Buying a Used car - Payment

[MercuryT]

Ok guys I'm interested in a few cars to add to mine.

In 20 years of buying (about 6 cars) I've NEVER paid in cash - Bank Cheque always preferred and fine, no worries.

This seller on Merc insists cash only. No bank cheque acceptable whatsoever.

I questioned it as seems strange, but he got upset and told me cash is how you pay.

Informed people here - is this a scam? What's the reason for insisting cash only? I'm not keen carrying 15K in notes in a car with no security.

Thanks all.

[PG2]

Originally Posted by MercuryT

Ok guys I'm interested in a few cars to add to mine.

In 20 years of buying (about 6 cars) I've NEVER paid in cash - Bank Cheque always preferred and fine, no worries.

This seller on Merc insists cash only. No bank cheque acceptable whatsoever.

I questioned it as seems strange, but he got upset and told me cash is how you pay.

Informed people here - is this a scam? What's the reason for insisting cash only? I'm not keen carrying 15K in notes in a car with no security.

Thanks all.

Bank cheques are too easy to create fraudulent copies of these days.

[my67xr]

I have always bought and sold car's with cash, over 60 of them in the last 34 year's
Cheques can bounce etc

[MercuryT]

Originally Posted by PG2

Bank cheques are too easy to create fraudulent copies of these days.

Ok fair enough.

Just seems very aggressive on cash only (maybe been burnt before then on a B Cheque)

[Citroënbender]

I may be jumping at shadows, but something about that ‘03 makes me a little uneasy about its overall condition.

[MercuryT]

Originally Posted by my67xr

I have always bought and sold car's with cash, over 60 of them in the last 34 year's
Cheques can bounce etc

As per PG2 fair enough. Thanks.

Just interesting as in 2 decades I've never been asked for cash.

What, so you sell a used 50K Mustang and buyer turns up with a suitcase of notes Mafia style or something?

[MercuryT]

Originally Posted by Citroënbender

I may be jumping at shadows, but something about that ‘03 makes me a little uneasy about its overall condition.

05 mate.

Pictures lying you reckon?

[fordomatic]

Remember selling my VY Clubsport, guy takes it for a drive, whips out 20k in 50’s and takes the car. It was a Sunday, i spent all night Googling how to tell fake $50 notes.

Seems pretty common now, I’ve bought my last 4 cars with cash. They were AUs though so was only $100 each.

[Citroënbender]

I ran the rego, says ‘03 build. Maybe first registered 2005?

There’s what looks like crazing to the front bar below the RHS inner round lamp, and possibly a bit of shrunken trim popping up above the rear screen left upper corner.

I’d be running the VIN through a decider to see the as-built specs, including what wheels and exhaust. And seeing how long it’s been in Tasmania.

[MercuryT]

Originally Posted by Citroënbender

I ran the rego, says ‘03 build. Maybe first registered 2005?

There’s what looks like crazing to the front bar below the RHS inner round lamp, and possibly a bit of shrunken trim popping up above the rear screen left upper corner.

I’d be running the VIN through a decider to see the as-built specs, including what wheels and exhaust. And seeing how long it’s been in Tasmania.

Wow that's interesting. It was for sale 2 years ago and done "700"klms as no "time.

It's Registered as a S500 2003 here on on Rego check. I was wrong.

Clearly mods done but now I'm thinking it's dodgy as. It's an Interstate car so I don't need road worthy etc upon sale unlike most jurisdictions.

More I asked the more he dodged. I think he's worried as he's vanished when I asked a few questions.

[Pis-ton broke]

he likes cash, give him 15k in 20's
but seriously, if i sell a car, i ask for cash.

[MercuryT]

Originally Posted by fordomatic

Remember selling my VY Clubsport, guy takes it for a drive, whips out 20k in 50’s and takes the car. It was a Sunday, i spent all night Googling how to tell fake $50 notes.

Seems pretty common now, I’ve bought my last 4 cars with cash. They were AUs though so was only $100 each.

Exactly.

I'd trust a bank cheque with Receipt over a suitcase of notes that are far easier to be fraudulent.

Dunno. Just seems so strange as previous Bank Cheques exist for a reason as full security for both parties.

[MercuryT]

I must be naive to what goes on.

I assume a person is trustworthy unless proven otherwise.

You blokes are more he's a scammer unless proven otherwise!!

Never ever has cash ever been mentioned in 20 years. Now this bloke lost his **** when I suggested a bank cheque much safer for everyone involved........(which it is with a receipt and direct number to agent at Bank)

Ah well. Always another car to buy......maybe I need a manual Boxster S after all ; ) If I buy interstate sending a suitcase of cash might be interesting and a tad risky........

[MercuryT]

[QUOTE=Citroënbender;6471459]
There’s what looks like crazing to the front bar below the RHS inner round lamp, and possibly a bit of shrunken trim popping up above the rear screen left upper corner.
/QUOTE]

You know your stuff hey. I can't even see what you stated but fantastic advice.

I think there's a lot more reasons as to why only driven "700ks" in 2 years than "lack of time".

