Discussion
After deciding on the purchase of either of these 2 cars (360 spider or 996 gt2) ie 40-55k mark this summer, i am just wondering if any of you guys on here can give me a answer to the following questions:
1) Do dealers in general (recommended ones often referred to in these pages) have a problem in accepting 40-50k in cash?
2) A local dealer has told me he would not accept more than 15k in cash due to money laundering regulations, however he only deals in sub 10k cars.....any truth in this?
3) Is there any benefit (other than to myself) to paying cash to a dealer or would i be giving them problems?
Any sensible responses please.......especially from any high end dealers....
1) Do dealers in general (recommended ones often referred to in these pages) have a problem in accepting 40-50k in cash?
2) A local dealer has told me he would not accept more than 15k in cash due to money laundering regulations, however he only deals in sub 10k cars.....any truth in this?
3) Is there any benefit (other than to myself) to paying cash to a dealer or would i be giving them problems?
Any sensible responses please.......especially from any high end dealers....
I have never bought a car in this price range and it is likely that it shall be a long time before I do.
I thought the way to do it would be to pay the deposit in cash and pay the balance with a bankers draft on collection or thereabouts?
I am probably wrong though, feel free to correct the above
I thought the way to do it would be to pay the deposit in cash and pay the balance with a bankers draft on collection or thereabouts?
I am probably wrong though, feel free to correct the above
Ok i'll do my best...
any cash payments made over (pending whom you bank with) lets say 15k require a confirmation of funds receipt showing whom paid it to you.
No dealer should accept bankers drafts and release the car on the same day - they must clear before release as they are not secure methods of payment.
All dealers are advised to only accept payments from EFT transfers ie Chaps or Bacs as these are guaranteed payments.
Thats our position in a nut shell, led by HSBC whom we bank with.
I hope that helps.
Tim.
any cash payments made over (pending whom you bank with) lets say 15k require a confirmation of funds receipt showing whom paid it to you.
No dealer should accept bankers drafts and release the car on the same day - they must clear before release as they are not secure methods of payment.
All dealers are advised to only accept payments from EFT transfers ie Chaps or Bacs as these are guaranteed payments.
Thats our position in a nut shell, led by HSBC whom we bank with.
I hope that helps.
Tim.
I have done it a number of times. Not paid in cash but pre-approved debit payment. Called bank from dealership and given details of amount and vendor. They pre-approve for a 1 hour period.
Signed a confirmation at the dealers that the money is clean etc.
No hassle, car released 1 hour later.
Signed a confirmation at the dealers that the money is clean etc.
No hassle, car released 1 hour later.
So the only way to spend my untaxed bank robbery loot is with a private seller then 
....problem is when spending this much i would only be happy with the back up provided with a reputable dealer.
Am sure im not the only one who doesnt keep all my cash in the bank......although i will agree im well into the minority. Been advised i could always trade up (trade up in cars by part ex in dealer + cash every couple of months until vehicle finally bought)....although losing a fortune in part ex fees and agro doesnt appeal as im not a rich man.
Not worried about police but not too keen on the taxman either. Gamble large sums on a regular basis before people start calling me a drug dealer etc.
More posts from dealers most welcome.
....problem is when spending this much i would only be happy with the back up provided with a reputable dealer.Am sure im not the only one who doesnt keep all my cash in the bank......although i will agree im well into the minority. Been advised i could always trade up (trade up in cars by part ex in dealer + cash every couple of months until vehicle finally bought)....although losing a fortune in part ex fees and agro doesnt appeal as im not a rich man.
Not worried about police but not too keen on the taxman either. Gamble large sums on a regular basis before people start calling me a drug dealer etc.
More posts from dealers most welcome.
dillon7 said:
So the only way to spend my untaxed bank robbery loot is with a private seller then ....problem is when spending this much i would only be happy with the back up provided with a reputable dealer.
Am sure im not the only one who doesnt keep all my cash in the bank......although i will agree im well into the minority. Been advised i could always trade up (trade up in cars by part ex in dealer + cash every couple of months until vehicle finally bought)....although losing a fortune in part ex fees and agro doesnt appeal as im not a rich man.
