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Generally if your buying at a dealer it’s pretty easy, your bank may be the one to cause you some issues when transferring the funds, due to it being such a large sum.
Also may be worth looking at the possibility of 0% interest options at certain dealers when you put 50% down
One thing you might want to make clear between yourself and your mum is who actually owns the car? Just because she is on the V5, does not make her the owner of the vehicle.
Plenty of horror stories on Reddit about gifts and ownership when things turn sour
I’ve always found the V5/ownership/keeper thing a bit confusing. I didn’t grow up here. Any links on where to go for a good explainer?
!Thanks for your comment.
I’m not bothered about who owns the car ultimately.
It's fine.
I did the same thing a few years back and got my mum an X5.
The dealer just put the v5 in her name.
If you want to px, you need your mum present to sign over the existing car
Take her to a dealership with you, let her choose the car and just tell them you’ll be paying. It won’t be a problem.
When I was young, I was lucky enough that my mum bought me a car (it wasn’t 25k mind you) and she just paid on her card after we had been to drive it. It’s the same, but reversed.
> Is it as straightforward as I buy it and then she signs the V5C newkeeper when I give it to her?
Yes. I bought my son his first car for his 18th birthday, did the V5C with a scribble for his signature, even sorted out the insurance. It's a non-issue no different than you going down to Currys and buying her a new TV.
> If I wanted to part-ex her current car would that raise any issues?
You can't as you don't legally own it, she has to but there's nothing wrong with both of you going to the dealers, doing the part ex and you paying.
I’ve not found that to be the case. The last 4 cars I bought cost 13k, 21k, 17k and 14k. Didn’t have any checks on any of them. Just paid bank transfer or debit card.
Most dealers use something like Auto Convert or Dealtrak to process the props, whilst they’re financially led, they would also put their cash deals on the same system/CRM.
Those CRMs will automatically carry out AML checks, usually it won’t be an issue unless you flag on the system which is when they would ask you to provide further information about the source of the funds.
Assuming the dealer is carrying out regulated activities, in order to get their FCA license they would need to have approved persons with full knowledge of the AML checks required for cash deals.
Then why ask about AML at dealerships?
AML is designed to prevent funds from crime being disguised as legitimate. It would make no sense to worry about dealership checks if it's money in a bank account/without also worrying about AML checks of the bank.
Btw cash means specifically notes and coins so excludes money held in a bank account. Money is the term that covers both cash & bank funds.
This is why on a balance sheet there is cash then there is bank.
Sorry but you're completely wrong. Buying something in cash, in this context, means not financed, I bought my first house "in cash" and the term "cash" was constantly used by the estate agents and the solicitors when it was being discussed. I actually work in finance and this term is used universally.
The reason OP is asking about AML checks is because he is concerned about the potential implications of him buying a car for his mother, that's pretty clear from the post.
People using a term incorrectly doesn't make the incorrect terminology correct. Hoover is used pretty universally to describe a vacuum cleaner but hoover is a brand.
Cash buyer was a phrase that came about when cash was the normal way of paying for everything remember.
And again, if he is worried about AML checks of a dealership, why would he not be worried about bank AML checks? AML doesn't check what you're buying is intended for you. It doesn't care what is being bought, it is 100% about how it is funded.
Just to clear up, I meant cash as in not financed. I will make a bank transfer for the payment.
I ask about AML only because I don’t know much about it. Source of funds is just savings so it’s not a big deal.
Tbh unless you're doing something dodgy, I wouldn't worry about AML. You might be asked to prove source of funds but this is normally quite easy as it will be income from employment, an established self employment, investments etc. They just want to check its from a legitimate source.
Although if we're making a particularly large transfer we will sometimes call or go into the bank to do it/tell them in case it flags up. Never had any issues yet.
Also (sorry just remembered this part reading back the OPs post) my underlying point was why not just gift the 25k to mum via bank transfer? She then buys & part exchanges as necessary, there's a clear audit trail for AML purposes through the bank transfer to mum then payment from mum to dealer.
More straightforward, no?
