Been Offered A Reasonable Price For My Van In Cash !!

Discussion in 'Motorhome Chat' started by campa cola, Jun 18, 2015.

  1. campa cola

    campa cola Funster

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    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.
     
  2. Wildman

    Wildman Read Only Funster

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    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.
     
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  3. Scout

    Scout Funster

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    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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  4. NickNic

    NickNic Funster Life Member

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    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.
     
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  5. Robert Clark

    Robert Clark Funster Life Member

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    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
     
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  6. TheBig1

    TheBig1 Funster Life Member

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    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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  7. NickNic

    NickNic Funster Life Member

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    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.
     
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  8. Wildbill

    Wildbill Funster

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  9. Scout

    Scout Funster

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    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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  10. GWAYGWAY

    GWAYGWAY Funster

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    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.
     
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  11. TheBig1

    TheBig1 Funster Life Member

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    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
     
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  12. Vlad The Impaler

    Vlad The Impaler Funster

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    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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  13. NickNic

    NickNic Funster Life Member

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    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 (y)
     
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  14. olley

    olley Funster

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    The guy may run a business and has been able to "liberate" :Dsome 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
     
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  15. Mattyjwr

    Mattyjwr Funster Life Member

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

    Tea Bag Funster

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    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
     
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  17. trekkin

    trekkin Read Only Funster

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    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...
     
    Last edited: Jun 18, 2015
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  18. Candapack

    Candapack Funster

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    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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  19. sdc77

    sdc77 Funster

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    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.
     
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  20. Tea Bag

    Tea Bag Funster

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