Escrow service? or other solution to paying for a car
Discussion
Hello all,
I'm hoping to buy a car privately shortly. I have a lot of details and pictures etc from the seller, so happy to buy it unseen.
As lockdown means I can't travel to collect it, I'm planning to have a transport company collect it for me (I've already got some quotes which are very reasonable).
But, how do I go about paying for it? I'm a little nervous of just doing bank transfers before the transport company has even seen the car exists, but then I wouldn't be able to wait until they see the car to pay for it, because my bank limits me to £10k payments per day online (and the car is closer to £50k).
Is anyone aware of a decent escrow service? Or any other possible solution?
I'm hoping to buy a car privately shortly. I have a lot of details and pictures etc from the seller, so happy to buy it unseen.
As lockdown means I can't travel to collect it, I'm planning to have a transport company collect it for me (I've already got some quotes which are very reasonable).
But, how do I go about paying for it? I'm a little nervous of just doing bank transfers before the transport company has even seen the car exists, but then I wouldn't be able to wait until they see the car to pay for it, because my bank limits me to £10k payments per day online (and the car is closer to £50k).
Is anyone aware of a decent escrow service? Or any other possible solution?
On an unseen £50k car, there's an argument it's worth paying ~£200 for an AA or RAC inspection. This would then also give you third-party corroboration that the car exists at the specified address and is roughly as described, giving you time to then arrange payment in advance of pickup.
The canonical problem with escrow services is that it's too easy for one party in the transaction to propose a scam escrow service to the other - in this case, how would the seller know that the 'escrow service' you nominate is actually going to pay them? So it doesn't really help solve the trust problem, I don't think.
hufggfg said:
Hello all,
I'm hoping to buy a car privately shortly. I have a lot of details and pictures etc from the seller, so happy to buy it unseen.
As lockdown means I can't travel to collect it, I'm planning to have a transport company collect it for me (I've already got some quotes which are very reasonable).
But, how do I go about paying for it? I'm a little nervous of just doing bank transfers before the transport company has even seen the car exists, but then I wouldn't be able to wait until they see the car to pay for it, because my bank limits me to £10k payments per day online (and the car is closer to £50k).
Is anyone aware of a decent escrow service? Or any other possible solution?
Get a taxi and go and buy it. I'm hoping to buy a car privately shortly. I have a lot of details and pictures etc from the seller, so happy to buy it unseen.
As lockdown means I can't travel to collect it, I'm planning to have a transport company collect it for me (I've already got some quotes which are very reasonable).
But, how do I go about paying for it? I'm a little nervous of just doing bank transfers before the transport company has even seen the car exists, but then I wouldn't be able to wait until they see the car to pay for it, because my bank limits me to £10k payments per day online (and the car is closer to £50k).
Is anyone aware of a decent escrow service? Or any other possible solution?
Thanks for answers.
Unfortunately, travelling to buy a private car at the moment is illegal, so I won’t be doing that.
Totally take the point about escrow services. That’s exactly what I was thinking too. I’m a bit surprised though that it isn’t the kind of service one of the big banks offers, or someone like the RAC or AA alongside inspections.
Anyway, I’ll keep thinking.
Unfortunately, travelling to buy a private car at the moment is illegal, so I won’t be doing that.
Totally take the point about escrow services. That’s exactly what I was thinking too. I’m a bit surprised though that it isn’t the kind of service one of the big banks offers, or someone like the RAC or AA alongside inspections.
Anyway, I’ll keep thinking.
Caddyshack said:
I am not sure that it is illegal to go and buy a car? I would either wait or go see it.
If a car collection company can go get it why can’t you within the same laws?
Where is the car (roughly) another ph member may be able to help?
Because that’s the law. As a private person you should stay at home. For business more travel is allowed.If a car collection company can go get it why can’t you within the same laws?
Where is the car (roughly) another ph member may be able to help?
That’s a good idea about a local PHer. Car is in Marlborough in Wiltshire.
Andeh1 said:
A £200 covid fine & risk seems a small gamble compared to a £50k car bought unseen! I know which gamble i'd take...
