Selling Car - Being Offered Cash. Should I Be Worried?

pixpotato on 26/09/2022 - 11:22
Last edited 27/09/2022 - 08:53

Final edit: I took your advice and suggested meeting at a bank if it's a cash transaction, to which "he" started swearing at me via text haha. Glad I sussed this one out. Thanks for the help community <3

Edit2: Key take outs
1. Only deal at well lit, cctv available and secure places
2. If cash, do the transaction at the bank once the cash has been accepted
3.Take down buyer name and license number to submit online vicroads transfer notice

Im selling my car on carsales and someone who hasn't even seen the car is offering around 16K in cash and wants to buy it tonight.

I've never sold a car before but cash and on the spot selling seems very dangerous.

Should I say cheque or bank transfer only?

What else should I keep in mind with this stuff?
He said he can get his own RWC.

Im in VIC. I know I need to ensure he signs the transfer form and submits it.

Automotive

Comments

  • PissLUR on 26/09/2022 - 11:23
    +13

    Yes all good.

  • CodeXD on 26/09/2022 - 11:26
    +19

    Cash is king.

    16k is quite a lot to carry, even in $100 notes, make sure you count it to make sure it is all there.

    How much are you selling it for on carsales? Make sure you meet in a neutral position or somewhere in your favour.

    • smurftastic on 26/09/2022 - 13:37
      +17

      Can also meet outside a police station for extra safety.
      Not sure if its common but my local police station recommends on their Facebook page that any such transactions be done in the parking area of their station.

      • dizzle on 26/09/2022 - 13:54
        +112

        They also recommend that for drug deals, just let them know first.

        • HumbleCat on 26/09/2022 - 20:43

          Yo Drizzle, you want some smack?

          Hmu

          I got 20g just for you

      • SlavOz on 28/09/2022 - 22:58

        What's the point? Most car transactions that go haywire usually do so after the exchange already takes place - eg cheque doesn't clear fake notes, car is stolen/damaged etc.

        You could've done the transaction on the floor of the Senate with 1000 federal judges present. Doesn't make a difrerence - if the buyer or seller do something dodgy there's very little that can be done under the law. Buying/selling privately is completely self managed - which is why it's so cheap.

        • smurftastic on 29/09/2022 - 15:52

          In this case the OP is worried about a cash in hand transaction, so I'm assuming he's more worried about more immediate nefarious deeds being done.

    • Willy Beamish on 26/09/2022 - 20:00
      +8

      What do you mean by a lot? It's really not much even physically to carry, even if 100's, for reference 7k in a mix of 100/50's is about the size of a pack of smokes folded.

    • ribze1 on 26/09/2022 - 20:00
      +9

      I bought my car with $11k cash, it wasn't that much.

    • Logical on 26/09/2022 - 22:31
      +6

      16K in 100's is not that much at all. Fits in my pocket comfortably.

      • serpserpserp on 28/09/2022 - 21:51
        +1

        I generally carry about ,20k in hundreds on me. No problems with fitting in my pockets.

        But those new iphone pro's…. Amirite???

  • Hybroid on 26/09/2022 - 11:29
    +12

    Would definitely have someone with me as backup in that scenario. Ideally you can do exchange at a bank directly.

    • Stopback on 26/09/2022 - 12:59
      +7

      ask them to live stream it on facebook

      • ribze1 on 26/09/2022 - 19:59
        +6

        TikTok.

        "Man signing car over with $16k in fake bills"

  • pjetson on 26/09/2022 - 11:38
    +6

    What dangers do you forsee with being paid in cash? Are you worried about them handing the cash over and then them stealing it back? Or someone else stealing the money before you get it to a bank? Or maybe you're worried about receiving "fake" money?

    Also, were you aware that if you sell your car without a roadworthy, you must remove the number plates and return the plates to Vicroads? I suggest you visit the Vicroads web site and read the pages about how to sell your car.

    • Brick50 on 26/09/2022 - 15:27
      +2

      Can transfer the vehicle out of your name online through your Vicroads account, it is then up to the buyer to upload rw certificate and pay transfer fees. You put in the time and date of transfer so no stress regarding speeding fines etc.

