Buying a car in cash

[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.

[jodski]

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]

6 figure transactions, tatawag AMLA 😅

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[sphinxz]

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

[StockEngine]

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]

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]

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]

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

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Thabks for this info.

[EQAddict]

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

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[Egan101]

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.

[dr. d]

i have always bought cars on cash basis, with checques fresh from the bank.
no issues, so far.
but perhaps it is because, my bank accounts have financial histories that go back many years, and that as a professional, i "have every right to sport such an account".

[Niner_seven]

The threshold is 500k -- moving that money like from savings/current to an MC would trigger questions for AMLC purposes.

[kruser]

So buying the car wouldn't be a problem but the process of requesting an MC from the bank would trigger the AMLC?

[_Cathy_]

i have always bought cars on cash basis, with checques fresh from the bank.
no issues, so far.

My Dad has the same rule in our family. But when I was in grade school he paid paper bills in some instances lol.

The threshold is 500k -- moving that money like from savings/current to an MC would trigger questions for AMLC purposes.

Which bank is that? Normally they will just ask what the purpose of the MC is.

[StockEngine]

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.

i think everybody issues checks nowadays. if they bring cash ummm na lng ako 🤔

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[cast_no_shadow]

Alam ko you get flagged if magpasok ka pa lang ng malaking pera sa bank, if justified then nothing to worry.

Sa case ni OP nasa bank yung pera, mag request siya MC wala na issue dun for AMLC.




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[shadow]

Linawin kasi natin hinde parke sinabi na cash bilhin eh Literally cold cash ang daldalhin sa dealer.


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[shadow]

If you bank knows your transaction history hinde I report Yan sa AMLC as suspicious. Normal transaction Lang yan


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[dos2]

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.

To directly answer your question, it is NO. Unless ang binili mo is one of those luxury brands amounting to 3M or more per unit.
Just ignore BIR and AMLA, proceedwith your transaction, and enjoy your new car.

[Eevie]

Bought a few things in cash (MC), cars and condo. No issues. As long as you don't have anything to hide, don't worry about it. It's your money, buy the car and enjoy it.