Hey guys, wasn't sure where to post this but I'm looking to buy a used G37 coupe and have a question about insurance.

So when I buy a car at a dealership, does the car have be insured by the buyer or can it be insured by another person?

Thanks

 

If its paid in cash, anyone can be on the insurance... if its financed, then it must be in the name of the person/persons getting the loan.

 

Yea I plan on paying in full but isn't there an issue with the IRS if more than $10k in cash is paid?

 

Yea there is, when i brought my G the dealer won't take more then 10K cash because they would have to report it to the IRS and file papers.

 

There is no problem. It is just a requirement that the dealer has to inform the IRS. If you want to avoid this paper trail, you can pay more than $10k by check and put the rest on a credit card or just write the full amount by check.

 

Its not an issue, if the cash was obtained legally!!
If you went to the bank and withdrew 10K in cash, you have a paper trail.

 

I was thinking of just buying a G with my credit card then going home and paying my card off even before the transaction post.

That way no cash issues and a **** load of points for my card

Any thoughts... good or bad?

 

Why would you pay cash, as in with paper money? A certified cheque is the same as cash, and a much safer way to purchase a vehicle "cash". I've used certified bank drafts for the past 4 vehicles I've purchased. I would never dream of buying a pricey vehicle with actual dollar bills. That makes no sense. Sure, for a cheap winter beater or a guy's first car (~$2500 or less) then I can agree, but not for anything like a G37.

 

If you pay off the card before 30 days theres no interest anyway (in most cases). I know lots of people who have bought cars on their credits cards. If you have the funds to pay it off with out interest then by all means use their money. Unless you can get a 0 percent interest loan on a new car.

Often when I buy funriture etc I find a place doing 0 interest for 90 days or 6 months, keep my money making me money during that time then pay it off just before the dead line. I use other peoples money any chance I get.

 

Hence the "then going home and paying my card off even before the transaction post."

I NEVER carry a balance on a credit card

"I use other peoples money"
That's the Only way to do it.

I just pay EVERYTHING off the same day I charge something just b/c "Things" can happen and getting a finance charge is one thing I'm Not willing to accept.

 

I paid 23K for my F150 at a real dealership with no problems.... I purchased a certified check from my bank..... Same a green backs, my friend. I believe the insurance question has been answered fully enough. If the dealership doesn't want your cash buy, then walk on them....

 

Most dealers I have ran across will not allow you to charge more than $5k on a vehicle because the card company charges the dealer 2.5 to 3% unless you want to pay that fee. On a $20k car that would cost the dealer 5 to 6 hundred dollars.