[bb103]

worked my ass off for years but only got serious about it since last year... my goal always was to buy a bmw by the time i was 22... 1 year out of my goal but i got it...

now i work as a senior admin but i do contracting but make enough to pay off the car in about 6 months. (continue working my ass off).

What i had before:
acura 1.6EL, Nissan Altima, now: BMW 328i =D

bmw drives jealously though... beings someone who didn't complete high school, college nothing but owning a bmw turns some eyes... makes me happy to see them hate though!

[plague]

Registered Nurse/ Personal trainer.. Payed in full upon purchase for $31k with 16k miles

To the chef dude above who bought the car in cash... The story seems funny because you can't buy cars in cash? Maybe they did it at that dealer but generally you can't do it. I mean unless if you hand them a cashiers or certified check. I know this because I myself have attempted to do it. They're essentially not allowed to do it. Please explain, just curious.

[adubey]

Graduated from university, got into investment banking - my signing bonus + stub (bonus for first three months) paid for it

[BMWcoupe335ii]

[QUOTE=fattychalupa;12398768]Mad kudos to you! Being a chef must be one of the hardest working jobs out there- you must have had to work a lot of hours to pay cash.[/QUOTE

Before I made sous chef I worked 6 days a week for 10+ hr each day. Crazy overtime lol.

[BMWcoupe335ii]

Originally Posted by plague

Registered Nurse/ Personal trainer.. Payed in full upon purchase for $31k with 16k miles

To the chef dude above who bought the car in cash... The story seems funny because you can't buy cars in cash? Maybe they did it at that dealer but generally you can't do it. I mean unless if you hand them a cashiers or certified check. I know this because I myself have attempted to do it. They're essentially not allowed to do it. Please explain, just curious.

Yeah, I bought it straight cash (100 dollars bills) they just needed my latest tax return papers, 1 month of paycheck stubs, and they had to contact the IRS about the purchase, and they contacted my employer. Any down payment that is over 10,000 they have to contact the IRS. But after everything checked out I was on my way.

[John 070]

Originally Posted by BMWcoupe335ii

Yeah, I bought it straight cash (100 dollars bills) they just needed my latest tax return papers, 1 month of paycheck stubs, and they had to contact the IRS about the purchase, and they contacted my employer. Any down payment that is over 10,000 they have to contact the IRS. But after everything checked out I was on my way.

Say what? Yes, anything over 10k aggregate is reported to the IRS, but give us a break--you had to provide your tax returns, paystubs, and your employer's tel# when you were paying cash?

Either they like your stacks of 100's, or they can kiss your $$$ goodbye!

[BMWcoupe335ii]

Originally Posted by John 070

Say what? Yes, anything over 10k aggregate is reported to the IRS, but give us a break--you had to provide your tax returns, paystubs, and your employer's tel# when you were paying cash?

Either they like your stacks of 100's, or they can kiss your $$$ goodbye!

Yep, I had to provide all 3 to the IRS.

[adubey]

Originally Posted by monza2t

Im 40 y.o. engineer. Im frugal on my purchases and always get a smokin deal because I wait until only smokin deals come along rather than impuse buy (and yes its hard to resist the impulse).

I could have paid cash for my 328, but financing was cheaper (3.25% finance, while my $19k is making 8% in a mutual fund, money bein' made.) On top of that, if I had to, I could sell my car at a profit today. That wont be the case in about a year or so.

8% in a mutual fund?! In this market? Let me know where so I can get in!

[John 070]

Originally Posted by BMWcoupe335ii

Yep, I had to provide all 3 to the IRS.

Doesn't make any sense to me, cash is king. Either you take it, or I shop elsewhere. They are required to inform the IRS, but again, I don't get you providing employment, etc, that's none of their **** business.

[Pete Schweaty]

Originally Posted by BMWcoupe335ii

Worked fulltime and saving all my money since 17 as a line cook at fine dinning restaurants, graduated high school with a 3.7 (no plans on attending college lol) made sous chef at 19. Tried to buy an e92 but with 15k down I couldn't get financed (guys at the dealership treated me like shit and looked down on me even thought I had 15k down) so I financed a 2000 Mazda millennia for 18 months to get some credit history. Payed it off early by that time I was still making pretty good money and had alot of saving and free income. So I caught the bus to the dealership (even thought I still had my Mazda) got off the bus right in front of the dealer talked to the same sales man who treated me like shit. He told me when I got on the lot I must have good credit or a cosigner to be back on the lot a laughed. I said no, test drove a 2011 335i coupe loaded (with said salesman) after the test drive I said I'll take it, he said let's try to get you financed and chuckled, I said no, "I'll be paying straight cash". He didn't believe me, or even noticed the draw string backpack I had with me so i opened it and he became the best salesman ever but it was to late, to teach him a lesson at the last minute I got another salesman who had just started there and said I'll take the silver 2011 335i coupe over there. The asshole salesman looked as me and the manager counted the money in astonishment. Didn't even needed the car detailed because it just had came off of the truck, it still had the plastic on the seats. So I got my BMW by working hard, staying focused, shitting on an asshole salesman along the way and 5000 off sticker and free CPO WARRANTY

Awesome!

[John 070]

Originally Posted by adubey

8% in a mutual fund?! In this market? Let me know where so I can get in!

Yeah, those numbers are way off. 8% in a mutual fund? Over what time period, maybe if it were March 2009 you would do something like that.

And 3.25%? Everybody and their mother could go to a credit union and get 1.79 to 1.99, 1.99 for a used car.

