Yep, banks too.
Totally Unreal
Thread Starter
Race Director
Joined: Oct 2004
Posts: 18,401
Likes: 3
From: Retired but working
Cruise-In VI Veteran
Totally Unreal
Was at a local Chevy dealer yesterday picking up a part I ordered (hook for holding the floor mat, one snapped) and a good looking (sorry no pics) came in with a guy (who looked like he hadn’t changed oil on his hands in two years) and paid CASH for a Z06 she’d ordered. Not a check mind you CASH. I had to stick around and I talked to the Service Manager and he said that she races Vettes and that she sold her C5 Z0and was going with a C6 Z0. He said that in a week the car would be stripped out, roll cage added, AL dash, etc. etc. The guy with her was her Mechanic husband. They loaded the car on a ramp wrecker and hauled it off. I didn’t get a chance to get her name. He didn’t know if she drag raced it or road raced it. What is really funny is that the dealership has to call the FBI because it’s a purchase over 10k with cash. I don’t know if that’s true or if he was BS’ing. Wish I could just plop down 75k. Totally unreal.
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Nice to have that kind of disposable income.
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Le Mans Master
Joined: Aug 2001
Posts: 6,725
Likes: 5
From: Colesville MD
The dealership must fill out an IRS form 8300 for any transaction where they take in more than $10k in cash. At their discrection they can file the form on lesser amounts if they feel the transaction is suspicious. This is done to cover the dealers behind, as they can be held criminaly liable for breaking cash reporting / money laundering laws.
Le Mans Master
Joined: Jun 2004
Posts: 6,269
Likes: 50
From: Dallas Texas
St. Jude Donor '06-'07-'09-'10
The reporting of over $10K in cash is not new. I sold a Vette almost 20 years ago and the buyer paid me partly in cash which was over 10 grand and I had to fill out forms when I went to deposit it at the bank.
