# Turned this into a sack of cash....... (sold car) Debt-free 2011. :) **URL:** \ **Category:** NYSpeed Automotive\ **Created:** [August 26, 2010, 11:13am UTC](https://forums.speedlife.net/t/turned-this-into-a-sack-of-cash-sold-car-debt-free-2011/159563 "2010-08-26T11:13:22Z")\ **Posts on this page:** 12\ **Page:** 4
**Author:** ![TradersBASE](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/tradersbase/32/5321_2.png) [@TradersBASE](https://forums.speedlife.net/u/TradersBASE)\ **Post date:** [August 28, 2010, 10:41pm UTC](https://forums.speedlife.net/t/turned-this-into-a-sack-of-cash-sold-car-debt-free-2011/159563/61 "2010-08-28T22:41:26Z")
Buy a fire/water resistant gun safe. Bolt to floor. Stack cash out of the clutch of the banks in case there is ever a run on them again. If that’s not an option,so as not to raise red flags limit amounts to under $10k at once. Where does that money actually go since the bank doesn’t keep but a minor fraction of deposits on hand? ---
**Author:** ![travisn](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/travisn/32/5046_2.png) [@travisn](https://forums.speedlife.net/u/travisn)\ **Post date:** [August 29, 2010, 5:56am UTC](https://forums.speedlife.net/t/turned-this-into-a-sack-of-cash-sold-car-debt-free-2011/159563/62 "2010-08-29T05:56:34Z")
there are no red flags if you can legitimately prove where the money came from. if he shows them a receipt for the car then its all good. The worst he will have to do is fill out a form. > **[FDIC | Banker Resource Center: Bank Secrecy Act / Anti-Money Laundering...](https://www.fdic.gov/resources/bankers/bank-secrecy-act/)** > > Banker Resource Center: Bank Secrecy Act / Anti-Money Laundering (BSA/AML) > [@FDIC](#): > > The Bank Secrecy Act (“BSA”) was enacted by Congress in 1970 to require insured depository institutions to maintain certain records and to report certain currency transactions, in an effort to prevent banks from being used to hide money derived from criminal activity and tax evasion. > **[Anti-Money Laundering Laws and Practices for Banks, Individuals, and...](https://www.hgexperts.com/expert-witness-articles/anti-money-laundering-laws-and-practices-for-banks-individuals-and-corporations-involved-in-aml-litigation-18853)** > > The author discusses the requirements of the United States’ anti-money laundering laws and the banking industry’s standard practices and procedures for implem > [@some legal website](#): > > Required banks to file Currency Transaction Reports (“CTRs”) with the Financial Crimes Enforcement Network (“FinCEN”) at the IRS’s Detroit Computing Center for any cash – read “currency” – transactions over $10,000. ---
**Author:** ![TradersBASE](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/tradersbase/32/5321_2.png) [@TradersBASE](https://forums.speedlife.net/u/TradersBASE)\ **Post date:** [August 29, 2010, 6:06am UTC](https://forums.speedlife.net/t/turned-this-into-a-sack-of-cash-sold-car-debt-free-2011/159563/63 "2010-08-29T06:06:01Z")
I understand that. Is it worth the hassle? And again…for me…no way I’d want loads of cash tied up in the bank knowing how the system works. JMHO Props to Newman for being debt free either way…feels good don’t it? 8) ---
**Author:** ![misteroman](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/misteroman/32/7423_2.png) [@misteroman](https://forums.speedlife.net/u/misteroman)\ **Post date:** [August 29, 2010, 7:30am UTC](https://forums.speedlife.net/t/turned-this-into-a-sack-of-cash-sold-car-debt-free-2011/159563/64 "2010-08-29T07:30:39Z")
^^^ gain ANY transaction that seems to be shady can be recorded. Law only states that that the $10K limit MUST be recorded and a forum filled out. I had approx $50K in my safe I had to put in the bank when I was bought the motel and actually went to the bank and set it on the counter. The tellers eyes lit up and said you’re not serious are you? I thought you only filled out a form if you did a withdrawl. needless to say I visited alot of banks in WNY that day to deposit money and get cashiers checks. ---------- Post added at 10:30 AM ---------- Previous post was at 10:28 AM ---------- And when I put 5,000 into my first niagara acct in lkpt they made me fill out a formand asked and they said since they didnt know me it was their policy for 5k or above. ---
**Author:** ![burnt\_toast](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/burnt_toast/32/7518_2.png) [@burnt\_toast](https://forums.speedlife.net/u/burnt_toast)\ **Post date:** [August 29, 2010, 7:54am UTC](https://forums.speedlife.net/t/turned-this-into-a-sack-of-cash-sold-car-debt-free-2011/159563/65 "2010-08-29T07:54:07Z")
i’m sure that if he is talking about being debt free, a good part of that 42 grand probably went directly to paying the loan off so he release the lien on the title in order to sell the car… So i’m guessing the actual deposit into an account was much less than 42 grand, and probably won’t raise any “red flags”. Or i’m completely wrong. ---
**Author:** ![Xander](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/xander/32/7597_2.png) [@Xander](https://forums.speedlife.net/u/Xander)\ **Post date:** [August 29, 2010, 8:38am UTC](https://forums.speedlife.net/t/turned-this-into-a-sack-of-cash-sold-car-debt-free-2011/159563/66 "2010-08-29T08:38:01Z")
Congrats on the sale! I thought for sure you Jinxed it by posting it up. LOL Kinda trusting of the guy to give you cash. You could walk away with the money and have very little trace of the transaction. > [@JustinH](#): > > I definitely hear you not wanting to buy a house. Not having a house means that you can pickup and move anywhere in the country on a few weeks notice. I have a house now, and we are going to me moving away. It is a duplex, but even managing it or DEALING with it from across the country isn’t going to be fun. Selling a house only takes about 3 months (otherwise you are asking too much). An apartment lease can keep you stuck in a place for longer than that… X… ---
