Buying a car in cash

**kruser** · December 14th, 2017 12:10 PM

Will the Bureau of Internal Revenue be alarmed when you buy a car using cash? Considering your current income is small and just started working several months.

**jodski** · December 14th, 2017 12:30 PM

Originally Posted by kruser

Will the Bureau of Internal Revenue be alarmed when you buy a car using cash? Considering your current income is small and just started working several months.

Mauuna pa mag alarm yan sa AMLA

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**StockEngine** · December 14th, 2017 12:46 PM

6 figure transactions, tatawag AMLA 😅

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**sphinxz** · December 14th, 2017 12:50 PM

Are car dealers required to report such covered transactions to AMLC?

**StockEngine** · December 14th, 2017 12:54 PM

Originally Posted by sphinxz

Are car dealers required to report such covered transactions to AMLC?

i dont think theyre required. its their primary business to transact huge amounts in the first place... its not like theyre laundering money by selling vehicles.

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**sphinxz** · December 14th, 2017 01:07 PM

Originally Posted by StockEngine

i dont think theyre required. its their primary business to transact huge amounts in the first place... its not like theyre laundering money by selling vehicles.

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Ok. So I guess he might not get reported then. Unless he withdraws at least 500k, then the bank reports him. Read somewhere that AMLA is being revised to include not just financial institutions. Not sure it it has been applied already.

**StockEngine** · December 14th, 2017 01:12 PM

Originally Posted by sphinxz

Ok. So I guess he might not get reported then. Unless he withdraws at least 500k, then the bank reports him. Read somewhere that AMLA is being revised to include not just financial institutions. Not sure it it has been applied already.

withdrawing from his acct wont trigger any alarm. its receiving that triggers an alarm..

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**sphinxz** · December 14th, 2017 01:34 PM

Originally Posted by StockEngine

withdrawing from his acct wont trigger any alarm. its receiving that triggers an alarm..

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Thabks for this info.

**EQAddict** · December 14th, 2017 01:37 PM

If you have nothing to hide then you have nothing to fear.

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**Egan101** · December 14th, 2017 02:03 PM

If buying cash, dealers would suggest to have them in manager's check instead. It beats the hell out of folks counting bills.

Last year, VW and Honda asked us to prepare the amount in manager's check when we took delivery of the Jetta and Civic.