JacquelinSmothers20
Are you considering selling your car privately? Will the considered accepting a lot of money in cash from a complete stranger worry you? It should. Here's why, and how to get around it. http://transition.fcc.gov/cgb/consumerfacts/Form2000G.pdf
Money laundering and counterfeiting are real problems for police and governing bodies all around the world, and concerted efforts happen to be produced in the past few years to crack down on such crimes. The vehicle industry is definitely a vehicle (yes, pun intended!) for much of this criminal activity because cars are easily obtainable and highly mobile, meaning a criminal have enough money an automobile in 'dirty' cash and literally get it out of the country or state before the funds are taken to a financial institution to be checked and deposited.
Nowadays, most reputable car dealers will not accept more than a couple of thousand pounds in cash, in the event that, and will instead insist on a digital transaction via debit/credit card or bacs. Even a bankers draft is usually refused, like a dealership can't be sure it's not a fake. This protects their interests and helps make the bank accountable for the legitimacy of the items in the buyer's bank account. Consequently, counterfeiters and cash launderers have been embracing private sellers to eliminate their ill-gotten or counterfeit cash. As a seller (whether a private owner or perhaps a dealership), once you have handed over the secrets of somebody you are able to probably kiss goodbye to any chance of reclaiming your loss when the pile of money inside your arms turns out to be fake. Complain FCC today
So how do you deal with a purchaser paying cash for the car? You could keep these things transfer the funds into your account, however you don't really want to give strangers your bank details anymore than you want to be taking their funds. A financial institution cheque has traditionally been one option, however they can still be counterfeited (and can you really be in a position to tell?), so that isn't much of an improvement. Companies that still accept cheques will usually insist on waiting for the funds to clear prior to the buyer can collect their car, much towards the frustration of buyers who want their new car immediately. Would you like to need to argue having a buyer about how long they need to watch for their car, and chase the bank every single day to ascertain if the cash has arrived yet?
Another nightmare scenario for sellers is when you'll have taken a lot of cash from a buyer, you then have a minumum of one person who knows in which you live/work and you have a lot of money around the premises right now. This is particularly difficult when the transaction has had place out of banking hours, which means you can't arrive at the bank until the next working day. It isn't unheard of for houses to be burgled and money stolen mere hours after the seller has had the cash. Hiding it beneath your mattress doesn't usually help...
The easiest method to sell a car for cash would be to arrange for the customer to satisfy you during normal business hours at your bank. You complete the deposit form, which means you do not have to give the buyer your bank details, the buyer hands the cash and you hand it to the teller. The bank will count and appearance the cash at that moment, and it is immediately deposited into your account. After that you can happily hand over the keys and wave goodbye with no stress, or the potential horror of turning up to the bank afterwards to find the money is no good as well as your car is long gone.
When the buyer has come to view the car out of business hours, you can ask for a holding deposit to confirm the sale and so the balance pays in the bank as described over the following day.
If your buyer isn't prepared to go along with this simple process (for instance, making excuses that it is not easy to meet during business hours), it's a danger signal and you ought to simply walk away from the offer together with your car. If your dealership won't risk accepting large cash payments, why should you?
