Selling advice please
Discussion
I had a nightmare a few years ago when I accepted a cheque. The cheque had cleared, I bought my new car with the cleared funds and let the car I was selling go (a Tamora). The bank the. Decided to bounces the cheque meaning I was massively overdrawn and had let the car go!
Thankfully the buyer was an honest guy and it all got sorted but I had a couple of very nervous days.
I seen to remember the bank saying they have the right to return cheques for something like 28 days even after showing cleared funds as in this case.
So......don't take a cheque, even if it looks like it has cleared!
Thankfully the buyer was an honest guy and it all got sorted but I had a couple of very nervous days.
I seen to remember the bank saying they have the right to return cheques for something like 28 days even after showing cleared funds as in this case.
So......don't take a cheque, even if it looks like it has cleared!
Went with a friend recently to collect his new Tamora, he and the vendor sat there with a pair of laptops and payment done in seconds...I presume this is "fool proof" and can't be reversed etc?
Long gone are the days of counting out a wad of notes!
I guess by the time you get to payment there's a good chance you've built up a "feel" for the purchaser? I appreciate con men wouldn't be con men if you could "smell 'em a mile off" but from my (very) limited experience of selling cars I got positive signals from purchasers.
While everyone wants to get their car sold, stick to the old saying "if in doubt back out"
Be careful if you assume bankers drafts are 100% secure because what I learnt when I purchased my Tuscan is that apparently they are not.
To cut a long story short I payed a sizeable deposit to secure the car and informed the seller that I would be back the next week to settle with a bankers draft and drive the Tuscan away. I assured him that this was 100% safe as if I'd paid in cash. I believed a draft took the risk off me carrying cash.
All was sweet, I drew the draft and gave to seller who when paying in asked the cashier whether it would take time to deposit and whether it could be bounced or cancelled by me. The cashier proceeded to inform him that yes it could upto, I think 24 hours after the transaction, although she'd never heard of this happening. Of course this kicked off a storm in a tea cup with the seller who proceeded to attempt to back out of the deal at 30 mins before the bank closed. Luckily a call to his police friend and me letting him keep the v5 and all associated documents for a few days until he was happy that the money was actually his, eventually secured the deal. It was a half hour of sheer frustration for me, especially as it was the second trip to the car which was a 7 hour round trip. I could see his angle but still annoyed me. Happily I've still got the car so all turned out well eventually!
To cut a long story short I payed a sizeable deposit to secure the car and informed the seller that I would be back the next week to settle with a bankers draft and drive the Tuscan away. I assured him that this was 100% safe as if I'd paid in cash. I believed a draft took the risk off me carrying cash.
All was sweet, I drew the draft and gave to seller who when paying in asked the cashier whether it would take time to deposit and whether it could be bounced or cancelled by me. The cashier proceeded to inform him that yes it could upto, I think 24 hours after the transaction, although she'd never heard of this happening. Of course this kicked off a storm in a tea cup with the seller who proceeded to attempt to back out of the deal at 30 mins before the bank closed. Luckily a call to his police friend and me letting him keep the v5 and all associated documents for a few days until he was happy that the money was actually his, eventually secured the deal. It was a half hour of sheer frustration for me, especially as it was the second trip to the car which was a 7 hour round trip. I could see his angle but still annoyed me. Happily I've still got the car so all turned out well eventually!
Be careful if you assume bankers drafts are 100% secure because what I learnt when I purchased my Tuscan is that apparently they are not.
To cut a long story short I payed a sizeable deposit to secure the car and informed the seller that I would be back the next week to settle with a bankers draft and drive the Tuscan away. I assured him that this was 100% safe as if I'd paid in cash. I believed a draft took the risk off me carrying cash.
