Paying for a used car in cash

cosanostra

I'm currently looking at buying a used car from a garage (not a main dealer) and i'm going to pay in cash, it will be around €15k. What i'm wondering is does the seller have to inform revenue about the transaction and will i have to make a declaration as to where the money came from ( the money is legit I just dont like banks) also would car traders tend to offer a better rate if you walk in with a wad of notes

Del2005

cosanostra wrote: »

I'm currently looking at buying a used car from a garage (not a main dealer) and i'm going to pay in cash, it will be around €15k. What i'm wondering is does the seller have to inform revenue about the transaction and will i have to make a declaration as to where the money came from ( the money is legit I just dont like banks) also would car traders tend to offer a better rate if you walk in with a wad of notes

Anything over 10k needs to be declared to revenue.

Have you asked the garage will they accept that much cash? A lot won't.

Lex Luthor

Why would you walk around with that kind of cash, just get a bankers draft once you've decided on the car. There is no way I would carry that kind of dosh on me,asking for trouble

robtri

go to bank/an post get 7.5k bank draft... use it to pay a deposit and pay rest in cash...
no transaction over 10k cash, therefore avoids revenue

uck51js9zml2yt

Lex Luthor wrote: »

Why would you walk around with that kind of cash, just get a bankers draft once you've decided on the car. There is no way I would carry that kind of dosh on me,asking for trouble

I think the ops user name explains why

Sam Kade

Del2005 wrote: »

Anything over 10k needs to be declared to revenue.

Have you asked the garage will they accept that much cash? A lot won't.

Come on, if Johnny the traveler arrived into a garage with a ball of cash to buy a new Hiace van, do you think they are going to turn him away?

Senna

Sam Kade wrote: »

Come on, if Johnny the traveler arrived into a garage with a ball of cash to buy a new Hiace van, do you think they are going to turn him away?

Many garages do, they just won't deal with them.
Buying the van might be OK, it's the warranty and follow up they don't want to deal with.

Del2005

Sam Kade wrote: »

Come on, if Johnny the traveler arrived into a garage with a ball of cash to buy a new Hiace van, do you think they are going to turn him away?

The garage won't deal with a ball of cash from anyone, most wouldn't be insured for that much cash.

Sam Kade

Del2005 wrote: »

The garage won't deal with a ball of cash from anyone, most wouldn't be insured for that much cash.

Really, do travellers use cheques so?

bazz26

Maybe some dealers use creative accounting?

pippip

Sam Kade wrote: »

Really, do travellers use cheques so?

No but they're trading in their 151 so just the top up in cash

You'll probably find they all use the same dealer.

A few years ago I paid €11500 in cash to a Renault dealer. Did not have any problems at all and there was no notification to revenue etc. Garage had no issues taking the cash either.

pippip

Could a dealer not just put it though as two or more cash payments?

CiniO

Del2005 wrote: »

The garage won't deal with a ball of cash from anyone, most wouldn't be insured for that much cash.

What kind of insurance are you thinking of?
Do you mean that dealers (or other retail traders) have insurance against cash theft?

CiniO

Lex Luthor wrote: »

Why would you walk around with that kind of cash, just get a bankers draft once you've decided on the car. There is no way I would carry that kind of dosh on me,asking for trouble

What's the advantage of bank draft?

I understand that if you loose can, then it's gone - you loose amount you had.
But if you loose bank draft, isn't it the same thing? Once lost, money is gone...

pippip

CiniO wrote: »

What's the advantage of bank draft?

I understand that if you loose can, then it's gone - you loose amount you had.
But if you loose bank draft, isn't it the same thing? Once lost, money is gone...

If you loose a bank draft you can go back to the bank and have it cancelled or re-issued. It takes time though and as usual alot of paperwork.

The advantage is that the draft is made out to the garage name, like a cheque. if someone finds it they cannot lodge/cash it. Garages like them cause unlike cheques they are guaranteed by the bank.

CiniO wrote: »

What kind of insurance are you thinking of?
Do you mean that dealers (or other retail traders) have insurance against cash theft?

Generally business (or home) insurance allows a certain amount to kept on the premises, anything above that cannot be claimed.

bazz26

CiniO wrote: »

What's the advantage of bank draft?

I understand that if you loose can, then it's gone - you loose amount you had.
But if you loose bank draft, isn't it the same thing? Once lost, money is gone...

A bank draft can be cancelled by the issuing bank, takes time to clear between banks and leaves a paper trail.

9935452

pippip wrote: »

The advantage is that the draft is made out to the garage name, like a cheque. if someone finds it they cannot lodge/cash it. Garages like them cause unlike cheques they are guaranteed by the bank.

The problem is there are fake bank drafts going around too

Riva10

I bought a new car early this month for cash. My garage gave a couple of options to pay. One, a personal cheque with the car being registered and released only when the cheque was cleared by their bank and the second option was a bank draft at the time of release. A €500 down payment at the time of ordering in both cases. "Cash" as in notes was not an option as they were not allowed to take more than €5000, cash on any transaction.

Advbrd

Sam Kade wrote: »

Really, do travellers use cheques so?

Not so much since the introduction of the Euro but Travellers Cheques are still available.

For Forks Sake

Advbrd wrote: »

Not so much since the introduction of the Euro but Travellers Cheques are still available.

Lex Luthor

Isnt another word for "travelers cheques" cash?

amdaley28

Advbrd wrote: »

Sam Kade wrote: »

Really, do travellers use cheques so?

Not so much since the introduction of the Euro but Travellers Cheques are still available.

Is that a travellers cheque or a cheque issued by a traveller :P