Thread: Pay with CASH. Do they require Social Sec Number?
View Single Post
Old 01-27-2011, 01:34 AM   #10 (permalink)
zmyride
Track Member
 
zmyride's Avatar
 
Join Date: Nov 2009
Location: SF Bay Area
Posts: 631
Drives: 10 Black Sports 7AT
Rep Power: 16
zmyride has a spectacular aura aboutzmyride has a spectacular aura about
Default
Quote:
Originally Posted by z... View Post
It only needs to be reported (form 8300) if you pay with greenbacks. If you bring a personal check or cert check any dealer does not have to fill that out. if they are a dealer that obeys all regulations they need to verify OFAC and identity theft to ensure your not a criminal or wanted by the govt or did not steal someone's identity.(do not need a s.s # they can use 123-45-6789). Starting 01/01/11 they also need a risk-based-analysis notice that tells you your credit score. (that is only if you finance with them). I am a finance mgr at a dealership... if you have any other questions i would be more than happy to help out.
so I read the IRS site, it said if i paid with a cashier's or personal check over $10K then the dealer wont have to fill out the form.

Also only cash transaction over 10K is reported. I'm not making cash transaction. they can't track cash, but they sure can track bank or cashiers check.
zmyride is offline   Reply With Quote