Buying a car in pennies?

haku · 11-11-2009, 08:59 PM

Hello fellow Nasioc people,

Question: Can you buy a car buy paying in pennies?

Given: You're buying the car in full.

I know this sounds really stupid, but I go into a disagreement with a fellow student in class (finance/econ). Anyway, the professor asked that question, and my response was, "Yes, the government places a value on all currency no matter how small (the penny). And it's value is decreed by the United States, which means they have to take it." But then some girl brought up the point of "the right to refuse service".

What do you guys/gals think?

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chris619 · 11-11-2009, 08:59 PM

Quote:

Originally Posted by haku

Hello fellow Nasioc people,

Question: Can you buy a car buy paying in pennies?

Given: You're buying the car in full.

I know this sounds really stupid, but I go into a disagreement with a fellow student in class (finance/econ). Anyway, the professor asked that question, and my response was, "Yes, the government places a value on all currency no matter how small (the penny). And it's value is decreed by the United States, which means they have to take it." But then some girl brought up the point of "the right to refuse service".

What do you guys/gals think?

don't ot anymore.

Brad Pittiful · 11-11-2009, 09:00 PM

they dont have to take pennies if they dont want to

Audiosavvy · 11-11-2009, 09:01 PM

What color is the car?

haku · 11-11-2009, 09:01 PM

Quote:

Originally Posted by chris619

don't ot anymore.

Agreed.

Quote:

Originally Posted by Brad Pittiful

they dont have to take pennies if they dont want to

That's what I was thinking too.

Integra96 · 11-11-2009, 09:01 PM

Abroham Lincoln throws copper at thee.

rxer311 · 11-11-2009, 09:03 PM

This goes back a long way, however, my Mother has a personal experience with this scenario.

She had saved all of her change when she was younger so that she could buy a car when the time came. When she was 18 years old she saw a brand new 65 mustang on the lot of a Ford dealership that was going out of business. She asked the owner if he would take payment in coins and he agreed. She took her milk jugs full of change to the dealership and my mom, my grandmother, and the owner of the dealership stayed up late to count all of the change.

She bought a brand new 65 mustang for $2000 all with change.

Not sure that would fly today though LOL!!!

4x4GGG · 11-11-2009, 09:06 PM

Yes, you can. Some dealers may choose not to sell to you, but I think if you agree to a price, then lift the tarp off a truck revealing 20K in pennies, most dealers will find a way.

chicken n waffles · 11-11-2009, 09:07 PM

yes you can.

and they can make you sit there while they count them out, too.

Ajilon · 11-11-2009, 09:08 PM

I think they can refuse to sell you the car, but in today's economy, most won't. They need that sale too badly.

However, even banks require the change to be wrapped before they'll accept it.

MikeCee · 11-11-2009, 09:09 PM

Quote:

Originally Posted by haku

What do you guys/gals think?

i think you're a ****ing idiot.

haku · 11-11-2009, 09:11 PM

Quote:

Originally Posted by MikeCee

i think you're a ****ing idiot.

Thank you, I have to agree with you.

madcatz · 11-11-2009, 09:12 PM

Quote:

Originally Posted by Audiosavvy

What color is the car?

this is pertinent to the question at hand and must be answered

yankeesfan · 11-11-2009, 09:12 PM

Quote:

Originally Posted by Ajilon

I think they can refuse to sell you the car, but in today's economy, most won't. They need that sale too badly.

However, even banks require the change to be wrapped before they'll accept it.

Not sure about the banks requiring you to wrap it first. Wouldn't they just want to put it in the coin counter to make sure it is all US currency and the correct amount?

G&C · 11-11-2009, 09:13 PM

Check out offer/acceptance in contract law, that should answer your question.

jasonspeed · 11-11-2009, 09:13 PM

aren't pennies worth more than $.01 in copper these days?

haku · 11-11-2009, 09:15 PM

Quote:

Originally Posted by Audiosavvy

What color is the car?

Quote:

Originally Posted by madcatz

this is pertinent to the question at hand and must be answered

Lets say....Aspen White.

madcatz · 11-11-2009, 09:16 PM

then no, as WRB and AW are Brotato colors

skywatcher · 11-11-2009, 09:18 PM

Go to a bank and deposit it first and then cut the dealer a check.
Are people really this stupid.

chris619 · 11-11-2009, 09:20 PM

Quote:

Originally Posted by skywatcher

Are people really this stupid.

enkd · 11-11-2009, 09:22 PM

Quote:

Originally Posted by Ajilon

However, even banks require the change to be wrapped before they'll accept it.

I have personally wrapped up over $100 in change and taken it to the bank, only to have them tell me they wouldn't accept it until I removed it from the wrappers so they could dump it in the coin counter.

Wraps are not so commonly used any more. Some banks, perhaps. $20k+ in change? No way. I'm sure they would just agree to meet you at an a agreed-upon bank with a high volume coin counter to close the deal.

sperry · 11-11-2009, 09:23 PM

Instead of doing this thread a second time... read this:

http://forums.nasioc.com/forums/show....php?t=1869501

You can pay owed debts in pennies and they can't be refused, but they can also choose to not do business with you if you want to pay in an unusual manner, like with all pennies.

Ajilon · 11-11-2009, 09:26 PM

Quote:

Originally Posted by enkd

I have personally wrapped up over $100 in change and taken it to the bank, only to have them tell me they wouldn't accept it until I removed it from the wrappers so they could dump it in the coin counter.

Wraps are not so commonly used any more. Some banks, perhaps. $20k+ in change? No way. I'm sure they would just agree to meet you at an a agreed-upon bank with a high volume coin counter to close the deal.

