Dodgy way of buying a car?

[Jo Po]

My sister-in-law is buying a car tomorrow from a dealer and this is on their website:

'We are currently accepting payments made through Telegraphic Transfer, Cashier’s cheque or cash up to £8000'


Is that dodgy or does it seem normal?

Thanks

[MNBrennan]

I believe companies are normally very wary about taking cash above 1 or 2k due to the regulations regarding Proceeds of Crime. I know solicitors are not allowed to take more that 1k in cash. Seems a bit dodgy

[Jo Po]

Whats the other 2 options about thought, Tele-graphic transfer and cashiers cheque?

[MNBrennan]

I'm guessing by tele-graphic transfer they mean just transferring the money into their bank account from yours, and by cashiers cheque just a regular cheque?

[Jo Po]

MNBrennan said:

I'm guessing by tele-graphic transfer they mean just transferring the money into their bank account from yours, and by cashiers cheque just a regular cheque?

Ahh I see. That should have been obvious on my part! Thankyou!

[Blue Oval84]

When I worked in a garage we would take up to £9K cash, no more than that.

[marshalla]

Cashier's cheque is a bank draft.

[Jo Po]

Are all of these options safe and legit then?

[geeteeaye]

IIRC the Telegraphic Transfer (TT) is similar to the usual BACS payment system but has the advantage of being sameday, the cashiers cheque as said is a bankers draft. Both are fine but seems odd they prefer to use TT rather than just debit card - used to be that a TT incurred a charge (used to be £25), unless they aren't set up for chip and pin (which would be unusual).

[manek]

I've just been made an offer to sell my car (this one: http://www.pistonheads.com/sales/2556010.htm) and been offered cash. It faintly concerns me - should I worry?

[geeteeaye]

manek said:

I've just been made an offer to sell my car (this one: http://www.pistonheads.com/sales/2556010.htm) and been offered cash. It faintly concerns me - should I worry?

Would concern me unless I had the time to check each and every note to make sure no counterfeits! I would also be checking with my bank first to see what Money Laundering red tape I would have to go through to bank it.

[havoc]

manek said:

I've just been made an offer to sell my car (this one: http://www.pistonheads.com/sales/2556010.htm) and been offered cash. It faintly concerns me - should I worry?

Not if you're selling the car during banking hours and the buyer agrees to go to your bank with you before getting the keys. Did that with the last car we sold, paid the cash straight in, both parties happy.

(Once the bank has accepted the cash, it's their problem not yours if they've not checked it thoroughly enough. Bankers drafts and TTs aren't quite as clear cut - forged drafts can be withdrawn, as can TTs sent from a defaulting account.)



Foolproof methods for private sale:-
- Bankers draft drawn at a bank while you're watching
- Cash paid in before keys handed over (as above)
- possibly some sort of TT(i.e. CHAPS) where you've seen them request it and confirmed they've got cleared funds to cover it.

[Man from UNCLE]

Jo Po said:

Are all of these options safe and legit then?

Yes.

[1bhp]

soon there will be no cash everything will be digital and big brother will know exatcly when where and what everybody is spending money on.

[MonkeyHanger]

1bhp said:

soon there will be no cash everything will be digital and big brother will know exatcly when where and what everybody is spending money on.

I'm pretty sure i heard that about 25 years ago on Tomorrow's World...

[Man from UNCLE]

1bhp said:

soon there will be no cash everything will be digital and big brother will know exatcly when where and what everybody is spending money on.

Maybe, but not for a long time to come. Some people don't have bank accounts.

[mph1977]

MNBrennan said:

I'm guessing by tele-graphic transfer they mean just transferring the money into their bank account from yours, and by cashiers cheque just a regular cheque?

i'm guessing 'telegraphic transfer' is referring to electronic funds transfer

a 'cashier's cheque' is a cheque drawn on the issuing bank or building society NOT on ap ersonal account ( i.e. you 'buy' the cheque from the bank ) almost interchangable with 'Banker's draft'