Buyers wanting to pay cash only for cheapish car

[biggbn]

Always been cash for buying or selling for me, only exceptions have been 'expensive' (for me) cars I've bought from main dealers..and thats only been because I haven't had that amount of cash...

[ninepoint2]

Furbo said:

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

Edited by Blue_star on Friday 9th January 07:37

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.

Mind you don't misplace the tinfoil hat there

[Blue_star]

Furbo said:

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

Edited by Blue_star on Friday 9th January 07:37

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.

Not just the state. Banks are private institutions but they can cause total havoc on your life. And this can be due to pure mistake, doesnt take much to be reported as suspicious account. Moreover, if you get debanked you might miss one or 2 months of payments. Disaster

[BertBert]

Blue_star said:

Not just the state. Banks are private institutions but they can cause total havoc on your life. And this can be due to pure mistake, doesnt take much to be reported as suspicious account. Moreover, if you get debanked you might miss one or 2 months of payments. Disaster

How many peole do you knowwho have been debanked?

[Blue_star]

BertBert said:

Blue_star said:

Not just the state. Banks are private institutions but they can cause total havoc on your life. And this can be due to pure mistake, doesnt take much to be reported as suspicious account. Moreover, if you get debanked you might miss one or 2 months of payments. Disaster

How many peole do you knowwho have been debanked?

I know dozens of people with suspended accounts (temp) due to payments.

I am not powerfully built director so I dont know people important enough to be debanked. Once cash usage reduces we will all be subject to it.

On the income side it started already right. You get fired for the wrong views on political subjects.

[Furbo]

BertBert said:

Blue_star said:

Not just the state. Banks are private institutions but they can cause total havoc on your life. And this can be due to pure mistake, doesnt take much to be reported as suspicious account. Moreover, if you get debanked you might miss one or 2 months of payments. Disaster

How many peole do you knowwho have been debanked?

HSBC did it to a lot of business customers a few years ago.

They sent us questionnaires for our businesses, but fortunately I had the presence of mind to respond Location: Mexico Nature of business: Manufacture and supply of narcotics: Your Position: Drug lord. They sent me a platinum Visa card with no limit and allocated us an account manager at UK Head Office.

[Fckitdriveon]

BertBert said:

Blue_star said:

Not just the state. Banks are private institutions but they can cause total havoc on your life. And this can be due to pure mistake, doesnt take much to be reported as suspicious account. Moreover, if you get debanked you might miss one or 2 months of payments. Disaster

How many peole do you knowwho have been debanked?

Several ….ourselves included .

Finance director Friend of ours sold a very old Porsche cayenne for 4k ….pays the money into NatWest (the only time he d paid cash in) ….gets debanked…..his kids savings accounts get closed (his name was attached) ……..he d been with them since university (20plus years ) …..no explanation …..this is someone who has to be whiter than white financially at least…….craziness .

Essentially the banks don’t wanna be fined so anything they don’t like they just exit people….its barmy in some cases.

[paul_c123]

I've worked in banks before. Sure, there's anti money laundering controls but the thresholds are pretty high. You occasionally hear of these stories of "debanking" but we never hear the whole story, and there's normally a LOT more to it than simply paying in one large amount - for example persistently over credit limits, or non-paying of monthly minimum payments, or anomolies with their address, or links to fraud, or CCJs (which appear on a credit report, which are regularly reviewed by banks, not just at account opening). And a lot of people simply don't understand banking, or how to run their account properly.

[Tisy]

It's based on your account activity transaction sizes. I used to work in the fraud dept of a bank. If all you do is pay your £500 rent each month, some util DDs going out and a bunch of Asda card payments, then when you try to send someone a grand to buy a car and they will likely block it because the amount exceeds your usual max transaction size and their bots flag it up as "unusual activity". You won't know this and nor will the seller. Your money will just "disappear" and it doesn't matter how much phoning of your bank each of you does, they won't tell you anything other than they can see that the money has been sent and left your account.

At some point between that time and the next 48 hours you'll get a call from the fraud department querying the payment, asking you 100 questions about whether you sent it under duress, what's it for, how much, have you confimed the person you're sending it to isn't a scammer etc etc etc and after the 15 minute Spanish inquisition they'll finally release the held funds. Some banks are quicker at this than others, but the allowed time frame to do this is 48 hours. ..which is no good to you when you are stood in the seller's living room 100 miles away and need the car to get home.

If you're hustling £10-20k in and out of your account regularly then the payment will go straight through.

If you want to make sure you're getting home the same day, just take cash or send the payment 2 days in advance so that all this is sorted and cleared into their account before you leave your house. Or be prepared to book an overnight hotel down the road from the seller's place.

[ChrisH72]

I know there are gains to be had, but personally I would not buy or sell a car privately anymore.

