Selling a car, payment by bank transfer. If it seems dodgy..
Discussion
andy-xr said:
The receipient's bank can ask nicely, which can be refused by the account holder. It happened to me, someone paid in about £900 to my account, one digit misread, I'd guess 1 instead of 7. My bank called me, said they'd had a call from the senders bank that her rent had gone to my account instead of her landlord's. It's now my money, but would I consider a return of it. They said it was completely my decision to make
It's not your decission at all, it's theft. Once you are aware that you have money that is not yours then you have to make an effort to return it. An excuses like it just appeared I thought I had one something wont count. There are so many recorded instances of this that I can't believe the bank would say that sort of thing.pet troll,
I purchase cars mainly from the internet and go all over the country picking them up. Sometimes from dealers but mostly from private punters.
I agree a purchase figure with the client then arrange for them to pick me up from the station. We go back to their place and I do all the paperwork. I ring our site in London and hand the phone over to the seller. The seller gives my employer their bank details, he transfers the agreed amount and the seller DOESN'T HAND OVER THE KEYS UNTIL THEY HAVE EITHER CHECKED ONLINE OR A PHONE CALL TO THE BANK that they have their money in full.
This usually takes no longer than 10 minutes. I have NEVER had any problem with this system.
The reason we like this system is that banks charge businesses for EVERYTHING. Processing cash, giving out bank drafts all cost the business money. A bank transfer, (sometimes referred to as the BACS system), doesn't cost us a bean. This has all only come about because of the internet. GOD BLESS THE INTERNET!!!!.
Not everyone out there is a crook, or even a potential crook. 98% of the country are honest in this regard, so don't always immediately jump to the conclusion that you are going to be the victim of a scam.
I purchase cars mainly from the internet and go all over the country picking them up. Sometimes from dealers but mostly from private punters.
I agree a purchase figure with the client then arrange for them to pick me up from the station. We go back to their place and I do all the paperwork. I ring our site in London and hand the phone over to the seller. The seller gives my employer their bank details, he transfers the agreed amount and the seller DOESN'T HAND OVER THE KEYS UNTIL THEY HAVE EITHER CHECKED ONLINE OR A PHONE CALL TO THE BANK that they have their money in full.
This usually takes no longer than 10 minutes. I have NEVER had any problem with this system.
The reason we like this system is that banks charge businesses for EVERYTHING. Processing cash, giving out bank drafts all cost the business money. A bank transfer, (sometimes referred to as the BACS system), doesn't cost us a bean. This has all only come about because of the internet. GOD BLESS THE INTERNET!!!!.
Not everyone out there is a crook, or even a potential crook. 98% of the country are honest in this regard, so don't always immediately jump to the conclusion that you are going to be the victim of a scam.
Road2Ruin said:
It's not your decission at all, it's theft. Once you are aware that you have money that is not yours then you have to make an effort to return it. An excuses like it just appeared I thought I had one something wont count. There are so many recorded instances of this that I can't believe the bank would say that sort of thing.
You should tell that to the lady on TV yesterday who lost £900 by transferring to the wrong account number. Neither bank had made a mistake so it wasn't their problem, their advice was to pursue the receiver for the money but they couldn't tell her who that was because of data protection! If it's the bank's fault then they will obviously pursue it but they're not bothered if it's the customer's fault apparently. Road2Ruin said:
It's not your decission at all, it's theft. Once you are aware that you have money that is not yours then you have to make an effort to return it. An excuses like it just appeared I thought I had one something wont count. There are so many recorded instances of this that I can't believe the bank would say that sort of thing.
If someone transfers you money/gives you money, it's yours. When you click the send button, it's gone. The banks won't even tell you who you've transferred money too (data protection). Check and double check the numbers when sending money online. Unless you're lucky and the account number doesn't exist.
I also know from experience..... lucky the couple that received me transfer were honest!
The main worry I would have in this situation is who actually owns the car whilst you're in limbo, between money transfer and car being taken away?
Others have posted that it's a grey area. You have the money so the car's not yours. But do you continue to insure it, just in case? DVLA haven't been told it's now owned (or technically "kept") by someone else, in fact actually you are still the "keeper" of someone else's car, and liable for parking fines etc.
I just prefer to have the deal done in a few seconds, even if the lead-up takes a few months.
I.e. Money <-> keys = bye-bye.
Others have posted that it's a grey area. You have the money so the car's not yours. But do you continue to insure it, just in case? DVLA haven't been told it's now owned (or technically "kept") by someone else, in fact actually you are still the "keeper" of someone else's car, and liable for parking fines etc.
I just prefer to have the deal done in a few seconds, even if the lead-up takes a few months.
