Cash Payment

[Amia]

I'm selling a car and the person purchasing it is paying cash apparently. Does anyone know if this is in anyway dodgy? Thanks in advance

[Oneeyedvic]

If you are in doubt, take him to your local branch and ask that he pays it into your account. Then you will have no problems.

Money Laundering Act only comes into effect if you are a business taking regular amounts of cash and amounts over Euro 10,000. Your bank may ask you if you are paying in a large amount where it came from. If you explain that you sold your car this is not a problem.

[peterd]

This is normal for buying cars as once people see the cash they are usually tempted to take the offer. If you've not seen the cash ask if the buyer can arrange for a bankers draft (bank may charge him) instead. If the deals is done with cash, make sure you write him a dated receipt stating: Car, Reg & amount received in cash. Check the notes if poss

[La Diva]

I got caught by accepting a Bankers Draft. Within three days of paying it in, my bank contacted me to tell me that the draft was one of a batch stolen from one of their branches.

Buyer had got my car, and I'd lost �10k.

I'd even asked him to bring me proof of residence and a copy of his driving licence. Both of which he supplied and both of which were forgeries.

From now on, I'll take cash only - or not release the car until I've had confirmation the draft has cleared.

[themas]

Anything you do is open to risk unless you hold on to the car until FINAL confirmation from the bank that whatever payment method is used is cleared. I've known someone accept a bankers draft, for the bank to tell them it was OK and then several days later say it was not - it was a forgery.

If you accept notes, they can be forged so make sure they are paid in and accepted by the bank before you release the car or log book.

[Hgrove]

When I bought my car the seller kept me waiting two weeks until he was absolutely sure our cheque was alright, which it was, before he released the car.

[spudqueen]

I'm buying a car and the (very small) garage concerned will only accept cash. Sounds as though it's quite common.

[Amia]

Thanks very much for all the help, got the cash last night now its in the bank so all good! Thanks