Buying a Used car - Payment - Page 2

sneaky · 29-07-2020, 02:01 PM

Quote:

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

Quote:

Originally Posted by raised by monkeys

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.

I wonder if this could also be tied back to RMS/Vic roads data? you report a $20k deposit and write $10k sale price on RMS/Vic Roads so buyer pays less transfer price and lower 'tax'..

or am I giving the government agencies and banks too much credit for tracking these things

b0son · 29-07-2020, 02:10 PM

Quote:

Originally Posted by sneaky

or am I giving the government agencies and banks too much credit for tracking these things

ATO have the power and inclination to monitor at the transaction level - they have data matching software to identify whether your deposits match your income, whether your spending is capable of being supported by your declared income etc. I'm not aware of other government departments being able to.

MercuryT · 29-07-2020, 03:33 PM

Quote:

Originally Posted by marty351

What's wrong with direct transfer?

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

Marty I offered secure electronic transfer (i'm with CommBank and it's easy) and collect car after clearance.

He lost it with me again and insisted cash only.

I agree I'm not keen on carrying 15K in a bag......

MercuryT · 29-07-2020, 03:36 PM

Quote:

Originally Posted by 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.

Totally agree with this.

If the car was 5K or so sure I'd probably do it but 15.5K? Not keen at all

MercuryT · 29-07-2020, 03:44 PM

Quote:

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

Are you sure?

Maybe each bank is different but Commbank told me Bank Cheques can't be cancelled unless with consent of the person home.ated.

So in effect, they can't be and once received it's guaranteed money.

Tassie f100 · 29-07-2020, 05:10 PM

I would be taking a bit of time to fully investigate this car to find its real history. There may be a good reason why the seller will only deal in cash!but then there may be a very sinister reason why cash only will be accepted.It is obviously not for security otherwise he would take a bank cheque or a direct debit/ transfer.Once you have paid the problem is yours,maybe it is under finance or some similar encumbrance.Maybe just leave it with him and watch for a few days,fair chance he will still have it and the price will keep going down.

MercuryT · 29-07-2020, 05:25 PM

Totally agree Tassie F100.
It's all very strange.......i'm moving on for sure.

I've found this thread very interesting in how people transact their deals.

**FTE217** · 29-07-2020, 05:44 PM

IMO its the sellers perogative - if he wants cash so be it, thats all he wants.
Nothing will change his mind, its still a free world I hope.
If your not happy buying this way as long as you've checked everything re any monies outstanding etc you walk and IF you don't have the liquid this way in the first place its a no brainer anyway......
Not everyone wants to deal via net banking.

raised by monkeys · 29-07-2020, 05:47 PM

A revs check will tell you more about its story. Ive always done cash for sale of cars. he may just be stuck in his ways and not trust the google machine or banks. Could also be just not wanting to record an income. Dont let it deter you to much unless he wants it in crypto currency, to meet in a dark alley or leave a suitcase of money in an empty carpark after a series of payphone phone calls that you have to keep in a particularly short time frame.

Tassie f100 · 29-07-2020, 05:48 PM

Quote:

Originally Posted by FTE217

IMO its the sellers perogative - if he wants cash so be it, thats all he wants.
Nothing will change his mind, its still a free world I hope.
If your not happy buying this way as long as you've checked everything re any monies outstanding etc you walk and IF you don't have the liquid this way in the first place its a no brainer anyway......
Not everyone wants to deal via net banking.

You may be right,but there is usually an underlying reason why people won’t go down the easy cashless way,whether it be for tax reasons or because the seller is up to no good and trying to hide something, we will probably never know.

MercuryT · 29-07-2020, 05:56 PM

Quote:

Originally Posted by Tassie f100

You may be right,but there is usually an underlying reason why people won’t go down the easy cashless way,whether it be for tax reasons or because the seller is up to no good and trying to hide something, we will probably never know.

I'm with you on this mate.

I get the whole "sellers prerogative" etc but for mine it's basically putting a sticker on your head saying "i can't be trusted".

But again, who knows. When I bought mine had the Cheque and receipt, agent to contact to confirm it's authenticity etc.

Was zero risk and painless. No carrying cash around if have an accident some clown steals 15K and untraceable......

This guy has lost a sale (I'm sure someone will buy it anyway) due to reasons completely not understandable or even rational imho.

Express · 29-07-2020, 06:01 PM

I've bought cars through many different types of transactions.

If I want the car I do whatever the seller wants.

If I don't want the car I don't think any more of it.

.

xxx000 · 29-07-2020, 06:05 PM

Quote:

Originally Posted by MercuryT

Are you sure?

Maybe each bank is different but Commbank told me Bank Cheques can't be cancelled unless with consent of the person home.ated.

So in effect, they can't be and once received it's guaranteed money.

B.S.
Bank cheques can be stolen, forged or just cancelled for lots of reasons

They can also be purchased with non existent funds as has happened previously so no they are not guaranteed money at all.

Banks have even cancelled their own bank cheques after issuing them.
Good luck trying to then take legal action against the bank afterwards.

People have tricked banks before and they'll continue to.
A combination of forged cheque and dodgy drivers licence and you've given your car away for free

Bank deposits can be forged or faked so hence why cash is still king with most people.

Citroënbender · 29-07-2020, 06:07 PM

When buying a used car, I take my Mum.

xxx000 · 29-07-2020, 06:08 PM

Quote:

Originally Posted by MercuryT

I'm with you on this mate.

I get the whole "sellers prerogative" etc but for mine it's basically putting a sticker on your head saying "i can't be trusted".

But again, who knows. When I bought mine had the Cheque and receipt, agent to contact to confirm it's authenticity etc.

Was zero risk and painless. No carrying cash around if have an accident some clown steals 15K and untraceable......