**Author:** ![Deathproof](https://avatars.discourse-cdn.com/v4/letter/d/dec6dc/32.png) [@Deathproof](https://forums.speedlife.net/u/Deathproof)\ **Post date:** [August 29, 2010, 8:54am UTC](https://forums.speedlife.net/t/turned-this-into-a-sack-of-cash-sold-car-debt-free-2011/159563/67 "2010-08-29T08:54:39Z")
> [@misteroman$$$](#): > > ^^^ gain ANY transaction that seems to be shady can be recorded. Law only states that that the $10K limit MUST be recorded and a forum filled out. I had approx $50K in my safe I had to put in the bank when I was bought the motel and actually went to the bank and set it on the counter. The tellers eyes lit up and said you’re not serious are you? I thought you only filled out a form if you did a withdrawl. needless to say I visited alot of banks in WNY that day to deposit money and get cashiers checks. > > ---------- Post added at 10:30 AM ---------- Previous post was at 10:28 AM ---------- > > And when I put 5,000 into my first niagara acct in lkpt they made me fill out a formand asked and they said since they didnt know me it was their policy for 5k or above. You are much more likely to get flagged by staggering it. They don’t have a max as to what you can deposit, maybe small banks do, but at $10k you need to do federal paper work. That doesn’t mean banks don’t notice when people are constantly depositing $9900 into accounts. If you can prove where you got it, you just deposit it all at once. They also question you upon withdrawing over $10k, but I didn’t have to fill anything out for $11k. The amount is the same for crossing the border, and flying. If you can prove it’s legit you just fill out the paper work. Obviously people who can’t do this try and smuggle it, and if you get caught, that aint cho moneys no more. ---
**Author:** ![cougarspeed](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/cougarspeed/32/7468_2.png) [@cougarspeed](https://forums.speedlife.net/u/cougarspeed)\ **Post date:** [August 29, 2010, 9:18am UTC](https://forums.speedlife.net/t/turned-this-into-a-sack-of-cash-sold-car-debt-free-2011/159563/68 "2010-08-29T09:18:30Z")
A few things: Some of you guys are fucking strange Some of you guys do not read Some of you guys are REALLY fucking strange You guys are recommending some of the strangest shit when all he did is sell a car and should have no issue depositing it and going about his life as normal. No need to build a super secret tree fort or anything like that. PS I deposited 18k in cash and nobody kidnapped me in my sleep or anything. ---
**Author:** ![walter](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/walter/32/7202_2.png) [@walter](https://forums.speedlife.net/u/walter)\ **Post date:** [August 29, 2010, 10:04am UTC](https://forums.speedlife.net/t/turned-this-into-a-sack-of-cash-sold-car-debt-free-2011/159563/69 "2010-08-29T10:04:47Z")
> [@cougarspeed](#): > > A few things: > Some of you guys are fucking strange > Some of you guys do not read > Some of you guys are REALLY fucking strange > > You guys are recommending some of the strangest shit when all he did is sell a car and should have no issue depositing it and going about his life as normal. No need to build a super secret tree fort or anything like that. PS I deposited 18k in cash and nobody kidnapped me in my sleep or anything. :lol: this! ---
**Author:** ![Joe](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/joe/32/7219_2.png) [@Joe](https://forums.speedlife.net/u/Joe)\ **Post date:** [August 29, 2010, 10:33am UTC](https://forums.speedlife.net/t/turned-this-into-a-sack-of-cash-sold-car-debt-free-2011/159563/70 "2010-08-29T10:33:09Z")
I could chime in with a whole bunch of regurgigation from the annual anti-money laundering class they make us take, but I really dont want to think about that right now. It’s slightly less exciting than watching grass grow. ---
**Author:** ![bing](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/bing/32/7211_2.png) [@bing](https://forums.speedlife.net/u/bing)\ **Post date:** [August 29, 2010, 11:36am UTC](https://forums.speedlife.net/t/turned-this-into-a-sack-of-cash-sold-car-debt-free-2011/159563/71 "2010-08-29T11:36:23Z")
> [@BigRon](#): > > owning a house in SE Michigan is still not the best financial move. why would you need to save for a house in Michigan? I can buy 2 off ebay with the cash stashed in a sock in my basement… (that’s not actually where i put it:) ) Newman, congrats on being debt free but you know what’s better than being debt free? Working toward and being close to debt-free while not having compromised. You’re too awesome to need ot liquidate shit to get debt free… that is something Beck would do… 🙂 step your game up fuckaroo… also, i texted you with the intent to lowball you on the 5zigen 18’s… respond. ---
**Author:** ![LAFENGAS](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/lafengas/32/7573_2.png) [@LAFENGAS](https://forums.speedlife.net/u/LAFENGAS)\ **Post date:** [August 30, 2010, 7:51am UTC](https://forums.speedlife.net/t/turned-this-into-a-sack-of-cash-sold-car-debt-free-2011/159563/72 "2010-08-30T07:51:54Z")
congrats to making a turn away from the car scene. I keep my BMW around but have only put about 400 miles on it this whole year so far. Home, family, and entrepreneurship endeavors are much cooler now. > [@BigRon](#): > > Congrats on the sale, any F\*CK fade lines in the paint from the decals? what does white fade to…a whiter white? [Previous page](https://forums.speedlife.net/t/turned-this-into-a-sack-of-cash-sold-car-debt-free-2011/159563.md?page=3)