Cash for car sale?

Robertr

Hi,

I have someone offering to buy my car but wants to pay cash. It will be around 20,000. Anyone know of any problems this could cause me?

Thanks.

a-k-47

to much cash to be handling. Could rob it back off you !....

Avns1s

None. Let him meet you in the bank, lodge to your account. If the cashier counts it out and credits it to your account, give him the keys.

Do not accept it outside of banking hours. €20K is a lot to have on your person or in the house!;)

mikemac

Well yes, he calls around after the banks close and buys the car for cash
You can't deposit it and the next thing that happens if
is a gang robs you that night and demands to know where you put your money.

Far fetched maybe but 20k is a lot of cash.
Do it during banking hours if possible or have a mate with you.
Best of all is do the deal then drive to the bank and once the cashier lodges it, you can hand over the keys

Maybe someone else will post about forged notes, I don't realy know much about this but worth thinking about

Bandara

if someone is offering you 20k for a car in this market and your happy with the price I'd be removing their arm from its socket.

milltown

a-k-47 wrote: »

to much cash to be handling. Could rob it back off you !....

Why not just rob the car off him?
If he happened to be robbed of €20k within 48hrs of selling the car for cash, would the Gardai not put 2 + 2 together?

Forgeries would be my fear. I once sold a motorbike for €3.5k cash. The sale was so easy I couldn't sleep until the bank had accepted it and credited my account.

Having said that, there are a lot of people that still have a lot of cash and don't know how to get rid of it without alerting the tax man. The authorities could take an interest in where your sudden 20k lodgement came from. Not a problem for you, obviously, but they may look for the car's new owner.

Avns1s

milltown wrote: »

Forgeries would be my fear.

Which is why I am suggesting bringing the buyer to the bank to lodge the money to your account.

Newcarneeded

Yep, only accept if the deal is done during bank hours, bank accepts the cash, you hand over the keys.

I wouldn't want to go to bed with €20k in the house. I also wouldn't be so confident that in counting €20k worth of notes that I wouldn't spot a few or a lot of forgeries either.

If I was doing the deal for a bank draft for the same amount, i'd also want the issuing bank to have a stamped counterfoil receipt of the transaction to offer some comfort that the draft isn't forged.

Even for the guy buying the car, travelling to buy a car with €20k cash on you is fairly risky also.

Take the safest option for you and those around you. Not worth taking any risks.

Brabus

I would also make sure the cash is well laundered!!!;)

(It could be the proceeds of some dodgy drug deal tho probably not)!!!:D

cson

Afaik I recall someone telling me that cash transactions of ~€10,000 or over must be reported to the Revenue Commissioners. I know this is true regarding Garages > Anyone paying fully in cash for a new car, the Garage must report it to the Revenue.

From what I understand, the reason for this is that if they decide to an audit on your tax situation and find €20,000 odd in an account with no explanation as to where it came from (You'll need documented proof - iirc John Gilligan tried to argue his wealth came from Gambling but I'm almost sure there's a provision now that for wealth gained from Gambling, you must have evidence of the gambling transactions).

Basically, I'd say call up/email Revenue and basically ask them their protocol on cash transactions of this size to be on the safe side.

Toots

I'd maybe ask for some in cash and the rest as a bank draft. If you go into a bank and lodge that much cash they'll be asking questions about where it came from. They're also obliged to report any high value, out or course, cash lodgements into accounts. Also, I'd be kinda worried about whether or not they'll give you forgeries. As Avns1s says, if they're insisting on paying cash, bring them into the bank and get them to lodge it into your account before handing over the keys. I wouldn't be happy carrying that amount of cash around with me.

tomcollins97

Did you do the deal in the end?? Any time I've bought or sold I've always gone for drafts - that said, I never bough of sold a car for 20k!

Darragh29

micmclo wrote: »

Well yes, he calls around after the banks close and buys the car for cash
You can't deposit it and the next thing that happens if
is a gang robs you that night and demands to know where you put your money.

Far fetched maybe but 20k is a lot of cash.
Do it during banking hours if possible or have a mate with you.
Best of all is do the deal then drive to the bank and once the cashier lodges it, you can hand over the keys

Maybe someone else will post about forged notes, I don't realy know much about this but worth thinking about

I'd be more worried about being targeted for the cash after your man has left with the car, than I'd be about fake notes. Be careful OP, cash is king now, and a man who has 20K to give you in cash is a rare individual out there today.