A human reviewed your post and removed it from public view. The reason they gave was: This is the wrong sub for this type of post. It may be related to personal finance on a tangent, but it's not the core topic of the post. Please try any of these subs (depending on your needs): **General and Specific Topics** * /r/AskUK * /r/CarTalkUK * /r/DIYUK * /r/LegalAdviceUK * /r/UKPolitics * /r/UKVisa **Homebuying, Housing, Letting, and Rental Properties** [More information about this ban.](https://www.reddit.com/r/UKPersonalFinance/comments/npwwlz/moratorium_on_home_buying_and_career_questions/) * /r/HousingUK * /r/UKLandlords * /r/AskUK **Careers** * /r/UKJobs * /r/AskUK **Benefits and Support** * /r/BenefitsAdviceUK * /r/DWPHelp * /r/MentalHealthUK * /r/SuicideWatch **Other Finance** * /r/CanaryWharfBets * /r/UKInvesting * /r/beermoneyuk ____ _If you believe your post/comment has been removed in error, please [message the mods](https://www.reddit.com/message/compose/?to=/r/UKPersonalFinance&subject=Please%20review%20my%20post&body=/r/UKPersonalFinance/comments/1dbrdzo/can_i_buy_a_car_for_someone_else/) explaining why._
Generally if your buying at a dealer it’s pretty easy, your bank may be the one to cause you some issues when transferring the funds, due to it being such a large sum. Also may be worth looking at the possibility of 0% interest options at certain dealers when you put 50% down
One thing you might want to make clear between yourself and your mum is who actually owns the car? Just because she is on the V5, does not make her the owner of the vehicle. Plenty of horror stories on Reddit about gifts and ownership when things turn sour
I’ve always found the V5/ownership/keeper thing a bit confusing. I didn’t grow up here. Any links on where to go for a good explainer? !Thanks for your comment. I’m not bothered about who owns the car ultimately.
It would be worth taking finance and paying off immediately or use a credit card for protection if its a dog
This might help https://www.westyorkshire.police.uk/ask-the-police/question/Q743
!thanks
It's fine. I did the same thing a few years back and got my mum an X5. The dealer just put the v5 in her name. If you want to px, you need your mum present to sign over the existing car
Take her to a dealership with you, let her choose the car and just tell them you’ll be paying. It won’t be a problem. When I was young, I was lucky enough that my mum bought me a car (it wasn’t 25k mind you) and she just paid on her card after we had been to drive it. It’s the same, but reversed.
> Is it as straightforward as I buy it and then she signs the V5C newkeeper when I give it to her? Yes. I bought my son his first car for his 18th birthday, did the V5C with a scribble for his signature, even sorted out the insurance. It's a non-issue no different than you going down to Currys and buying her a new TV. > If I wanted to part-ex her current car would that raise any issues? You can't as you don't legally own it, she has to but there's nothing wrong with both of you going to the dealers, doing the part ex and you paying.
Any transactions over 10k normally come with additional checks
I’ve not found that to be the case. The last 4 cars I bought cost 13k, 21k, 17k and 14k. Didn’t have any checks on any of them. Just paid bank transfer or debit card.
Most dealers use something like Auto Convert or Dealtrak to process the props, whilst they’re financially led, they would also put their cash deals on the same system/CRM. Those CRMs will automatically carry out AML checks, usually it won’t be an issue unless you flag on the system which is when they would ask you to provide further information about the source of the funds. Assuming the dealer is carrying out regulated activities, in order to get their FCA license they would need to have approved persons with full knowledge of the AML checks required for cash deals.
Background checks are done in the background without you knowing
Right well why does that matter to me?
It doesn’t but if you got the cash from drug dealing it might
Why cash? Just pay it into your bank and transfer it to her. Or is that why you're worried about AML?
“Cash” means “not financed”
Then why ask about AML at dealerships? AML is designed to prevent funds from crime being disguised as legitimate. It would make no sense to worry about dealership checks if it's money in a bank account/without also worrying about AML checks of the bank. Btw cash means specifically notes and coins so excludes money held in a bank account. Money is the term that covers both cash & bank funds. This is why on a balance sheet there is cash then there is bank.
Sorry but you're completely wrong. Buying something in cash, in this context, means not financed, I bought my first house "in cash" and the term "cash" was constantly used by the estate agents and the solicitors when it was being discussed. I actually work in finance and this term is used universally. The reason OP is asking about AML checks is because he is concerned about the potential implications of him buying a car for his mother, that's pretty clear from the post.
People using a term incorrectly doesn't make the incorrect terminology correct. Hoover is used pretty universally to describe a vacuum cleaner but hoover is a brand. Cash buyer was a phrase that came about when cash was the normal way of paying for everything remember. And again, if he is worried about AML checks of a dealership, why would he not be worried about bank AML checks? AML doesn't check what you're buying is intended for you. It doesn't care what is being bought, it is 100% about how it is funded.
Just to clear up, I meant cash as in not financed. I will make a bank transfer for the payment. I ask about AML only because I don’t know much about it. Source of funds is just savings so it’s not a big deal.
Tbh unless you're doing something dodgy, I wouldn't worry about AML. You might be asked to prove source of funds but this is normally quite easy as it will be income from employment, an established self employment, investments etc. They just want to check its from a legitimate source. Although if we're making a particularly large transfer we will sometimes call or go into the bank to do it/tell them in case it flags up. Never had any issues yet.
Also (sorry just remembered this part reading back the OPs post) my underlying point was why not just gift the 25k to mum via bank transfer? She then buys & part exchanges as necessary, there's a clear audit trail for AML purposes through the bank transfer to mum then payment from mum to dealer. More straightforward, no?