In any case his cash only aggressive **** annoyed me off (Not even bank instant transfer?) so I'll just go back to my Boxster S who wants a sale not hinders it.

[xxx000]

Bank cheques can bounce just like a personal cheque can and you'd never accept a personal cheque would you?
Bank cheques have to be deposited into an account and therefore are 'visible' to the tax man etc.

You can do the not handover vehicle until funds clear routine but really not many of us either want to wait or trust the other party sufficiently and want the immediate passing of the goods.
That said the Federal govt already has or is about to make it illegal to pay cash over i think $10K
They want electronic transfers so tax liability is transparent

[marty351]

What's wrong with direct transfer?

150000 cash is not a good thing to have on ones person.

[Franco Cozzo]

I tried to buy an XR6T a few years ago from a car yard, I'm like lets meet in a park on their end of a city, no big deal.

I wanted to pay in cash, then he chickened out because he refused to carry cash on him on the train back home.

What a ****ing sook - organise an Uber/taxi if you're not comfortable carrying cash on public transport or organise a friend to give you a lift.

Where is people's sense of adventure these days

[Polyal]

For cars >$10k or so I too think its weird that people want cash.

I understand dealers, they do the old dodgy on the receipt etc to scam GST but to turn up with bulk cash in a suitcase etc is pretty risky.

When I was on my P's I remember getting $6k cash and going on a train and I was looking over my shoulder like I had just robbed a bank, not a good feeling.

[Franco Cozzo]

The most I've been paid in cash was $19K by two guys from Sydney, they got it in 50s to make it look like heaps the cheeky bastards

They were more worried about me when I picked them up from the airport and they saw rope and a shovel in the boot of our car.

At least they weren't drug dealers, otherwise it certainly would have been in 100s!

https://www.abc.net.au/news/2018-03-...nomist/9520210

[DRU842]

Most recent occasion; I met the buyer at a branch of our mutual bank, he transferred the funds, we signed the papers, I gave him the keys.

[raised by monkeys]

Unless interstate Cash only for me.

[hayseed]

Originally Posted by xxx000

That said the Federal govt already has or is about to make it illegal to pay cash over i think $10K

It's Not illegal, Just has to be reported to the ATO..


https://theconversation.com/limiting...ide%20a%20bank.


https://treasury.gov.au/sites/defaul...ent_limit_.pdf

[raised by monkeys]

Reportable; as to be taxed as an income?

[Dr Terry]

Originally Posted by MercuryT

Exactly.

I'd trust a bank cheque with Receipt over a suitcase of notes that are far easier to be fraudulent.

Dunno. Just seems so strange as previous Bank Cheques exist for a reason as full security for both parties.

I believe at one time a bank cheque was considered as secure or even more secure than cash. If you lost a bank cheque, it was like losing cash, it was gone & you had to wait some time for the cheque to be stopped, before you could recoup the loss.

These days however a bank cheque can be stopped straight away, like a personal cheque. So the buyer could pay by bank cheque, drive away & stop the cheque before you had a chance to bank it. I've seen this happen several times.

Dr Terry

[Dr Terry]

Originally Posted by raised by monkeys

Reportable; as to be taxed as an income?

Not just income, which really only applies to dealers, but to keep track of the 'black economy'.

There is a lot of cash out there of which the authorities (police & ATO) would love to know the origin.

Dr Terry

[raised by monkeys]

Originally Posted by Dr Terry

Not just income, which really only applies to dealers, but to keep track of the 'black economy'.

There is a lot of cash out there of which the authorities (police & ATO) would love to know the origin.

Dr Terry

Only reason i ask is if sold my car and received cash on the weekend, i wouldnt report. For a car i paid for in cash which was taxed through employment income, and paid tax on products and services spent on the car in the time i owned it, and refuse to pay tax from the sale of the car.

[hayseed]

Originally Posted by Dr Terry

I believe at one time a bank cheque was considered as secure or even more secure than cash. If you lost a bank cheque, it was like losing cash, it was gone & you had to wait some time for the cheque to be stopped, before you could recoup the loss.

These days however a bank cheque can be stopped straight away, like a personal cheque. So the buyer could pay by bank cheque, drive away & stop the cheque before you had a chance to bank it. I've seen this happen several times.

Dr Terry

Have you had to cancel a Bank Cheque..??

Because, Unless the Rules have recently Changed It's nowhere near as simple as cancelling an Ordinary Cheque..


But happy to be Corrected..

[falconhell74]

Last week I bought an 2009 audi A4 sline quattro from a smallish used car dealer here in Perth for $9,500.00 I paid cash in an envelope that I went to the bank to get, he filled out the paperwork and sent me on my way without even looking in the envelope.

[xa302]

If buyer is paying by EFT make sure you don't make an error with your account numbers and check that it is in your bank account before hand over the keys. Don't rely on the buyers screenshot of the deposit.

[b0son]

Originally Posted by xa302

If buyer is paying by EFT make sure you don't make an error with your account numbers and check that it is in your bank account before hand over the keys. Don't rely on the buyers screenshot of the deposit.

and depending on the bank, it could take 3 days before funds clear.