      • pjetson on 26/09/2022 - 16:02
        -3

        If you do not have a roadworthy certificate when you transfer the car, you are effectively selling an unregistered vehicle and you must remove the plates and return them to Vicroads.

        • MXsoul on 26/09/2022 - 17:08
          +1

          Thats not true for Victoria lol

        • lgacb08 on 26/09/2022 - 17:38

          Nah, just fill out the notice on vicroads. All you need is buyers licence or vicroads customer details, if he doesn't have one or you can't even get his details then customer service desk will take care of it. No exchange of number plate needed.

        • andyfc on 27/09/2022 - 12:08

          VicRoads now has a online system to dispose of the car, so the onus is on the buyer to then get the RWC, and the seller is protected from speeding fines etc.

  • BewareOfThe Dog on 26/09/2022 - 11:40
    +5

    Bikies.

    • BewareOfThe Dog on 26/09/2022 - 11:43
      +3

      Seriously, though have a friend (or 2 there nearby). In NSW, when you sign a car over, you must write their Drivers License on there. Make sure you take a pic of the ID, as well as the back.
      Lodge it straight away, as for all we know it might be used for a robbery, breakin etc, and than you will have a few questions to answer.

      • TilacVIP on 27/09/2022 - 08:45
        +2

        would you let a stranger photograph your drivers lic. ??? View it, sure, put down the required details, no problem, but them to keep a photo of it, nah i don't think so.

        • BewareOfThe Dog on 27/09/2022 - 09:04

          What if it was reciprocal?

          • TilacVIP on 27/09/2022 - 09:30
            +2

            @BewareOfThe Dog: The same thing, I may ask politely if I could but I expect them to say absolutely not.

            I get it, in a perfect world this makes sense, but this world is far from perfect, unfortunately, especially when it comes to identity theft.

            • BewareOfThe Dog on 27/09/2022 - 09:36
              -1

              @TilacVIP: True, and you are correct.

              The Buyer may be using stolen ID, and using the vehicle you are selling for a Hit and Run, Ram Raid, etc, then turn around and sell your ID, as they now know your Address, Phone, DL etc.

              What is this world coming too…… :(

        • serpserpserp on 28/09/2022 - 21:53

          What is wrong with that? Unless they are an Optus employee….

  • mbck on 26/09/2022 - 11:51
    +9

    Bought my first car with cash. My god i was glad when the cash was finally handed over

    • HelpMeiCantSee on 27/09/2022 - 09:19
      +2

      Me too! $100 is a lot of itch in the pocket for a 17 year old

  • Ugly on 26/09/2022 - 11:51
    +5

    If you’re worried, arrange to meet him at the closest Police station and do the transfer there.

    • RedditUser2 on 29/09/2022 - 00:34

      Yeah, but if you get mugged be sure to run in the opposite direction of the police, as they take no hostages.

  • pegaxs on 26/09/2022 - 11:56
    +41

    Yes, I would demand PayPal or Apple App Store gift cards…

    But seriously, just tell them to meet you at the bank and bring the cash with them. Deposit it straight into your account at the branch, then get them to sign the paperwork, hand them the keys and thank them for the smooth transaction… If they dont want to do that and only want to meet "in the dark", then you can be assured some bullshit is afoot.

  • Hardlyworkin on 26/09/2022 - 11:58
    +7

    Maybe the buyer has FOMO and just really wants to buy it. Usually cash would be an incentive to the seller.

  • SF3 on 26/09/2022 - 12:00
    +1

    Worry could be, they say cash, but change to non-cash methods with some excuses when you meet them…

  • nomoneynoproblems on 26/09/2022 - 12:01
    +17

    If someone is offering cash on a car, unseen, you may want to revise your price lol.

  • modsec802 on 26/09/2022 - 12:06
    +1

    Make sure the notes aren’t counterfeit

    • capslock on 26/09/2022 - 12:34

      how?

      • Morien on 26/09/2022 - 12:51
        +5

        Bite them.

        • MrPants on 26/09/2022 - 16:52
          +42

          Bite them.

          What about the notes?

          • blitz on 26/09/2022 - 22:03
            +6

            @MrPants:

            What about the notes?

            Bite the notes too. Assert dominance.

        • Dancasper on 27/09/2022 - 17:01

          Set the cash on fire. If it starts to melt, it's real.

