PAYMENT QUESTION

[Kingswood]

Hi all not sure where to post question but thought someone on here would have some experience /advice.

Bought a £70k car privately . Pretty happy with the car- all checks out as does the owner. Question what is the best/safest method for both parties to make payment?

Thanks in advance

[mike01606]

CHAPS.

Stood in your bank with the seller. Costs about £30. It should be received by the seller immediately.

Google it for detail.......

[ThreesixtyM]

Take the seller into the nearest branch of your bank. Order a bank draft, hand it to the seller, drive home in your new car.
Alternatively, do a CHAPS transfer in front of the seller, wait a while for money to cross over, leave happy.
-If you both use the same bank, withdraw 'cash' from your account and pay it into his/hers (the cash never crosses the counter).

[70proof]

your options are:

-cash
-bankers/building society draft - the buyer may not like this as he still needs to bank the draft to ensure it is not a fake one, it will cost you also.... if he were with you when you get the draft, might make things easier
-online transfer - if both of you bank with the same bank, it will be immediate if done during normal hours, and you have sufficient cleared funds, and you can transfer that much in one go
-chaps transfer - it will cost you, same day, for your peice of mind, you would need to be with the car and seller when the funds finally clear, most people do it like this, but does mean buyer and seller spending a few hours together.....

really depends on the trust between you

[Kingswood]

Thanks - I didn't / don't think CHAPS is instant - ie it can take sometime to work through system ?

[70proof]

Kingswood said:

Thanks - I didn't / don't think CHAPS is instant - ie it can take sometime to work through system ?

correct, not instant, several hours even if within one bank....

[ThreesixtyM]

-if you do CHAPS with the seller in branch I'd want the keys and documents immediately (with the seller retaining fobs, or keeping the car in the garage, until cash arrives). You're both showing good faith by doing this.

[mike01606]

My bank (Natwest) has a 10k per day limit on online transactions. If you go down that route it is worth checking out as it would take a week to pay him ....

[yellowtang]

mike01606 said:

My bank (Natwest) has a 10k per day limit on online transactions. If you go down that route it is worth checking out as it would take a week to pay him ....

Barclays also have this limit on a standard account.

[lostinvegas]

Ask your bank, I can't exactly remember what I did now but it involved the seller coming into the bank with me.

[jcf]

mike01606 said:

My bank (Natwest) has a 10k per day limit on online transactions. If you go down that route it is worth checking out as it would take a week to pay him ....

That is a direct payment. That is instant.

A CHAPS is different .It uses the bank clearing house system (thats what the CH stands for)
Banks don't limit a CHAPS if you have the funds in your account and pay the fee you can do it.

[calibrax]

70proof said:

your options are:

-cash

Still requires you to go to a bank to pay it into your account before handing over the car. That's the only way you can be sure it's not fake.

[Vladimir]

I did £45k on my debit card (!!). Just rang the bank first to get it cleared.
Not sure if you can go to 70 but you never know.

Ignore me; just seen it's a private sale! What car? Most be something tasty?!