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

            • Euphemistic on 28/09/2022 - 14:46

              @Canberralad92: Cannot be revered easily. I’m sure it’s possible if you’ve sent payment in error eg sent payment to account 123467 and meant to send to 123456

            • bigbadboogieman on 28/09/2022 - 18:06

              @Canberralad92: Even after it is cleared it can be reversed through a chargeback.

  • Donaldhump on 26/09/2022 - 14:57

    tell them to meet you at your bank and deposit it directly

  • oztite on 26/09/2022 - 15:05
    +5

    I was offered cash for my car recently. Told them I'd drop the price by $25 and for them to get a bank cheque. No issue after the sale.

  • CheapGPT on 26/09/2022 - 15:30
    -1

    If you are worried, get ur couple of friends to join you for this meeting and/or meet at a public place.
    Once you get the cash, go to the nearest ATM, deposit the cash, move it to ur savings account if deposited to everyday transaction account.
    Click a photo of filled Vicroads Transfer form with seller details. You can call Vicroads to check if vehicle is transferred to the seller's name. They will answer only in Yes or No, they won't share much details. Once the vehicle is transferred, you are no longer considered responsible for that vehicle.

  • capslock on 26/09/2022 - 15:32

    Business opportunity for carsales or some other company to offer a broker service to facilitate safe payment between seller and buyer.

    • CocaKoala on 27/09/2022 - 00:51

      Pretty sure they already have an escrow service.

  • coffeeinmyveins on 26/09/2022 - 15:49

    Should I say cheque or bank transfer only?

    Lol no. Do not accept a cheque, and bank transfer only if it's OSKO but 16k is well over the daily limit so you'll either need to trust that it clears, or he'll need to trust you.

    Cash is king. I sold a car for $12k in $50 notes once. Counted it then and there and gave them the keys.

    Google how to check for fake notes and bring a real version of the notes with you to compare.

    Also bring someone else with you, and do it at a police station.

    • pixpotato on 26/09/2022 - 16:36

      What do you mean do it at a police station?

      • coffeeinmyveins on 26/09/2022 - 16:49

        Sometimes people opt to do the trade of cash for a vehicle outside a police station for implied security

    • [Deactivated] on 26/09/2022 - 19:24
      -1

      Why is cash king? because you received $12k in $50 notes for selling a car once. It can be counterfeit, incorrect amount counted, can be easily misplaced, increased risk and anxiety of being stolen, you put it in a bank anyway as using it day to day is horrible, unless you enjoy bags of change.

      • coffeeinmyveins on 26/09/2022 - 21:27

        Why is cash king?

        It can be counterfeit

        A bit of research before hand and you can easily identify counterfeit notes. Also, given the fact that you are literally selling someone a vehicle that is probably one of the most tracked things in Australia with the government, if you find that they are counterfit, you report it to the police and they get sent to jail or get a massive fine.

        People don't use counterfeit bills to buy cars, they use them in small denominations at other locations.

        incorrect amount counted

        I've been able to count since I was a kid, I'd hope that most other people can too

        can be easily misplaced

        Don't know about you but I wouldn't misplace $12k in cash

        increased risk and anxiety of being stolen

        Only anxiety. Merely having something doesn't increase the risk at all unless you go advertising that you have it.

        What's your suggestion? Bank Cheque? Bank transfer that takes 2-3 business days? I can point out a dozen different issues with those methods.

    • geekcohen on 27/09/2022 - 07:55
      +1

      bank transfer only if it's OSKO but 16k is well over the daily limit so you'll either need to trust that it clears, or he'll need to trust you.

      I did a $42k transfer and OSKO was instant, we were with the same bank, so not sure if that impacted it.

      • coffeeinmyveins on 27/09/2022 - 09:12

        Wow didn't know that was possible. Quick google shows that every bank is different, and yeah it probably was OK because it was the same institution.

        That's kinda scary that you can spend that much in a day via Osko with no delay or anything. UP bank has a daily transfer limit of like $20k for example and delays larger transfers until the next day with a notification for security.

        • Euphemistic on 27/09/2022 - 11:29

          It is kinda scary, but very convenient for buying cars etc.

          My bank allowed a huge increase in daily limit for a one off. All it took was a phone call. I then reset it to a more reasonable daily limit online the day after I bought a caravan. Easy as.