      • freefall101 on 26/09/2022 - 14:01
        +10

        Start holding them up to the light and rubbing them and see if the other person gets anxious.

      • modsec802 on 26/09/2022 - 15:19

        UV light is probably easiest - some of the RAT kits had one in them

        https://banknotes.rba.gov.au/counterfeit-detection/counterfe…

      • greatlamp on 26/09/2022 - 22:17

        Examine the window. It's the hardest part to fake. A real $50 note will have the "50" transparently embossed

      • bodacious on 27/09/2022 - 13:34

        I think the scrunch test works. Most people are folders, but seriously, scrunching is supposed to be a way to flush out the fakes!!

  • Unorthodox on 26/09/2022 - 12:16
    -1

    I mean if you have the road worthy, it's a private to private transfer, it can be done on the same day.

    PPSR check is a few minutes if not already done.
    Check service log and most recent invoices if not already done.
    Visual inspection in well lit area, test drive and maybe elevated check. Or they could be mechanically savvy.

    Transfer on VicRoads account and done. Saves having to visit again, getting transport to your location etc.

  • Presence on 26/09/2022 - 12:25
    +12

    He said he can get his own RWC.

    That's fine but you MUST keep the plates. You can not transfer rego without a RWC, and you will be in a world of pain when you get his fines in the mail.

    When I sold my last car I drove it to the buyers house, took off the plates, got the cash, signed a receipt I made, then took the plates to vicroads to get a refund of the remaining rego. Or else he can collect from your house without plates and get a temp permit from vicroads or a tow truck. But DO NOT give him the plates!!

    • picklewizard on 26/09/2022 - 12:27
      +9

      I was just typing this and realised you'd said exactly what I did. DO NOT GIVE HIM THE PLATES even 'just to get home' - that's what temp reg is for.

    • Brick50 on 26/09/2022 - 15:28
      -2

      You can transfer rego without rwc on Vicroads website, it doesn't even ask you for the certificate details. it asks the buyer to upload the certificate and pay the transfer fees once they log in.

      • picklewizard on 26/09/2022 - 15:46
        +2

        No you can't - it's not transferrable without RWC.

        You might be able to initiate the transfer but it's not transferred without the RWC being uploaded (and it's still your rego, in your name, and you're still liable)

        • Randolph Duke on 26/09/2022 - 15:49

          No it’s not - the vehicle & rego can be transferred to the purchaser without a RWC, despite what the website says - have done it multiple times on both sides of the transaction. VicRoads will chase up the purchaser for the RWC after 31 days (from memory) from transfer date if not sighted before hand.

          • picklewizard on 26/09/2022 - 15:52
            +3

            @Randolph Duke:

            despite what the website says

            What the website says:

            The buyer must submit the transfer paperwork and payment within 14 days. If the buyer fails to submit the transfer, you may be liable for any traffic offences that the buyer may incur.

            (which is what I said basically - perhaps there's a 14 days window there in which you can argue your way out of it - in any case you'd be mad to trust a stranger do to the right thing)

            • lgacb08 on 26/09/2022 - 17:43
              -4

              @picklewizard: Mate, stop being a keyboard warriors and put your car on sale, you'll find that no rwc needed, buyer licence number is all that need. I did it more than once. If fine come to your address just tick the box and pass it off to vicroads, its their jobs to chase buyer for the money.
              If worse buyer deny liability you probably need to answer a few phone calls and another stat Dec.

              • picklewizard on 27/09/2022 - 14:59
                +1

                @lgacb08: None of what you have said is true and is very poor advice.

            • Campbellske on 08/10/2022 - 22:00

              @picklewizard: True - have done this also they have changed the forms to try stop this loophole but it can be done.

          • Brick50 on 28/09/2022 - 17:18
            +1

            @Randolph Duke: Agreed Randolph, have sold 2 cars in the last 2 days and you're exactly right.
            Vicroads doesn't even ask the seller to provide rwc details and the transfer is completed.

            First example, sold a car with a roadworthy certificate. Transferred online, within 24 hours I recieve an email saying transfer has been completed (Buyer is still yet to provide rwc and pay fees to vicroads) So it is no longer in my name, even though the buyer hasn't even contacted vicroads yet.