All was sweet, I drew the draft and gave to seller who when paying in asked the cashier whether it would take time to deposit and whether it could be bounced or cancelled by me. The cashier proceeded to inform him that yes it could upto, I think 24 hours after the transaction, although she'd never heard of this happening. Of course this kicked off a storm in a tea cup with the seller who proceeded to attempt to back out of the deal at 30 mins before the bank closed. Luckily a call to his police friend and me letting him keep the v5 and all associated documents for a few days until he was happy that the money was actually his, eventually secured the deal. It was a half hour of sheer frustration for me, especially as it was the second trip to the car which was a 7 hour round trip. I could see his angle but still annoyed me. Happily I've still got the car so all turned out well eventually!
To cut a long story short I payed a sizeable deposit to secure the car and informed the seller that I would be back the next week to settle with a bankers draft and drive the Tuscan away. I assured him that this was 100% safe as if I'd paid in cash. I believed a draft took the risk off me carrying cash.
All was sweet, I drew the draft and gave to seller who when paying in asked the cashier whether it would take time to deposit and whether it could be bounced or cancelled by me. The cashier proceeded to inform him that yes it could upto, I think 24 hours after the transaction, although she'd never heard of this happening. Of course this kicked off a storm in a tea cup with the seller who proceeded to attempt to back out of the deal at 30 mins before the bank closed. Luckily a call to his police friend and me letting him keep the v5 and all associated documents for a few days until he was happy that the money was actually his, eventually secured the deal. It was a half hour of sheer frustration for me, especially as it was the second trip to the car which was a 7 hour round trip. I could see his angle but still annoyed me. Happily I've still got the car so all turned out well eventually!
TVRinBFG said:
What you selling Neil?
My life.... well nearly ;-) ...the Reflex Charcoal SagTVRinBFG said:
Side by side with two different laptops. But it doesn't always work, as sometimes the funds don't show for a few hours.
Hmmm actually fair point. I had to wait an hour when I originally transferred the cash to RG.There must be some variation on electronic transfer times then. As Philpot says the transactions on my Tamora purchase was pretty instant.
My building society only allows a maximum transfer of £10K at a time. But you can do as many as you like in a day. So for a Sag you would have to do a few transactions.
I was worried about sending money to the wrong account so I started off moving a tenner. When the seller confirmed receipt then I transferred the rest of the deposit.
Hth
Bob
My building society only allows a maximum transfer of £10K at a time. But you can do as many as you like in a day. So for a Sag you would have to do a few transactions.
I was worried about sending money to the wrong account so I started off moving a tenner. When the seller confirmed receipt then I transferred the rest of the deposit.
Hth
Bob
Side by side laptop... dunno, not a fan.
This is the way I did it recently. A bit long winded but buyer was happy to do it this way, and it removed my inherent fear of cyber crime/deception which I neither understand nor can spot!
Go to a high street with buyer which has both banks (if you don't bank with the same bank the buyer does).
Park the car up ready to handover, but hold onto the keys yourself.
Go into buyers bank alongside buyer and witness him asking the cashier to transfer the funds into your account. If there's a fee, reimburse the buyer.
Wander over with buyer to your bank and ask cashier to confirm the incoming transfer has arrived.
Job done, handover the keys!
This is the way I did it recently. A bit long winded but buyer was happy to do it this way, and it removed my inherent fear of cyber crime/deception which I neither understand nor can spot!
Go to a high street with buyer which has both banks (if you don't bank with the same bank the buyer does).
Park the car up ready to handover, but hold onto the keys yourself.
Go into buyers bank alongside buyer and witness him asking the cashier to transfer the funds into your account. If there's a fee, reimburse the buyer.
Wander over with buyer to your bank and ask cashier to confirm the incoming transfer has arrived.
Job done, handover the keys!
My recently purchased Tuscan turned out to be a nightmare.
I called my bank (Santander) on day of collection to ask there advice as I had sent money via there "Pay a Person" facility many a time and its always been instant.
they confirmed that if i sent them up and send a small payment (£1) that would enable them and instant payments can be made.
So i go to collect, check car is as it was and then simply log on and sned the money. Gone...
after a number of minutes it hadnt arrived and my account was then frozen and i was unable to login. I called the call centre, passed the security and account un frozen.