[Pete Schweaty]

Worked hard, worked overtime, didn't buy dumb shit, didn't put anything on credit I couldn't pay off at the end of the month.

[rbtamms]

I'm an Architect & my wife is a Nurse. While shopping for BMW, the Dealerships are trying to lure us to buy the higher end models but we don't want to over spend on a car. Our 328i is more than enough for us & we're satisfied with it.

[BMWcoupe335ii]

Originally Posted by John 070

Doesn't make any sense to me, cash is king. Either you take it, or I shop elsewhere. They are required to inform the IRS, but again, I don't get you providing employment, etc, that's none of their **** business.

You don't seem to understand, I had to give this info to the IRS, not the dealer. In this situation it's not about cash being king it's about how you got the cash. The IRS wants to know EVERYTHING especially when your purchasing a 50k+ car cash. It's even worse when your trying to mortgage a house.

[Nalod]

spare change found in my couch.

[33beto]

no alimony. no kids. 820 credit score.

[RambleJ]

I help a couple lady friends.
I make sure their dates go ok and i get a percentage. I also offer protection.

[Biohazard29]

Single, director of health and safety for a large engineering firm, hard work pays off. Traded in my 2008 civic si with 70k miles (It was tracked many times on some major tracks) on it and got them to match $13250 I was offered from another dealer. Then gave them another $7k on top of that and financed the rest with low APR since I have an 850 credit score. The car was a custom order that the buyer decided he didn't want 2011 335i coupe with Msport package and 6spd in alpine white and 19" optional wheels. It had 70 miles on it from demo use, got them to knock of $8500 plus since never titled it was considered new with full warranty starting that day and asked them to throw in some M floor mats and cargo tray. The rest is history. Will pay the car of within 2 years. I always still have my 2008 S2000 CR edition that is paid off just incase.

[John 070]

Originally Posted by BMWcoupe335ii

You don't seem to understand, I had to give this info to the IRS, not the dealer. In this situation it's not about cash being king it's about how you got the cash. The IRS wants to know EVERYTHING especially when your purchasing a 50k+ car cash. It's even worse when your trying to mortgage a house.

My wife's uncle paid over 1 mil. for an ordinary 5-bed house, cash. He did not have to provide his pay stubs to the IRS, what is the point? Granted, he did not show up at the closing in a sweat suit with a bowling bag full of 100's. Are you saying the IRS audited you, which is something different altogether? The only reason the IRS should be auditing you is if you do not have an income where you could realistically come up with whatever 45 or 55k for the car. It's like saying you gave 300k to the United Way, but you work at Best Buy and make 19k per year. Something is not jiving in your story. Maybe there are details that you are leaving out. Paying cash for a car is very commonplace, and there is nothing at all illegal or suspicious about it. My wife bought her 2011 car cash, and it was over 40k. What was interesting, is that when my wife offered to get a cashier's check, the dealer said a personal check is fine and would be easier.

[jerod.parr]

colege--> worked offshore for a year made big bucks---> desk job major E and P company. ..no kids...

[dcat151]

Originally Posted by John 070

My wife's uncle paid over 1 mil. for an ordinary 5-bed house, cash. He did not have to provide his pay stubs to the IRS, what is the point? Granted, he did not show up at the closing in a sweat suit with a bowling bag full of 100's. Are you saying the IRS audited you, which is something different altogether? The only reason the IRS should be auditing you is if you do not have an income where you could realistically come up with whatever 45 or 55k for the car. It's like saying you gave 300k to the United Way, but you work at Best Buy and make 19k per year. Something is not jiving in your story. Maybe there are details that you are leaving out. Paying cash for a car is very commonplace, and there is nothing at all illegal or suspicious about it. My wife bought her 2011 car cash, and it was over 40k. What was interesting, is that when my wife offered to get a cashier's check, the dealer said a personal check is fine and would be easier.

I think the key difference is showing up with actual cash, which is not easily traceable as opposed to paying the purchase price for something without financing it, but doing so through a check, bank transfer, etc.

[BMWcoupe335ii]

Originally Posted by John 070

My wife's uncle paid over 1 mil. for an ordinary 5-bed house, cash. He did not have to provide his pay stubs to the IRS, what is the point? Granted, he did not show up at the closing in a sweat suit with a bowling bag full of 100's. Are you saying the IRS audited you, which is something different altogether? The only reason the IRS should be auditing you is if you do not have an income where you could realistically come up with whatever 45 or 55k for the car. It's like saying you gave 300k to the United Way, but you work at Best Buy and make 19k per year. Something is not jiving in your story. Maybe there are details that you are leaving out. Paying cash for a car is very commonplace, and there is nothing at all illegal or suspicious about it. My wife bought her 2011 car cash, and it was over 40k. What was interesting, is that when my wife offered to get a cashier's check, the dealer said a personal check is fine and would be easier.

By paid cash do you mean by certified check/personal check or CASH. when most people say they "paid cash" for a car or house 90% of them mean with some type of certified/personal check. When you pay with a certified check or personal check those checks are directly linked to some type of account. With CASH (PAPER DOLLAR BILLS!!) there's no link. The dealership didn't have any problem selling me the car. The IRS just wanted to know where I got the money. With financing you have to provide POI (proof of income/job) so even if you put 10k down and finance the rest the IRS is not really going to care, but they'll still know you put 10k down. The reason I had to provide those document is because the IRS wanted to know if I legally worked for the money. Basically the wanted a trail that would lead to where I got the money.