Buying a car for 12mil without a bank account

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mem
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Buying a car for 12mil without a bank account

Post by mem » Mon Apr 30, 2018 10:46 pm

Lets say i dont have a bank account and want to buy a car for 12mil from either a private owner or a dealership
I have cash from ATM withdrawals in 12 rolls of 20k x 50 notes

What is the best way to do this? I assume giving the cash to the seller will be somewhat inconvenient as counting it without a bank machine that does the counting is tedious

I know about the valle vistas, but I understand you need an account with a bank to get a valle vista

Any advice on what to do or what is typical for people facing this type of situation?
Thanks

thisisreallycomplicated
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Re: Buying a car for 12mil without a bank account

Post by thisisreallycomplicated » Mon Apr 30, 2018 11:25 pm

Does the seller have an account that you can deposit into? I pay my rent that way, and the bank people use one of those cash counting machines. I think it's a pretty common way to do things here.
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mem
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Re: Buying a car for 12mil without a bank account

Post by mem » Tue May 01, 2018 12:26 am

thisisreallycomplicated wrote:
Mon Apr 30, 2018 11:25 pm
Does the seller have an account that you can deposit into? I pay my rent that way, and the bank people use one of those cash counting machines. I think it's a pretty common way to do things here.
Yes, i pay rent the same way and i am sure any private seller or dealer seller will have a bank account...the only concerns I have are 1) if the bank will freak out about such a large cash deposit. Ive never deposited more than 3 million in someone elses account.
2) what is the right order of steps...go the notary first for the sale and then go to the bank for the deposit. I wouldnt want to deposit the cash in the sellers account without some guaruntee the guy is actually going to follow through with the sale and not just take off with my money in his account

thisisreallycomplicated
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Re: Buying a car for 12mil without a bank account

Post by thisisreallycomplicated » Tue May 01, 2018 1:46 am

mem wrote:
Tue May 01, 2018 12:26 am
I wouldnt want to deposit the cash in the sellers account without some guaruntee the guy is actually going to follow through with the sale and not just take off with my money in his account
Yeah, I thought about that one too. Is it possible to make the sale contigent on your deposit? That way, you could sign some sales documents, but they wouldn't be valid until you made the deposit. Or maybe it's already implied, that if you don't pay, the contract is void? Sounds like a question for a Chilean lawyer.
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Re: Buying a car for 12mil without a bank account

Post by admin » Tue May 01, 2018 7:58 am

That is not that much cash. People make big cash deposits all the time larger than that. Hang out in front of a bank, and you will see people with bags of cash coming and going.

I've bought cars with cash before, and even properties. Kind of a hassle logistically, but possible. Hardest part is it makes me nervious to be walking around with that much cash. Don't mention you have it to anyone.

That said, take cash to notary or civil registery. Sign purchase agreement, hand over cash.

We have also had clients call their bank to get a one time boost on their credit card / atm card to buy a car at a dealership. A lot of dealersbips in chile also have accounts in the u.s., so we have done direct transfers to them in dollars from other u.s. accounts. Check with the dealerships when shopping to see if they can work that out.
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Re: Buying a car for 12mil without a bank account

Post by Britkid » Tue May 01, 2018 12:18 pm

I bought a car for about 5 million. We did all the documentation first. After all the documents were in my name, I gave the cash.

A possible way to do that would be that in the office where the ownership transaction process is completed, they should have a private room where buyer and seller sit down. The buyer could hand the cash to the official - who should explain it will stay on the table and never go out of sight. The seller could have over the keys to the official. The official would check this and pass on both while also handing over the ownership documents. I was going to ask them to do something like this if it came down to it, but I doubt it would work well or is how they normally do this. They really should charge a fee and provide this service.

Don't tell anyone that you have the cash. It is safe to walk around carrying cash. As long as no-one knows.

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Re: Buying a car for 12mil without a bank account

Post by manivel43 » Wed Jul 04, 2018 2:05 pm

Guys, sorry to dig this thread.
May i please ask what is the car negotiation procedure in chile ?

I am planning to buy a brand new car and I understand that every brand has their list price with brand discount and financing bonus discount that are mentioned in their respective website. But will i be able to negotiate further if i try ? Or is it the the chilean dealers do not entertain negotiating at all?

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Re: Buying a car for 12mil without a bank account

Post by HybridAmbassador » Wed Jul 04, 2018 2:49 pm

manivel43 wrote:
Wed Jul 04, 2018 2:05 pm
Guys, sorry to dig this thread.
May i please ask what is the car negotiation procedure in chile ?

I am planning to buy a brand new car and I understand that every brand has their list price with brand discount and financing bonus discount that are mentioned in their respective website. But will i be able to negotiate further if i try ? Or is it the the chilean dealers do not entertain negotiating at all?

Negotiating for a discount on a car purchase is universal. However don't know if how much sliding from the asking price you would get from a Chilean dealership. The best chance you might find a better than other brands discount is if targeting for less popular brands.
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Re: Buying a car for 12mil without a bank account

Post by scandinavian » Wed Jul 04, 2018 3:01 pm

If you can wait until a bit closer to 1st of September, then you should be able to negotiate a decent discount on a 2018 model (as cars sold after 1/9 are 2019) models. Need to look around a bit and find a dealer that has some models left that have already been registered. I still have not seen a financing bonus that is worth it. Normally they charge ridiculous interest rate in the area of 2% / month.

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Re: Buying a car for 12mil without a bank account

Post by HybridAmbassador » Wed Jul 04, 2018 3:02 pm

I just sent another Toyota Camry Hybrid to my friend in Santiasco. He came a few months ago and I went with him to one of my Toyota dealership I know of and got him a deal that he was astonished to find that the price from MSRP or manufacturer's suggested retail price down to way back of that car's "invoice? ! No tax paid since that vehicle destination is to Chile. The shipping Roll on to Roll off destination San Antonio came to US$1800. he also wanted to customize interior leather upholstery to all red, came to US$1098, of course at "invoice" price from my friend the owner of Coach Automotive re-styling of California. The original leather that came with the car were shipped in the car's boot but praying that the Chilean custom won't levy too hefty duty ? Oh the price of this vehicle total came to thousands of Dollars less including all shipping plus the tax imposed on the same vehicle as if my friend had gotten it in Chile.. So in most cases when purchasing a brand new vehicle it beats for its purchase done in CA instead of Chile.
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Re: Buying a car for 12mil without a bank account

Post by HybridAmbassador » Wed Jul 04, 2018 3:05 pm

scandinavian wrote:
Wed Jul 04, 2018 3:01 pm
If you can wait until a bit closer to 1st of September, then you should be able to negotiate a decent discount on a 2018 model (as cars sold after 1/9 are 2019) models. Need to look around a bit and find a dealer that has some models left that have already been registered. I still have not seen a financing bonus that is worth it. Normally they charge ridiculous interest rate in the area of 2% / month.
Some model that already being "registered"? do you mean an used vehicle or dealer's demonstrators? Once a new vehicle gets registered doesn't that vehicle become an used car? So go for an used car vs brand new car?
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Re: Buying a car for 12mil without a bank account

Post by scandinavian » Wed Jul 04, 2018 4:29 pm

For whatever reason, they sometimes register them before selling - still completely new.
Even if it is not registered, then you can normally still make some deals when it gets close to 1st of September. Without knowing it, then I guess it is related to bonuses / sales targets. I have in 2 cases been able to negotiate considerable discounts above 1MM when purchasing around that date.
Now on the other hand, the dollar is way up which should affect the import price, which might make it a better deal to buy straight away with "old" exchange rates"

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