            Just sold a car this afternoon without a rwc, put in buyers details, price of sale and date/time vehicle taken. All done again.

            The only stipulation I have found is, if you buy a car without a roadworthy and have it transferred into your name, you cannot transfer it into someone elses name until a rwc is provided. On the vicroads website you will encounter a red caution sign saying transfer unavailable until rwc provided/transfer fee paid.
            And there is no way of paying transfer fee without uploading roadworthy certificate

            P.S I have assisted in the sale of 30 cars in the last 5 years, and have never encountered an issue.
            Before you could transfer online, I used to walk into Vicroads (as the seller) and provide a transfer form to Vicroads who would then do the transfer. Then they would wait for the buyer to come in and pay the fees.

  • apsilon on 26/09/2022 - 12:37

    Nothing wrong with cash, just take your time counting it and check the notes carefully as there are fake ones out there that at a glance look real. If they were mixed in with genuine they'd be even harder to spot unless you actually look over each one. As others have suggested, wouldn't hurt to have a few other people around or even better meet at the bank and deposit it over the counter right away..

    • Ade99 on 27/09/2022 - 08:21

      Or part cash part Osko?

      • apsilon on 27/09/2022 - 08:23

        Osko isn't always instant for first time transfers otherwise sure. Best bet might be ask them to do an Osko transfer of say $500 deposit a couple of days earlier then the balance on the day.

  • PensionerXXL on 26/09/2022 - 12:52
    +7

    next thread: HELP!!! I sold a car to a cash buyer and my house was broken into hours later and the cash + tv stolen, what are my options

    • skidexa on 27/09/2022 - 00:17

      I doubt that would happen

  • GordonD on 26/09/2022 - 12:56
    +1

    You can accept $16K, but be aware that if/when you deposit >$10K at the bank they will have to report it.

    • George Washington on 26/09/2022 - 13:09
      +3

      Its less now, i deposited 6k with NAB over the weekend parents to me to pay for the roofer………… they dont believe in cards…….

      NAB asked me to get proof etc. painful as

    • Presence on 26/09/2022 - 13:12
      +1

      As long as he makes up a receipt in Word for the sale of the car it won't cause any issues.

    • AustriaBargain on 26/09/2022 - 13:25

      Yeah cash is king. But presumably the ATO algorithm is already aware that bought it in the first place. Plus ATO says this about private cars:

      A car is generally exempt from any capital gains tax and in turn is not counted as assessable income. (https://community.ato.gov.au/s/question/a0J9s0000001CUeEAM/p…)

      And it doesn't sound like OP is using the car for business purposes so he wouldn't need to report it as disposal of an asset.

      The ATO aren't dummies, they can probably tell if you really did sell a car and received the cash as bank transfer.

    • core101 on 26/09/2022 - 15:35
      +1

      If you not a criminal, you have nothing to fear, let them report it.

    • picklewizard on 26/09/2022 - 15:48
      +1

      I deposited 35K (money to buy a car, that I then did not buy) and no questions were asked. It may well have been reported, but I didn't have to tell them a thing (that said there was basically matching out/in transactions so it was likely less sus)

      When I took the money out they had a few questions (what's it for, has someone told you to conceal the true reason for the withdrawal, etc)

    • pjetson on 26/09/2022 - 16:06

      if/when you deposit >$10K at the bank they will have to report it

      That limit does not apply to the sale of second-hand goods between private individuals.

      • derrida derider on 26/09/2022 - 18:02

        Nope. If you withdraw or deposit $10k in cash it is automatically reported to AUSTRAC by the computer.

        But quite separately from their legal reporting requirement a lot of the banks have a policy of getting the cashier to ask questions, sometimes for much lower thresholds than $10k. It's designed to discourage money laundering (eg 20 different lodgements in a single day of $9,999) and provide a little protection against scams ("But the tax office said I had to pay it in cash today or I'll be arrested").

    • Canberralad92 on 28/09/2022 - 13:24

      So you do $9999 one day and $6001 the next ;)

  • 87percent on 26/09/2022 - 13:42
    +14

    Personally I would rather meet at a bank and deposit into my account.

    • Sterio on 26/09/2022 - 16:00
      +2

      Plus this also eliminates the risk of counterfeit notes.

