Exec Posted September 21, 2015 Share Posted September 21, 2015 (edited) So last night I spot a car I quite fancy, a little out of my budget, I call the car dealership who have it so see if price is negotiable. The dealer didn't dismiss my offer, said he would think about it and call me back, which he did 10 mins later. 'Yes we would be wiling to accept that figure you offered, although as the car has a low tyre on its m.o.t advisory we wouldn't be willing to fix this as that price, the car was taken as a part ex and we want quick sale' Fantastic I though, I'll see you tomorrow I said. Tomorrow comes and I get a text - 'how are you paying for the car?' 'by card' I reply. 'for that price I would only be willing to accept cash, if you paid full price I would take card' So I called off my journey after work to go and see this car, as I wanted to buy it there and then. Its not like I can wander into the bank and withdraw this amount of money on my way there. Anybody else had a similar situation? is there some kind of tax incurred for a tradesman to accept debit? Edited September 21, 2015 by Exec Quote Link to comment Share on other sites More sharing options...
Jetpilot Posted September 21, 2015 Share Posted September 21, 2015 You will probably find by paying cash, it wouldnt necessarily have to be declared for the full value to good old hmrc 2 Quote Link to comment Share on other sites More sharing options...
nowhereboy Posted September 21, 2015 Share Posted September 21, 2015 never heard of that before personally, I haggled and paid by card on my Z purchase? Quote Link to comment Share on other sites More sharing options...
nowhereboy Posted September 21, 2015 Share Posted September 21, 2015 You will probably find by paying cash, it wouldnt necessarily have to be declared for the full value to good old hmrc Ah that makes sense! Quote Link to comment Share on other sites More sharing options...
ZMANALEX Posted September 21, 2015 Share Posted September 21, 2015 The dealer would have to pay a "surcharge" if you pay by card and this can vary from 2% to circa 4% depending on the card. However Bank charges apply to cash transactions once/if lodged with the Bank. Quote Link to comment Share on other sites More sharing options...
Exec Posted September 21, 2015 Author Share Posted September 21, 2015 (edited) I thought if anything cash would be inconvenient! this doesn't seem like some back street garage the 350z is one of the cheaper motors alongside some quite flash sports cars. I can only think about them not declaring the cars value to HMRC now you mention it. I'm quite disappointed as I really wanted to buy the car and drive it back tonight , the dealer could have told me yesterday when we initially arranged to meet. I've had to cancel my transport, my brother was going to give me a lift. Shame really. Edited September 21, 2015 by Exec Quote Link to comment Share on other sites More sharing options...
ZMANALEX Posted September 21, 2015 Share Posted September 21, 2015 Offer to pay the card charges You can't expect the guy to give you the deal that you want and suck up the CC charges. Quote Link to comment Share on other sites More sharing options...
mdunbar Posted September 21, 2015 Share Posted September 21, 2015 You can withdraw the cash from the bank, just give them a ring before you go. I wandered in to my local bank last week and withdrew the cash to buy my Zed. You just need some photo ID. I had to wait for time lock vault to open but there was no issue. I'm with the dealer on this one. You have to make the effort if the offer is his bottom line. Quote Link to comment Share on other sites More sharing options...
Sarnie Posted September 21, 2015 Share Posted September 21, 2015 Why not just get the cash out of your bank?????????????? Quote Link to comment Share on other sites More sharing options...
Juggalo Posted September 21, 2015 Share Posted September 21, 2015 (edited) I'm guessing if the money is by card and the money is in your account, then you're paying by Debit Card? If so, then no charges for him. Sounds like he want's to declare to HMRC that he sold it for less than he actually did. Which is fine for you as you get a cheaper car and he makes profit he would have lost on the declaration. /2 cents Edited September 21, 2015 by Juggalo Quote Link to comment Share on other sites More sharing options...
Exec Posted September 21, 2015 Author Share Posted September 21, 2015 I would just go and get it out the bank Sarnie, but withdrawing 7k requires notice and/ or splitting the money between accounts to withdraw 2k per one, iv only got three card accounts. I think I was more angry at finding out at 12:00 when I had arranged to set off for a long journey at 5:00 after a hard days work. Yes, it could have been worse. I could have found out when I got there Quote Link to comment Share on other sites More sharing options...
