Accepting cash in payment for a car - how much is ok?

[MHB]

I sold a couple of years ago to a Lotus to a French guy for cash at Luton airport, after he flew over from Paris and then drove it back. So I'm not averse to the principal of cash, but 25k is a bit different to 9k. Think asking for the option of a direct bank transfer may be the best solution, but will checknwithnthe bank on how quickly it will appear in my account.

This all be academic, as it may come to nothing but I appreciate all the comments.

[shimmey69]

andy43 said:

When you pay 25k into the bank, the cashier will almost certainly innocently drop 'where did you get this sort of money from?' into the conversation - they have to do that for money laundering, as if they don't spot it, they're at fault.
If you're feeling brave just say something like 'ma biatches did well over the weekend, plus the new batch of coke flew out of the club saturday night'

[shimmey69]

but seriously check online for what to check for on fake notes, the bank of england has a great site and the foil strip or the watermark is the last hting i would check there are tiny tiny things to check like the tiny writing on the swirls on a £20, check it out!!

also go to a stationary shop or wholesale type place costco or bookers or if got enough time internet and buy an ultra violet money checker and a money checking pen, should cost you less than £20.

you can check hundred of notes in second with an UV pen,i have personally checked £2k in secs with one.

and if the notes pass your quick checks then there is no reason at all why they shouldnt pass the bank test, believe me i know a few shady people who have banked known FAKE notes with no problems at all, in rather large quantities aswell!!

[Pommygranite]

Your house will be mysteriously robbed the night of the sale.

[redgriff500]

mike9009 said:

Had a similar dilemma a few years back when I sold my car for £12k cash! I asked the buyer to come with me to the bank, to place that cash in my bank before I would hand over the keys. Buyer (a trader!) agreed and the deal was done.

My Dad did the same as he was sure the guy intended to send someone around for the money later.

Lets remember that people rob Post Offices with guns for a couple of grand, £25k is way too much to accept IMO.

[MondeoMan1981]

Sold my E46 for just under £9k, buyer paid cash. Came to my work to pick up the car and pay... yes I work for a bank unfortunately not a branch but I was confident counting the cash from my cash handling days.

[ClaphamGT3]

There are plenty of reasonable reasons why a buyer won't want to or won't be able to do a bank transfer. A UV pen and, if you're worried about a visit in the night to reclaim the £25k, deposit it into the night-safe at your local branch.

[NoelWatson]

If the seller goes into his bank and informs them to expect the amount at a certain time a day or so beforehand. The buyer arrives on transaction date, checks the car, and travels with the seller to the seller's bank and pays the money in.

[GarryA]

I've had 14k refused a deposit at a small local HSBC.

I went back later in the week and payed it in two installments.

[SlimRick]

I sold a Skyline earlier this year - accepted £14k cash. Counted and checked every note (£50s) which took some time, but didn't have any problems paying it into the bank. If it's outside of your normal paying in pattern then I would assume it will raise a suspicious activity flag. I'd be happier giving the bank a call before hand just letting them know what you intend to do.

[jmcc500]

Sorry for thread resurrection. Had someone asking to buy my motorhome, would be north of £38k, in cash. He’d come to the bank but won’t go in to the bank, and won’t do a transfer. Am about to decline - should I be doing anything else?! Or am I being paranoid?

[DuraAce]

jmcc500 said:

Sorry for thread resurrection. Had someone asking to buy my motorhome, would be north of £38k, in cash. He’d come to the bank but won’t go in to the bank, and won’t do a transfer. Am about to decline - should I be doing anything else?! Or am I being paranoid?

Sounds dodgy to me. Why won't he go in the bank with you?

You'll have questions from the bank as to where the money is from. They may fail to accept it from you if you cannot prove its source (ie money laundering regs)

[Wilmslowboy]

If he is a large angry man, do you want to be telling him all his money is fake on your front drive, especially as at the time he will probably have the car keys in his hand?

I would assume the money is undeclared earnings (at best) or at worse fake, either way he is making his problem yours.

100% get him over during banking hours and get him to pay it in over the counter into your account.
or get him to give it to one of his trusted friends who can do a bank transfer.