Best way to accept payment when selling a car

pitkin2020

ess0two wrote: »

+1,and as if you could be a rsed accompanying the seller to their bank to pay the cash in.

I think it depends how far you have gone to purchase the car. It wasn't that long the average buyer wouldn't travel more than say 30 miles to get a car. Now with ebay and autotrader being so popular online people are willing to go quite some distance to get the right car.

There really isn't any need to go to the bank though, plan ahead and get one of those note checking pens for a few quid and check it yourself if you are unsure.

techspec

kevin0410 wrote: »

Jesus!!!!
when did the world get so ponsey?

Brown envelope, full of cash - job done!

Won't that just attract a load of MP's and FIFA delegates?

cyclonebri1

techspec wrote: »

Won't that just attract a load of MP's and FIFA delegates?

Yeah, and they'll claim back twice what they paid you for the car, ie,

Here's 2k in cash chap, make the receipt out for 4K, and here's something for yor trouble:money::rotfl::rotfl:
Sad if't weren't true.;)

verityboo

I've sold 3 cars on ebay (ranging from £2K to £14K) and each time made it clear on the ad that payment is by cash during banking hours. Each time the buyer was more than happy to go to the bank, the car was theirs once the money was paid in.

pitkin2020

verityboo wrote: »

I've sold 3 cars on ebay (ranging from £2K to £14K) and each time made it clear on the ad that payment is by cash during banking hours. Each time the buyer was more than happy to go to the bank, the car was theirs once the money was paid in.

I think if you make it clear from the outset no one should have any objections. Its when you have driven 150 miles plus and the seller says 7pm is fine, then you get there and they say we have to go to the bank to pay it in, oh its closed you'll have to come back tomorrow.

On ebay everything I sell that is for collection only has to be paid in cash, I make it clear in the auction and I make clear again when the buyer contacts me to arrange collection. As long as you tell them your reasons (i.e paypal claiming it back, cheques bouncing etc) they don't have a problem, those that do have a problem would instantly make me suspicious if they DEMAND they have to pay via paypal or cheque, and as i'm the seller i'm not prepared to risk a few K just so I don't upset someones feelings.


CASH CASH CASH........Have someone with you to check it also, count it out in front of the buyer so they can see you counting, there will be no disputes that way.

s_b

verityboo wrote: »

I've sold 3 cars on ebay (ranging from £2K to £14K) and each time made it clear on the ad that payment is by cash during banking hours. Each time the buyer was more than happy to go to the bank, the car was theirs once the money was paid in.

how did you get round the money laundering regulations because your bank should have refused to accept £14,000 in cash unless proper prior arrangements had been made and even then they the bank have a duty to report such a large cash transaction to hmrc unless you normally deal in such sales and are known to do

pitkin2020

s_b wrote: »

how did you get round the money laundering regulations because your bank should have refused to accept £14,000 in cash unless proper prior arrangements had been made and even then they the bank have a duty to report such a large cash transaction to hmrc unless you normally deal in such sales and are known to do

Actually most banks will still allow you to pay it regardless, they will ask you where you got and most will accept your answer of a car sale no problem. They will however still report it to HMRC like you said and they may or may not investigate it further. You are more likely though to be checked up on if your selling a 14k car every fortnight/month though lol, especially if no money has gone out your account to pay for it.

s_b

pitkin2020 wrote: »

Actually most banks will still allow you to pay it regardless, they will ask you where you got and most will accept your answer of a car sale no problem. They will however still report it to HMRC like you said and they may or may not investigate it further. You are more likely though to be checked up on if your selling a 14k car every fortnight/month though lol, especially if no money has gone out your account to pay for it.

i am with santander
the nicest set of staff you could ever wish to meet
they fall over backwards to help
oooh look at my nose..........

verityboo

s_b wrote: »

how did you get round the money laundering regulations because your bank should have refused to accept £14,000 in cash unless proper prior arrangements had been made and even then they the bank have a duty to report such a large cash transaction to hmrc unless you normally deal in such sales and are known to do

They did ask how I got the money etc so I simply explained it was from a car sale, they appeared to make a note about it on my account but that was all

mchale

thenudeone wrote: »

A bankers draft could be stolen or forged. Paypal can easily be reversed.

A bankers draft can also be stopped by the issuing bank!!!!