[paul_c123]

Tisy said:

It's based on your account activity transaction sizes. I used to work in the fraud dept of a bank. If all you do is pay your £500 rent each month, some util DDs going out and a bunch of Asda card payments, then when you try to send someone a grand to buy a car and they will likely block it because the amount exceeds your usual max transaction size and their bots flag it up as "unusual activity". You won't know this and nor will the seller. Your money will just "disappear" and it doesn't matter how much phoning of your bank each of you does, they won't tell you anything other than they can see that the money has been sent and left your account.
.

That would represent a very tight set of anti-fraud rules applied by Falcon, if they simply blocked a £1000 transaction as above. £10,000 probably, but not £1000. In my experience 90% of transactions under £5k come through with no bother at all, when selling cars.

[Tisy]

paul_c123 said:

That would represent a very tight set of anti-fraud rules applied by Falcon, if they simply blocked a £1000 transaction as above. £10,000 probably, but not £1000. In my experience 90% of transactions under £5k come through with no bother at all, when selling cars.

You've completely not understood what I wrote.

[paul_c123]

Tisy said:

You've completely not understood what I wrote.

Bless

[C Lee Farquar]

paul_c123 said:

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.

I use the internet for most things but choose not to have a banking app or cards on my phone. I'm happy using a desktop or laptop at home for banking but don't want it on my phone.

Partly for security but mainly because I have fat fingers and bad eyesight.

[Rob 131 Sport]

ChrisH72 said:

I know there are gains to be had, but personally I would not buy or sell a car privately anymore.

I sold my 5 year old E Class privately for £15k in 2018 to a lovely couple that paid by bank transfer. I occasionally see the wife in town and ask about the Mercedes which they still have.

I sold a BMW many years ago to a Kebab shop owner £8k. He paid in used notes that I paid into the bank the following day with no problem.

At £4k, I wouldn’t hesitate to take the cash. 35 years ago as a student I worked in petrol stations so know how to check for forged notes. I’m sure there must be a YouTube video on it.

I would take the cash and sell the car at that price point.

[g40steve]

Rob 131 Sport said:

I sold my 5 year old E Class privately for £15k in 2018 to a lovely couple that paid by bank transfer. I occasionally see the wife in town and ask about the Mercedes which they still have.

I sold a BMW many years ago to a Kebab shop owner £8k. He paid in used notes that I paid into the bank the following day with no problem.

At £4k, I wouldn t hesitate to take the cash. 35 years ago as a student I worked in petrol stations so know how to check for forged notes. I m sure there must be a YouTube video on it.

I would take the cash and sell the car at that price point.

The new notes have too many features to copy if you know what to look & feel for.

The banks make it harder to withdraw sums of cash than pay in.

4K probably won’t even get questioned & sold car covers you for a lot more than that.

Got any European holidays coming up as the money exchanges love British notes the bigger the better.

[Mr Tidy]

C Lee Farquar said:

I use the internet for most things but choose not to have a banking app or cards on my phone. I'm happy using a desktop or laptop at home for banking but don't want it on my phone.

Partly for security but mainly because I have fat fingers and bad eyesight.

I'm the same, mainly because my laptop is using a secure router at home whereas away from home my mobile wouldn't be.

[sixor8]

Mobile apps have an extra level of security, be it a password, fingerprint recognition or eyes (?). It's why I can use Google Pay ad infinitum without putting using the PIN. It's actually easier to create a payment on my banking app than my laptop.

I can understand why people may not want this, but it makes shopping for small items very easy. I don't agree with it being limitless though, for obvious reasons.

[pteron]

Mr Tidy said:

C Lee Farquar said:

I use the internet for most things but choose not to have a banking app or cards on my phone. I'm happy using a desktop or laptop at home for banking but don't want it on my phone.

Partly for security but mainly because I have fat fingers and bad eyesight.

I'm the same, mainly because my laptop is using a secure router at home whereas away from home my mobile wouldn't be.

But your secure router is still sending packets out to the wider internet.

Generally speaking, mobiles, especially iOS based ones, are inherently safer than laptops, they have a secure enclave for storing secrets and the OS is more restrictive making it harder to crack.

All banking apps use as a minimum TLS, so the comms are encrypted from your app all the way to the bank - this is designed to be tolerant to dubious middle men.

I prefer using the laptop 'cos it's bigger and I like a keyboard, but no way is it more secure than my iphone.

[MrCarrot]

Thanks for all the replies. In the end I said I would accept cash but would want to pay it into my account at the Post Office with the buyer present, which he said was fine.

I sold the car today. Chap came with his friend who gave him a lift and second opnion on the car. I think to be honest they were both as nervous buying from a random stranger as I was selling to one.

After they inspected the car and we did a test drive I invited them in, we went through the paper work and I counted and checked the money. It was all new, clean notes so easy enough to do. I didn't bother with the Post Office in the end and just paid it into my bank later on that day.

Ownership transfer was completed with what looked like legitimate name and address details. I can only speculate why he wanted to pay in cash, but that's his business rather than mine.

Thanks all.