[Closed] Being paid cash for a car??

Bank transfer - or straight to bank well before closing time and pay it in while they wait.

Take him to you bank & have him pay it direct into your account via the cashier.

How is cash on collection dodgy?

Depends on how good you think you are a spotting a fake I suppose. That's the risk with cash. Have you got time to get one of those UV checking pens before collection? There's guidance on how to spot fakes on the Bank of England website too.

£3k doesn't put you on a watch list when you try and pay it in. I banked nearly £5k in Cyclocross race entries without any problem.

dirtyrider

Member
How is cash on collection dodgy?

Could easily be counterfeit. Stuff getting landed with 3k in dodgy money.

Do what qwerty says, give them your account details and get them to pay it in at a physical bank, won't need to be your branch, but the same bank would be helpful I guess(not sure if necessary.) It should appear in your account fairly instantly.

Shouldn't really be any questions, i've paid 4.5k into a bank before, seems with hbos at least, it's 5k before they start asking where did this money come from questions. They could probably use one of those deposit cash machines aswell.

If they aren't willing to do this, I'd walk away tbh.

Lol you're all very cynical.

It takes a long time to count £3k in cash and inspect every single note to check its not dodgy. Also it's a PITA to get to a bank to pay it in these days and I can't be bothered. I wouldn't even entertain it. Mate of mine got stung taking cash for his car a while back but it was about £6k. I've refused to take cash for the last car I sold privately to the first buyer and he reneged on the sale so the chances are he was dodgy. Bank transfers every time. I just call up the bank get them to talk to the buyer to tell them the details and wait for confirmation of the actual transfer.

Bank transfers can be done there and then, and they may have to call the bank to verify it, or answer a text ! No brainer as transfers are immediate.

Funnily enough, there are real tradesmen, who do real work, for real cash, so constantly have a few grand lying around that they don't want the taxman to get his hands on (allegedly).
Buying a car with it seems like a good way to get rid of some of it.

Cheers everyone.
Guy has agreed to do a bank transfer on the day👍

I've taken cash for cars and also paid. Its pretty hard to even count a few thousand especially when they are still chatting to you, let alone anything more than a cursory glance at the notes! I try and have my wife to hand to count it up whilst we do the V5 etc!

Wouldnt know about this. I just tend to scrap them and £90 doesnt take long to count!!!

Do what qwerty says, give them your account details and get them to pay it in at a physical bank, won’t need to be your branch, but the same bank would be helpful I guess(not sure if necessary.) It should appear in your account fairly instantly.

I tried to pay some cash into my wife's account, and was told that banks will only let the account holder pay cash in their account now to prevent money laundering.

Dunno, my dad once bought a motorbike with cash. Straight out of the building society still sealed in the envelope.
Turned out the cashier had counted it out twice! First it was spotted was when the seller was counting it out!

By the time he got back the bank had already figured it out as the cashier was down by exactly what he'd withdrawn.

He was more annoyed that all he got for being honest and taking it back was a small box of Ferraro Roche!

Lol you’re all very cynical

Exactly my thoughts!

I thought nothing of taking £5k upto Land-an to pick up a minter of a KTBoom!

Dodgy for you? Not that likely. Probably pretty dodgy for the taxman though.

I’ve refused to take cash for the last car I sold privately to the first buyer and he reneged on the sale so the chances are he was dodgy.

If the cash is dodgy, you're surely getting the guy's ID etc. anyway? Or at least can give the police his/her number plate?

Handover at a bank would be the appropriate solution to this.

For the person saying we're a cynical lot, could he afford to lose £3.5k if the money was fake? I'd say it wasn't cynical, just protecting yourself from potential fraud.

Fine by me. As for watch lists at banks for dealing with sums of cash I withdrew £7000 in cash last year. The bank asked could they know what it was for. I said no and went on my merry way with it.

I paid 4.5k in cash for my last car a few months ago. Seller wasn't concerned.

I've always paid cash but only up to £6K

Fine by me. As for watch lists at banks for dealing with sums of cash I withdrew £7000 in cash last year. The bank asked could they know what it was for. I said no and went on my merry way with it.

Wasn't there something on the news last year that they're now obliged to check your not being defrauded in the same way they're starting/started for online transfers, e.g. an elderly person coming in to withdraw their life savings to pay for driveway tarmacing.

If you're not comfortable doing it then don't.

If the buyer wants the car they'll be flexible.

Lol you’re all very cynical.

A friend of mine managed to get himself diddled accepting a big lump of cash for a car (admittedly much more then the OP), approximately 75% of it was fake, this was only spotted when he went to deposit it by bank, who promptly called in the police and he had to explain why he was attempting to deposit fake cash, the "buyer" made off with the car having supplied false details for the V5C...
And was believed most likely to be taking it abroad (Eastern Europe) either as it was or in pieces... Basically he was left significantly out of pocket with no means of recovering it.

I've sold cars for cash, but only ever for a few hundred quid, I'd draw the line accepting more than £1k in cash these days... pretty much all proper adults can arrange a bank transfer these days, if they claim they "can't" they're more than likely a criminal IMO...

Thanks again, seems I'm not the only cynical old **** on here!

Last car I bought, cash took nearly 2 hours to appear in seller's a/c.

One before that, bank said fast transfers couldn't be done after 7pm at night and the cash would be there 'sometime tomorrow morning'.

This leaves the buyer + seller in limbo - buyer has 'paid' but seller doesn't want to hand over the keys.

With the last car I sold, money appeared in my account in < 5mins.

So my advice would be to check what bank a/c your buyer has and check with your bank how long a transfer will take to complete and plan for what you will do if it takes a while.

Fine by me. As for watch lists at banks for dealing with sums of cash I withdrew £7000 in cash last year. The bank asked could they know what it was for. I said no and went on my merry way with it.

pat yourself on the back for being so clever. Nobody is concerned you're laundering money if you're taking your own money out. 🙂

The teller engages you in conversations like this because one of the reasons people take large sums out in cash is they themselves are being conned / scammed. The 'tarmac-your-drive', 'we were driving by and noticed your roof needs fixing' and all kinds of other con artists will always want paying in cash and pressure people into withdrawing large sums. Psychologically those people are often is a sort of state of denial - they sort of know, but don't believe, that something dodgy is going on and its not until they have to describe the situation to someone that the spell gets broken.

The purpose of asking what the money is for is tellers are trained in being able to spot when customers are being leaned on.

Funnily enough, there are real tradesmen, who do real work, for real cash, so constantly have a few grand lying around that they don’t want the taxman to get his hands on (allegedly).
Buying a car with it seems like a good way to get rid of some of it.

So we should all take cash to support tradespeople's tax evasion? Seems reasonable to me.

I tried paying 12k in cash for a car from the local auctions. Apparently 9k is the limit for money laundering and then they wanted x amount for a cash purchase. I just paid with a debit card in the end and no added costs.