I guess it depends on which bank you use. I bank at a small credit union and they required me to wrap anything I bring in.

enkd · 11-11-2009, 09:26 PM

Quote:

Originally Posted by sperry

You can pay owed debts in pennies and they can't be refused, but they can also choose to not do business with you if you want to pay in an unusual manner, like with all pennies.

Sounds right. Which means you could buy the car (with financing pre-arranged at a local bank), and then drive the new car straight to the bank to pay off the loan with a trunk full o' pennies - and they couldn't refuse it.

BGPunk2001 · 11-11-2009, 09:36 PM

Quote:

Originally Posted by Audiosavvy

What color is the car?

Blue..... No YEELLLLOOOOOOOwowwwwwwwwwwww

11-11-2009, 08:59 PM	#1
haku Scooby Specialist Member#: 168840 Join Date: Jan 2008 Chapter/Region: TXIC Vehicle: 2008 WRX Sedan Satin White Pearl	Buying a car in pennies? Hello fellow Nasioc people, Question: Can you buy a car buy paying in pennies? Given: You're buying the car in full. I know this sounds really stupid, but I go into a disagreement with a fellow student in class (finance/econ). Anyway, the professor asked that question, and my response was, "Yes, the government places a value on all currency no matter how small (the penny). And it's value is decreed by the United States, which means they have to take it." But then some girl brought up the point of "the right to refuse service". What do you guys/gals think? * Registered users of the site do not see these ads.

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11-11-2009, 09:00 PM	#3
Brad Pittiful NASIOC Supporter Member#: 34931 Join Date: Apr 2003 Chapter/Region: Tri-State Location: A Town Called Malice Vehicle: Dee Dee Ramone says eat dope and potato chips	they dont have to take pennies if they dont want to

11-11-2009, 09:01 PM	#4
Audiosavvy I declare Shenanigans! Moderator Member#: 150794 Join Date: Jun 2007 Chapter/Region: SCIC Location: The taint of California Vehicle: 2.3 built bugeye In it to win it	What color is the car?

11-11-2009, 09:01 PM	#6
Integra96 Scooby Newbie Member#: 64196 Join Date: Jun 2004 Chapter/Region: RMIC Vehicle: 2009 Lesbacy 2.5i SE	Abroham Lincoln throws copper at thee.

11-11-2009, 09:03 PM	#7
rxer311 Scooby Specialist Member#: 107099 Join Date: Feb 2006 Chapter/Region: Tri-State Location: Lancaster, PA Vehicle: '07 STI Satin White Pearl	This goes back a long way, however, my Mother has a personal experience with this scenario. She had saved all of her change when she was younger so that she could buy a car when the time came. When she was 18 years old she saw a brand new 65 mustang on the lot of a Ford dealership that was going out of business. She asked the owner if he would take payment in coins and he agreed. She took her milk jugs full of change to the dealership and my mom, my grandmother, and the owner of the dealership stayed up late to count all of the change. She bought a brand new 65 mustang for $2000 all with change. Not sure that would fly today though LOL!!!

11-11-2009, 09:06 PM	#8
4x4GGG Captain, Table 5 misfits. Moderator Member#: 12686 Join Date: Nov 2001 Chapter/Region: MAIC Location: Ocean City, MD ish Vehicle: 03 Saturn	Yes, you can. Some dealers may choose not to sell to you, but I think if you agree to a price, then lift the tarp off a truck revealing 20K in pennies, most dealers will find a way.

11-11-2009, 09:07 PM	#9
chicken n waffles Scooby Specialist Member#: 98395 Join Date: Oct 2005 Chapter/Region: MAIC Location: NoVA Vehicle: 09 LGT RITF	yes you can. and they can make you sit there while they count them out, too.

11-11-2009, 09:08 PM	#10
Ajilon Scooby Newbie Member#: 126716 Join Date: Sep 2006 Chapter/Region: RMIC Location: SLC, Utah Vehicle: 91 MR2 Trubo swap black	I think they can refuse to sell you the car, but in today's economy, most won't. They need that sale too badly. However, even banks require the change to be wrapped before they'll accept it.

11-11-2009, 09:13 PM	#15
G&C Scooby Newbie Member#: 185995 Join Date: Aug 2008 Chapter/Region: Tri-State Location: Buffalo/Rochester Vehicle: 2004 WRX WRB	Check out offer/acceptance in contract law, that should answer your question.

11-11-2009, 09:13 PM	#16
jasonspeed Scooby Specialist Member#: 187971 Join Date: Aug 2008 Chapter/Region: MWSOC Location: NEWisconsin Vehicle: 03 Grocery Getter subyshop.com	aren't pennies worth more than $.01 in copper these days?

11-11-2009, 09:16 PM	#18
madcatz NASIOC Supporter Member#: 187530 Join Date: Aug 2008 Chapter/Region: MAIC Location: where my head rests at night Vehicle: 2005 BL5 SWP	then no, as WRB and AW are Brotato colors

11-11-2009, 09:18 PM	#19
skywatcher Scooby Newbie Member#: 82470 Join Date: Mar 2005 Chapter/Region: International Vehicle: My God, it's full of stars!	Go to a bank and deposit it first and then cut the dealer a check. Are people really this stupid.

11-11-2009, 09:23 PM	#22
sperry Scooby Specialist Member#: 8636 Join Date: Jul 2001 Chapter/Region: BAIC Location: Reno, NV Vehicle: 94 SVX, 02 WRX, 01 F-250 SuperDuty	Instead of doing this thread a second time... read this: http://forums.nasioc.com/forums/show....php?t=1869501 You can pay owed debts in pennies and they can't be refused, but they can also choose to not do business with you if you want to pay in an unusual manner, like with all pennies.