Author Topic: My cash isn't good enough  (Read 15665 times)

plugging away

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My cash isn't good enough
« on: April 21, 2016, 09:43:05 PM »
I tried to buy a used RV today from a consignment lot with cash. They didn't know how to process that. They could only sell the RV to me if I took a loan and did their financing. I don't want a loan so didn't buy the RV today. That was a weird experience for everybody I guess. I still want the RV tho' so I am annoyed now.
« Last Edit: April 21, 2016, 09:44:47 PM by plugging away »

Rural

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Re: My cash isn't good enough
« Reply #1 on: April 22, 2016, 05:24:12 AM »
Pretty sure they can't do that if you're in the U.S.

steviesterno

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Re: My cash isn't good enough
« Reply #2 on: April 22, 2016, 05:30:36 AM »
show them the line that says "for all debts, public and private".

sometimes I want to give $100 bill to the little stores that refuse to accept them, and then call the cops on them for being illegal, but i don't have that much free time anymore.

tell the RV place you want a discount/perks or you will take your fat stack of bennies somewhere else.

dixonge

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Re: My cash isn't good enough
« Reply #3 on: April 22, 2016, 05:33:32 AM »
I tried to buy a used RV today from a consignment lot with cash. They didn't know how to process that. They could only sell the RV to me if I took a loan and did their financing. I don't want a loan so didn't buy the RV today. That was a weird experience for everybody I guess. I still want the RV tho' so I am annoyed now.

They get pretty decent bonuses/kickbacks from sending deals to financing companies. Strange to turn down money though...

Uturn

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Re: My cash isn't good enough
« Reply #4 on: April 22, 2016, 07:11:46 AM »
Sounds like they are in the financing business with and RV sales facade.  Why sell to you with no finance income when there are plenty of people behind you that will?  Lots of businesses function this way.  I used to work for a well known home builder and it was no secret they built houses in order to give the mortgage subsidiary something to finance.  Department stores make as much or more from CC's than they do merchandise. 

I'm a red panda

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Re: My cash isn't good enough
« Reply #5 on: April 22, 2016, 07:26:35 AM »
show them the line that says "for all debts, public and private".

sometimes I want to give $100 bill to the little stores that refuse to accept them, and then call the cops on them for being illegal, but i don't have that much free time anymore.

tell the RV place you want a discount/perks or you will take your fat stack of bennies somewhere else.

Good thing you've never bothered, at best you will have cops laughing at you for wasting their time, at worst you'd be charged for an unnecessary call.

I suppose your best bet would be to file a suit against the business, but that is almost certainly going to be dismissed.
https://www.treasury.gov/resource-center/faqs/Currency/Pages/legal-tender.aspx

gardeningandgreen

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Re: My cash isn't good enough
« Reply #6 on: April 22, 2016, 08:11:16 AM »
My family owns an RV sales and they will gladly take a cashiers check or heck even a personal check. They really really really don't want to take actual cash because they get charged by the bank a pretty decent fee for depositing cash(I know its stupid but its in a small town and they don't have many other options). They also don't like to take credit cards... They will but for the purchase of a whole camper they will likely put a fee on top to cover their fee.

johnny847

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Re: My cash isn't good enough
« Reply #7 on: April 22, 2016, 08:19:48 AM »
sometimes I want to give $100 bill to the little stores that refuse to accept them, and then call the cops on them for being illegal, but i don't have that much free time anymore.

Taken from the US Treasury website:

Quote
The pertinent portion of law that applies to your question is the Coinage Act of 1965, specifically Section 31 U.S.C. 5103, entitled "Legal tender," which states: "United States coins and currency (including Federal reserve notes and circulating notes of Federal reserve banks and national banks) are legal tender for all debts, public charges, taxes, and dues."

This statute means that all United States money as identified above are a valid and legal offer of payment for debts when tendered to a creditor. There is, however, no Federal statute mandating that a private business, a person or an organization must accept currency or coins as for payment for goods and/or services. Private businesses are free to develop their own policies on whether or not to accept cash unless there is a State law which says otherwise. For example, a bus line may prohibit payment of fares in pennies or dollar bills. In addition, movie theaters, convenience stores and gas stations may refuse to accept large denomination currency (usually notes above $20) as a matter of policy.

stevlesterno, unless you happen to live in a state where they've made acceptance of cash mandatory (and I do not know whether such a state exists), good luck trying to call the cops.

johnny847

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Re: My cash isn't good enough
« Reply #8 on: April 22, 2016, 08:21:59 AM »
OP, I'm curious.

