Advice pending sale of M5 E60
Discussion
Not sure if should have posted this in a different section but here goes...I have agreed an offer on my E60, and just wanted some advice when it comes to completing the sale to ensure I have all bases covered. For example: what is best and most secure way of taking payment...(it has been agreed at the moment to pay via bank transfer on the day of collection). Should I have both parties sign some sort of disclaimer? Any advice to ensure legitimacy of sale and safeguard myself much appreciated. Thanks in advance.
Maxket said:
Schermerhorn said:
I would take the transfer (pay off the finance if it applies) and then transfer it into another account immediately.
Thanks for the advice, though not quite sure why transferring it immediately would make any difference??? Could just be me being paranoid or just plain crazy though.
Check your bank and the buyer's banks to understand what their faster payment limit is. I bought a car a couple of weeks ago intending to make two payments of £7500 each from two different accounts (First Direct and Santander) into the the buyer's bank (Lloyds) on the day. I made deposit payments from both accounts 2 days beforehand to confirm the accounts etc - they went through without issue.
On the evening the first payment (from the Santander account) was delayed for reasons unknown - it's not clear to me if the transfer arrived that evening or the next morning.
The second payment was rejected for same day transfer by the seller's bank as it exceeded their daily incoming payment limit. We did try another destination account belonging to the seller's wife and that didn't go through either - no idea why.
Thankfully the buyer trusted me and I left with the car even though neither payment had arrived!
2 years earlier much the same scenario went through without a hitch but I don't recall who the seller's bank was.
It may help to do the transfers during business hours rather than out of hours. A CHAPS payment may have more certainty of arriving within minutes but will typically cost the buyer £20 and needs to be done during opening hours.
On the evening the first payment (from the Santander account) was delayed for reasons unknown - it's not clear to me if the transfer arrived that evening or the next morning.
The second payment was rejected for same day transfer by the seller's bank as it exceeded their daily incoming payment limit. We did try another destination account belonging to the seller's wife and that didn't go through either - no idea why.
Thankfully the buyer trusted me and I left with the car even though neither payment had arrived!
2 years earlier much the same scenario went through without a hitch but I don't recall who the seller's bank was.
It may help to do the transfers during business hours rather than out of hours. A CHAPS payment may have more certainty of arriving within minutes but will typically cost the buyer £20 and needs to be done during opening hours.
AW10 said:
Check your bank and the buyer's banks to understand what their faster payment limit is. I bought a car a couple of weeks ago intending to make two payments of £7500 each from two different accounts (First Direct and Santander) into the the buyer's bank (Lloyds) on the day. I made deposit payments from both accounts 2 days beforehand to confirm the accounts etc - they went through without issue.
On the evening the first payment (from the Santander account) was delayed for reasons unknown - it's not clear to me if the transfer arrived that evening or the next morning.
The second payment was rejected for same day transfer by the seller's bank as it exceeded their daily incoming payment limit. We did try another destination account belonging to the seller's wife and that didn't go through either - no idea why.
Thankfully the buyer trusted me and I left with the car even though neither payment had arrived!
2 years earlier much the same scenario went through without a hitch but I don't recall who the seller's bank was.
It may help to do the transfers during business hours rather than out of hours. A CHAPS payment may have more certainty of arriving within minutes but will typically cost the buyer £20 and needs to be done during opening hours.
Good point, thanks. I remember having to pay 2 separate payments from 2 different bank accounts. I shall make buyer aware. Cheers.On the evening the first payment (from the Santander account) was delayed for reasons unknown - it's not clear to me if the transfer arrived that evening or the next morning.
The second payment was rejected for same day transfer by the seller's bank as it exceeded their daily incoming payment limit. We did try another destination account belonging to the seller's wife and that didn't go through either - no idea why.
Thankfully the buyer trusted me and I left with the car even though neither payment had arrived!
2 years earlier much the same scenario went through without a hitch but I don't recall who the seller's bank was.
It may help to do the transfers during business hours rather than out of hours. A CHAPS payment may have more certainty of arriving within minutes but will typically cost the buyer £20 and needs to be done during opening hours.
BACS limits for various banks here
You might still get blocked though, so it's always best to do the transaction during telephone banking hours.
You might still get blocked though, so it's always best to do the transaction during telephone banking hours.
Schermerhorn said:
Maxket said:
Schermerhorn said:
I would take the transfer (pay off the finance if it applies) and then transfer it into another account immediately.
Thanks for the advice, though not quite sure why transferring it immediately would make any difference??? Could just be me being paranoid or just plain crazy though.
Schermerhorn said:
How easy did you find it to sell your M5? When I put mine online all I got was timewasters and one muppet who turned off the DSC and nearly wrote it off.
Loads of interest, first to view bought!!! Was(still is, as goes tomorrow) a damn fine example. I thought it may take time and I would have to take a bit of a hit, but I reckon i could have sold it 4 tmes over. Maxket said:
Schermerhorn said:
How easy did you find it to sell your M5? When I put mine online all I got was timewasters and one muppet who turned off the DSC and nearly wrote it off.
Loads of interest, first to view bought!!! Was(still is, as goes tomorrow) a damn fine example. I thought it may take time and I would have to take a bit of a hit, but I reckon i could have sold it 4 tmes over. Have you got a link to the ad?
Maxket said:
Loads of interest, first to view bought!!! Was(still is, as goes tomorrow) a damn fine example. I thought it may take time and I would have to take a bit of a hit, but I reckon i could have sold it 4 tmes over.
For the asking price...?And was the wheel retrimmed by Jack?
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