The important consideration is whether it would be reasonably possible to use the vehicle for consumer purposes, not what the buyer plans to do with it. Thus a heavy duty pickup would not be exempt, because it could be used as someone’s personal vehicle. But a wrecker, or a bulldozer, or a heavy highway truck would be exempt, as these are unsuitable for consumer use. Therefore, cash in excess of $10,000 does not need to be reported in transactions involving these vehicles. That’s a loophole you could drive a truck through!
How could anyone be expected to know this and the thousands of other tricky rules and regulations governing the retail automotive industry? By purchasing the NJ CAR Legal & Regulatory Compliance Guide for Automotive Retailers, where you will find Form 8300 information in Volume Five, Chapter 8, Section 1. Call NJ CAR to order a copy, or sign up for the new NJ CAR Regulatory Compliance Certification Program (see article on Page 2 for details).