Paying car dealer with cash
Discussion
Jk89 said:
I’m used to that type of check through buying houses and land.
Around 90% of the price will be paid via bank transfer and I won’t be adding more than £9k cash.
In that case afaik it will be completely fine. Have only paid outright for my cars and from Porsche, to LR, to Ferrari - have never had any checks take place to my knowledge. Just did a bank transfer and picked up the car. Bank wanted to see an invoice from the dealer and that was it as far as any checking goes. Around 90% of the price will be paid via bank transfer and I won’t be adding more than £9k cash.
Ask the dealer there's isn't one answer. Depends on the amount and the dealer some might love a bit of cash. If it was me I would take a grand or two but no more than that as cash is just a pain in the backside. You certainly don't have a "right" to use cash.
On the odd occasion people have asked me to take cash and I was recently asked to take 30k I proposed taking £33000 in that instance as it's my charge for laundering their untaxed funds. Pretty reasonable I thought! I would have to bank it and we get charged a very high fee plus it's inconvenient. I do laugh when people expect it to be cheaper for taking a very inconvenient payment method!
On the odd occasion people have asked me to take cash and I was recently asked to take 30k I proposed taking £33000 in that instance as it's my charge for laundering their untaxed funds. Pretty reasonable I thought! I would have to bank it and we get charged a very high fee plus it's inconvenient. I do laugh when people expect it to be cheaper for taking a very inconvenient payment method!
Jk89 said:
I thought the limit was somewhere between £8-£10k now?
I’ve sold cars privately for more and bought a pick up for £19k cash in 2018.
There is no limit. Just rules on money laundering checks and the inconvenience/costs for the dealer to bank the money.I’ve sold cars privately for more and bought a pick up for £19k cash in 2018.
I assume the dealer is obliged to report a cash transaction of £1 if they think it is dodgy....
If the OP has a wad of cash to spend, then he just has to negotiate with the dealer to make it worth their while to accept it (eg. the 10% surcharge mentioned by the trader earlier in the thread....)
My understanding is that payment in cash cannot be refused as settlement of a debt, however making a purchase is not a debt and therefore is outside of that rule and this is how many smaller businesses get away with being card-only and turning down cash sales.
Privately there's no limit, though any seller accepting a significant amount fo cash would be wise to have the buyer accompany them to a bank to pay it in to the recipients account in case there's any funny money in there.
Buying from a dealership they're going to be within their rights to turn down any amount of cash you try to pay with and if they do accept cash then money laundering checks are triggered at €10k https://www.gov.uk/guidance/money-laundering-regul...
Privately there's no limit, though any seller accepting a significant amount fo cash would be wise to have the buyer accompany them to a bank to pay it in to the recipients account in case there's any funny money in there.
Buying from a dealership they're going to be within their rights to turn down any amount of cash you try to pay with and if they do accept cash then money laundering checks are triggered at €10k https://www.gov.uk/guidance/money-laundering-regul...
fridaypassion said:
Ask the dealer there's isn't one answer. Depends on the amount and the dealer some might love a bit of cash. If it was me I would take a grand or two but no more than that as cash is just a pain in the backside. You certainly don't have a "right" to use cash.
On the odd occasion people have asked me to take cash and I was recently asked to take 30k I proposed taking £33000 in that instance as it's my charge for laundering their untaxed funds. Pretty reasonable I thought! I would have to bank it and we get charged a very high fee plus it's inconvenient. I do laugh when people expect it to be cheaper for taking a very inconvenient payment method!
I like your style On the odd occasion people have asked me to take cash and I was recently asked to take 30k I proposed taking £33000 in that instance as it's my charge for laundering their untaxed funds. Pretty reasonable I thought! I would have to bank it and we get charged a very high fee plus it's inconvenient. I do laugh when people expect it to be cheaper for taking a very inconvenient payment method!
I think it comes down to whether you are buying from a dealer or a Trader.... a lot of dealers I've approached won't take more than £1k.
Another problem is finding a bank to pay the cash into as our nearest one is 20+ miles away, although I think you can pay in certain sums into your bank account at a Post Office, although not sure how much...
Another problem is finding a bank to pay the cash into as our nearest one is 20+ miles away, although I think you can pay in certain sums into your bank account at a Post Office, although not sure how much...
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