Been Offered A Reasonable Price For My Van In Cash !! (1 Viewer)

[MR. FUSION]

OK well I have been offered a reasonable price for my Van Via Gumtree. The guy IS offering me Cash without seeing it In the flesh. presumably he is bringing a lot of cash with him. What are the pitfalls of taking Cash? Should I insist on an electronic transfer to avoid any possibility of accepting Forged notes etc. Thanks for any advice.

 

[Wildman]

I'd be frightened to death of hookey money, would take ages for a bank to check it all. I think there are laws about paying large sums in cash to prevent money laundering as well.

 

[Lms]

Cash is ok but if I was you if and when he pays you go to the bank with him and pay it in if the bank takes it it's all good.
That's what I do when I sell hi value goods

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[Deleted member 29692]

Would you offer to buy a van/car/any high value item for cash without seeing it?

Be very wary. Even if you think it's genuine escort the buyer to the bank and get them to check the notes. If the buyer won't do that then you have your answer.

 

[Robert Clark]

Why not tell them you'd prefer payment by bank transfer ?
If they're genuine buyers they will pay the cash into their account and transfer it to you

 

[TheBig1]

simple to solve, take the buyer to your bank and have them check count and pay in to your account. they have automatic counting machines and it takes minutes. when all is good hand over the keys and paperwork. thats what I do anyway

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[Deleted member 29692]

I think there are laws about paying large sums in cash to prevent money laundering as well.

Probably not exactly right but I believe it's along the lines that if a transaction is more than £5k in cash then either the trader or the bank is supposed to verify the source of the cash. If they don't then be prepared for HMRC to get involved.

 

[Wildbill]

as above take him to the bank
bill

 

[Lms]

When I bought my old van we did the deal over the phone and looking at pictures got it down £5000. when I got there it was as he said it was so paid the money. It's no good traveling miles to find out that they are not going to move on the price. do most of it before you get there !!!

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[GWAYGWAY]

Be very, very, wary, There have been cases of buying and selling where the cash involved is stolen from the victim. With selling a vehicle they know the money is with you and you may be robbed later on, For the cash buyer they will be waiting for you and you get robbed of the money maybe at gunpoint as you approach or get to the place of sale, which has nothing to do with the imaginary vehicle or item.
If they have that much money in cash the chances are that it is distinctly DODGY. insist on bank transfer or payment in the bank if cash is the only way.

 

[TheBig1]

Be very, very, wary, There have been cases of buying and selling where the cash involved is stolen from the victim. With selling a vehicle they know the money is with you and you may be robbed later on, For the cash buyer they will be waiting for you and you get robbed of the money maybe at gunpoint as you approach or get to the place of sale, which has nothing to do with the imaginary vehicle or item.
If they have that much money in cash the chances are that it is distinctly DODGY. insist on bank transfer or payment in the bank if cash is the only way.

i pretty much always buy in cash because it gets a better deal. psychology at work. the cash is in a locked safe in my vehicle with dogs guarding it
very rare to have armed robbers involved at a private address. never ever do large cash transactions at motorway services or other insecure places

 

[Vlad The Impaler]

Be very, very, wary, There have been cases of buying and selling where the cash involved is stolen from the victim. With selling a vehicle they know the money is with you and you may be robbed later on, For the cash buyer they will be waiting for you and you get robbed of the money maybe at gunpoint as you approach or get to the place of sale, which has nothing to do with the imaginary vehicle or item.
If they have that much money in cash the chances are that it is distinctly DODGY. insist on bank transfer or payment in the bank if cash is the only way.

Utter tosh I've bought most of my vehicles with cash nothing dodgy about it !

Go to the bank it only takes seconds to check and count the cash electronically ,when all ok give them the keys and docs.
Cash can get a better deal ,and has its advantages!




Vlad

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[Deleted member 29692]

Utter tosh I've bought most of my vehicles with cash nothing dodgy about it !

Would you accept £20 or 30k in cash from someone you'd never met before? If so, fair play, you're a braver man than me

 

[olley]

The guy may run a business and has been able to "liberate" some of the cash, so he obviously wouldn't want to do a bank transfer. Friend of mine runs a small carpet company, always pays cash for his holidays.

Ian

 

[MattR]

I would have a friend or two close by, keeping a close eye on what is going on.

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[Tea Bag]

Hi.
Having no experience of this item,what about the,"DODGY money pen" about a pound... If they still sell them. If this can be outwitted,please let me be the first to know LOL!.
Tea Bag

 

[trekkin]

PLEASE PLEASE PLEASE do NOT take cash.........

We sold ours, in this way, took a large cash deposit for our sale at the weekend. We were so worried about it that we rushed to a shop, to borrow a marker pen. All the notes passed this pen so phew..
At 9am Monday morning after a sleepless weekend, we were waiting for the bank to open to get it counted out.
all ran through the machine , counted, visual check, and banked..
Double phew.
Then at 5pm we got the dreaded call, couple of forgeries, best the bank have ever seen, but forgeries never the less, and the bad news. Cash once counted is credited to the account, but not draw able until it has been counted by the security machine at the end of the day, cash up.
So we had lost the money, and were in a position of how do we accept the final payment. Not cash. Unless the buyer delivered the cash to the bank and had it counted, special arrangements made to acces the security counter.
Or bank transfer into your account, but be aware one transferred in the buyer has until close of business on the day of deposit to withdraw it back from you. So can deposit money, collect van, withdraw money.. Ensure that the money is deposited the day before collection and safely banked
We had a genuine buyer that happily paid the money in the day before, so all ended well, but could have been such a different story

You may loose a buyer, but get this wrong and you will loose your van with nothing to show for it...