When i asked about the payment, they said it was stopped as a suspected fraudulant payment. So i was transferred to there fraud team. Now although i had already passed security, they wanted to ask me some further questions so that they could release the payment. Question one was about a loan i had some 15 years ago, they wanted to know the month, year and amount i took it out, I failed. Then they asked want my home number is, to which i respond "i havent had one for 15 years, since leaving home" so i gave them a number that kind of rang a bell and she asked if this was my final answer or would i like another question, so i opt for another question. She responded with "you have failed security and i cannot speak to you anymore, and you need to visit a branch with ID".
obviously i was extremely annoyed, but more so when they could not confirm were my money was and also wouldnt stop/return the paymnet. and every question was answered with "i cannot talk to you". So i leave with no car and no money
Following day (Sat Morning) i get to the bank with ID and they make some calls and release my account. when i asked the chap about the money trasfer they stopped subject to "Fraudulant activity" they respond with "that was stopped and then resent at 12:05am today....."
so even though it was stopped and i failed security they still sent it.. Unbelievable. Anyway, luckily the seller was a top top guy and confirmed when i called him that the money had arrived and all was sorted soon after.
Anyone thinking of doing this just be warned, and i am changing banks as Santander are a complete was of space....
I called my bank (Santander) on day of collection to ask there advice as I had sent money via there "Pay a Person" facility many a time and its always been instant.
they confirmed that if i sent them up and send a small payment (£1) that would enable them and instant payments can be made.
So i go to collect, check car is as it was and then simply log on and sned the money. Gone...
after a number of minutes it hadnt arrived and my account was then frozen and i was unable to login. I called the call centre, passed the security and account un frozen.
When i asked about the payment, they said it was stopped as a suspected fraudulant payment. So i was transferred to there fraud team. Now although i had already passed security, they wanted to ask me some further questions so that they could release the payment. Question one was about a loan i had some 15 years ago, they wanted to know the month, year and amount i took it out, I failed. Then they asked want my home number is, to which i respond "i havent had one for 15 years, since leaving home" so i gave them a number that kind of rang a bell and she asked if this was my final answer or would i like another question, so i opt for another question. She responded with "you have failed security and i cannot speak to you anymore, and you need to visit a branch with ID".
obviously i was extremely annoyed, but more so when they could not confirm were my money was and also wouldnt stop/return the paymnet. and every question was answered with "i cannot talk to you". So i leave with no car and no money
Following day (Sat Morning) i get to the bank with ID and they make some calls and release my account. when i asked the chap about the money trasfer they stopped subject to "Fraudulant activity" they respond with "that was stopped and then resent at 12:05am today....."
so even though it was stopped and i failed security they still sent it.. Unbelievable. Anyway, luckily the seller was a top top guy and confirmed when i called him that the money had arrived and all was sorted soon after.
Anyone thinking of doing this just be warned, and i am changing banks as Santander are a complete was of space....
Of course most of the time something can be arranged between two decent people (buyer and seller) but a friend found to his cost that there is no 'instant' method of payment and if one party is a crook you can get stung. In my friend's case funds appeared to have transferred but as the car drove away the transfer was cancelled.
Since then I have only dealt with reputable traders. I know I am losing a percentage of the value but I don't want to go through what my friend did - no insurance claim because you handed the keys over, no car (the police reckoned it would have been taken abroad by the end of the same day). The situation was horrible!
Since then I have only dealt with reputable traders. I know I am losing a percentage of the value but I don't want to go through what my friend did - no insurance claim because you handed the keys over, no car (the police reckoned it would have been taken abroad by the end of the same day). The situation was horrible!
Milky400 said:
My recently purchased Tuscan turned out to be a nightmare.
I called my bank (Santander) on day of collection to ask there advice as I had sent money via there "Pay a Person" facility many a time and its always been instant.
they confirmed that if i sent them up and send a small payment (£1) that would enable them and instant payments can be made.
So i go to collect, check car is as it was and then simply log on and sned the money. Gone...
after a number of minutes it hadnt arrived and my account was then frozen and i was unable to login. I called the call centre, passed the security and account un frozen.