This guy has lost a sale (I'm sure someone will buy it anyway) due to reasons completely not understandable or even rational imho.

The part in bold would be easy for a scammer to fake so plenty of risk for he seller actually

**DJR-351** · 29-07-2020, 06:11 PM

You can pay me in any form you want, but until the funds are cleared to me in my bank account you no get car

MercuryT · 29-07-2020, 06:17 PM

Quote:

Originally Posted by FTE217

IMO its the sellers perogative - if he wants cash so be it, thats all he wants.
Nothing will change his mind, its still a free world I hope.
If your not happy buying this way as long as you've checked everything re any monies outstanding etc you walk and IF you don't have the liquid this way in the first place its a no brainer anyway......
Not everyone wants to deal via net banking.

Mate I just sold my house.

Liquidity not a problem. Just thought I'd buy a toy before reinvesting into housing.

Dealing with sellers who worry the s^it out of me, and are aggressive over the phone is however a problem........

He owns a S500 Benz with AMG options - he can't be 95 and not understand electronic transactions......

black13 · 29-07-2020, 06:31 PM

Quote:

Originally Posted by MercuryT

Marty I offered secure electronic transfer (i'm with CommBank and it's easy) and collect car after clearance.

He lost it with me again and insisted cash only.

I agree I'm not keen on carrying 15K in a bag......

I would have walked away the 1st time the seller lost it. Would smile & say i will look elsewhere.

Citroënbender · 29-07-2020, 06:32 PM

Have you run a PPSR check on that Benz by the way? It should reveal the full VIN.

Sabantien · 29-07-2020, 06:38 PM

I've only bought from a dealer and just paid eftpos.
If you're not comfortable carrying the cash and he isn't comfortable with any other payment, I'd not bother with him. As black13 says, as soon as he loses it, walk.

Plenty of other cars out there.

MercuryT · 29-07-2020, 06:47 PM

Quote:

Originally Posted by xxx000

B.S.
Bank cheques can be stolen, forged or just cancelled for lots of reasons

They can also be purchased with non existent funds as has happened previously so no they are not guaranteed money at all.

Banks have even cancelled their own bank cheques after issuing them.
Good luck trying to then take legal action against the bank afterwards.

People have tricked banks before and they'll continue to.
A combination of forged cheque and dodgy drivers licence and you've given your car away for free

Bank deposits can be forged or faked so hence why cash is still king with most people.

Not everyone is a pro scammer mate!!

It's not B.S it's exactly what the lending manager told me so if you think untrue then sure take it up with Commbank.

How can you legally get a Bank Cheque with a receipt with no money from a bank branch when it's coming directly from my account?

MercuryT · 29-07-2020, 06:57 PM

Quote:

Originally Posted by Sabantien

I've only bought from a dealer and just paid eftpos.
If you're not comfortable carrying the cash and he isn't comfortable with any other payment, I'd not bother with him. As black13 says, as soon as he loses it, walk.

Plenty of other cars out there.

Exactly what I did and have done.

Hence started thread as so baffled as so unusual (for me).

When i sell a car i try to accomodate the buyer where possible, not mandate and bully an outcome without answering why.....

MercuryT · 29-07-2020, 06:59 PM

Quote:

Originally Posted by Citroënbender

Have you run a PPSR check on that Benz by the way? It should reveal the full VIN.

Yes it checks out fine mate.

whynot · 29-07-2020, 07:00 PM

Doesn't cash transactions above $10K require filling out AUSTRAC paperwork?

https://www.hsbc.com.au/content/dam/...fact-sheet.pdf

Citroënbender · 29-07-2020, 07:02 PM

So if you put the VIN into a free “decoder” it brings up any AMG details? Pretty sure they are as comprehensive as the BMW ones which often go down to the wheel style as delivered.

MercuryT · 29-07-2020, 07:04 PM

Quote:

Originally Posted by Citroënbender

So if you put the VIN into a free “decoder” it brings up any AMG details? Pretty sure they are as comprehensive as the BMW ones which often go down to the wheel style as delivered.

Its just a basic E500 with mods CB.

Yellow_Festiva · 29-07-2020, 07:17 PM

Tricky situation.

There is that unknown 'grey area' between you getting cleared funds and them driving off.

I think $15k cash is not a problem. But $50k?? Hmmm would want to do that transaction at the bank.

Last car I sold for less than $5k buyer wanted it there and then. He did an electronic transfer (same bank) however the money didn't pop up in my account for quite some time.

I ended up calling the bank where they could see the deposit as cleared funds at their end but wasn't visible at my end as yet.

Guy assured me there was no way buyer could reverse the transaction.

With that I released the keys and paperwork,

I wouldn't trust a cheque at all. Hate the concept behind them, and see them as ancient technology.

Regarding your situation with you, just take a mate for 'moral support'.

Ensure the car is not encumbered - perhaps that's the reason for a cash sale, so there is no evidence that you bought the car? Who knows?

Also, note the time of the transaction on the paperwork - a lot can happen on the day of the transaction.

xxx000 · 29-07-2020, 07:30 PM

Quote:

Originally Posted by MercuryT

Not everyone is a pro scammer mate!!

It's not B.S it's exactly what the lending manager told me so if you think untrue then sure take it up with Commbank.

How can you legally get a Bank Cheque with a receipt with no money from a bank branch when it's coming directly from my account?

by cunning scammers getting the bank cheque against uncleared funds i imagine.
i will only accept cash for a car i sell and buyers have always obliged

b0son · 29-07-2020, 07:32 PM

Quote:

Originally Posted by Yellow_Festiva

Guy assured me there was no way buyer could reverse the transaction.

Any time until the funds clear in your account, it can be reversed.

xxx000 · 29-07-2020, 07:35 PM

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