Did you mean cash as in literally a stack of dollar bills, or cash as in you want to buy this without a loan, and you want to write a check?

How much is the RV?

RWD

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Re: My cash isn't good enough
« Reply #9 on: April 22, 2016, 09:00:37 AM »
Here is a must read/watch/listen for someone considering buying an RV:
http://oppositelock.kinja.com/dont-buy-an-rv-the-podcast-and-video-1725116437

zephyr911

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Re: My cash isn't good enough
« Reply #10 on: April 22, 2016, 09:05:02 AM »
My family owns an RV sales and they will gladly take a cashiers check or heck even a personal check. They really really really don't want to take actual cash because they get charged by the bank a pretty decent fee for depositing cash(I know its stupid but its in a small town and they don't have many other options). They also don't like to take credit cards... They will but for the purchase of a whole camper they will likely put a fee on top to cover their fee.
What. The. Fucking. Shit.

plugging away

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Re: My cash isn't good enough
« Reply #11 on: April 22, 2016, 11:31:03 AM »
OP, I'm curious.

Did you mean cash as in literally a stack of dollar bills, or cash as in you want to buy this without a loan, and you want to write a check?

How much is the RV?

I gave them options of a stack of dollars, personal check or cashiers check or asked them what they needed and they really just didn't know how to do it in any way other than financing. My bank is only a couple of blocks away where the funds are sitting. Asking price is 50k

GuitarStv

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Re: My cash isn't good enough
« Reply #12 on: April 22, 2016, 11:38:12 AM »
Just get the loan and then pay it off tomorrow.

forummm

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Re: My cash isn't good enough
« Reply #13 on: April 22, 2016, 11:43:03 AM »
Just get the loan and then pay it off tomorrow.

If no prepayment fees or origination fees or points, etc.

Reynold

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Re: My cash isn't good enough
« Reply #14 on: April 22, 2016, 02:17:14 PM »
Just get the loan and then pay it off tomorrow.

We did that buying our last car, because we got $500 off if we did their financing (which shows you where the new car dealers make their money too, apart from servicing), but ended up losing some of that because we had to pay the DMV a second fee to get the finance company taken off the title when we paid off the loan in a month.  We had to wait a full cycle, which cost like $2 in interest, before they had the loan finalized for us to pay off.  Still netted a few hundred, but it turned out to be more work than we anticipated, probably wouldn't bother next time. 

MgoSam

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Re: My cash isn't good enough
« Reply #15 on: April 22, 2016, 02:25:54 PM »
Just get the loan and then pay it off tomorrow.

We did that buying our last car, because we got $500 off if we did their financing (which shows you where the new car dealers make their money too, apart from servicing), but ended up losing some of that because we had to pay the DMV a second fee to get the finance company taken off the title when we paid off the loan in a month.  We had to wait a full cycle, which cost like $2 in interest, before they had the loan finalized for us to pay off.  Still netted a few hundred, but it turned out to be more work than we anticipated, probably wouldn't bother next time.

That's another thing, by having to wait until you can cancel, there's counting on people to forget. Many of us here are good about putting a reminder on our calendars, but still some of us may end up forgetting and getting billed extra for it.

MilesTeg

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Re: My cash isn't good enough
« Reply #16 on: April 22, 2016, 03:40:16 PM »
show them the line that says "for all debts, public and private".

sometimes I want to give $100 bill to the little stores that refuse to accept them, and then call the cops on them for being illegal, but i don't have that much free time anymore.

tell the RV place you want a discount/perks or you will take your fat stack of bennies somewhere else.

That's for DEBTS, not purchases. People selling things have no obligation to accept any particular form of payment. However, if you have a debt (e.g. a loan) they must accept cash as payment.

MilesTeg

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Re: My cash isn't good enough
« Reply #17 on: April 22, 2016, 03:42:20 PM »
Just get the loan and then pay it off tomorrow.

