Buyers wanting to pay cash only for cheapish car
Discussion
Blue_star said:
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
It isn't meant to be. It's about making it easier for the state to keep tabs on the thieving population. That is all.Edited by Blue_star on Friday 9th January 07:37
As the seller you can demand payment in whatever way you want, its the buyers choice to pay or walk away.
If doing a bank transfer, dont fall for the scam where they pretend to do the transfer on their phone and then show you their screen showing conformation of the transfer being successful, as that can be a pre loaded image. Check your own bank balance and dont hand the keys over until the money has landed.
If doing a bank transfer, dont fall for the scam where they pretend to do the transfer on their phone and then show you their screen showing conformation of the transfer being successful, as that can be a pre loaded image. Check your own bank balance and dont hand the keys over until the money has landed.
The Gauge said:
As the seller you can demand payment in whatever way you want, its the buyers choice to pay or walk away.
If doing a bank transfer, dont fall for the scam where they pretend to do the transfer on their phone and then show you their screen showing conformation of the transfer being successful, as that can be a pre loaded image. Check your own bank balance and dont hand the keys over until the money has landed.
Indeed. When I was selling my R53, I had a few interested parties. The first to arrive was a very well dressed couple who said they wanted the car and proceeded to "instigate a bank transfer" for the full amount (just over 2k IIRC). They showed me the transfer in app. I opened up my banking app and nothing had arrived. They wanted to take the car but I insisted on waiting for the money to hit my account. They said they'd wait in their car. Fifteen minutes later when it still hadn't arrived, I messaged them and asked them to check with their bank. They said that was in progress. Another 15 minutes later they said they'd changed their mind and were leaving. The money never did arrive. If doing a bank transfer, dont fall for the scam where they pretend to do the transfer on their phone and then show you their screen showing conformation of the transfer being successful, as that can be a pre loaded image. Check your own bank balance and dont hand the keys over until the money has landed.
Wacky Racer 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 .
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.....Last car I sold was just under 6k. The buyer tried to do bank transfer on his phone app but was limited to 3k per transaction. When he tried the second payment his bank stopped it. Took him almost an hour to sort on the phone.
That was in 2020 and it seems to be worse now. Last week I tried to pay 2600 for a holiday on my banking app. It asked so many questions about the payment with limited options in the menus. I messed it up and got locked out. My wife tried hers but it said the amount was over the daily limit. In the end I phoned to travel agent and paid by card. Bloomin hard work spending your own money!
Not sure what I'd do with a car now. I would guess you're more likely to get scammed with transfers and electronic payments than someone turning up with 4k in counterfeit cash?
That was in 2020 and it seems to be worse now. Last week I tried to pay 2600 for a holiday on my banking app. It asked so many questions about the payment with limited options in the menus. I messed it up and got locked out. My wife tried hers but it said the amount was over the daily limit. In the end I phoned to travel agent and paid by card. Bloomin hard work spending your own money!
Not sure what I'd do with a car now. I would guess you're more likely to get scammed with transfers and electronic payments than someone turning up with 4k in counterfeit cash?
Last car I sold was just under 6k. The buyer tried to do bank transfer on his phone app but was limited to 3k per transaction. When he tried the second payment his bank stopped it. Took him almost an hour to sort on the phone.
That was in 2020 and it seems to be worse now. Last week I tried to pay 2600 for a holiday on my banking app. It asked so many questions about the payment with limited options in the menus. I messed it up and got locked out. My wife tried hers but it said the amount was over the daily limit. In the end I phoned to travel agent and paid by card. Bloomin hard work spending your own money!
Not sure what I'd do with a car now. I would guess you're more likely to get scammed with transfers and electronic payments than someone turning up with 4k in counterfeit cash?
That was in 2020 and it seems to be worse now. Last week I tried to pay 2600 for a holiday on my banking app. It asked so many questions about the payment with limited options in the menus. I messed it up and got locked out. My wife tried hers but it said the amount was over the daily limit. In the end I phoned to travel agent and paid by card. Bloomin hard work spending your own money!