Not worried about police but not too keen on the taxman either. Gamble large sums on a regular basis before people start calling me a drug dealer etc.
More posts from dealers most welcome.
Google Money Laundering regulations.....problem is when spending this much i would only be happy with the back up provided with a reputable dealer.Am sure im not the only one who doesnt keep all my cash in the bank......although i will agree im well into the minority. Been advised i could always trade up (trade up in cars by part ex in dealer + cash every couple of months until vehicle finally bought)....although losing a fortune in part ex fees and agro doesnt appeal as im not a rich man.
Not worried about police but not too keen on the taxman either. Gamble large sums on a regular basis before people start calling me a drug dealer etc.
More posts from dealers most welcome.
Even if you're not, any dealer will have rules to follow.
dillon7 said:
So the only way to spend my untaxed bank robbery loot is with a private seller then ....problem is when spending this much i would only be happy with the back up provided with a reputable dealer.
Am sure im not the only one who doesnt keep all my cash in the bank......although i will agree im well into the minority. Been advised i could always trade up (trade up in cars by part ex in dealer + cash every couple of months until vehicle finally bought)....although losing a fortune in part ex fees and agro doesnt appeal as im not a rich man.
Not worried about police but not too keen on the taxman either. Gamble large sums on a regular basis before people start calling me a drug dealer etc.
More posts from dealers most welcome.
Deposit cash winnings into bank & use debit card. Sorted. ....problem is when spending this much i would only be happy with the back up provided with a reputable dealer.Am sure im not the only one who doesnt keep all my cash in the bank......although i will agree im well into the minority. Been advised i could always trade up (trade up in cars by part ex in dealer + cash every couple of months until vehicle finally bought)....although losing a fortune in part ex fees and agro doesnt appeal as im not a rich man.
Not worried about police but not too keen on the taxman either. Gamble large sums on a regular basis before people start calling me a drug dealer etc.
More posts from dealers most welcome.
We won't accept more than £5K in cash in any one transaction.
One transaction is one vehicle, so you can't pay in 'chunks'.
This is just our position, but wherever you transact a large chunk of cash, questions will be asked. If your money IS from gambling, then no issues, either put it in your bank / the dealers bank over the counter. There is a very strong likelihood that you will be asked to complete a declaration as to the source of the cash, so if it's clean, no worries.
One transaction is one vehicle, so you can't pay in 'chunks'.
This is just our position, but wherever you transact a large chunk of cash, questions will be asked. If your money IS from gambling, then no issues, either put it in your bank / the dealers bank over the counter. There is a very strong likelihood that you will be asked to complete a declaration as to the source of the cash, so if it's clean, no worries.
Go to Switzerland, (or Panama, Bermuda, et. al.), open bank account with payment card.
Do bank transfer from foreign account to dealer.
I got the Spanish inquisition at the bank when I paid in a sum over £10k in pound notes, the proceeds from selling a boat.
(Actually, I forgot all about it for a few days, it sat under the passenger seat of the van which was parked in the road....
)
Do bank transfer from foreign account to dealer.
I got the Spanish inquisition at the bank when I paid in a sum over £10k in pound notes, the proceeds from selling a boat.
(Actually, I forgot all about it for a few days, it sat under the passenger seat of the van which was parked in the road....
)
its not going to happen but you can card the transaction no problem have done it myself many times on similar values.
Now what i do feel sorry for is bank staff that have had to count suitcases, we briefcases, of notes. Actually the fear of carrying such figures through towns is the worrying part or the accepting such values in the first place ever since money laundering came in. If you want to clean your cash - casino, full of chinese businessmen making dirty money clean. Cash for car you will struggle for anything over 20k
Now what i do feel sorry for is bank staff that have had to count suitcases, we briefcases, of notes. Actually the fear of carrying such figures through towns is the worrying part or the accepting such values in the first place ever since money laundering came in. If you want to clean your cash - casino, full of chinese businessmen making dirty money clean. Cash for car you will struggle for anything over 20k
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