We did that buying our last car, because we got $500 off if we did their financing (which shows you where the new car dealers make their money too, apart from servicing), but ended up losing some of that because we had to pay the DMV a second fee to get the finance company taken off the title when we paid off the loan in a month.  We had to wait a full cycle, which cost like $2 in interest, before they had the loan finalized for us to pay off.  Still netted a few hundred, but it turned out to be more work than we anticipated, probably wouldn't bother next time.

And you have to be careful that the loan terms don't include a pre-payment penalty.

dandarc

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Re: My cash isn't good enough
« Reply #18 on: April 22, 2016, 03:45:27 PM »
Just get the loan and then pay it off tomorrow.

We did that buying our last car, because we got $500 off if we did their financing (which shows you where the new car dealers make their money too, apart from servicing), but ended up losing some of that because we had to pay the DMV a second fee to get the finance company taken off the title when we paid off the loan in a month.  We had to wait a full cycle, which cost like $2 in interest, before they had the loan finalized for us to pay off.  Still netted a few hundred, but it turned out to be more work than we anticipated, probably wouldn't bother next time.

That's another thing, by having to wait until you can cancel, there's counting on people to forget. Many of us here are good about putting a reminder on our calendars, but still some of us may end up forgetting and getting billed extra for it.
One of the staples of the 90 days same as cash offer! 

I once saw the paperwork at a retail store I worked at for the "special credit card" we had that would do 90 days or 6 months same as cash and similar.  It had a list of offers and the $$$ that would be remitted to the store as a percentage of the sale.  Some of the same-as-cash deals were above 100% - the financing company was literally sending us more money than the amount of the loan.  Clearly a lot of people forget to pay off in time, otherwise this would be a disaster of a business model.

Cassie

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Re: My cash isn't good enough
« Reply #19 on: April 22, 2016, 04:17:10 PM »
RV"S depreciate so fast that I would buy a used one with low miles. WE bought one 8 years ago that was a 1993 with 37K miles on it. It had 2 owners and each one had to sell if for half of what they paid.  WE paid 14 and it is now worth 8.  We have had some issues such as hose disconnecting and waking up to wet carpet, etc.  Then we meet people that sold their old one and bought one for 200K and still have same types of issues even though it is brand new.  We are enjoying it for a lot less then 50k. I would buy from a private party because they can have a hard time finding a buyer which puts you in a better negotiating place.

protostache

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Re: My cash isn't good enough
« Reply #20 on: April 22, 2016, 07:36:51 PM »
My family owns an RV sales and they will gladly take a cashiers check or heck even a personal check. They really really really don't want to take actual cash because they get charged by the bank a pretty decent fee for depositing cash(I know its stupid but its in a small town and they don't have many other options). They also don't like to take credit cards... They will but for the purchase of a whole camper they will likely put a fee on top to cover their fee.
What. The. Fucking. Shit.

Handling large amounts of cash is expensive for everyone involved. Counting, bundling, security, drop boxes, etc. For example, PNC's fee schedule (pdf) list various classes of account, but for the basic account they'll accept $5000 per month free. Everything above that they charge 0.25%.


obstinate

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Re: My cash isn't good enough
« Reply #21 on: April 22, 2016, 11:39:35 PM »
show them the line that says "for all debts, public and private".

sometimes I want to give $100 bill to the little stores that refuse to accept them, and then call the cops on them for being illegal, but i don't have that much free time anymore.

tell the RV place you want a discount/perks or you will take your fat stack of bennies somewhere else.
Businesses can refuse cash. http://www.news-leader.com/story/news/watchdog/2014/12/24/ask-watchdog-can-business-refuse-cash/20883777/ They are a valid payment for debts, but in a typical store transaction, no debt is involved. One moment, you have money and the store has the good, the next moment, you have the good and the store has money. At no point are you in debt to the store.

I highly doubt that you ever called the cops on a little store. That sounds like a thing that Totally Happened on the internet. But if you did, that's kind of a dick move.

dandarc

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Re: My cash isn't good enough
« Reply #22 on: April 23, 2016, 11:40:05 AM »
My family owns an RV sales and they will gladly take a cashiers check or heck even a personal check. They really really really don't want to take actual cash because they get charged by the bank a pretty decent fee for depositing cash(I know its stupid but its in a small town and they don't have many other options). They also don't like to take credit cards... They will but for the purchase of a whole camper they will likely put a fee on top to cover their fee.
What. The. Fucking. Shit.

