Why You Shouldn’t Pay In Cash For Your Car

Posted on: March 27, 2016, by :
Why you shouldn't pay in cash for your car

You’ve done it! You’ve finally found that dream car! All you’ve got to do now is pay for it!  Hooray! But hang on, the seller is asking for “CASH ONLY”, odd, but okay. You’ve fallen in love with the car already, so cash only is fine. But is it?

Say NO to “cash only” payments

Here at HPI headquarters, we are recording more and more fraudulent activity reported by our customers, particularly by sellers requesting cash only payment.  So, before you part with your hard earned income, here’s why you shouldn’t pay in cash for your car.

There’s no traceability

Imagine this. You paid for your car in cash. Two weeks later something goes horribly wrong with it. Your mechanic says this problem has been there for a while.  You attempt to call the seller but surprise surprise, there’s no answer; and because you paid in cash, they can’t be traced either! Nightmare.  “Customers deserve traceability” says Jess Churchill, one our consumer experts at HPI. She strongly advises against cash payments.

Bank Details

Without bank details, how can you be sure the seller is legitimate? Paying via credit card or banker’s cheque means you will obtain the sellers name and contact details. This can be checked against the information on the V5C document. You should only visit the car at the seller’s address and ensure it matches the V5C. Sellers portray that they are doing you a favour to meet half way but this could be because they have something to hide.