whats the best way to pay for a car from a private seller?
whats the best way to pay for a car from a private seller?
Author
Discussion

karl922

Original Poster:

537 posts

211 months

Thursday 3rd June 2010
quotequote all
Hi,

Im due to pick up a new car on saturday, i am paying around the 14k mark.
Is it best practice to withdraw 14k from my account and then go to his bank and pay it in for the car?

Bankers drafts take a few days to clear so i am told, as i am wanting to bring the car back with me that same day this will be a no go.

It is nearly a 2hr drive so i dont want to view it, give him a check, wait for it to clear, then drive back again a few days later.

Whats the best course of action for me guys?

marshalla

15,902 posts

231 months

Thursday 3rd June 2010
quotequote all
CHAPS transfer or online banking if you both use the same bank.

What's a check btw ? Is it an American transaction ?

Marf

22,907 posts

271 months

Thursday 3rd June 2010
quotequote all
Just a totally random suggestion, but why not ask the seller how he might like to be paid? confused

snotrag

15,696 posts

241 months

Thursday 3rd June 2010
quotequote all
karl922 said:
It is nearly a 2hr drive so i dont want to view it, give him a check, wait for it to clear, then drive back again a few days later.
Forgive me but - Not exactly the other side of the world is it...? For the sake of feelign secure about your £14k geing transferred safely?

sherman

15,289 posts

245 months

Thursday 3rd June 2010
quotequote all
Cash?

Just go into the bank a few days before you need it an get them to order in £14k in £100 notes for you if your in scotland or £50 notes if you are in england.

kambites

71,565 posts

251 months

Thursday 3rd June 2010
quotequote all
I went with the seller to my bank, withdrew the cash (having warned the bank that I'd be withdrawing 16000 quid in cash, obviously), then we went to his bank and paid it in.

karl922

Original Poster:

537 posts

211 months

Thursday 3rd June 2010
quotequote all
I asked him about cash and he said that would be fine, i was just wondering if there was a safer way to pay that was also instant.

mickrick

3,762 posts

203 months

Thursday 3rd June 2010
quotequote all
karl922 said:
Hi,

Im due to pick up a new car on saturday, i am paying around the 14k mark.
Is it best practice to withdraw 14k from my account and then go to his bank and pay it in for the car?

Bankers drafts take a few days to clear so i am told, as i am wanting to bring the car back with me that same day this will be a no go.

It is nearly a 2hr drive so i dont want to view it, give him a check, wait for it to clear, then drive back again a few days later.

Whats the best course of action for me guys?
You don't need a bankers drafts to clear. That's what they're for.
Your bank will draw one up for you.

Marf

22,907 posts

271 months

Thursday 3rd June 2010
quotequote all
Depending on who your respective bank accounts are with, an online banking transfer may be instant.

http://www.ukpayments.org.uk/sort_code_checker/

karl922

Original Poster:

537 posts

211 months

Thursday 3rd June 2010
quotequote all
Its not exactly the other side of the world no, but saturday is the only time i can get my dad to drive me there and also look over the car with me, and i also need the car by tuesday as im surposed to be driving down south so in a bit of a hurry.

anonymous-user

84 months

Thursday 3rd June 2010
quotequote all
I did a bank transfer when I bought my BMW, we were both with Barclays so it was instant.

Went online at his out and did the transfer there and then.

Edited by anonymous-user on Thursday 3rd June 14:32

karl922

Original Poster:

537 posts

211 months

Thursday 3rd June 2010
quotequote all
Trouble is were with different banks, and I know i wouldnt let my car go until the funds had cleared into my account. So a bankers draft and online transaction are out of the question I surpose as it takes about 3days to clear.

Marf

22,907 posts

271 months

Thursday 3rd June 2010
quotequote all
karl922 said:
Trouble is were with different banks, and I know i wouldnt let my car go until the funds had cleared into my account. So a bankers draft and online transaction are out of the question I surpose as it takes about 3days to clear.
Look three posts up wink

karl922

Original Poster:

537 posts

211 months

Thursday 3rd June 2010
quotequote all
Marf said:
karl922 said:
Trouble is were with different banks, and I know i wouldnt let my car go until the funds had cleared into my account. So a bankers draft and online transaction are out of the question I surpose as it takes about 3days to clear.
Look three posts up wink
That link doesnt seem to work, I even tried entering it in google and that's not working either. damn internet!

Marf

22,907 posts

271 months

Thursday 3rd June 2010
quotequote all

cheadle hulme

2,502 posts

212 months

Thursday 3rd June 2010
quotequote all
£10k limit on the faster payments service though, so you'll still need some cash if your two accounts are compatible.

anonymous-user

84 months

Thursday 3rd June 2010
quotequote all
cheadle hulme said:
£10k limit on the faster payments service though, so you'll still need some cash if your two accounts are compatible.
1x payement of £9999
1x payement of £4001
?

tomwoodis

570 posts

214 months

Thursday 3rd June 2010
quotequote all
kambites said:
I went with the seller to my bank, withdrew the cash (having warned the bank that I'd be withdrawing 16000 quid in cash, obviously), then we went to his bank and paid it in.
I was in exactly the OP's position 2 years ago and did exactly this.

Just make sure you ring ahead to the branch at which you are planning to ge the cash out from. They don't take kindly to having a £14,000 withdrawl sprung on them and likley wont be able to provide it for you if you do turn up unanounced.

Just make sure you and the seller (maybe plus a friend) are there to take the cash between banks.

At least this method is fool proof and provides the seller with complete confidence that he is actually going to get his money.

The other option is a CHAPS transfer which I believe is instant, even between banks. You could do this from your bank with him there and get a reciept for the transfer from the bank and give it to him etc.... I believe you pay something like £25 quid for this service if I remember rightly.

Tino

1,948 posts

313 months

Thursday 3rd June 2010
quotequote all
tomwoodis said:
kambites said:
I went with the seller to my bank, withdrew the cash (having warned the bank that I'd be withdrawing 16000 quid in cash, obviously), then we went to his bank and paid it in.
I was in exactly the OP's position 2 years ago and did exactly this.

Just make sure you ring ahead to the branch at which you are planning to ge the cash out from. They don't take kindly to having a £14,000 withdrawl sprung on them and likley wont be able to provide it for you if you do turn up unanounced.

Just make sure you and the seller (maybe plus a friend) are there to take the cash between banks.

At least this method is fool proof and provides the seller with complete confidence that he is actually going to get his money.

The other option is a CHAPS transfer which I believe is instant, even between banks. You could do this from your bank with him there and get a reciept for the transfer from the bank and give it to him etc.... I believe you pay something like £25 quid for this service if I remember rightly.
Chaps transfer isn't instant in all banks.
Mine said if I phoned them bu 1pm, then the cash would be in the sellers account by 5pm, possibly, but they couldn't guarantee it. This would mean that I would need to be with the guy from 1-5, as I wouldnt trust anyone with my money to not leave the scene, and the seller wouldnt trust me to leave with the car without having the money in his account.
Bank transfers can be fakes, scammed and reversed.
Cash can be forged, and who would feel safe carryong around large amounts of cash.
Basically the banks aren't geared up for buying high value goods off private sellers
In the end, I phoned ahead and went with the seller to the bank, and had them draw up a bank draft in front of him. I still could have scammed the seller by handing over a fake one, so there was still a risk.

mickrick

3,762 posts

203 months

Thursday 3rd June 2010
quotequote all
I'll say it again....
Bankers draft. You don't need to wait for it to clear. It's a draft from the bank garenteeing the money.
I bought a brand new car this way. Walked in with the draft, drove the car away.