Buyers wanting to pay cash only for cheapish car

[Wacky Racer]

cliffords said:

For this very reason I would not accept cash. I pay tax on my earnings and I don't want to support those who cheat the system, by laundering the money for them .

Not everyone who pays cash is laundering money, I've bought (and sold) loads of cars for cash in the past, but I accept things have moved on.....

[Furbo]

craigjm said:

Furbo said:

craigjm said:

DaveH23 said:

cliffords said:

For this very reason I would not accept cash. I pay tax on my earnings and I don't want to support those who cheat the system, by laundering the money for them . You said your advert stated bank transfer. Why put that if you don't mean it .

What a perfulair comment, what on earth suggests he's cheating the system and laundering money.

If the OP wants bank transfer only then that's his choice but suggesting someone is cheating the system based on their preferred payment method is a bit off.

The comment he was responding to said .

previous poster said:

The bloke might work cash in hand and just need a cheap car. £40k? I'd be more careful.

Working cash in hand is cheating the tax system

Strictly speaking, no.

True if you really want to pedantic but the likelihood of someone working cash in hand declaring it all and paying tax on everything they earn is about as likely as finding out unicorns exists but this is PH so pedantry matters

This being Pistonheads, of course no one here would soil their hands with physical cash. They would naturally insist upon paying on the Centurion card, have the family office take care of the payment or (ugh perish the thought) instruct the account manager at Coutts make payment.

However, among the hoi polloi, there are a great many people for whom cash is the default payment method. It has been for me in the past and also recently. I've sold a series of car parts from my collection, over time, and taken cash. I have then paid cash for something else. No tax due nor evaded.

The OP's buyer might (that was my supposition) work cash in hand. They might be avoiding a small amount of tax. If they are buying a £4k car, I'd venture that it would not be a huge sum.

[Hugo Stiglitz]

MrCarrot said:

I'm selling my old car, a C-Class Mercedes.

I've had a few time wasters, people generally scoping the car out, people asking for a discount, etc, but I've had what seem like two much more serious enquiries. I've spoken to the people on the phone, exchanged messages (which are not in "txt spk"), answered queries, etc. However, in my advert I mentioned "bank transfer only" and in both cases they have asked if I will accept cash.

The car is sub £4k so not a fortune by today's standards. In fairness bank transfer can be fraught with problems if you get unlucky (delayed payments, etc). My brother sold a drone recently and the buyer complained it was faulty or he didn't receive it, and my brother's bank (not the buyer's bank) took the money off him and froze it. He complained and eventually got the money back but it's not really what you want.

I cannot do the old trick of accepting the cash and paying it straight into my bank with the buyer there, as there isn't a bank branch for miles around.

Am I being unreasonable by insisting bank transfer only? Assuming it isn't a scam I'm guessing these people perhaps have a bunch of undeclared cash under their mattress. If accepting cash, I can and would check every note but that would obviously take a bit of time.

Thanks,

Edited by MrCarrot on Wednesday 7th January 15:08

Ive been stung before, turned out the private seller wasn't intending on insuring or taxing the vehicle, nor registering it in his name.

Although not always the case some people use cash purchases to use a car as a pool vehicle for all sorts of reasons. I received a fair few parking fines that I successfully contested.

Not saying yours is but Id at least insist point blank in filling in the new keeper transfer in a valid photo licence that he shows you.

[paul_c123]

Hugo Stiglitz said:

Ive been stung before, turned out the private seller wasn't intending on insuring or taxing the vehicle, nor registering it in his name.

Although not always the case some people use cash purchases to use a car as a pool vehicle for all sorts of reasons. I received a fair few parking fines that I successfully contested.

Not saying yours is but Id at least insist point blank in filling in the new keeper transfer in a valid photo licence that he shows you.

It is 100% the seller's responsibility to change the registered keeper once sold a car. And also, if you have it insured, uninsure it as soon as possible (like, the same day) because if anything happens eg on their way home, the MID will report you as the insurer of last resort - until MID is updated and it will show as uninsured. If you do it the same day ASAP and have the evidence, eg email confirmation or something like that, you have a chance to contest anything that comes your way.

Tax is the responsibility of the new owner. If they want to run around in it untaxed, that's their problem.

[ThingsBehindTheSun]

I took £10k in cash for a car back in 2003, £4k today in cash wouldn't worry me in the slightest.

This is Pistonheads after all, I am surprised we haven't had someone mention that a piffling £4000 isn't even a good night out in London.

[dave123456]

ThingsBehindTheSun said:

I took £10k in cash for a car back in 2003, £4k today in cash wouldn't worry me in the slightest.

This is Pistonheads after all, I am surprised we haven't had someone mention that a piffling £4000 isn't even a good night out in London.

I did say it was a bit of pocket money….!

[Sporky]

Furbo said:

However, among the hoi polloi

"The" is redundant here.

[steveo3002]

its hardly pablo escobar turning up with 10 million is it ? and its not a crime to have cash

[Kuwahara]

Had the same issue just before Christmas , selling a vehicle for around 7k , few enquiries with the usual low ballers and finally agreed to sell to a guy who was adamant that he paid cash.