Not sure what I'd do with a car now. I would guess you're more likely to get scammed with transfers and electronic payments than someone turning up with 4k in counterfeit cash?
I'd suggest it was Mango or a very small bank of some description if it was a £3k limit?
The major banks have a much higher limit, mine is £10k. And you can split into separate amounts below any threshold to send in batches, I did.
If your bank is liable to flag it as suspicious (you never create payments online previously for example), to alleviate that, I send £100 first to establish the path works (online payment requests now check the destination account name and number in case you've made an error), then send the balance. I've done this for over 5 years and not had a problem.
The major banks have a much higher limit, mine is £10k. And you can split into separate amounts below any threshold to send in batches, I did.
If your bank is liable to flag it as suspicious (you never create payments online previously for example), to alleviate that, I send £100 first to establish the path works (online payment requests now check the destination account name and number in case you've made an error), then send the balance. I've done this for over 5 years and not had a problem.
I recently bought a Fiat 500 privately for my daughter for £2,700, I bank with Barclays, along with the woman I was buying from, where the limit on the App for payments to new accounts is £5k per day.
My payment was blocked by the Fraud Department and took about an hour to sort out on the phone with them that it was a genuine purchase, they were asking a host of questions including 'had I done an HPI check on the car?'...
Seller was very hospitable and made me a coffee etc, whilst waiting, I think it helped that we both banked with Barclays and my whole call with them I had on Speakerphone...
Just surprised it was stopped as it was under the £5k limit.
My payment was blocked by the Fraud Department and took about an hour to sort out on the phone with them that it was a genuine purchase, they were asking a host of questions including 'had I done an HPI check on the car?'...
Seller was very hospitable and made me a coffee etc, whilst waiting, I think it helped that we both banked with Barclays and my whole call with them I had on Speakerphone...
Just surprised it was stopped as it was under the £5k limit.
No issues with taking cash here.
However, I always put in the advert that cash will be checked before the car/item is released, and then carry that out.
Never had an issue, probably because that weeds out the undesirables before they even pick up the phone.
The assumption that anyone wants who wants to pay cash is dodgy really annoys me, its that view that is driving the collapse of the cash economy.
However, I always put in the advert that cash will be checked before the car/item is released, and then carry that out.
Never had an issue, probably because that weeds out the undesirables before they even pick up the phone.
The assumption that anyone wants who wants to pay cash is dodgy really annoys me, its that view that is driving the collapse of the cash economy.
TVR Sagaris said:
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.TVR Sagaris said:
Not so easy if you don't have banking apps and/or a smartphone.
Realistically though, a car buyer is likely to have found the car online, checked the specs online, gotten an insurance quote online, done basic checks like MoT history online, then used a smartphone to navigate to the seller's address. I dare say its possible to wait for the newsagent to open on Thursday morning, quickly thumb through your recently-purchased copy of Auto Trader, use the electric telephone to call the seller and scribble down some basic directions, perhaps putting a post-it note in the correct page of the A-Z, then with a crisp £20 note for the deposit safely in your back pocket, arrive at the seller's address, negotiate that cash deal and see his eyes light up.CSR Performance said:
The assumption that anyone wants who wants to pay cash is dodgy really annoys me, its that view that is driving the collapse of the cash economy.
AB said:
I'd want cash, it'd save me 20% on stuff that needs doing around the house without the effort of having to go to a bank myself.
Bank transfer (if buying or selling) would be my preference for convenience, but i've had 2 bad experiences within the last 7 or 8 years as a buyer which wouldn't have happened if it was cash. Both low value and both with Nationwide.
1 - seen a £1.7k car in person in Yorkshire (having travelled from Glasgow). Took my card reader to authenticate payment as being me, payment sent which should have taken moments, and after about 30 minutes being forced to phone Nationwide who advised something was delaying payments (no notice given when actioning this on the app). Only the sellers generosity (after i passed the phone to them for the bank to confirm it was sent) had me driving home in the car - i'm not sure I would have handed over the keys in this situation until the money was in my account. Was completed about 8 hours later if i recall correctly.
