Steve92 80 Posted October 14, 2016 How would you handle it, I had someone call about a TT RS this morning. It's advertised at £25990 and they wanted to pay in cash, I questioned this as some people's definition of cash is not buying it on finance. but no they want to pay the whole amount in pound notes. Question is would you take it knowing the rules around accepting cash payments ? We would take the customer and the money to the bank and let them pay it in. Share this post Link to post Share on other sites
Rory RSC 596 Posted October 14, 2016 (edited) removed incorrect suggestion posted. Edited October 14, 2016 by Rory RSC 1 Share this post Link to post Share on other sites
Mat C 77 Posted October 14, 2016 I think you'll be in breach of money laundering regs.... From working in PLC land for the last 18 years, max we could take was £5k - I think the legal limit is €15,000 before you are legally obliged to inform the police, due to money laundering regulations and the FCA are all over this. Unless you are registered as a high value dealer with HMRC. I guess there are some regular people out there that have £££ stashed, however its best to get it checked out... I'd be VERY careful - I think the rules are still the same if your customer pays cash directly into your bank, to be honest, the bank would question this I am sure, mine does for anything over £5k, I get asked all sorts. Lawgistics are the place to check to be fair or HMRC website 1 Share this post Link to post Share on other sites
umesh 336 Posted October 14, 2016 Money Laundering Issues Do not do it !! All as per Mat C ! Tell him to bank it then transfer to you , otherwise walk away , its gonna come back to bite you. 1 Share this post Link to post Share on other sites
Steve92 80 Posted October 14, 2016 Thanks, that's my feeling too although ultimately it's someone else's decision. I'll already have to head to the bank on Monday to try and pay £6000 in Irish money into the account from the sale of a TT. Share this post Link to post Share on other sites
Daylight 28 Posted October 14, 2016 I know Manheim used to take up to £9000 in cash, I thought it was £10k under money laundering regs but I'm sure google will confirm. I took £5000 in cash for a 1 series yesterday as it was "easier" for them, not for us though as it then has to be taken kept on site and then taken to the bank when they bother to open Someone with £25k in cash is either a self-employed person that HMRC have never heard of or a drug dealer IMO! 1 Share this post Link to post Share on other sites
umesh 336 Posted October 15, 2016 As Matt Says €15000 Legally. .. Had one a few years ago who wanted to pay £16000 cash on a merc , I explained I couldn't take that - only £9000 , he went on say you can take €15000 , so he knew , i told him my business rules £9000 rest has to be debit card / transfer ONLY! Very,very long story .2 hours later and me refusing to sell the car he goes away telling me I must be an idiot not wanting to sell the car ( Should we say traveller type community!) .. rings up next day , saturday to see if I'd changed my mind, told him it's how I do business - He says I'll bring a draft for half ! Said that'e fine but be here well before 11.30.. Why ??? I said I need to verify with the issuing bank ! He says " you really do not want to sell this car do you ? " I yet again explained that's how I do business ! Arrived with the cash and his sons - bizarrely he and his 2 sons all had same name , paid by debit card , the 'young' lad looked about 12 who entered the pin number and signed the invoice ! Asks for the 'complete V5' Told him I can't do that I have to inform DVLA ... said to me " I'm in the trade' ! I said provide me with your full traders policy etc etc , but as far as I was concerned I would inform DVLA . When I bought the car ( Not my usual purchase but the company I bought usual directors car has their managers car for sale so obliged to buy it 3 year old E320 With 130,000m- You would never ever know it had done the miles !- ) And I know what would happen to this car ( Answers on a post code ) ... ..fast forward about 6 years ... A trader calls me from Leicester ( Hope not anyone on here ) .. " I have a car here you supplied can you confirm history / Mileage etc) Give me reg Number , I asked the mileage .. 139,000 miles ! I said where's the history , none with the car , I said that car had the best history in the world , all the invoices etc etc , Told him I had sold it 6 years ago with 130,000 - He said I think you have the wrong car mate ! I said no , I know the car and I knew this would happen one day , asks me who I sold it to , ( Data-protection can't divulge ) so I said tell me who's on the V5 and I'll say yes or no , Last owner I don't know the one previous was the guy I'd sold it to . Trader says I've sold it on retail but customer not picked it up yet ! Told him he got problems he needs to contact the customer , he wasn't too keen - so he says if anyone else rings what would I tell them - I said I have to tell the truth simple as that .. Parting words .. " I'd better take your number plates and stickers off then " ... Sorry I digressed a little !! 3 Share this post Link to post Share on other sites
Steve92 80 Posted October 16, 2016 Luckily we never heard back from him and we have taken a deposit from someone else. we have just taken some cash against an a3, however they were a genuine couple Share this post Link to post Share on other sites
bestprice4cash 20 Posted October 17, 2016 (edited) Too much hassle honestly........ They should pay the money into their bank and then pay by debit card or bank transfer. Let them explain to the bank & HMRC how they happened to come across £26k in cash. Edited October 17, 2016 by bestprice4cash 1 Share this post Link to post Share on other sites
Johno 1 Posted April 29, 2017 Thread resurrection....if a punter wants to pay cash of any amount it should not be a problem ....so long as you declare it all and pay it into your bank , just make sure you keep the punters details and let HMRC know , that way you dont lose the sale. Share this post Link to post Share on other sites
andymc1973 199 Posted April 30, 2017 ask for payment in a kilo of coke, less hassle Share this post Link to post Share on other sites
Rory RSC 596 Posted April 30, 2017 2 hours ago, andymc1973 said: ask for payment in a kilo of coke, less hassle I usually find a lot of people keep that in the glovebox of their part exchanges. At least thats what I assume must be in them, given the ludicrous amounts they expect to get 1 Share this post Link to post Share on other sites
D1991 0 Posted May 2, 2017 Legally you can only take 9000£ I bought a car last week from a trader wanted to pay cash as the person that bought my e class paid cash I went had 10 grand he said only 9 k in cash Share this post Link to post Share on other sites
Cornish Guy 45 Posted May 2, 2017 Note, It's €15000. Euros, not Pounds. Everybody thinks £9000 from the time when the pound was worth a lot more. Share this post Link to post Share on other sites
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