 

[Candapack]

I sold a caravan a few years ago. The buyer asked what I would take for cash, like an idiot for some reason I didn't think he meant actual pound notes, and agreed £11,000.
So when he turned up the same evening with a carrier bag full of money, I was a bit taken aback!!
Now, £11,000 is a lot of £20 pound notes, and like a true Brit, I was too embarrassed to count it in front of him. Not to mention checking for forgeries, which I wouldn't have been able to spot anyway unless they'd been done by a 3 year old with a crayon.
So there I am, with a bag of who knows how much real or fake cash, and no caravan. At this point, I went on the internet to discover what I should have done, and had a completely sleepless night. Next morning, I walked down to my Bank with the bag, fearful of being mugged by thugs employed by the fake buyer, or told that the money was all forged, or breaking some money laundering rules.
All ended well, the money was the right amount, not forged, and the Bank paid it into my account no questions asked.
But never again will I do it that way.

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[sdc77]

Sold or last van for cash.. Like you.. In a carrier bag.. £18000.. He did take me to the bank though too.. I was quite concerned at the time.

 

[Tea Bag]

Hi.
As the two above,£16.000. in a carrier bag,job was a good un' Lucky? Who knows /
Tea Bag

 

[DanielFord]

If he is offering the money without seeing it, then it is almost certainly a scam of some sort.
I would suggest, that if you are not confident in spotting fraud bank notes, that you go to the bank with the purchaser and have the bank count and credit the money. That way you know for sure, I know from many years of handling money that I can spot (with a reasonable degree of accuracy) a hooky banknote, but not many people can.
Overall, I'd be very suspicious of this transaction!

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[deleted-member02]

Hi.
Having no experience of this item,what about the,"DODGY money pen" about a pound... If they still sell them. If this can be outwitted,please let me be the first to know LOL!.
Tea Bag

I'm afraid to say that the pens are a complete waste of time.
The only safe way is to physically examine the note - it's size, texture, print, watermark, metal line (solid one side, broken the other).
Holograms can be forged well, so not a good indicator.

I handled carrier bags of cash for many years (shopkeeper), agree with @DanielFord if you're not sure go to the bank.

Tbh, it does sound like a scam, if I was going to purchase with cash, I probably wouldn't advertise the fact at the first opportunity.
I think most cash carriers are stealthy, appreciate the risks involved and don't go shouting about it.

 

[Larby]

My son sold a Rally car to a gentlemen from Ireland. I took the £18,000 to the bank for him.
It was mainly Irish £50 notes, bank clerk never batted an eyelid. Counted it and paid it through.
Now that was worthy of a very big phew.

 

[errpaul]

We have sold vans and taken cash in the past, but also sold others with payment by bank transfer. £15k in cash takes the bank a long time to accept and I was questioned by 3 separate people in the branch I have used for years.

Bamk transfer via paster payments is the best way in my opinion. Payments can take up to 4 hours to show though. Occasionally the bank the payment is made from can hold it back for fraud purposes, but the person cannot recall it as an error once they have authorised it.

For extra peace of mind with bank transfer if the person is doing it by internet then I ask to see the balance of their account and payment confirmation as they do it.
If by telephone banking then I have asked them to use my phone and once they have been through security to put it on loudspeaker so I hear the conversation and confirmation of payment.
On my phone means you know that it is the bank they are calling as the number is in your call history.

As for agreeing to buy without viewing I sold one of my old motorhomes to someone whl was flying from scotland to get it. He then had to get 2 trains and I collected from local station. Thats a bit of a journey to just view!
Sold cars in the past to with people paying a deposit via paypal and then coming to collect the car, the collection day being the first time they have actually seen the vehicle, so in my experience its quite normal

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[lorger]

When we sold our caravan the couple came up from Gloucester area and brought a bank cheque which I drove him to my bank with, when they told me even though it's a bank one it still takes a few days to clear. I trusted the couple but they where total strangers so they stayed in the van on my drive with my car parked in front until money was in my account.
I didn't charge them for staying

 

[Puddleduck]

When we sold our caravan the couple came up from Gloucester area and brought a bank cheque which I drove him to my bank with, when they told me even though it's a bank one it still takes a few days to clear. I trusted the couple but they where total strangers so they stayed in the van on my drive with my car parked in front until money was in my account.
I didn't charge them for staying

Now I would have been more than happy with that as a buyer Shows good intent on both sides. I have paid deposits to "hold" a vehicle a few times. Been happy most times but not on one occasion and forfeit part of the deposit.

 

[geoffles]

Bottles gone now, as im going to sell mine

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[gus-lopez]

Would you accept £20 or 30k in cash from someone you'd never met before? If so, fair play, you're a braver man than me

Feel free to send them my way .

The guy may run a business and has been able to "liberate" some of the cash, so he obviously wouldn't want to do a bank transfer. Friend of mine runs a small carpet company, always pays cash for his holidays.

Ian

So does my bro-in-law. he has run out of friends, family,relatives in whose names to open accounts with all the cash .

 

[gibbon]

8k is the max before the banks money laundering particle is activated.
Well, it was two years ago.

 

[MR. FUSION]

Thanks for the advice everybody.I think IF he Comes back to me I will insist on an electronic payment. And Check its cleared with my bank before partIng with anything.

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