How to pay for a 18K car?

[Chattonmill]

Agree with the various posters who have suggested the gl to bank do transfer approach.

Slight variation on the theme, if it makes the seller happier - not sure why it would, but people do have foibles - is to make an arrangement with a branch of your bank local to the seller to issue a draft. If you're happy with the car go to the bank with the seller have the draft issued and give it to him / her.

I have done that before, seller was happy with that as it shows that it is not stolen.

 

[ROBB]

installments??

 

[crockers]

just don't do what I did - stuff a whole load of 50's in my underpants

So what car did you get for £150 ?

 

[Adam230K]

Not sure how u pay 18k for a car, but i'm just wishing you goodluck on your purchase, hope it all goes well and let us know how it goes (and pics!).

 

[raymont]

Many years ago ( pre-internet) I advertised for sale in the Sunday Times a BMW 325i for, if I remember correctly, about £16k.

I received a call from an Italian man who said that, if the car was as described, he would buy it for his wife and would I bring it the restaurant he owned just off Bond Street in London.

I agreed – it was about an hour away- and duly showed up with the car. He looked at the car for about 30 secs, didn’t want a test drive, and agreed he would buy it.

We went into his restaurant and through to a back room where he reached under the table we were sitting at and gave me a plastic carrier bag and said ‘man to man there is £16k in here’. It was a unsorted mess of £5s, £10s and £20s.

I really didn’t know what to do, counting it would take ages and there was clearly an element of trust and respect expected from him.

I took the cash, uncounted, and headed off to the nearest branch of my bank, fully expecting to be mugged at any minute. Made it to the bank where a helpful cashier arranged for it to be counted in my presence.

There was exactly £16k in the bag.

Bank transfer / bank draft is a much lower stress solution.

 

[blueduck]

Chaps is the easiest.. bankers draft is like cash in hand anyway - wont be issued with the cash in you current account... but as some people said - they still are not as safe as direct transfer. Good Luck!

 

[Rory]

I took the cash, uncounted, and headed off to the nearest branch of my bank, fully expecting to be mugged at any minute. Made it to the bank where a helpful cashier arranged for it to be counted in my presence.

If you did that today I suspect that you'd be taken to an office and be asked to wait. A few minutes later the Police would arrive.

 

[Smiley]

If you did that today I suspect that you'd be taken to an office and be asked to wait. A few minutes later the Police would arrive.

Quite - and if you were very unlucky a strip search as well!

 

[HowardD]

We've just sold our car and the buyer is due any minute. He wants to pay cash. £21,000. Because he wants to take the car away there and then and because a Chaps payment is not instant.

We agreed, on the proviso that we meet at the bank and pay it in there and then and the V5 is signed after - but, we really would prefer not to be paid in cash. We had to make a bank appointment and we know they'll ask questions.

 

[davidjpowell]

I don't think paying cash in is a major problem, but a bank (as anyone) has a duty to report suspicous transactions. Paying cash in from selling a car is not suspicous, they just need to be aware of the reason to keep their masters happy.

 

[Will]

I don't think there's anything wrong with paying these sort of amounts in cash. I expect the bank would naturally ask a few routine questions/check ID and follow the anti-money laundering regs etc but I can't see them turning £10/20k in notes away really.

If I was buying a £100k Ferrari or something perhaps it would be different but £18k these days isn't really a ridiculous amount. In fifties or even twenties it doesn't even look like much

I sold my last car for cash and bought my new one with the same - easy and hassle free.

I've had much more trouble with cheques and paypal to be honest.

Will

 

[Shude]

Slight variation on the theme, if it makes the seller happier - not sure why it would, but people do have foibles - is to make an arrangement with a branch of your bank local to the seller to issue a draft. If you're happy with the car go to the bank with the seller have the draft issued and give it to him / her.

That's what I did when I bought my previous W202 back in 2001, worked perfectly! Was a bit worrying when they initially declined to issue the draft due to non-matching signature but after providing ID and another sig they were happy.

 

[Bobby Dazzler]

The bank takes all sorts of things into consideration, and there are a number of things that in different combinations constitutes suspicious.

For example, typically accounts used for money laundering don't tend to have connected savings accounts, incoming salary payments, outgoing mortgages payments, gas bills, charity DDRs, magazine subscriptions, and other direct debits that have been running for years.

So unless there are things that trigger suspicion just expect a little extra ID&V than usual, to be asked questions as to where the money's come from, and a few more additional related questions to see how you react.

Oh, and the key question: We could help you make this money work harder for you. Can I make an appointment to see our...

 

[PXW]

I really didn’t know what to do, counting it would take ages and there was clearly an element of trust and respect expected from him.

I took the cash, uncounted, and headed off to the nearest branch of my bank, fully expecting to be mugged at any minute. Made it to the bank where a helpful cashier arranged for it to be counted in my presence.

There was exactly £16k in the bag.

Bank transfer / bank draft is a much lower stress solution.

Good deal for the restaurant owner...by the time you add up the VAT he didn't have to pay over on 16k worth of takings and the tax he didn't have to pay on on the profit, he got your car for about half price....or am I just getting too cynical in my old age?

 

[raymont]

Good deal for the restaurant owner...by the time you add up the VAT he didn't have to pay over on 16k worth of takings and the tax he didn't have to pay on on the profit, he got your car for about half price....or am I just getting too cynical in my old age?

That's exactly what I thought. If the amount had been wrong the relevant authorities would have heard about it. It was one reason to think that the amount would be correct, as I'm sure the seller was completely aware that I would suspect was going on and he wouldn't want to take the risk of HMCE and IR getting involved.

 

[jaymanek]

Good deal for the restaurant owner...by the time you add up the VAT he didn't have to pay over on 16k worth of takings and the tax he didn't have to pay on on the profit, he got your car for about half price....or am I just getting too cynical in my old age?

whilst that probably is the case you will find most small business owners will pay for everything with cash. I know my family have never ever used cards.. everything is cash as owning shops and a petrol staions means we get a lot of the stuff. banking it is expensive.

 

[johnpidge]

Cash is King

Although I respect the fact that most/many will not agree

Will

Have to agree - maybe wrong but a fist full of £50 squid notes is my way!

 

[Rory]

whilst that probably is the case you will find most small business owners will pay for everything with cash. I know my family have never ever used cards.. everything is cash as owning shops and a petrol staions means we get a lot of the stuff. banking it is expensive.

My daughter did duty at Uni one year receiving new students and, particularly coming from our household where we often can't find enough cash to pay the milkman, she said it was astonishing how many of the new students pulled out wads of cash to pay tuition and halls fees.

 

[pos.k]

whilst that probably is the case you will find most small business owners will pay for everything with cash. I know my family have never ever used cards.. everything is cash as owning shops and a petrol staions means we get a lot of the stuff. banking it is expensive.

And it kind of gets eroded after Gordy takes his shares

one for you - one for me
two for you - one, two for me

I'll get me coat

 

[APM]

I'm a plumber and my sister owns a launderette i dread working there(pays in 1+2 pound coins) it's one of the only places i wish a cheque would be offered.Still i have enough change for car parks etc for the next year or so ,lol.

when i sold my audi Rs4 the bloke and his mate drove down from bolton with 28k cash;