    • bobbified on 26/09/2022 - 20:17
      +3

      ….and make it known to them that it's being deposited straightaway so there's less likely someone will think the cash sitting at home.

      • CocaKoala on 27/09/2022 - 00:48
        +1

        In fact, I made my buyer deposit it into my account at the counter. I'm not going to be handing over $30k of cash in a bank if there is even the slightest possibility of fake notes being present in that wad of cash.

        This will also ensure that only genuine buyers with real cash will show up at the bank.

        • Blitzfx on 27/09/2022 - 01:22

          And also things get complicated if you are the one handing over fake notes to the bank

          It is an offence to knowingly possess counterfeit banknotes. Suspect banknotes should be given to State or Federal police. It is important to note that counterfeits have no value – you will not be reimbursed. If they prove to be genuine banknotes, you will receive full value for them.

  • El cheepo on 26/09/2022 - 13:45
    +10

    The night time bit is the only suss thing.

    Who wants to buy a car sight unseen at night?
    What are you supposed to do with 16k cash overnight?

    Personally i would feel they are setting you up to pinch the cash back at night.

    If you want to go through with it just do the transaction in a safe location as mentioned and take the cash to a family members house and stash it before you go home.

    It could be perfectly fine, it could be a setup. Main thing is just be safe and smart about what you do.

    • picklewizard on 26/09/2022 - 15:49
      +1

      Personally i would feel they are setting you up to pinch the cash back at night.

      lol, what a ridiculous way to steal a car… if you were gonna do that, just… steal the car?

      • 5kbjvb3o on 26/09/2022 - 16:40
        +1

        A stolen car is much harder to hide or dispose of than stolen cash.

      • derrida derider on 26/09/2022 - 18:04
        +2

        They might be planning to steal both the cash and the car. I would not do it at night, and I would do it at the bank where all the CCTV cameras are.

      • El cheepo on 26/09/2022 - 18:27

        @ picklewizard Who says that isn’t what the person is planning to do? My post above is my own paranoid hypothesis.
        Everyone is welcome to their own theories.
        (Fwiw, they wouldn’t be stealing the car, they paid for it and transferred it into their own name. They or their friends would be stealing the cash and own the car regardless of the outcome)

        Hell the guy might just really want the car and be coming with cash.

        The important thing (and point of my ramblings) is to think before making a decision and acting on it or you could find yourself in a spot of bother.

      • bobbified on 26/09/2022 - 20:18
        +2

        You would've "sold" the car, but "coincidentally" just happened to have a burglary/home invasion later that night.

  • hoey888 on 26/09/2022 - 13:47
    +3

    Years ago a mate sold a car in Victoria without rego/RWC. He started getting fines, tollway charges and even debt collectors.

    It was discovered the new owners never transferred ownership or submitted RWC with Vicroads. Fortunately seller was smart and switched on enough to grab copy of buying person's ID, licence number and contact details. Passed onto Vicroads and it was later fixed up.

  • pixpotato on 26/09/2022 - 13:56

    Thanks for all the thoughts and ideas! Yep I think day time, near a bank, and online transfer is the safest way!

    • Hardwood198 on 26/09/2022 - 14:42
      +16

      No. Online transfer is not ideal. Can be faked/reversed.

      Cash is king. Bank cheque is okay. Just do it all in front of a banker at a branch.

  • datafellows on 26/09/2022 - 14:12
    +13

    I sold my car, 12k. Met in the bank, let the teller count the bills and deposit to my account and then I handed over the keys to the buyer.

    The buyer had a chance to check the vehicle before we walked to the bank.

    • BartholemewH on 26/09/2022 - 19:26
      +2

      Have also done this in the past.

  • [Deactivated] on 26/09/2022 - 14:34
    -1

    You're selling over the net, so randoms who DM you should not be given an automatic benefit of the doubt. If it feels weird to you, then it most likely is. Who has $16K cash on hand to buy cars sight unseen at night? Cash is King for people looking to hide transactions. That might be dodging tax, off the books work at 'mates rates' or income from illegal means. Otherwise it's a cumbersome form of currency, hence why no one bloody uses it anymore. Is $16K in hand convenient for you? Absolutely not, It's a pain in the rear end holding on to that cash.