When i asked about the payment, they said it was stopped as a suspected fraudulant payment. So i was transferred to there fraud team. Now although i had already passed security, they wanted to ask me some further questions so that they could release the payment. Question one was about a loan i had some 15 years ago, they wanted to know the month, year and amount i took it out, I failed. Then they asked want my home number is, to which i respond "i havent had one for 15 years, since leaving home" so i gave them a number that kind of rang a bell and she asked if this was my final answer or would i like another question, so i opt for another question. She responded with "you have failed security and i cannot speak to you anymore, and you need to visit a branch with ID".
obviously i was extremely annoyed, but more so when they could not confirm were my money was and also wouldnt stop/return the paymnet. and every question was answered with "i cannot talk to you". So i leave with no car and no money
Following day (Sat Morning) i get to the bank with ID and they make some calls and release my account. when i asked the chap about the money trasfer they stopped subject to "Fraudulant activity" they respond with "that was stopped and then resent at 12:05am today....."
so even though it was stopped and i failed security they still sent it.. Unbelievable. Anyway, luckily the seller was a top top guy and confirmed when i called him that the money had arrived and all was sorted soon after.
Anyone thinking of doing this just be warned, and i am changing banks as Santander are a complete was of space....
Off topic I know, but we too are with Santander. When we moved to Italy in 2007, we went into the bank before the move and cancelled some DD's, but left one DD in place for a loan we had.I called my bank (Santander) on day of collection to ask there advice as I had sent money via there "Pay a Person" facility many a time and its always been instant.
they confirmed that if i sent them up and send a small payment (£1) that would enable them and instant payments can be made.
So i go to collect, check car is as it was and then simply log on and sned the money. Gone...
after a number of minutes it hadnt arrived and my account was then frozen and i was unable to login. I called the call centre, passed the security and account un frozen.
When i asked about the payment, they said it was stopped as a suspected fraudulant payment. So i was transferred to there fraud team. Now although i had already passed security, they wanted to ask me some further questions so that they could release the payment. Question one was about a loan i had some 15 years ago, they wanted to know the month, year and amount i took it out, I failed. Then they asked want my home number is, to which i respond "i havent had one for 15 years, since leaving home" so i gave them a number that kind of rang a bell and she asked if this was my final answer or would i like another question, so i opt for another question. She responded with "you have failed security and i cannot speak to you anymore, and you need to visit a branch with ID".
obviously i was extremely annoyed, but more so when they could not confirm were my money was and also wouldnt stop/return the paymnet. and every question was answered with "i cannot talk to you". So i leave with no car and no money
Following day (Sat Morning) i get to the bank with ID and they make some calls and release my account. when i asked the chap about the money trasfer they stopped subject to "Fraudulant activity" they respond with "that was stopped and then resent at 12:05am today....."
so even though it was stopped and i failed security they still sent it.. Unbelievable. Anyway, luckily the seller was a top top guy and confirmed when i called him that the money had arrived and all was sorted soon after.
Anyone thinking of doing this just be warned, and i am changing banks as Santander are a complete was of space....
In early 2008, we noticed that the monthly loan payment wasn't being taken, so phoned up the loan company to ask why. Santander had cancelled the wrong DD, and we were now on the black-list! As soon as we knew what had happened, I paid the loan off immediately, and we even had letters from Santander stating that it was their fault and take full responsibility for the DD cancellation. (Although I have to take some of the blame, as I really should have checked more closely when at the bank)
We came back to the UK in late 2010, and in late 2012, applied for a small loan (only £7k), which would then enable us to buy our current house with cash. Santander turned us down, even though it was their mistake that put us in this pickle in the first place. Anyway, I tried Tesco Loans, and was initially turned down. However, they did give us the opportunity to appeal, which I did, and sent them all of the relevant information as to why our credit rating was low. After this, they gave us the loan - someone actually took the time to read what happened and made a decision that wasn't based on 'computer says no' policy! And we had two accounts with Santander for the past 10 years!
Anyway - regarding paying for cars - if it's from a private seller, I still much prefer dealing in cash.
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