  • Sneeze on 26/09/2022 - 15:53
    +1

    Any of these should be setting off alarm bells because if a buyer is legitimate they'll accommodate your reasonable requests;

    • If the buyer insists on cash and isn't happy to complete the transaction at your bank for cash to be counted and deposited immediately (Maybe they're unhappy with a location with CCTV?)
    • Buyer isn't happy to provide a bank cheque if that's what you want. (Doesn't want record of cash transaction, cash is proceeds of crime or income on which no tax was paid?)
    • Buyer isn't happy to meet at a reasonable day/time. E.g. insists on night in a public place that isn't busy and lacks CCTV?
    • Buyer refuses or is hesitant to show multiple forms of ID. (Drivers licenses can be faked)
    • CocaKoala on 27/09/2022 - 00:54

      Buyer refuses or is hesitant to show multiple forms of ID. (Drivers licenses can be faked)

      I agree with other points except this one. I'm not going to show multiple forms of IDs to some random dude for buying their car. Happy to show my licence, but that will be it. I'm ok to let that car go if it comes to that.

  • Euphemistic on 26/09/2022 - 15:53

    Cash for $16k is pushing what I’d be comfortable with, but TBH I’d rather cash than a bank cheque. Just have someone else with you, or at least indoors then take it to the bank ASAP. Being midweek shouldn’t be more than 12hrs in your hands.

  • Drakesy on 26/09/2022 - 16:24

    Someone's finally read the Ozbargain manual for buying cars.

  • whitepuma on 26/09/2022 - 16:37

    Cash is preferred….just don't hand over the registration or keys until said cash is received in hand & counted by yourself. Also, make sure it's not monopoly money.

    Also, as soon as the transaction is done, submit your notice of disposal ASAP (not sure if it's called something different in VIC, but here in NSW we call it notice of disposal and can be done online). For vehicles i have sold, i literally submit the notice of disposal straight away once the buyer has handed over the money and i've signed it over to them, sometimes they are still there whilst i'm doing it…

  • brendanm on 26/09/2022 - 16:39
    -1

    Lots of worry warts. I've bought and sold plenty of cars in cash with no issues.

    Not so sure about letting him go with rego and no rwc though.

  • Brianqpr on 26/09/2022 - 16:48
    +1

    I sold a car for $20k cash a couple of years ago, no dramas. Had been fending off idiots on Marketplace etc for a week or so, when this guy contacted and said he wanted it that day and would drive down to Sydney from the central coast with his partner to pick it up. He took a quick test drive and gave me the cash and waited around while I counted it. Got it to the bank first thing next morning.

    The more I sell things online, the more the behaviour of genuine buyers stands out from the idiots and "last price" time waster types.

    • factor on 26/09/2022 - 17:50
      +2

      When I'm buying I'm clear on the price I'm offering prior to inspection, on the basis it is exactly as described. I'll always want to inspect within 24 hours and do the deal within the day if all checked out. I'm never buying because I maybe want to buy a car! I need a car and I know the market price.

      If not responsive to that, I move on. Not dealing with time wasting sellers unsure if they want to sell!

    • Canberralad92 on 28/09/2022 - 13:53

      Lol yeah even when you are selling things for considerably lower than market price people will still come at you with ridiculous lowball offers (less than %50 of asking). I don't want to generalise but it's usually white trash and those from particular ethnic backgrounds where aggressive haggling must be accepted in their culture.

      I usually just say lol then leave the conversation and block them, rather than humour them with any further conversation.

      • Magnastar on 29/09/2022 - 07:47

        https: //youtu.be/oY2FQ_TKJm4

  • Herbse on 26/09/2022 - 17:24

    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.

    This is concerning.
    The so called buyer has made an offer without looking at the car prior and wants to meet at night to hand over $16k..

    I call.it suspicious and would check the account of wherever this buyer has popped up from. If it's gumtree or FB, and the account is new. I would block it and walk away for fear of being stabbed or robbed.

    Ask them to meet you inside your local police station to complete the transaction. That should help weed out any potential threats.

    • Euphemistic on 26/09/2022 - 19:15
      +1

      Depends what car it is. Some people know what they want and if it’s a good description and good photos I’d risk making a cash offer pending inpection. If the car is listed low price in comparison to the market it’s more likely to get a legit like this.

    • Brianqpr on 27/09/2022 - 11:20
      +1

      Not really. If the car is as described then they will buy, If not, they won't. Obviously the offer is subject to inspection.

      When I bought a second hand car for my daughter a while back, I knew it was a good price and wanted to make sure I closed the deal before someone else came along.