2 - bought a more local £2.7k car last year (about 60 miles away) again using bank transfer. Again payment sent but not received by the seller. Thankfully I wasn't taking the car home that day (as I drove to view it) but even phoning Nationwide they just said it was being security checked and that someone would call me. They couldn't speed it up given i was at the sellers home and nothing could happen until they phoned me they insisted. About 4 or 5 hours later I got a call to make sure I wasn't scammed. I would have preferred to have the keys in my hand after sending the full payment.
While I do appreciate the banks being careful with my money, it should be proportionate in value and it should be something that can be resolved with a quick phone call where the need is urgent.
I'm also a bit uncomfortable in sending full payment in advance if picking up a car off a private seller and would prefer getting the keys at the time of payment, and likewise if I was a seller i'd be reluctant to issue a receipt for something until full payment had been received.
1 - seen a £1.7k car in person in Yorkshire (having travelled from Glasgow). Took my card reader to authenticate payment as being me, payment sent which should have taken moments, and after about 30 minutes being forced to phone Nationwide who advised something was delaying payments (no notice given when actioning this on the app). Only the sellers generosity (after i passed the phone to them for the bank to confirm it was sent) had me driving home in the car - i'm not sure I would have handed over the keys in this situation until the money was in my account. Was completed about 8 hours later if i recall correctly.
2 - bought a more local £2.7k car last year (about 60 miles away) again using bank transfer. Again payment sent but not received by the seller. Thankfully I wasn't taking the car home that day (as I drove to view it) but even phoning Nationwide they just said it was being security checked and that someone would call me. They couldn't speed it up given i was at the sellers home and nothing could happen until they phoned me they insisted. About 4 or 5 hours later I got a call to make sure I wasn't scammed. I would have preferred to have the keys in my hand after sending the full payment.
While I do appreciate the banks being careful with my money, it should be proportionate in value and it should be something that can be resolved with a quick phone call where the need is urgent.
I'm also a bit uncomfortable in sending full payment in advance if picking up a car off a private seller and would prefer getting the keys at the time of payment, and likewise if I was a seller i'd be reluctant to issue a receipt for something until full payment had been received.
ks.Countdown said:
Why would someone insist on paying cash? I do bank transfers every day and I ve never had any issues when the amount has been below £20k. If it walks like a duck
I had an (obnoxious) customer who wanted to pay in cash - I refused, everything in the business went through cards/xfer straight into the company account - so much easier. Eventually, I took a cash payment for an extra, when he claimed not have have a card with him. He produced a roll of many hundreds from his pocket...Lots of people work in the "cash" economy - they can't risk put all that cash into a bank account, so want to pay cash wherever possible.
We've had a fair amount of building work done recently. Most people offer a lower cash price.
Edited by OPUT on Friday 9th January 13:39
Fckitdriveon said:
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. 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.
Even with a high value cash license from Hmrc , banks don t like it.
Being debanked is no fun at all.
Now ..different story.
Have learnt a lot about how the banks work last few years, sometimes the hard way.
We recently had our drivaway done and we struck a deal based on 8k of the bill being in 'cash'
I had to order it in to our branch then when I turned up I faced the gestapo.
Once I had my hands on it I had to walk back to my car with it - just not worth the hassle these days
pteron said:
CSR Performance said:
The assumption that anyone wants who wants to pay cash is dodgy really annoys me, its that view that is driving the collapse of the cash economy.
AB said:
I'd want cash, it'd save me 20% on stuff that needs doing around the house without the effort of having to go to a bank myself.
AB said:
pteron said:
CSR Performance said:
The assumption that anyone wants who wants to pay cash is dodgy really annoys me, its that view that is driving the collapse of the cash economy.
AB said:
I'd want cash, it'd save me 20% on stuff that needs doing around the house without the effort of having to go to a bank myself.
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