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Loan payoff in cash?

wet hull

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Headed out to drop $27k in cash to pay off vehicle loan. Can I expect any issues at bank or will they just except with issue? Payoff is happening in Las Vegas.
 

DaveH

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Headed out to drop $27k in cash to pay off vehicle loan. Can I expect any issues at bank or will they just except with issue? Payoff is happening in Las Vegas.
lol its vegas. tell them you won it from Keno.
 

Mandelon

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Legal US Tender...

I know deposits over $10K they report, but a loan payoff? I can't see any issues.
 

2FORCEFULL

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you have to do fed papers over 10k...and most places won't....If your doing it to get the title???? most the times you won't get it...
 

2FORCEFULL

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I know a lot of places they have to process the pay off and then send you the title...and a lot of times the title is not even there...gets spooky when you don't the pay off and get nothing...
 

2FORCEFULL

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Headed out to drop $27k in cash to pay off vehicle loan. Can I expect any issues at bank or will they just except with issue? Payoff is happening in Las Vegas.
is it your loan???
 

ka0tyk

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When I paid off the wife's car in person they had the title in some offsite storage facility and I got it like three weeks later.
 

Rattle Can Lou

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The title has the banks lien on it...so therefore when you pay it off the state has to reissue a free and clear title...that's what takes the time. You will get paperwork that notes the payoff of the loan..
 

wet hull

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I would deposit that $27K over several days in $9k increments and then write a check to pay off the loan. I think you'll trigger the $10K federal reporting rule if you pay in cash.
Well crap
 

LargeOrangeFont

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I would deposit that $27K over several days in $9k increments and then write a check to pay off the loan. I think you'll trigger the $10K federal reporting rule if you pay in cash.

This.
 

LargeOrangeFont

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The title has the banks lien on it...so therefore when you pay it off the state has to reissue a free and clear title...that's what takes the time. You will get paperwork that notes the payoff of the loan..

This. You will get a fresh title in the mail.
 

ChumpChange

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I would deposit that $27K over several days in $9k increments and then write a check to pay off the loan. I think you'll trigger the $10K federal reporting rule if you pay in cash.

Structuring. Will get you in trouble if they pick up on it which they most likely will since he probably hasn't had this type of activity on his account in the past.

Well crap

It's not report able income so who cares. They'll ask you why and you'll tell them that you sold your car and the guy paid you cash. No big deal. Unless you start doing it every week. When the guy bought my truck he paid cash and I met him at the bank so the machine would count his money faster.

No it is not illegal to be forgetful and make multiple trips to the bank :)

Let's not give advice you know nothing about. Very illegal. At the same time, his transaction is not illegal and not for laundering money or tax evasion so there is no point in making a completely legal transaction come under scrutiny.
 

DLC

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Go to 7-11 and get 27 - $1,000 money orders from western union all at one time.....
LoL

Could you picture the look on cashiers face.....
 

LargeOrangeFont

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Let's not give advice you know nothing about. Very illegal. At the same time, his transaction is not illegal and not for laundering money or tax evasion so there is no point in making a completely legal transaction come under scrutiny.

Then making 3 deposits of $9K as opposed to one of $27K isn't illegal either... :rolleyes:
 

just_floatin

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My daughter paid off her car loan this past March. 11k total payable to Nissan. She broke it into two payments. Received a letter from Nissan the loan was paid off and that the title would arrive US postal service within three weeks. Title arrived two weeks later. That is the scary part. A clean title sitting in the mailbox on a public street.
 

ChumpChange

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Then making 3 deposits of $9K as opposed to one of $27K isn't illegal either... :rolleyes:

You ever heard the saying that the cover-up is bigger than the crime? There is no crime in depositing the money, it's not laundering, it's not tax evasion, so why make it look like that and put it under scrutiny? That's moronic!
 

Wizard29

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Then making 3 deposits of $9K as opposed to one of $27K isn't illegal either... :rolleyes:

It is if the purpose is to evade the $10K federal reporting limit. How that would be proven is if the money came from some source of income that wasn't being reported and the person doing the deposit was trying to get out of being taxed on it.

Seems like the OP already got this handled, but there is nothing wrong with depositing $10K or more as long as the source of it is legitimate. If any questions are asked about where the money came from, just answer them. The federal reporting situation is driven by the need to catch illegal activity or even terrorism. If the money is legitimate, then no worries.
 

EBT531

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Loan is paid off. No issues and no reporting. They were glad to take my cash

They don't tell you, but it will be reported. Its not a big deal though. I've deposited, withdrawn, paid off loans etc. all with sums over $10k up to $50k and the feds aren't at my door yet. I think they look at your tax return and if you make $35k a year and have a bunch of $10k cash movements, thats an issue vs a person who makes enough to cover those funds.
 

GRADS

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Walk in there like a boss!

giphy-4.gif
 

LargeOrangeFont

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You ever heard the saying that the cover-up is bigger than the crime? There is no crime in depositing the money, it's not laundering, it's not tax evasion, so why make it look like that and put it under scrutiny? That's moronic!

It's not my deposit, I don't care either way.

My point is it is perfectly legal to deposit funds in your account any way you like if the money is clean. No one is going to come look up your ass over (3) $9K deposits on an otherwise clean account.