I.e. Money <-> keys = bye-bye.
M4cruiser said:
The main worry I would have in this situation is who actually owns the car whilst you're in limbo, between money transfer and car being taken away?
Others have posted that it's a grey area. You have the money so the car's not yours. But do you continue to insure it, just in case? DVLA haven't been told it's now owned (or technically "kept") by someone else, in fact actually you are still the "keeper" of someone else's car, and liable for parking fines etc.
I just prefer to have the deal done in a few seconds, even if the lead-up takes a few months.
I.e. Money <-> keys = bye-bye.
I wouldn't be too worried about parking fines for a car that's sitting on your driveway Others have posted that it's a grey area. You have the money so the car's not yours. But do you continue to insure it, just in case? DVLA haven't been told it's now owned (or technically "kept") by someone else, in fact actually you are still the "keeper" of someone else's car, and liable for parking fines etc.
I just prefer to have the deal done in a few seconds, even if the lead-up takes a few months.
I.e. Money <-> keys = bye-bye.
But you agree with the purchaser at what point they become owner. For me, it is once the money clears, and so insuring it becomes their responsibility.
Output Flange said:
Some first-hand experience:
I recently sold my X5. A guy drove up from Devon, agreed the purchase, handed over some cash and transferred the balance by bank transfer. It didn't show in my account for about 90mins, so I sent him to a local bar to get some dinner while I waited for it to show.
I also checked with my bank that the payment couldn't be reversed - they confirmed it couldn't. So, once it's showing, it's your money.
The posters above talking about hacked accounts and reversed payments applies to Paypal but not, AIUI, bank transfers between accounts. And yes, if you get the account details wrong on a transfer you have to request it back from the recipient, but cannot enforce it.
So the short answer is that you'll be fine.
This is the only reply you need to read. Its all good. I buy cars in this way all the time. I recently sold my X5. A guy drove up from Devon, agreed the purchase, handed over some cash and transferred the balance by bank transfer. It didn't show in my account for about 90mins, so I sent him to a local bar to get some dinner while I waited for it to show.
I also checked with my bank that the payment couldn't be reversed - they confirmed it couldn't. So, once it's showing, it's your money.
The posters above talking about hacked accounts and reversed payments applies to Paypal but not, AIUI, bank transfers between accounts. And yes, if you get the account details wrong on a transfer you have to request it back from the recipient, but cannot enforce it.
So the short answer is that you'll be fine.
fridaypassion said:
Output Flange said:
Some first-hand experience:
I recently sold my X5. A guy drove up from Devon, agreed the purchase, handed over some cash and transferred the balance by bank transfer. It didn't show in my account for about 90mins, so I sent him to a local bar to get some dinner while I waited for it to show.
[b]I also checked with my bank that the payment couldn't be reversed - they confirmed it couldn't. So, once it's showing, it's your money.
The posters above talking about hacked accounts and reversed payments applies to Paypal but not, AIUI, bank transfers between accounts. [/b]
And yes, if you get the account details wrong on a transfer you have to request it back from the recipient, but cannot enforce it.
So the short answer is that you'll be fine.
This is the only reply you need to read. Its all good. I buy cars in this way all the time. I recently sold my X5. A guy drove up from Devon, agreed the purchase, handed over some cash and transferred the balance by bank transfer. It didn't show in my account for about 90mins, so I sent him to a local bar to get some dinner while I waited for it to show.
[b]I also checked with my bank that the payment couldn't be reversed - they confirmed it couldn't. So, once it's showing, it's your money.
The posters above talking about hacked accounts and reversed payments applies to Paypal but not, AIUI, bank transfers between accounts. [/b]
And yes, if you get the account details wrong on a transfer you have to request it back from the recipient, but cannot enforce it.
So the short answer is that you'll be fine.
If it is from a hacked account it will be recalled.
But this doesn't sound dodgy at all, just someone who lives miles away.
J.. said:
If someone transfers you money/gives you money, it's yours.
Wrong (again). See here: http://www.pistonheads.com/gassing/topic.asp?t=823...and here: http://www.money.co.uk/article/1005023-can-you-kee...
EskimoArapaho said:
Wrong (again). See here: http://www.pistonheads.com/gassing/topic.asp?t=823...
and here: http://www.money.co.uk/article/1005023-can-you-kee...
If it's the mistake of the bank, if it's you putting the wrong account number they won't be interested as it's not their mistake to correct. Morally of course you should repay.and here: http://www.money.co.uk/article/1005023-can-you-kee...
Well I went to the bank yesterday and they confirmed that the money had properly cleared into my account, that is was sent from cleared funds, that the name on the transfer is the name of the account holder (which matches the name the buyer gave me) and that it could only be reversed if the account had been hacked.