The fine is irrelevant. I don’t think it is the right thing to do. I expect other people to obey the rules so that we can get the virus under control and get out of lockdown, so I will do so myself as well.hufggfg said:
Andeh1 said:
A £200 covid fine & risk seems a small gamble compared to a £50k car bought unseen! I know which gamble i'd take...
The fine is irrelevant. I don’t think it is the right thing to do. I expect other people to obey the rules so that we can get the virus under control and get out of lockdown, so I will do so myself as well.
As a nation we generally don't do escrow. Sure it effectively exists in house sales and commercial applications. The nearest we sometimes get to it is for your solicitor to release funds to his solicitor. Obviously there are extra costs involved.
If you can't see the car, then as peeps have said maybe a full AA/RAC inspection would be better as this would also provide HPi title/finance checks and an element of a compensation route.
If you can't see the car, then as peeps have said maybe a full AA/RAC inspection would be better as this would also provide HPi title/finance checks and an element of a compensation route.
hufggfg said:
The fine is irrelevant. I don’t think it is the right thing to do. I expect other people to obey the rules so that we can get the virus under control and get out of lockdown, so I will do so myself as well.
Strange attitude? Won't go myself as we need to control the virus, but more than happy to send someone else!alfabeat said:
Strange attitude? Won't go myself as we need to control the virus, but more than happy to send someone else!
It's more a case of: I think the government is right to put in place laws to try to stop the spread of the virus, and I think it's right for me to obey those laws. Part of those laws is also to try and help people continue to operate their businesses so that they can continue to put food on their table. I also support that bit.I certainly wouldn't be happy with bunging a mate £50 to break the law instead of me, but I'm happy to pay someone operating a transport business (who has likely purposefully put in place safety measures etc) to transport a car as part of their normal business.
Saw this service used elsewhere (selling unlisted shares), but I guess it would be used in the same way.
https://www.transpact.com/
https://www.transpact.com/
Assuming its a reputable transport company then I would ask them to confirm the car exists, maybe via a facetime call. and then make a faster payments bank transfer to the owners account. That usually arrives almost instantly. Of course if it doesn't exist, the transport company would want paying but thats the gamble of buying privately during a pandemic.
If you're bank limits you to £ 10k a time, try calling them and explain the situation. They may be able to offer a suggestion of moving £ 50k in a lump sum. Do you have a friendly solicitor for example who may be willing to take 5 x £ 10k payments and then make 1 £ 50k payment when required. Or open an account in your name that has a higher send threshold.
If you're bank limits you to £ 10k a time, try calling them and explain the situation. They may be able to offer a suggestion of moving £ 50k in a lump sum. Do you have a friendly solicitor for example who may be willing to take 5 x £ 10k payments and then make 1 £ 50k payment when required. Or open an account in your name that has a higher send threshold.
Edited by andrewcliffe on Tuesday 19th January 17:08
Edited by andrewcliffe on Tuesday 19th January 17:10
hufggfg said:
It's more a case of: I think the government is right to put in place laws to try to stop the spread of the virus, and I think it's right for me to obey those laws. Part of those laws is also to try and help people continue to operate their businesses so that they can continue to put food on their table. I also support that bit.
I certainly wouldn't be happy with bunging a mate £50 to break the law instead of me, but I'm happy to pay someone operating a transport business (who has likely purposefully put in place safety measures etc) to transport a car as part of their normal business.
But you’re happy for a local PH’er to get involved ?! OddI certainly wouldn't be happy with bunging a mate £50 to break the law instead of me, but I'm happy to pay someone operating a transport business (who has likely purposefully put in place safety measures etc) to transport a car as part of their normal business.
I'm guessing that it's more of a toy that an essential car for you to get to work etc, and this is where your dilemma lies.
You're risking the health of the transport guy, exactly the same as you would risk your own health going to look at it - it's just that it's his business, so he's allowed to do it.
You need to make your mind up if you want to not break the law, or not put people in harm's way for a toy.
If it is a car that you need to get around then go and look at it.
You're risking the health of the transport guy, exactly the same as you would risk your own health going to look at it - it's just that it's his business, so he's allowed to do it.
You need to make your mind up if you want to not break the law, or not put people in harm's way for a toy.
If it is a car that you need to get around then go and look at it.
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