In the past for my wife's one pay cars I just brought in a cashiers check after we came to a payment. If they would take the whole thing on a CC I would do it and take the points but nobody takes more then 5K on a credit card due to the fees.

IRS does not care as long as the cash is clean. Though I highly suggest doing it with a check or wire and we have been refinancing the house and I pulled 9K or so out for some machine work and put it back in when the they could not get the job done and it killed my refi as it was providence for the cash.

 

I think the cash payment shouldn't be an issue, the reporting to IRS is for the seller. It doesn't create a record that you paid by cash with the IRS. At least I don't think so, but this is a lease so maybe different.

The bigger issue here is insurance. You need gap insurance so if the car is totaled, you get repaid the delta between market value and payoff value. I know Mercedes has this type of insurance included in their one-pay lease so it's not an issue. However I don't know if Porsche is setup for one-pay leases. Most OEMs are not setup for this.

 

Reporting cash (currency) transactions on a sale greater than $10K is the Retailer's responsibility, not the Buyers. There are guidelines in the link I posted to the IRS guide for businesses regarding this very thing. They define what is and what is not currency. Personal checks are not currency as defined by the IRS. A report of a >$10K currency (cash) transaction would not necessarily cause anything to happen anyways.

Another example given in the IRS guide is I buy a watch or jewelry at a retailer that costs $12,000. If I pay cash they have to fill out a Form 8300. If I write a personal check they do not because personal checks are not defined as currency.

 

I have to ask, why not just buy the car instead of leasing? $ 45K for 27 months is a huge hit, these 991's won't depreciate that much in just over 2 years time. Depreciation should be closer to $ 1K a month, your lease cost is MUCH higher than the depreciation. Since credit union loans are 2.25% to 2.5% and you can put down $ 45K you'll find the better financial deal is a purchase, not a lease.

 

I'm not convinced that it won't depreciate that much.

 

I would not worry at all about the IRS if the money were legit.

As for the car what model and options bring you to 45k for 27 months? Is this a c4s? In Texas I looked at the one pay only to alleviate paying taxes in the car, which you can circumvent with the one pay. Here you pay 6.25 % on the total value of the vehicle even though you "rent" the car for the terms of the lease.

 

If they would take the whole thing on a CC I would do it and take the points but nobody takes more then 5K on a credit card due to the fees.

Porsche of Tysons (Virginia) will take half the purchase price of the car on credit cards. When I bought my 991 there last month, I was going to write a check for the down payment of $ 30,000. The Finance Guy said "Don't do that, put it in your credit cards and get the points!" So I did - put $ 30K on two Visa Cards, good for about $ 500 in points, etc. , but not before asking for a discount for cash (answer was 'no', same price - cash or card). It's a Penske Dealership - that may be the case with all their dealerships - I'd certainly ask.

 

My dealer in question said max$5000 by card- balance in cash on check

Thanks to all who responded - so if I understand correctly - if I pay using a check this will not be reported to the IRS however if I use my piggy bank cash then it will be.

The one pay is on a 2014 C4 cab, it's pretty loaded - I could not get over the look of that wide body

That being said I am still doubtful if I should go with the base or if I should go with the S , will a shortage of 50 HP make me regret my purchase later?

With respect to depreciation, I am not sure how much it exactly is .... My older 997 is still worth a bit even after 3 years

 

I agree with your comment, however, I am not convinced that I will want to keep this car for more than 2 years, (hint hint : it's not going to be my car) it's for the missus but I will get to play with it on e in a while. I still can't get enough of my 2012. Turbo S

 

I am going to look into the insurance and get back to you guys - I am insured with Geico so a call should clear it up

 

That is how it is stated in the IRS link I posted. But, and I am sure you will your due diligence into the topic, research it yourself to confirm. I could be a 12 year old Forum Troll telling you these things, hehehe!