They also said they have new measures in place to protect me if it does get reversed due to it being a hacked account, they didn't elaborate on this as they said it was very new procedures and they hadn't used it so far.
I've emailed the guy and asked for a copy of photo ID with name and address so I can fill in the V5.
They also said they have new measures in place to protect me if it does get reversed due to it being a hacked account, they didn't elaborate on this as they said it was very new procedures and they hadn't used it so far.
I've emailed the guy and asked for a copy of photo ID with name and address so I can fill in the V5.
Every car that I have paid for in the last few years have been done by bank transfer. Normally, having seen the car, agreed a price then sat on the guys drive with my phone and transferred there and then. Waited for him to confirm that he has received and I'd be on my way with a new car.
I don't think paying for a car via bank transfer is a bad thing. In fact I'd be more wary about accepting cash.
I don't think paying for a car via bank transfer is a bad thing. In fact I'd be more wary about accepting cash.
Joe5y said:
Every car that I have paid for in the last few years have been done by bank transfer. Normally, having seen the car, agreed a price then sat on the guys drive with my phone and transferred there and then. Waited for him to confirm that he has received and I'd be on my way with a new car.
I don't think paying for a car via bank transfer is a bad thing. In fact I'd be more wary about accepting cash.
Agreed, in that situation I wouldn't have the slightest problem. It's because he hasn't seen the car and isn't coming to fetch it but is sending a haulage firm to collect it that got my alarm bells ringing!I don't think paying for a car via bank transfer is a bad thing. In fact I'd be more wary about accepting cash.
ch427 said:
There was an article on tv yesterday where someone transferred money into an account and got 1 digit wrong, someone benefitted from £900 but the mistake could not be reversed. The bank couldn't do anything about it, not the same situation I know.
My younger brother wired me £18k so I could use it to but a car until my loan cash came through from the bank. He gave me the wrong details to wire it back! Thankfully it was the sort code he got wrong and the payment was rejected, had it been the account number the cash could well have been lost.The "Strong Scottish Accent" definitely sounds like a scam.
Ilovetwiglets said:
If it's the mistake of the bank, if it's you putting the wrong account number they won't be interested as it's not their mistake to correct. Morally of course you should repay.
In both situations it's also illegal. To keep money mistakenly transferred into your account is theft, people do get prosecuted and do go to jail. Read those links and you can see that only some specific defences are considered.The only question is a practical one - how would a sender get the thief's contact details to start the legal ball rolling? Court order to get the bank to release it? Or, if your bank asks and the recipient still doesn't return the money, then report the theft to the police? I don't know the answer to this bit.*
EskimoArapaho said:
andy-xr said:
yes.
Which bank?* This is one reason why I always transfer a few quid first, get the recipient to confirm receipt (and the amount sent) and then transfer the balance. I bought 3 cars (all over £20000) this way last year.
I didn't want to mention any names but I've been told it's Falkirk Car Carriers coming to fetch it and they seem like a legit company.
I rang the 01324 number for 'his company' that I found on google and he answered so all seems legit, don't think there's anything else I need to do really.
I rang the 01324 number for 'his company' that I found on google and he answered so all seems legit, don't think there's anything else I need to do really.
Sy1441 said:
ch427 said:
There was an article on tv yesterday where someone transferred money into an account and got 1 digit wrong, someone benefitted from £900 but the mistake could not be reversed. The bank couldn't do anything about it, not the same situation I know.
My younger brother wired me £18k so I could use it to but a car until my loan cash came through from the bank. He gave me the wrong details to wire it back! Thankfully it was the sort code he got wrong and the payment was rejected, had it been the account number the cash could well have been lost.The "Strong Scottish Accent" definitely sounds like a scam.
Or, all Scots are scammers?
EskimoArapaho said:
Ilovetwiglets said:
If it's the mistake of the bank, if it's you putting the wrong account number they won't be interested as it's not their mistake to correct. Morally of course you should repay.
In both situations it's also illegal. To keep money mistakenly transferred into your account is theft, people do get prosecuted and do go to jail. Read those links and you can see that only some specific defences are considered.The only question is a practical one - how would a sender get the thief's contact details to start the legal ball rolling? Court order to get the bank to release it? Or, if your bank asks and the recipient still doesn't return the money, then report the theft to the police? I don't know the answer to this bit.*
EskimoArapaho said:
andy-xr said:
yes.
Which bank?* This is one reason why I always transfer a few quid first, get the recipient to confirm receipt (and the amount sent) and then transfer the balance. I bought 3 cars (all over £20000) this way last year.
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