Law on buying cars with cash

[goldblum]

blah blah blah

The reality is that most car dealers are more than happy to take a large amount of cash off a buyer - whatever the law.

As for the argument 'I can't see why anyone has to pay cash..they must be a drug dealer.Why don't they pay with a card like normal folk?'

Quite a lot of self employed people deal mainly in cash.

Anything over about 12/15 grand you won at the races.Remember it's quite legal to keep as much cash in your house as you want.

[jaf01uk]

I'm surprised nobody has mentioned the guy on "great big piekey weddings" The guy with the muscles who bought a new Audi every 6 months for cash!? Always wondered how they're "community" managed to buy their vehicles when they deal in cash only?
Gary

[NobleGuy]

jaf01uk said:

I'm surprised nobody has mentioned the guy on "great big piekey weddings" The guy with the muscles who bought a new Audi every 6 months for cash!? Always wondered how they're "community" managed to buy their vehicles when they deal in cash only?
Gary

Yup, I'd imagine the tax man would be interested too...

[NobleGuy]

goldblum said:

Quite a lot of self employed people deal mainly in cash.

Like I say, I know a few in various industries and none of them deal in cash.

[insanojackson]

jaf01uk said:

I'm surprised nobody has mentioned the guy on "great big piekey weddings" The guy with the muscles who bought a new Audi every 6 months for cash!? Always wondered how they're "community" managed to buy their vehicles when they deal in cash only?
Gary

Maybe it was just a turn of phrase, I would say i have paid cash for my last few cars, but what i actually mean is a i paid for them in full. No actual cash changed hands.

[Lucas Ayde]

simoid said:

Are you sensible? Were the depositors that decided to take their deposits from perfectly safe banks sensible?

The people who took their deposits from 'perfectly safe' banks (did you read the article - they were anything but 'perfectly safe') were completely sensible.

The Governor of the Bank of England himself conceded it was rational to do so in the case of Northern Rock:

http://news.bbc.co.uk/1/hi/business/7079520.stm

said:

"In the absence of a government guarantee, it was actually rational to queue up and take your money and it would have been dishonest for us to have pretended otherwise," he said.

As for the guarantee, how long would it take for the FSCS (who are the people who guarantee accounts) to compensate depositors if a major bank went belly up if it could even get the funds together to do so?

simoid said:

The banks were and still are fine, and will be until some mass outbreak of nonsense takes over the whole world, and everyone decides that the only way their money is safe is if they dispose of all cash and credit with banks, in exchange for precious metals and other items with which they can barter, like we did before the Romans.

The banks were NOT fine (as covered in the article), are still not fine and in any banking system (even ones more secure than our system is at the moment), 'cash in a bank' is never more than a promise to pay by the bank - entailing counterparty risk.

Does that mean I think the banks are going to go belly up tomorrow? No.

Does that mean I recognise that there is a risk and am aware that I may need to take action regarding cash I have in banks in the event of problems? Yes.

[goldblum]

NobleGuy said:

goldblum said:

Quite a lot of self employed people deal mainly in cash.

Like I say, I know a few in various industries and none of them deal in cash.

So we know different self employed people.Amazing.

[NobleGuy]

goldblum said:

NobleGuy said:

goldblum said:

Quite a lot of self employed people deal mainly in cash.

Like I say, I know a few in various industries and none of them deal in cash.

So we know different self employed people.Amazing.

Yup, and I'd hazard a guess that those that do deal in cash are on a tax dodge, which is nice.

[goldblum]

NobleGuy said:

goldblum said:

NobleGuy said:

goldblum said:

Quite a lot of self employed people deal mainly in cash.

Like I say, I know a few in various industries and none of them deal in cash.

So we know different self employed people.Amazing.

Yup, and I'd hazard a guess that those that do deal in cash are on a tax dodge, which is nice.

Eh? Are you serious??

[simoid]

Lucas Ayde said:

simoid said:

Are you sensible? Were the depositors that decided to take their deposits from perfectly safe banks sensible?

The people who took their deposits from 'perfectly safe' banks (did you read the article - they were anything but 'perfectly safe') were completely sensible.

The Governor of the Bank of England himself conceded it was rational to do so in the case of Northern Rock:

http://news.bbc.co.uk/1/hi/business/7079520.stm

said:

"In the absence of a government guarantee, it was actually rational to queue up and take your money and it would have been dishonest for us to have pretended otherwise," he said.