Wendy Posted September 21, 2015 Share Posted September 21, 2015 There are charges relating to accepting both Debit and Credit Cards. They also have to pay a monthly rental on the Card Machine usually. If not the charges from the Card companies are often higher. The Debit card usually would cost less, but is all related to volume of business put through these cards. Many Companies do not think to call their Card Company and request reviewed rates, so often these stay as high as when they first took on the Card accepting PDQ machines and these can be high. However all day long it is cheaper to accept cards than bank cash. As long as you have a receipt for exactly what you paid, its up to the Trader concerned to look after his accounts books. Quote Link to comment Share on other sites More sharing options...
Ricey Posted September 21, 2015 Share Posted September 21, 2015 Depends what merchant agreement he's got too as Alex said. For example I use PayPal Here because my transactions are relatively low but for example I took £212 the other day and received £204.....that's a hefty whack when you're getting into the thousands. Quote Link to comment Share on other sites More sharing options...
mdunbar Posted September 21, 2015 Share Posted September 21, 2015 Yeah I think the dealers just making him work as mustn't be happy with deal. Makes little sense otherwise. You need to move banks mate. That's shocking. If you have the funds, you should be able to withdraw them in full with a few hours notice at most. Quote Link to comment Share on other sites More sharing options...
Sarnie Posted September 21, 2015 Share Posted September 21, 2015 Yeah I think the dealers just making him work as mustn't be happy with deal. Makes little sense otherwise. You need to move banks mate. That's shocking. If you have the funds, you should be able to withdraw them in full with a few hours notice at most. No bank should need any notice whatsoever to withdraw £7,000....................... 1 Quote Link to comment Share on other sites More sharing options...
Ekona Posted September 21, 2015 Share Posted September 21, 2015 If they do, they're not a bank I'd be staying with. Quote Link to comment Share on other sites More sharing options...
mdunbar Posted September 21, 2015 Share Posted September 21, 2015 Yeah I think the dealers just making him work as mustn't be happy with deal. Makes little sense otherwise. You need to move banks mate. That's shocking. If you have the funds, you should be able to withdraw them in full with a few hours notice at most. No bank should need any notice whatsoever to withdraw £7,000....................... Small branches may not always have large sums (not that £7k is large in banking terms), but yeah I agree. I called ahead because it was a village branch, but it wasn't a problem as I said initially. Quote Link to comment Share on other sites More sharing options...
Ebized Posted September 21, 2015 Share Posted September 21, 2015 When I sold my 370 fortunately the buyer used one of the banks that I also use, so it was easy to do a bank transfer at the branch with no costs either way. OK so that was with a private buyer but no reason why that can't happen with a trader .......if he is willing (and can) to do that? I certainly didn't fancy a trip home on the train with quite a few thousand in bank notes Quote Link to comment Share on other sites More sharing options...
kbeast35 Posted September 21, 2015 Share Posted September 21, 2015 my local nationwide branch will only let you withdraw £500 unless pre arranged Quote Link to comment Share on other sites More sharing options...
KyleR Posted September 21, 2015 Share Posted September 21, 2015 Santander have a £5k daily limit if booked the day before and £1500 I think off the street. It's a joke, I know, but often do I need to lift large sums of cash from the bank? Quote Link to comment Share on other sites More sharing options...
techinstaller Posted September 22, 2015 Share Posted September 22, 2015 Also in fairness to the trader he may simply recycle the cash payment received from the OP to pay for parts suppliers or other business outgoing payments rather than be under declaring for tax purpose's there is no actual reason that the cash would have to be banked for any tax reason, its usually just easier for the companies accountants. Ours are always wanting every penny taken in banked and all payments out to be via BACS or card , Quote Link to comment Share on other sites More sharing options...
coldel Posted September 22, 2015 Share Posted September 22, 2015 Yeah I think the dealers just making him work as mustn't be happy with deal. Makes little sense otherwise. You need to move banks mate. That's shocking. If you have the funds, you should be able to withdraw them in full with a few hours notice at most. No bank should need any notice whatsoever to withdraw £7,000....................... Have withdrawn more than this from the Richmond high street branch of Lloyds no bother at all with no notice given - took no longer than a few minutes to sort it out and they even let me go to a separate room with someone to count it myself. Quote Link to comment Share on other sites More sharing options...
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