Buying with 100% cold hard cash

[Dennis94]

Hey all, 23 years old and its finally happening. I'm buying my time piece within the next couple of days. I just have a quick question.

I want to buy my watch at an AD with cold hard cash. I've worked as a Licensed Professional at JP Morgan but have since left to work at my own family owned Pizzeria business in the attempt to expand and open up more stores.

I work for 100% cash at my pizzeria and that's all I have, is cash. Will AD's take cash without asking 5 billion questions on where it's from? I don't have any type of pay stub or whatever from my pizzeria. I do have my W2s from JP Morgan, would that suffice?

Or am I overthinking it and I can walk right in with straight cash?

[jnelson3097]

You're overthinking this, they're not going to question you

[gwalker]

I've never had an issue paying with cash. That said the couple I have paid with cash have all been under $10k.


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[hugs]

They won't bat an eyelid you get 16 year-olds who made their money from YouTube buying Ferraris with cash these days

[Lawman77]

Baller

[Craigdwh]

Depending on how much cash you spend they may be required to report it, don't be surprised if they ask for photo identification. Since 9/11, large amounts of cash are tracked and reported to ensure they aren't laundered, used in terrorist activities or derived from proceeds of crime.

Here in Canada any amount equal to or greater then $10,000 must be reported.

Don't know what the number is in the USA but I promise you they have a reporting requirement.

[Rolexman17]

All they will say is thank you! Also you should get a discount for cash as credit card companies charge them 3-4%, so cash saves the AD from paying that fee to the credit card company.

[TickTockChuck]

Why the fistfull of dollars? Just deposit the cash in your bank account and pay in any number of conventional ways. You will get the same as cash deal. Legit earned money so no worries, right? Good luck in your first Rolex purchase. Cheers!

[AJM914]

What are you buying?

[Lordofrolex]

Originally Posted by jnelson3097

You're overthinking this, they're not going to question you

x100

They may even give you a discount if you talk to the owner or manager of the AD.

[Jcy90]

Originally Posted by Dennis94

Hey all, 23 years old and its finally happening. I'm buying my time piece within the next couple of days. I just have a quick question.

I want to buy my watch at an AD with cold hard cash. I've worked as a Licensed Professional at JP Morgan but have since left to work at my own family owned Pizzeria business in the attempt to expand and open up more stores.

I work for 100% cash at my pizzeria and that's all I have, is cash. Will AD's take cash without asking 5 billion questions on where it's from? I don't have any type of pay stub or whatever from my pizzeria. I do have my W2s from JP Morgan, would that suffice?

Or am I overthinking it and I can walk right in with straight cash?

First of all congrats!! Second of all cash is King! As long as you're not paying $10,000 in 1 shot they do not have the right to ask any questions and should be greatful! Third of all where is this pizza I would love a slice!

[Dennis94]

Originally Posted by AJM914

What are you buying?

SubC no date is the most probable choice.

I've been thinking of a DJII but I don't know. SubC screams entrepreneur to me which is basically what I am as of now. I'll have to get a DD one day though

Also, thank you everybody for the responses. Thought I was overthinking it.

[Dennis94]

Originally Posted by Jcy90

First of all congrats!! Second of all cash is King! As long as you're not paying $10,000 in 1 shot they do not have the right to ask any questions and should be greatful! Third of all where is this pizza I would love a slice!

We're in Queens! John's Pizzeria in Elmhurst, come by. We've been around since 1965.

[AJM914]

Cool sounds good! You wont have any problems

[CLTRolex]

Pay with bricks

[Dennis94]

Originally Posted by CLTRolex

Pay with bricks

If I was paying with bricks I'd be buying a plat DD

[racer24]

Anything over 10K cash will be reported. Your AD will ask you to fill out a form. That's all. Under 10K, walk in walk out, no questions asked.

[fixinbones]

Originally Posted by Dennis94

We're in Queens! John's Pizzeria in Elmhurst, come by. We've been around since 1965.

When I was a resident I used to work at elmhurst hospital. R u near there? Secondly, I like a Sub c better then a DJ II for someone your age.

[Blue_Lume]

... paying in singles covered in glitter that smell like cotton candy lol.

[Chadridv]

Not their business. Congrats in advance! What are you getting?

[Fleetlord]

Paying in COLD HARD CASH show you mean business and are not fooling around.

Get in there and make it happen...

[ITony]

A business needs to report any single cash transaction over $10k. They will fill out a form 8300 which will have your name, address etc.

Some businesses are quite happy to be paid in cash on large transactions since it saves points on credit cards. You might be able to negotiate a cash discount.

However, a couple of thoughts;

Do you really want to take a chance with walking around with that much cash?

Depending on your credit card you have some protection against a bad transaction, earn points and or have additional warranty extensions.

Also, do you really want to put up a potential flag to the IRS?

If you really want to do a cash transaction, I would have the AD do a layaway plan and break up the transaction.

[csfischer20]

Sub would be my choice and go throw it down man. Business owners love cash. They may check the bills, but that's about it.

[Bigsykedaddy]

I bought my Sub ND in cash from DavidSW. He opened the store up on Sunday for me (I didn't ask him to, he offered) and I walked in with a bag of cash. David (it was his assistant) even had a money counter like the banks do. You should definitely try to get a discount since you are paying in cash. Good luck and don't forget to post pictures.

[JSolano305]

Cash is king. Both my 2 Rolex purchases this year have been done via wire transfers to SoHAIS. Glad and proud of myself I can do this. No credit cards required or statements to worry about. Yes I do have credit cards. Congrats on whatever you get.

[BravoOne]

I believe in the US if you pay with cash in excess of 10,000 the business is required to report this to the iRS. I purchased a new car a couple of years ago in Las Vegas and two weeks after the transaction I received a letter from the dealer saying they had reported the cash sale to the iRS. Never heard anymore about it. I do know that if you withdraw more than 10,000 from your bank in cash in one transaction they will report it. Pretty sure that goes for deposits as well.

Your results may vary:)

[Benjamin Choi]

Originally Posted by JSolano305

Cash is king. Both my 2 Rolex purchases this year have been done via wire transfers to SoHAIS. Glad and proud of myself I can do this. No credit cards required or statements to worry about. Yes I do have credit cards. Congrats on whatever you get.

Uhhh big diff between "cold hard cash" and a wire transfer.


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[Oyster Al]

Originally Posted by racer24

Anything over 10K cash will be reported. Your AD will ask you to fill out a form. That's all. Under 10K, walk in walk out, no questions asked.

[Mis3]

Originally Posted by ITony

Also, do you really want to put up a potential flag to the IRS?

Agreed.

[rodneygt3]

As others mentioned over $10K you are subject to Anti-Money Laundering (AML)/ Banking Secrecy Act (BSA) / Know your customer (KYC), etc. If you do pay with check or cash you should expect to get an additional discount. The merchant will be saving around 3% fee for the credit card.

As said, Cash is King and the AD will be very happy.

Good luck with your purchase.