As for the guarantee, how long would it take for the FSCS (who are the people who guarantee accounts) to compensate depositors if a major bank went belly up if it could even get the funds together to do so?

simoid said:

The banks were and still are fine, and will be until some mass outbreak of nonsense takes over the whole world, and everyone decides that the only way their money is safe is if they dispose of all cash and credit with banks, in exchange for precious metals and other items with which they can barter, like we did before the Romans.

The banks were NOT fine (as covered in the article), are still not fine and in any banking system (even ones more secure than our system is at the moment), 'cash in a bank' is never more than a promise to pay by the bank - entailing counterparty risk.

Does that mean I think the banks are going to go belly up tomorrow? No.

Does that mean I recognise that there is a risk and am aware that I may need to take action regarding cash I have in banks in the event of problems? Yes.

It was only rational to queue up to get your money out after everyone else who had been scaremongered into queueing for their cash were doing so.

[mph1977]

jaf01uk said:

I'm surprised nobody has mentioned the guy on "great big piekey weddings" The guy with the muscles who bought a new Audi every 6 months for cash!? Always wondered how they're "community" managed to buy their vehicles when they deal in cash only?
Gary

the stereotype answer ,

threaten ( even if never actually expressed) to come and park up in or around the dealer premises ...

[Jimmyarm]

So can a dealer 'legally' refuse to accept cash if you can prove its provenance (sp) ?

[anonymous-user]

Of course. People are free to contract or not to contract.

[Noger]

Provenance has nothing to do with it. It isn't up to the dealer to do AML *checking* it is simply up them to report transactions over a certain limit (as dealers in high value items, similarly with jewellers). The "limit" on cash is just the way that dealers have developed so that they don't have the overheads of AML reporting and all that entails. No cash over 15k Euro, no need to report.

Arguably any checking by them would be tipping off, and thus a criminal offence.

And yes, whilst there is no compulsion to treat, would a dealer be able to refuse a cash payment to settle a debt over £9000 ? It is "legal tender" after all ?

[anonymous-user]

If there is an extant debt and payment is tendered that is one thing, but anyone is entitled before contracting to require payment by a particular method.

[NobleGuy]

goldblum said:

NobleGuy said:

goldblum said:

NobleGuy said:

goldblum said:

Quite a lot of self employed people deal mainly in cash.

Like I say, I know a few in various industries and none of them deal in cash.

So we know different self employed people.Amazing.

Yup, and I'd hazard a guess that those that do deal in cash are on a tax dodge, which is nice.

Eh? Are you serious??

Well...either they deal solely in cash or they put their cash in the bank like normal people. The first case is the best way to dodge tax and the second means you're agreeing with me that banks are not the seven-headed harpy that some people seem to think they are.

[goldblum]

NobleGuy said:

goldblum said:

NobleGuy said:

goldblum said:

NobleGuy said:

goldblum said:

Quite a lot of self employed people deal mainly in cash.

Like I say, I know a few in various industries and none of them deal in cash.

So we know different self employed people.Amazing.

Yup, and I'd hazard a guess that those that do deal in cash are on a tax dodge, which is nice.

Eh? Are you serious??

Well...either they deal solely in cash or they put their cash in the bank like normal people. The first case is the best way to dodge tax and the second means you're agreeing with me that banks are not the seven-headed harpy that some people seem to think they are.

Hydra.

Normal people?!? Do shut up.

Edited by goldblum on Thursday 19th May 10:46

[NobleGuy]

goldblum said:

NobleGuy said:

goldblum said:

NobleGuy said:

goldblum said:

NobleGuy said:

goldblum said:

Quite a lot of self employed people deal mainly in cash.

Like I say, I know a few in various industries and none of them deal in cash.

So we know different self employed people.Amazing.

Yup, and I'd hazard a guess that those that do deal in cash are on a tax dodge, which is nice.

Eh? Are you serious??

Well...either they deal solely in cash or they put their cash in the bank like normal people. The first case is the best way to dodge tax and the second means you're agreeing with me that banks are not the seven-headed harpy that some people seem to think they are.

Hydra.

Normal people?!? Do shut up.

A classy and highly intelligent put down there...I can see we'd get on famously

I'm saying that 'normal' people don't hide their stash in the sofa and cry at the idea of actually putting it somewhere (relatively speaking) safe like a...bank...hideous idea I know...

Or are you suggesting Big Brother paranoia and believing your sad little life is in any way important to the state is in any way 'normal'....?

And hydras don't have seven heads....

[goldblum]

[NobleGuy]

goldblum said:

Good effort, but Hydras grow two for every one cut, so seven is not a definitive number. Sorry.
Glad you at least understand the rest of my post now though.