Handling large amounts of cash is expensive for everyone involved. Counting, bundling, security, drop boxes, etc. For example, PNC's fee schedule (pdf) list various classes of account, but for the basic account they'll accept $5000 per month free. Everything above that they charge 0.25%.
Yeah - big reason CC processors can charge as much as they do.  Handling cash and checks, basically anything that requires a trip to the bank is a pain in the ass.

MgoSam

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Re: My cash isn't good enough
« Reply #23 on: April 23, 2016, 11:51:06 AM »
My family owns an RV sales and they will gladly take a cashiers check or heck even a personal check. They really really really don't want to take actual cash because they get charged by the bank a pretty decent fee for depositing cash(I know its stupid but its in a small town and they don't have many other options). They also don't like to take credit cards... They will but for the purchase of a whole camper they will likely put a fee on top to cover their fee.
What. The. Fucking. Shit.

Handling large amounts of cash is expensive for everyone involved. Counting, bundling, security, drop boxes, etc. For example, PNC's fee schedule (pdf) list various classes of account, but for the basic account they'll accept $5000 per month free. Everything above that they charge 0.25%.
Yeah - big reason CC processors can charge as much as they do.  Handling cash and checks, basically anything that requires a trip to the bank is a pain in the ass.

It's funny nowadays. If you carry too much cash you can have it seized without any evidence of criminal intent and be forced to prove that you are innocent, if you bring it to the bank you get billed for the pleasure of doing so, and if you stagger the amounts you bring to the bank or if it looks like you are doing it (structuring), you can get your account seized.

https://www.washingtonpost.com/news/wonk/wp/2015/05/15/how-the-irs-seized-a-north-carolina-businessmans-life-savings-without-ever-charging-him-with-a-crime/

dandarc

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Re: My cash isn't good enough
« Reply #24 on: April 23, 2016, 01:27:53 PM »
Terrible advice from the bank in that case.  Lesson: if you run a business with lots of cash, make at least a daily deposit part of your procedures.  Which frankly, is just good sense anyway - a lot less money to lose if it isn't just sitting there in cash at your place of business.  If that amount is over the "must fill out a form limit", just wait patiently while the bank fills out the paperwork.  If your bank doesn't want to deal with it, find a different bank.

MoneyCat

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Re: My cash isn't good enough
« Reply #25 on: April 23, 2016, 04:44:53 PM »
I actually accidentally got a car salesman fired one time, because I got him to agree on a price for the car before telling him that I was paying cash instead of financing it. Sorry, dude.

Indexer

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Re: My cash isn't good enough
« Reply #26 on: April 23, 2016, 08:19:43 PM »
If you offered to do it with with a cashiers check I think their practice is odd, very odd. What happens when someone gets financing through their own bank? That is a VERY common practice.

Drifterrider

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Re: My cash isn't good enough
« Reply #27 on: April 27, 2016, 09:54:22 AM »

That's for DEBTS, not purchases. People selling things have no obligation to accept any particular form of payment. However, if you have a debt (e.g. a loan) they must accept cash as payment.

Unless it is the US government.  I believe the IRS still won't accept cash.

protostache

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Re: My cash isn't good enough
« Reply #28 on: April 27, 2016, 10:08:01 AM »

That's for DEBTS, not purchases. People selling things have no obligation to accept any particular form of payment. However, if you have a debt (e.g. a loan) they must accept cash as payment.

Unless it is the US government.  I believe the IRS still won't accept cash.

They do, but of course it's expensive and complicated. $3.99 fee per payment, maximum $1,000 per day. On the plus side, you can get a Slurpee at the same time.

Drifterrider

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Re: My cash isn't good enough
« Reply #29 on: April 27, 2016, 10:23:39 AM »

That's for DEBTS, not purchases. People selling things have no obligation to accept any particular form of payment. However, if you have a debt (e.g. a loan) they must accept cash as payment.

Unless it is the US government.  I believe the IRS still won't accept cash.

They do, but of course it's expensive and complicated. $3.99 fee per payment, maximum $1,000 per day. On the plus side, you can get a Slurpee at the same time.

