Cash is king?...

David713

Ganga said:

maxmycardagain said:

I once advertised a car for sale and was sent a cheque, which i banked..
The cheque cleared and that instant my phone rang with an unknown London number, i didnt answer
Next day the payment from the cheque was reversed. a week later the police called as the cheque had been stolen from a London office (they suspected cleaners of doing it)
I can guess the call was to collect the car
The cheque arriving from Lagos was a bit of an alarm bell
Who would guess that a cleared cheque/funds available could bounce..

I had a friend who sold his car to a garage ,he banked the cheque and waited 3 /4 days and asked if it had cleared ,told yes so gave the garage the car and the paperwork ,bank called ,the cheque had bounced ,went to garage ,closed and gone bust ,bank said not our fault ,lost car ,gutted but nothing could be done.

Funds from a paid in cheque are normally available to the payee at the end of 4 working days after paying in that cheque (so you can take the money out of your account) but this doesn't mean that the cheque can't bounce after this time.
It's only after 6 full working days have elapsed after paying in that the funds can't be removed from your account without your agreement so even if the cheque bounces or turns out to be stolen or forged, provided that you were not knowingly involved in the fraud then your money is safe after day 6.

neilmcl

maxmycardagain said:

neilmcl said:

maxmycardagain said:

David713 said:

AdrianC said:

And, yes, just pay the flippin' cash into the flippin' bank.

The only problem with doing that is that paying in such a large amount of cash might well end up triggering money laundering checks, especially if no similarly large amounts have ever been paid in before and in the worst case, could see the account frozen for a while.
Even if it's broken down in to smaller amounts, multiple cash deposits over a relatively short period might have the same effect.

I know it might not happen but it's worth thinking about.

Plus..........its a trip into town to bank it, then drive 150 miles each way to view, then the same to collect

jeez

Err, why.? If the money's in the bank then you can use your bank debit card or bank transfer, why are you making this so complicated. 

Money cant walk to the bank, shes got to take it...
then 150 miles to view a car (which she may buy) 150 back
then 150 to buy the car and 150 for it to get back...

Wow, is it really that difficult, plus the whole premise of your thread was that you didn't want to be making two 150 mile trips.

neilmcl

maxmycardagain said:

I once advertised a car for sale and was sent a cheque, which i banked..
The cheque cleared and that instant my phone rang with an unknown London number, i didnt answer
Next day the payment from the cheque was reversed. a week later the police called as the cheque had been stolen from a London office (they suspected cleaners of doing it)
I can guess the call was to collect the car
The cheque arriving from Lagos was a bit of an alarm bell
Who would guess that a cleared cheque/funds available could bounce..

A faster payments bank transfer cannot usually be reversed.

maxmycardagain

Deleted_User said:

All this about having huge sums of money that no one wants to touch in case it is dodgy is just nonsense. Walk into any dealer with £10K in used notes and they'll be quite happy to take it off your hands.

And paying it into a bank will end up with your bank account frozen is bull too. As long as you can account for it e.g. wages paid in cash, then there shouldn't be any problems.

Is £10,000 a huge amount today?

maxmycardagain

are my white fivers must be valid now?

Herzlos

maxmycardagain said:

Buyer can find cars but not locally, i can take her on one trip to view/buy but hell am i wasting 2 days/600+ miles on it, she will have to stay local

she sold her car (cash) and gets old fashioned wages weekly in cash, hence the cash, with a bit from her mum..

looks like local sellers/private will be her best way

Private sellers aren't going to touch £10k in cash; it's a nightmare to count and verify, then they'll need to bank it. If you turn up to buy a car for that money cash don't be surprised if they take you down to the bank anyway.

Deleted_User said:

Walk into any dealer with £10K in used notes and they'll be quite happy to take it off your hands.

Have you tried it recently? My dad used to always try to buy cars with cash, last time he tried they refused to even take the deposit from him despite having £4k in notes sat on the desk, it's just not worth working in cash for a lot of dealerships. It needs to be kept safe, paid into a bank and so on.
Plus dealerships don't want outright payment; they want the commission from finance so even walking in and trying to pay on debit card doesn't have the appeal you'd assume.

maxmycardagain

Dealers/Traders prefer sales on finance - for their 6% commission and a part-ex to add value to the deal (for them)

burlingtonfl6

Deleted_User said:

All this about having huge sums of money that no one wants to touch in case it is dodgy is just nonsense. Walk into any dealer with £10K in used notes and they'll be quite happy to take it off your hands.

And paying it into a bank will end up with your bank account frozen is bull too. As long as you can account for it e.g. wages paid in cash, then there shouldn't be any problems.

We don't want it. It's a pain to bank nowadays and we get charged for it

Biggus_Dickus

maxmycardagain said:

Deleted_User said:

All this about having huge sums of money that no one wants to touch in case it is dodgy is just nonsense. Walk into any dealer with £10K in used notes and they'll be quite happy to take it off your hands.

And paying it into a bank will end up with your bank account frozen is bull too. As long as you can account for it e.g. wages paid in cash, then there shouldn't be any problems.

Is £10,000 a huge amount today?

At £10,000 you’ve already entered ‘Money Laundering Regulations’ territory. Reputable dealers won’t touch large amounts of  cash for a whole variety of reasons, one of which is their need to  comply with the UK’s ‘Money Laundering Regulations’;...the punishment for failing to comply with said Regulations  can be extremely punitive.

I bought a car for my daughter last year (it was over £10k)  from a franchised Volvo dealer (Holdcroft Volvo, Stoke) and the sales manager told to me they won’t accept cash for any sales whatsoever over a set figure;....it was very low, circa £500 as I recall.

I assume (perhaps wrongly) that most large dealers have a similar policy when it comes to cash;...Jimmy’s Used Car Sales may?? take a different view.

Ganga

Arthur Daley always took cash