accepting bank transfer for sale of car

[TheAngryDog]

I'm selling my car tomorrow and the buyer wants to pay me by transfering the money to my account via internet bank transfer tomorrow. I've always taken cash for my cars that I have sold so not sure about taking payment this way.

It's only for £4500 but still. Should I put my concerns to one side? The buyer is known to me on another forum.

Thanks.

[shake n bake]

No problem if the money's in your account before the car leaves.

[TheAngryDog]

shake n bake said:

No problem if the money's in your account before the car leaves.

He says it could take a couple of hours. Not sure he would want to stick around.

[t400ble]

Well, he'll have to do something until its cleared

Last car I bought for £3900 I sent the money when I was with the seller and it took about 25 mins

[Ilovejapcrap]

TheAngryDog said:

shake n bake said:

No problem if the money's in your account before the car leaves.

He says it could take a couple of hours. Not sure he would want to stick around.

No then it's got to clear

[James19181]

Can't they be reversed within 24 hours?

£4.5k isn't exactly a silly amount to carry around to buy a car, but if it's been arranged that he collects tomorrow it's probably a bit late to insist on cash

[WojaWabbit]

Only problem might be the bank barring the transaction if the buyer is using your wifi network on his mobile. I had this issue when the mobile network wasn't strong enough to use mobile banking, so I used the seller's wifi. The bank's security system noted I was on a different IP and put a stop on the transfer. Took a couple of hours to sort out.

[TheAngryDog]

Hmmmm, this isn't making me feel very easy about it.

[rich83]

Cash only...

[TheAngryDog]

James19181 said:

Can't they be reversed within 24 hours?

£4.5k isn't exactly a silly amount to carry around to buy a car, but if it's been arranged that he collects tomorrow it's probably a bit late to insist on cash

48 hours now. He can leave me a deposit tomorrow.

[castex]

I paid for my bike like this, over a 4g mobile connection.
It hadn't cleared but he loaded the motorcycle for me and waved me off.

[poppopbangbang]

Every car I've purchased privately over the past few years and every car I've sold has been done this way. It's absolutely fine. Use your telephone or internet banking to confirm it is recieved and job done.

[TheAngryDog]

anonymous said:

[redacted]

I think some banks are still slow with their payments. I don't know if my bank can tell me whether they can accept faster payments from his bank.

[swisstoni]

I'd say come back when you have the cash. Not difficult for buyer to arrange.

[Defcon5]

WojaWabbit said:

Only problem might be the bank barring the transaction if the buyer is using your wifi network on his mobile. I had this issue when the mobile network wasn't strong enough to use mobile banking, so I used the seller's wifi. The bank's security system noted I was on a different IP and put a stop on the transfer. Took a couple of hours to sort out.

I've had this before too - make sure he sets you up as a recipient before he sets off and transfers a quid or something. Won't have to gaff about doing it at the time then

[TheAngryDog]

He's coming straight from work as he is working tonight. He is going to stick around while money is in my account.

Cheers everyone

[Who me ?]

Plenty of mention of this on Don't get gone, get Dom, and esp off Britain . Same advise - -no, no and 1000 times no, if offered bank transfer, think SCAM.

[PumaDal]

Best way to do it is in the week before collection, get them to sent £50 or something to make sure the system works. That way you both know the account number and sort code are correct before sending thousands.

Then a day or so before (or on the day if you prefer) send the balance. I've had it transfer instantly if the bank is the same or take a couple of hours if not.

If you're going to an obvious home of the seller (not some car park) and it's fairly obvious they're a straight up seller then there's not a problem.

Me and the other half have bought and sold our last 8 cars like this without issue.

Edited by PumaDal on Saturday 14th February 20:42

[moustache]

Did this last Sunday when I purchased my SAAB. Had my laptop, did the transfer and he got a text a few mins later saying the money was in his account.

[Hawkeye73]

I've bought and sold a few cars this way. I usually send a deposit by bank transfer a couple of days before i collect the car just so the seller can see it works. Never had any issues using same WiFi if using persons home internet.


If you've got any concerns then ask for cash, at least there's no issues with cash...........queens head wrong way round, notes still wet.