BUT, the IRS isn't accepting the cash.  The "Retail Partner" is accepting cash.

 

Kaspian

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Re: My cash isn't good enough
« Reply #30 on: April 27, 2016, 10:35:00 AM »
Holy crap to this thread!!  As a non-car owner, I had no idea things were like this.  I seem to remember in the 70s and 80s (at least in Canada) if someone paid with a check/cash right away they got a huge discount on the vehicle.  :/

Drifterrider

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Re: My cash isn't good enough
« Reply #31 on: April 27, 2016, 12:09:52 PM »
Holy crap to this thread!!  As a non-car owner, I had no idea things were like this.  I seem to remember in the 70s and 80s (at least in Canada) if someone paid with a check/cash right away they got a huge discount on the vehicle.  :/

The tables have turned.  Companies can make extra money on the finance end and tend to push people in that direction.

In the 80s credit card companies charged annual fees plus high interest and gave nothing back.  Now, they beg you to take their card and reward you for using it.  The companies are making more money now because most people are used to living in eternal debt.

MrsPete

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Re: My cash isn't good enough
« Reply #32 on: April 29, 2016, 12:46:09 PM »
show them the line that says "for all debts, public and private".

sometimes I want to give $100 bill to the little stores that refuse to accept them, and then call the cops on them for being illegal, but i don't have that much free time anymore.
Don't pick on people trying to make a living, trying to make their business work.  You know why they don't accept those big bills -- they're afraid of counterfeit bills.  Don't be a jerk. 

MgoSam

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Re: My cash isn't good enough
« Reply #33 on: April 29, 2016, 12:48:16 PM »
show them the line that says "for all debts, public and private".

sometimes I want to give $100 bill to the little stores that refuse to accept them, and then call the cops on them for being illegal, but i don't have that much free time anymore.
Don't pick on people trying to make a living, trying to make their business work.  You know why they don't accept those big bills -- they're afraid of counterfeit bills.  Don't be a jerk.

Agreed! And also many of them don't have a ton of change in their register to make change for something like a $3 ice cream cone. If they do have change, sometimes it wipes out their register and some small stores have to send out someone to get change if they don't have other small bills available.

MoneyCat

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Re: My cash isn't good enough
« Reply #34 on: April 29, 2016, 01:40:50 PM »
Holy crap to this thread!!  As a non-car owner, I had no idea things were like this.  I seem to remember in the 70s and 80s (at least in Canada) if someone paid with a check/cash right away they got a huge discount on the vehicle.  :/

The tables have turned.  Companies can make extra money on the finance end and tend to push people in that direction.

In the 80s credit card companies charged annual fees plus high interest and gave nothing back.  Now, they beg you to take their card and reward you for using it.  The companies are making more money now because most people are used to living in eternal debt.

Yeah, they will actually charge you more for paying for the car without financing unless you agree to a price for the car before telling them. Dealerships make huge profits by financing vehicle purchases. It's a sick sad situation.

Kaspian

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Re: My cash isn't good enough
« Reply #35 on: May 04, 2016, 02:22:12 PM »
Holy crap to this thread!!  As a non-car owner, I had no idea things were like this.  I seem to remember in the 70s and 80s (at least in Canada) if someone paid with a check/cash right away they got a huge discount on the vehicle.  :/

The tables have turned.  Companies can make extra money on the finance end and tend to push people in that direction.

In the 80s credit card companies charged annual fees plus high interest and gave nothing back.  Now, they beg you to take their card and reward you for using it.  The companies are making more money now because most people are used to living in eternal debt.

Yeah, they will actually charge you more for paying for the car without financing unless you agree to a price for the car before telling them. Dealerships make huge profits by financing vehicle purchases. It's a sick sad situation.

More finance company than retailer.  Super sickening!  Again, 45-years old and I had no idea things out there in the real world were even worse than I thought.  Can't wait for the day I'm not allowed to buy a candy bar without signing a payment schedule.  :(

Uturn

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Re: My cash isn't good enough
« Reply #36 on: May 04, 2016, 02:37:49 PM »
More finance company than retailer.  Super sickening!  Again, 45-years old and I had no idea things out there in the real world were even worse than I thought.  Can't wait for the day I'm not allowed to buy a candy bar without signing a payment schedule.  :(

It's very frustrating.  The last time I bought a car went like this
Me: how much is the car?
Salesguy: $xxx per month
Me: No, how much out the door?
Salesguy: $xxx per month
Me:  If I were to write you a check right now, how much would I have to write it for?
Salesguy:  Who writes a check for a car?

