Thanks for all the sarcasm, I post it on here to see if anyone has any suggestion for me. I did all the suggested. I try talking to the dealer and it didn't work, I called the cops when they try repoing my car and the cops said that it's a civil thing and they can't get involved. I called a lawyer and he said thats there's a case but it's gonna take a while but I have to sue the dealers. I have cash save up to buy my car, I have record from my bank that I withdraw the money but not all at once. I've bought my e92 couple years back the same way with $10k cash down and it was fine. Just this dealer's manager is shady an might of just pocketed my money.
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