I requested a bank transfer but he stuck to his guns so I suggested that once agreed on the sale you come with myself and put the cash through the counter at the bank , he agreed initially then never heard back.

[TVR Sagaris]

I prefer to buy and sell cars in cash because it's quicker and easier for me than bank transfers, although the cars I'm buying and selling have never been worth more than £2000 so the risk is lower. You're always assessing the buyer/seller themselves at this end of the market and it's almost never worth engaging in text or messaging exchanges. The person that wants to buy the car will arrange to see it and make an offer when they are there.

[Furbo]

Sporky said:

Furbo said:

However, among the hoi polloi

"The" is redundant here.

Nope.

[CMTMB]

TVR Sagaris said:

I prefer to buy and sell cars in cash because it's quicker and easier for me than bank transfers

Really?! A bank transfer takes a few seconds on a phone app. I wouldn't even know where to get cash from now, all my local banks have closed and they would probably want 14 forms of ID, 3 weeks notice and my life story to withdraw it. Bank transfer all the way.

[Richard-390a0]

MrCarrot said:

I cannot do the old trick of accepting the cash and paying it straight into my bank with the buyer there, as there isn't a bank branch for miles around.

I'm in a similar situation at the moment. although I'm fortunate in having banks nearby. Maybe suggest going 50/50 to them £2K cash / £2K transfer as a compromise?

[TVR Sagaris]

CMTMB said:

Really?! A bank transfer takes a few seconds on a phone app. I wouldn't even know where to get cash from now, all my local banks have closed and they would probably want 14 forms of ID, 3 weeks notice and my life story to withdraw it. Bank transfer all the way.

Not so easy if you don't have banking apps and/or a smartphone.

[castex]

I'm just here for the greek refresher.

[Dog Biscuit]

If you are not happy to accept cash then just say transfer only.

Back in 2016 I had a nitrous blue Mk3 Focus RS - didn't really gel with it and advertised it.

Honest to god truth - chap called up within 30 mins of advertising. Not far away and wanted to come over.

Turns up in a taxi, quick 5 min look over and pulls out a carrier bag from his rucksack with 36k in cash. My head fell off.

I insisted we drive to the local bank and pay it in - it took forever.

Anyway, all good and never heard a peep from the bank or him again.

[Fckitdriveon]

Dog Biscuit said:

If you are not happy to accept cash then just say transfer only.

Back in 2016 I had a nitrous blue Mk3 Focus RS - didn't really gel with it and advertised it.

Honest to god truth - chap called up within 30 mins of advertising. Not far away and wanted to come over.

Turns up in a taxi, quick 5 min look over and pulls out a carrier bag from his rucksack with 36k in cash. My head fell off.

I insisted we drive to the local bank and pay it in - it took forever.

Anyway, all good and never heard a peep from the bank or him again.

I suspect that may be a quick way to get your account shut down now.

Even with a high value cash license from Hmrc , banks don’t like it.

Being debanked is no fun at all.

[Furbo]

Fckitdriveon said:

Dog Biscuit said:

If you are not happy to accept cash then just say transfer only.

Back in 2016 I had a nitrous blue Mk3 Focus RS - didn't really gel with it and advertised it.

Honest to god truth - chap called up within 30 mins of advertising. Not far away and wanted to come over.

Turns up in a taxi, quick 5 min look over and pulls out a carrier bag from his rucksack with 36k in cash. My head fell off.

I insisted we drive to the local bank and pay it in - it took forever.

Anyway, all good and never heard a peep from the bank or him again.

I suspect that may be a quick way to get your account shut down now.

Even with a high value cash license from Hmrc , banks don t like it.

Being debanked is no fun at all.

In the 10s I was taking a bit of cash from Polish workers and paying it into our business account. A FOI request a few years later revealed that I'd been reported for having cash when, in the opinion of one of the staff, I was in a business that didn't handle cash. I wasn't de-banked, but from that point on considered any cash I got as petty cash.

[Blue_star]

I keep trying to move to cash usage for my shopping but apps are so much easier. I think move to digital banking is not a great thing for society

Edited by Blue_star on Friday 9th January 07:37

[Fckitdriveon]

Furbo said:

Fckitdriveon said:

Dog Biscuit said:

If you are not happy to accept cash then just say transfer only.

Back in 2016 I had a nitrous blue Mk3 Focus RS - didn't really gel with it and advertised it.

Honest to god truth - chap called up within 30 mins of advertising. Not far away and wanted to come over.

Turns up in a taxi, quick 5 min look over and pulls out a carrier bag from his rucksack with 36k in cash. My head fell off.

I insisted we drive to the local bank and pay it in - it took forever.

Anyway, all good and never heard a peep from the bank or him again.

I suspect that may be a quick way to get your account shut down now.

Even with a high value cash license from Hmrc , banks don t like it.

Being debanked is no fun at all.

In the 10s I was taking a bit of cash from Polish workers and paying it into our business account. A FOI request a few years later revealed that I'd been reported for having cash when, in the opinion of one of the staff, I was in a business that didn't handle cash. I wasn't de-banked, but from that point on considered any cash I got as petty cash.

Yes back in the good old days it’s less of an issue .
Now …..different story.

Have learnt a lot about how the banks work last few years, sometimes the hard way.