Can you only spend 10k on a car without an SSN?

4 comments

1. Eh? The recipient of cash over 10k has to report it when they deposit it in their bank. There isn’t a limit on spending cash that I’m aware of, regardless of SSN.

2. I’m not sure I’ve ever heard that particular rule.

3. I have paid cash on a car from a private sale and didn’t give them my SSN number but it might be different if you go to a dealership.

4. I think if you go to a dealership they have to report $10k+ in cash receipt, but if you buy from a private party it’s not required. I’ve done this a couple of times now, and not had to give that at any point.

   The seller might have to fill out a form with their bank explaining where they got the cash in order to deposit, but I don’t think this has anything to do with you as the buyer. Maybe it’s just been my experience that the sellers I’ve bought from have kept the cash to purchase other cars though, or kept some portion of the cash out of the bank.

   In any case I wouldn’t provide my SSN to any private seller, ever. If they needed it to make a deposit at the bank, I would meet them at their bank and provide it to a bank official.

   Most likely if you buy a car private party for that amount, there will still be a loan out on the vehicle. In that case you would work with the seller’s bank to pay the loan balance directly to the bank, with any leftover amount from the purchase price going to the seller. In this way you ensure there will not be a lien recorded on your title.