Paying lump sum on vehicle

[mrpaseo]

Hello again everyone, I am about to make a lump sum payment (Not a pay off) of about 20,000 dollars onto my SUV. My question is will this trigger any issues? I heard about a form that the bank will have to fill out due to a payment over 10,000 dollars, how will this affect me?

Thanks,
Ray

[maat55]

It is a standard practice for banks to file forms on any transactions over 10k. You have no problem as long as you are not laundering money.

[mrpaseo]

Great, thank you.

Ray

[Gjowers]

The form the bank fills out for transactions over 10K is only for CASH transactions. If you are just making a big loan payment, you could send it in with your next payment or walk in and have a teller process it.

[mrpaseo]

Good point, the loan is with my bank, I stransfered the money from an on line bank to my Credit Union then made the payment on line. I guess this does not trigger the flag. Thanks.

The payment ended up being 19,000. Next month, the SUV will be paid in full.

[Gjowers]

Congratulations. It's going to be a great feeling when you get it paid off. First because of the sense of accomplishment, second because of the freedom you'll feel.

[mrpaseo]

Not to mention it will clear up 700 dollars (That's the original payment of 450 plus about 250 extra) per month.

[Christophercarl]

Congrats on paying it off!

[Alex_Adviser]

I dont think $700 would have meant a big burden as you would now be having a great sense of relief from your car loan (which was very huge in itself). Congrats for getting it paid off.

All the best.............

[mommyof4]

Good point, the loan is with my bank, I stransfered the money from an on line bank to my Credit Union then made the payment on line. I guess this does not trigger the flag. Thanks.

The payment ended up being 19,000. Next month, the SUV will be paid in full.

Congrats!

[Investing First Steps]

I'm always interested in why people are so worried about being "reported." I mean an audit would be a drag, but if you're not doing anything wrong, then I doubt you will have an audit triggered by simply making a big payment. I am self employed and routinely make large deposits and withdrawal in my personal account. Of course I'm likely a bad example, since I don't really deduct much, so my personal experience may be irrelevant. Ultimately though, I feel that if you're not doing anything wrong I wouldn't worry much about having anyone "notified" of your banking movements.

[mrpaseo]

IFS, I understand your point, however, this was the largest payment (First over 10,000) I have ever made, and with me being in Iraq, I didn't know if there would be issues that I would have to either go in or be called to sign something. It's kind of hard when your on the other side of the planet.