The salesguy was actually getting upset with me because he thought I was wasting his time, he had never had a cash customer before.  I did wind up financing it for 90 days because there was a $2000 rebate for getting a loan.

meghan88

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Re: My cash isn't good enough
« Reply #37 on: May 04, 2016, 03:11:25 PM »
We bought our 2006 subcompact in 2011 when the lease was up (we got it via private lease transfer mid-lease) and the buyout cost was about $7K; car had about 35,000 km, mostly from before we got it.  They asked how we'd want to finance that.  I said I'd like to put it on the credit card.  That was a no-go, which was too bad because we get points and we pay the whole balance every month.  So I wrote a check, despite their ongoing amazement that we didn't need financing.

It's got another 5 years to go until we say goodbye to car ownership altogether when we retire and move away from southwestern Ontario, a place where "you are what you drive".

So I guess all dealers love, and encourage, people who finance.

MilesTeg

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Re: My cash isn't good enough
« Reply #38 on: May 06, 2016, 12:36:11 PM »
More finance company than retailer.  Super sickening!  Again, 45-years old and I had no idea things out there in the real world were even worse than I thought.  Can't wait for the day I'm not allowed to buy a candy bar without signing a payment schedule.  :(

It's very frustrating.  The last time I bought a car went like this
Me: how much is the car?
Salesguy: $xxx per month
Me: No, how much out the door?
Salesguy: $xxx per month
Me:  If I were to write you a check right now, how much would I have to write it for?
Salesguy:  Who writes a check for a car?

The salesguy was actually getting upset with me because he thought I was wasting his time, he had never had a cash customer before.  I did wind up financing it for 90 days because there was a $2000 rebate for getting a loan.

Have bought two new cars in my life. In both cases the ONLY thing the salseperson would talk about was total price. Only talked about financing after agreeing on a price, and only with a special financing person (who also apparently had the job of trying to upsell on stupid shit like extended warranties, undercoatings, etc.).

MgoSam

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  • Location: Minnesota
Re: My cash isn't good enough
« Reply #39 on: May 06, 2016, 12:37:09 PM »
More finance company than retailer.  Super sickening!  Again, 45-years old and I had no idea things out there in the real world were even worse than I thought.  Can't wait for the day I'm not allowed to buy a candy bar without signing a payment schedule.  :(

It's very frustrating.  The last time I bought a car went like this
Me: how much is the car?
Salesguy: $xxx per month
Me: No, how much out the door?
Salesguy: $xxx per month
Me:  If I were to write you a check right now, how much would I have to write it for?
Salesguy:  Who writes a check for a car?

The salesguy was actually getting upset with me because he thought I was wasting his time, he had never had a cash customer before.  I did wind up financing it for 90 days because there was a $2000 rebate for getting a loan.

Have bought two new cars in my life. In both cases the ONLY thing the salseperson would talk about was total price. Only talked about financing after agreeing on a price, and only with a special financing person (who also apparently had the job of trying to upsell on stupid shit like extended warranties, undercoatings, etc.).

That's (partially) why I'm hoping my next car is a Tesla Model 3.

Uturn

  • Pencil Stache
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  • Posts: 638
  • Age: 49
  • Location: Holly Springs, NC
Re: My cash isn't good enough
« Reply #40 on: May 06, 2016, 01:04:28 PM »
Back in 95 I worked as a car salesman for 2 months, got fired for not making quota.  Anyhow, we were taught to figure out the monthly payment at 10% down and twice the average interest rate.  We were to then get the customer to agree to a monthly payment by shuffling money around, but never discuss interest rates.  Then the finance guy got to be the hero by dropping a point or two, but still be above what the bank actually quoted.  The finance guy made commission on the above bank rate. 

Although I failed at screwing people, I learned a ton about how dealerships work.  Basically, only the receptionist and the janitor are not on commission.