  • Hangryuman on 26/09/2022 - 17:42
    +1

    I'm selling my car, and have just been online chatting to NSWService (gov) - saw a lot of annoying popups repeating my question or the same '…' message every few seconds to suggest activity while actually nothing was happening - that got old real quick

    my question was how can I ensure the sale/transfer of my car is notified online - in case the buyer used my car to commit a crime and did not notify the transfer with the paper form (Part A for the seller to fill out on the top/back of my paper Registration Notice they send out each year)

    the answer was I can do it online at https://www.service.nsw.gov.au/transaction/submit-notice-dis…
    and I don't pay anything - the buyer pays $35 for the transfer + 3% of the market/sale price. So I guess a lot of cheap sales get registered …

    [edit] Vic - Step 5 in https://www.vicroads.vic.gov.au/registration/buy-sell-or-tra… - YMMV

  • Kamsi on 26/09/2022 - 18:17

    cash is the best :)

  • Worf on 26/09/2022 - 18:35
    +1

    Recently sold a car. The buyer was suspiciously keen. I explained my concerns re scams and gave the options of either bank cheque or payment at branch (with money being deposited straight into the account - which should deal with counterfeit issues).

    The buyer understood my concerns and genuinely wanted the car so he was happy to go along with it. In the end he withdrew the money at the branch and the money was deposited into our account.

    … then usual transfer of ownership forms.

    Happy days

  • FoxJump on 26/09/2022 - 19:05
    -1

    just say no.
    i had similar guys offer me cash for my car the same day they posted. smells dodgy.

  • Herbse on 26/09/2022 - 19:27
    +1

    Hopefully we hear back from OP about how it went

  • [Deactivated] on 26/09/2022 - 19:33
    -4

    Cash is best? What century is this again? How about trading in clam shells.

  • Exec-Matrix on 26/09/2022 - 20:20
    +1

    I did cash however only agreed to do it and deposit it and the bank and meet them there. No issues.

  • striker5950 on 26/09/2022 - 20:26

    I've bought and sold cars via cash. what are you scared off? however if the person is offering or talking about cash before they even see the car, is dodgy. you should be smart enough to tell if a its a scam or not. you can see them coming from a mile away.

  • Eeples on 26/09/2022 - 20:26
    +2

    Odds are he will arrive with 12K, explain to you that is all he has, and then ask if you will take that.

    • Daabido on 26/09/2022 - 21:13
      +4

      Like those grubby Gumtree buyers who arrive with $20 or $50 short.

      • gromit on 26/09/2022 - 21:53
        +1

        Those POS buyers don't get the item with me, even if they then magically find the extra after I cancel the deal. Would rather take less from someone else and have the satisfaction they wasted time and screwed themselves.

        Once you agree on price and go to exchange the price is no longer negotiable.

      • ProlapsedHeinous on 26/09/2022 - 22:02

        seriously how low of a p.o.s. do you have to be to play those games..

        • gromit on 26/09/2022 - 22:08
          +13

          Last time it happened to me was about 2 years ago. Buyer knew I was leaving on a road trip and stopping on my way at supermarket to exchange. He miraculously forget 50 bucks of the 600 agreed price, said could I just do 550 otherwise he would have to go home to get the 50 knowing I could not wait. Simply said "sorry, maybe next time, bye", then saw I was leaving and found another 50 in other pocket. "Sorry mate price is now 650 if you want it". He swore a bit but I just kept walking.

          • ProlapsedHeinous on 27/09/2022 - 10:48
            +3

            @gromit: Nice. He got what he deserved. well played.

            • gromit on 27/09/2022 - 12:39

              @ProlapsedHeinous: I guess I am probably a little bit lucky. when I am selling stuff it is really just to get rid of it from around the house as I don't use, the money is secondary, Hence I am in a position where I absolutely can tell them to FO. I guess they prey on people wanting the money now.

              • Euphemistic on 28/09/2022 - 10:06

                @gromit: On the other side, I’ve given buyers a cheap item for nix just to get rid of it. I don’t list stuff for free because it creates more headaches than it’s worth. Put a low price on it (under $20). When they turn up and get cash out I might tell them not to bother depending on the circumstances.

                It’s nit always about the cash, but about moving on unwanted items and having a pleasant interaction with someone.

                • gromit on 28/09/2022 - 16:43

                  @Euphemistic: Yep happily done the same. But freebies and discounts never apply to anyone trying to screw me over. The 600 dollars of computer parts he attempted to screw me over on was already a great bargain, ended up selling them for 750, was willing to take 600 as he "seemed" nice and was a quick sale.

                  • Euphemistic on 28/09/2022 - 18:54

                    @gromit:

                    But freebies and discounts never apply to anyone trying to screw me over.

