You Auto Know! - Money Laundering

Scenario: Mr. Jones purchases a vehicle from your store and, as a down payment, provides the dealership with $11,000 in cash, traveler’s checks and money orders. Further, Mr. Jones does not provide all the funds in one day, but provides $4,000 on the day the deal is written, and $7,000 on the day the vehicle is picked up. The not so bright sales person believes that since the funds provided did not total over $10,000 on the first day the money was deposited, or at the time of delivery, he did not have to fill out IRS Form 8300. . . 2013 – YAK – Money Laundering – June