My anecdotal evidence - I sold a car once and deposited the money in my account in one transaction. I went to get a loan for a house, bank wanted to see bill of sale and other crap relating to the car transaction. I sold another car (for more money), and broke the deposits up over a few weeks, and went to by another property. Same people doing the loan didn't ask any questions about any of the deposits. So it made my life easier.

And no, the black helicopters have not come to my house to snatch me away in the middle of the night.
 
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MissB

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holy cow.... hello people. make sure if you have interest on that loan they are only charging through today... like figure what it would be. it's a pretty simple calculation. But don't pay more that you owe.
 

LargeOrangeFont

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holy cow.... hello people. make sure if you have interest on that loan they are only charging through today... like figure what it would be. it's a pretty simple calculation. But don't pay more that you owe.

The bank will give you a payoff calculation that is good for 2 days or something. You can call them or find it on your account online.
 

warlock250

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I would deposit that $27K over several days in $9k increments and then write a check to pay off the loan. I think you'll trigger the $10K federal reporting rule if you pay in cash.
That's called structuring. They frown on that one. Just saying. [emoji16]

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milkmoney

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Sure glad I dont ask for help with my 2.50 in my checking account. I think I would owe the assclowns money at the end of the day ..[emoji39][emoji202]

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RiverDave

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Can’t you deposit in bank and the. Turn around and write a check to pay off loan?
 

McKay

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I would deposit that $27K over several days in $9k increments and then write a check to pay off the loan. I think you'll trigger the $10K federal reporting rule if you pay in cash.

That is called structured deposits. Same with doing that in withdrawal. Any decent bank will flag that. If the 27K is legit who gives a fuck if your flagged. If its ill gotten gains then yes I would be worried. I take out and deposit large amounts of cash often and have never heard a word from the IRS.
 

CoolCruzin

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Money in or money out of a bank account will get reported .
I heard it is less than 10k now

Don’t do it .
Sell the car
Buy a new car with the cash
A little cleaner

So the bigger question is where did the 27 k come from ??
Just have a good answer and your ok with an audit that will be coming your way
 

BajaMike

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I would deposit that $27K over several days in $9k increments and then write a check to pay off the loan. I think you'll trigger the $10K federal reporting rule if you pay in cash.

As mentioned above, “structuring payments” or depositing to avoid the $10,000 reporting regulations is a crime.

The $10,000 is just a “reporting” issue for the bank. The Fed probably gets millions of those reporting forms daily. Just pay the loan and don’t worry about getting “under the law”. You’re not doing anything illlegal so the $10K reporting is just a paperwork thing. Why risk jail for something so trivial.
 
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DaytonaBabe

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I would deposit that $27K over several days in $9k increments and then write a check to pay off the loan. I think you'll trigger the $10K federal reporting rule if you pay in cash.

Lmao. [emoji2360]






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outboard_256

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My daughter paid off her car loan this past March. 11k total payable to Nissan. She broke it into two payments. Received a letter from Nissan the loan was paid off and that the title would arrive US postal service within three weeks. Title arrived two weeks later. That is the scary part. A clean title sitting in the mailbox on a public street.

anytime I buy a used car dmv makes me give them the old title with signatures and I wait 2-3 weeks for the pink slip to arrive sitting in the mailbox on a public street
 

Halvecto

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The title has the banks lien on it...so therefore when you pay it off the state has to reissue a free and clear title...that's what takes the time. You will get paperwork that notes the payoff of the loan..

This. I just went through this process. It's also important to get a Bill of Sale of some sort when money/car is initially exchanged. Brand new, clean title arrived to me in a few weeks without any lienholder information on it. Met the buyer and made the transfer simple. A couple of release signatures, odometer verification signature and buyer can go straight to AAA and get registration done same day.

BTW, be sure to submit a Release of Liability (ROL) form. In CA you can do it online. That will show a paper-trail for the sale; if anything did come up from the payoff (which is highly unlikely) it can be seen in the system that there was a sale and a payoff. This transaction happens everyday all over the place.
 

ChumpChange

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Money in or money out of a bank account will get reported .
I heard it is less than 10k now

Don’t do it .
Sell the car
Buy a new car with the cash
A little cleaner

So the bigger question is where did the 27 k come from ??
Just have a good answer and your ok with an audit that will be coming your way

And if you but a new car with that cash, the dealership will have to legally report it and who it came from. Banks aren't the only ones. ;)
 

Lucky Larry

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I would deposit that $27K over several days in $9k increments and then write a check to pay off the loan. I think you'll trigger the $10K federal reporting rule if you pay in cash.
FYI - It’s not a problem depositing the whole thing at once and doing the CTR.

HOWEVER, if you deposit it in $9,000 increments to try to avoid the CTR, that is considered “structured deposits” as you are attempting to bypass the reporting and that is a crime. A felony if I’m not mistaken.

The bank can do a CTR for any dollar amount they deem suspect and they are well clued in to the $9k every few days trick.
 

HBCraig

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I would deposit that $27K over several days in $9k increments and then write a check to pay off the loan. I think you'll trigger the $10K federal reporting rule if you pay in cash.

x 2

They will have to fill out fed paperwork and probably xerox copy the bills if you pay it all off.
 
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