                    Totally agree with that. Some people are just rude and they don’t deserve any special treatment.

  • LockedUpLotionClown on 26/09/2022 - 22:16
    +1

    Hmm, pretty late. I guess OP got murdered and had their car stolen….

  • Timtamdoritos on 26/09/2022 - 22:50
    -1

    Please confirm you are alive!!

    • Herbse on 26/09/2022 - 22:59

      .. 😞

  • DASHCAM NOW DUDE on 26/09/2022 - 23:41

    If the money has King Charles on it, I'd be worried.

  • tororm on 26/09/2022 - 23:46

    Recently sold my car for ~18k cash: Honestly preferred it since there's no way of reversing the transaction.

    Met the buyer in a shopping centre carpark- he handed over the cash. My partner walked into the bank branch and desposited into our account while we filled out the vicroads form and did the transfer. Took photo of buyers licence, both signed a reciept and made awkward small talk after that. Once I got the text from partner I handed over the keys. All in all was done in 25 mintues.

  • Senatekill on 27/09/2022 - 07:12
    +1

    take cash agree to declare lower on vicroads to help the bloke out so he gives less $$ to andrews to spend cash is king you will need it when you dont meet your carbon social credit score

  • 82norm on 27/09/2022 - 07:47

    Just watch the first cocaine scene on Scarface and be prepared.

  • Myone888 on 27/09/2022 - 08:55

    Why not take his cash in bank premises to ensure everything legit? Then bank in to your account immediately.

    • pixpotato on 27/09/2022 - 08:59
      +3

      Haha check latest update

      • gromit on 27/09/2022 - 10:15

        lol, nice. Sure sign he was setting you up to be screwed one way or another.

        • ProlapsedHeinous on 27/09/2022 - 10:49

          Sounds like he avoided being mobbed for his car. nice save. Most legit people would have no issues meeting at a bank.

          • gromit on 27/09/2022 - 11:20
            +2

            @ProlapsedHeinous: My guess is either the money was counterfeit or intending to rob him after the exchange or have some friends do it to claim innocence. That way he gets the car legitimately and the money is much harder to find.

  • kl2999 on 27/09/2022 - 09:45

    Do it outside police station lol

  • DiscoJango on 27/09/2022 - 12:04

    i sold a car for cash once over a weekend, it was all legit, but just to be cautious, i left the cash at my parents house, just in case someone decided to come looking for it

  • Gros21 on 27/09/2022 - 12:04

    look ive done exactly this purchasing a Harley from down south. I asked them where they fine with that he said yes. Met him at work (worked at car yard) went into quiet room and done paperwork. I offered to show him bank statement where i withdrew money but he was happy.

    16K is only 160 notes man its bareley 1cm thick i reckon a deck of cards thick would be 20k

    cash is king

  • ytdarin on 27/09/2022 - 12:41

    does the tracking number on cash work in case of money laundry?

  • Herbse on 27/09/2022 - 17:05
    +1

    Looks like you avoided being roobed/stabbed.

  • burns13 on 27/09/2022 - 18:52

    If they weren't comfortable meeting at a bank or police station then they were almost certainly shady. Or atleast misinformed….

  • drprox on 27/09/2022 - 19:01

    Should be fine, I sold a car for $27k cash about a decade ago. It is a lot of cash but even in this day and age not unreasonable for particularly business owners to readily have access to that much.

  • yoquierotaco on 27/09/2022 - 21:27
    -1

    So in Vic, you just need to “report” who the buyer of the vehicle is? Seems like a lot of room for someone to just put anyone’s information and do something illegal. The Optus data mismanagement fiasco (refusing to call this a “hack”) has all the information you would need to fill in a real person’s information. Especially now that they are releasing the data to coerce Optus to pay for it.

  • handles1 on 28/09/2022 - 07:05

    Just did this last week, though here in TAS, without any issues. Paid $16k cash in person for a vehicle. He counted it, we filled out the transfer of registration paperwork there and then, signed, and that was it. We both sighted each other’s drivers licenses as due diligence I guess, and that was it.

  • Plug on 28/09/2022 - 16:04

    Buying without seeing it first would be a no no for me, cash or not

    • Euphemistic on 28/09/2022 - 18:52

      But it’s not uncommon for some people to make an offer before inspecting.

      When I purchased a caravan it was a day’s drive from home. I told the guy if it was as described I’d pay on the spot and drag it home. Communicated with him several times between first contact on a Wednesday and picking it up on Saturday. Being that far from home I couldn’t make 2 trips. It was an uncommon model so well worth the trip.

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