    • bigbadboogieman on 26/09/2022 - 19:24
      +1

      As a seller I would prefer cash because bank transfers can be reported and reversed as charge back. Alot of hassle afterwards.

      • [Deactivated] on 26/09/2022 - 19:39
        +1

        How do you reverse a direct deposit, which bank provides this reversal? If people could reversal money transfers at will then the whole online money transfer process would cease to function as no one could guarantee confidence in system the allows people to reverse payments freely.

        Cash can be counterfeit, incorrect counted, misplaced, increased risk and anxiety of being stolen, is useless as a day to day currency unless you enjoy bags of change.

        • El cheepo on 26/09/2022 - 20:35
          +1

          How do you reverse a direct deposit, which bank provides this reversal?

          “Hello is this (insert bank name) bank? I accidentally transferred x amount of money to x account. Can you please freeze/reverse this.”

          Done… pretty much any bank.

          If people could reversal money transfers at will then the whole online money transfer process would cease to function as no one could guarantee confidence in system the allows people to reverse payments freely.

          People have no faith in this process because it can easily be exploited, thus the concern.
          Scroll through these forums and you will find many a person burned by transfer scams.

          Cash can be counterfeit,

          In Australia do you think this is a big thing?
          It’s not.
          And even if it were, why would someone risk using their fake money with their real id (necessary to transfer a car)

          incorrect counted,

          Your own fault.

          misplaced,

          Your own fault and unlikely for 99.9% of people.

          increased risk and anxiety of being stolen,

          This is the only real thing worth considering you have raised.

          Not having a go at you, just pointing out the holes in your logic and dangers for those unaware.

          • [Deactivated] on 26/09/2022 - 20:54
            -2

            @El cheepo: That is 100% not true that you can reverse direct bank deposits so easily. Again, name an actual bank. People have lost faith? There are millions of digital bank transfers everyday. People being scammed does not mean that bank transfer don't work.

            We all like to pretend we are perfect and don't make mistakes, but they happen. People do make errors in counting money, people do misplace things. It's a danger, and 'its your own fault' isn't an acceptable answer when there are other options that completely remove the risk.

        • bigbadboogieman on 26/09/2022 - 20:39
          +4

          There are countless examples here and other forums where people have been defrauded out of thousands of dollars using the same scam. Chargebacks are easy because the person requesting the chargeback is the bank's customer not the person receiving the cash. Usually banks keep a hold on the funds for a first ever transfer anyway for the same purpose. I repeat never sell anything online using bank transfers. Always opt for cash.

          • [Deactivated] on 26/09/2022 - 21:02

            @bigbadboogieman: You only accept cash online, yet there are millions of people and companies that sell items across the globe through bank transfers. There are BILLIONS upon BILLIONS of examples of successful bank transfers everyday around the world.

            • bigbadboogieman on 26/09/2022 - 21:03
              +2

              @[Deactivated]: Not through carsales, gumtree and FB marketplace. You have been warned. Up to you what you do going forward. Don't ignore the collective wisdom of OzB.

            • El cheepo on 26/09/2022 - 21:44

              @[Deactivated]: https://www.afca.org.au/media/829/download

              If you report it as an error and can spin a good story to your bank you will almost definitely be able to get the funds reversed.
              They might not even go for the reverse, they might claim it was hacked or stolen or another nefarious method coupled with a good well practiced story.

              Again as said above…You’ve been warned.

              • [Deactivated] on 26/09/2022 - 22:09

                @El cheepo: Mistaken internet payments! What is mistaken about these payments? Can we stop pretending that banks are in anyway easy to deal with, that both sending/receiving banks are willing to reverse any transactions frequently and can be conned into reversals of large sums with stories about being hacked with no proof.

                • El cheepo on 26/09/2022 - 22:49
                  +2

                  @[Deactivated]: I have reversed a wrong transaction years ago.

                  Not saying its easy to do, it’s not.
                  But it is possible.

                  Believe what you like but its a thing that happens.

          • Canberralad92 on 28/09/2022 - 13:50

            @bigbadboogieman: Or you wait for the money to be cleared in your account. Once it has cleared there is no chance of the person reversing the transaction. PayID/Osko transactions cannot be reversed.

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