RobBrown
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| posted on 5/2/08 at 01:38 PM |
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Paying with Cash??
Hi,
The missus and I bought a new (used) car at the weekend, Picasso, for her to drive the kids around in.
The dealer has asked that we pay cash for the remaining balance, because "he is in the middle of changing banks and his swipe machine
doesn't link to his new account and a cheque would take an additional few days to clear".
My question is do I loose anything, by paying cash, rather than using a debit card, or a bankers draft. I don't really care about what he
declares to the tax man or not, or is he trying to pull a different trick.
Should I be suspicious. He is a relatively large independent dealer in the middle of our town.
Also, would you do a HPI check, even though he says that he has done one, which is on the guarantee? Is there anything else I should do independent of
the dealer, before I pick the car up tomorrow.
This is the first used car I've bought, the first was new, so none of this to worry about.
Cheers
Rob
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chris taylor
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| posted on 5/2/08 at 01:42 PM |
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Cash
Hi Rob
I wouldn't be worried about paying with cash, as there are no drawbacks for you there.
But I would always carry out your own HPI for peace of mind and if that's ok Bob's your mothers brother and enjoy the car,
regs. Chris
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owelly
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| posted on 5/2/08 at 01:45 PM |
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Ask to see the HPI sheet BEFORE you hand over any payment. Make sure ALL the figures are on the receipt including what your P/X was valued at (if
there is one) and what the balance is, what extras are included and what VED there is on the vehicle. Make sure the mileage of the P/X and the new
vehicle are on the receipt.
I'm sure the guy is putting some cash in his back pocket which is fine as long as your paperwork is water tight should anything go wrong.
Good luck.
http://www.ppcmag.co.uk
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gingerprince
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| posted on 5/2/08 at 02:13 PM |
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No problem paying part cash, just make sure that it's receipted.
When I bought my last car, he wanted a couple of grandsworth in cash. No problem I thought, but then he tried to get me to sign the receipt with only
the value of the bankers draft -- told him I couldn't sign that because "i'm stating i've bought the car for £XXXX, when I
haven't..."
He was basically hoping to have a couple of K undocumented to hide from the tax man. And I'd have had a receipt for less than the cars worth,
should there have been any issues at any time. Guess I could have been liable to "knowingly assisting defraudment of the state" or
something, too?
[Edited on 5/2/08 by gingerprince]
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bobs bangers
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| posted on 5/2/08 at 04:25 PM |
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There is definately no problem paying with cash. It is cleared funds for the dealer and therefore he knows he has been paid. It aids his cashflow as
opposed to the uncertainty of waiting for your cheque to clear (not saying your cheques are uncertain) but in general and he gets his money now not 5
days. As a reputable dealer he will have the facility to give you a hpi print off. It is worth doing one yourself or asking for one at
"todays" date because many dealers including very large franchised business's use a borrowing known as a "stocking"
loan. Whereby he uses the value of stock to raise capital to ease cashflow or fund more purchases. Obviously it is important to make sure all the
values are satisfactory on the paperwork. Do be aware that the values may be "written Back " lowered in order to save vat on profit that
doesn't exist e.g Selling a car for 3500 less 500 px = 3000 balance
The px only worth 200 so therefore invoicing out at 3200. this saves £50 vat.
any further help u2u me. If you hadnt guessed by my pseudonym I'm a car dealer !! An Honest one of course
Regards
Bob
BOBS BANGERS !!
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RobBrown
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| posted on 5/2/08 at 08:49 PM |
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Thanks guys,
Just needed a bit of reassurance. He would have to pretty legit, to sell the volume of cars he does and his prime location, but just wanted to make
sure I wasn't forgoing any guarantees or rights, by paying cash. E.g. if you pay on Credit card, your purchases are insured by the CC company,
so the adverts say.
Anyway, done the HPI check, all OK, got the cash, just ready to pick it up tomorrow and trade in the reliable runabout (Mk1 Punto), which is just too
small. Had it from new and will be sorry to see it go. 
Kids and Missus are excited though.
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