How does one go about paying for car purchased privately....
Discussion
Just bought my Tuscan a couple of weeks ago.
Simple...
£5.5k in reddies.
Balance via bankers draft, made out to the owner.
Owner and me left car at neutral location (in this case car dealership) and went to the bank in my oil burner (with all his paper work for the car)
Bank confirmed cash & draft were all A1.
Drove back to TVR in oil burner.
Gave the guy a lift to his desired location.
Left oil burner by side of road with a HUGE grin!!!
Job done...easy as that.
Not looked back since (until the slave went after about 30 miles of new ownership...ouch!)
>> Edited by richman on Thursday 1st June 00:09
Simple...
£5.5k in reddies.
Balance via bankers draft, made out to the owner.
Owner and me left car at neutral location (in this case car dealership) and went to the bank in my oil burner (with all his paper work for the car)
Bank confirmed cash & draft were all A1.
Drove back to TVR in oil burner.
Gave the guy a lift to his desired location.
Left oil burner by side of road with a HUGE grin!!!
Job done...easy as that.
Not looked back since (until the slave went after about 30 miles of new ownership...ouch!)
>> Edited by richman on Thursday 1st June 00:09
When I got mine I had same dilema ... ended up driving to town centre his not mine .. with documents and keys and got the bank to count and hand over the cash to him ...
we pre arranged the cash handout with the bank .. he then took the cash to his bank and job done ... trouble with transfers is you then trust them .. cash is cleanest I reckon
... DAS
we pre arranged the cash handout with the bank .. he then took the cash to his bank and job done ... trouble with transfers is you then trust them .. cash is cleanest I reckon
... DAS
I paid in cash 25K in readies is actually a fairly small wedge to carry. I stuffed it up my jumper and walked around trying to look butch for half a day so no one would think to mess with me.
Although thinking back now I think it may have been the lump under the jumper that put people off.
Although thinking back now I think it may have been the lump under the jumper that put people off.
puffsorted2 said:
Best way I think is pay by bankers draft when the banks are open. Any branch of the issuing bank will be able to confirm that the draft is genuine or not, so just pop there with the seller, pay the money in and drive away the car, everybodies happy 
Not so...........
www.pistonheads.co.uk/gassing/topic.asp?p=1&f=72&t=274885&h=0
AS a former bank employee (albeit many years ago 
) IMHO there are two safe options (a bank draft is not one of them unless you get it specially cleared as you would someone's personal cheque)EITHER have the money transferred directly into the sellers account by the buyer via a CHAPS payment (this is akin to a wire payment or telegraphic transfer) and is cleared funds. Get confirmation from the bank (in writing ideally) that its been received and proceed with the transaction OR Seller and buyer go to buyer's bank - buyer cashes full amount which is paid immediately into seller's bank account - the cash never leaves the bank cashier in effect. The seller gets a stamped paying-in receipt for a cash deposit - job done. Just like the last time I sold a car privately 
.
>> Edited by keithyboy on Thursday 1st June 13:47
) IMHO there are two safe options (a bank draft is not one of them unless you get it specially cleared as you would someone's personal cheque)EITHER have the money transferred directly into the sellers account by the buyer via a CHAPS payment (this is akin to a wire payment or telegraphic transfer) and is cleared funds. Get confirmation from the bank (in writing ideally) that its been received and proceed with the transaction OR Seller and buyer go to buyer's bank - buyer cashes full amount which is paid immediately into seller's bank account - the cash never leaves the bank cashier in effect. The seller gets a stamped paying-in receipt for a cash deposit - job done. Just like the last time I sold a car privately . >> Edited by keithyboy on Thursday 1st June 13:47
keithyboy said:
Seller and buyer go to buyer's bank - buyer cashes full amount which is paid immediately into seller's bank account - the cash never leaves the bank cashier in effect. The seller gets a stamped paying-in receipt for a cash deposit - job done. Just like the last time I sold a car privately
Snap. It's nice to know that I'm not the only one to do that.
JR said:
Seller and buyer go to buyer's bank - buyer cashes full amount which is paid immediately into seller's bank account - the cash never leaves the bank cashier in effect. The seller gets a stamped paying-in receipt for a cash deposit - job done. Just like the last time I sold a car privately
Snap. It's nice to know that I'm not the only one to do that.
Thats got to be the easiest and safest way, as its cash it can't be recalled, defo what i will do in future
GreenV8S said:
Does this rely on you both having accounts with the same bank?
Pete, it shouldn't matter, as it will be deposited as a bank giro credit or whatever they call it these days. Some banks have got arsey & and charge for crediting accounts with other banks if you are not a customer of theirs, but given that in the scenario we're discussing the buyer will be with you I can't envisage any problems. I used NatWest (the buyers bank) to bank into a LloydsTSB account in my last cash sale with no issues whatsoever.
Several options (as mentioned above)...
1. Both go to buyers bank, do a CHAPS transfer there on the spot, with keys, V5, etc. handed over before leaving. Cost - £15 or so.
2. Get a Banker's draft drawn up, and take it to the seller's bank to get their agreement they'll accept it/phone the buyer's bank to get the thumbs up that it has been issued correctly (some banks won't do this for data protection reasons. Cost - £15 or so.
3. Get a banker's draft drawn up, hand it over and pick up the keys + car. But leave the MOT & V5 with the seller until the funds have cleared. That way they can report it stolen if you're up to no good! Cost - £15 or so.
4. If you bank with the same institution, go to the seller's house and hop onto the online banking, doing a straight transfer there to their account - should show up immediately in most cases (best to check with your bank before hand) Cost - Free.
5. Brown paper bag full of beer tokens. Cost - Free. This is most amusing when the paper bag chosen was from Macdonalds - don't think anyone's ever looked so possessive of a Happy Meal in their life. It did drive the cost up to £2.99, though.
I've done all of 1-5 in buying/selling cars over the last few years - never any problems.
1. Both go to buyers bank, do a CHAPS transfer there on the spot, with keys, V5, etc. handed over before leaving. Cost - £15 or so.
2. Get a Banker's draft drawn up, and take it to the seller's bank to get their agreement they'll accept it/phone the buyer's bank to get the thumbs up that it has been issued correctly (some banks won't do this for data protection reasons. Cost - £15 or so.
3. Get a banker's draft drawn up, hand it over and pick up the keys + car. But leave the MOT & V5 with the seller until the funds have cleared. That way they can report it stolen if you're up to no good! Cost - £15 or so.
4. If you bank with the same institution, go to the seller's house and hop onto the online banking, doing a straight transfer there to their account - should show up immediately in most cases (best to check with your bank before hand) Cost - Free.
5. Brown paper bag full of beer tokens. Cost - Free. This is most amusing when the paper bag chosen was from Macdonalds - don't think anyone's ever looked so possessive of a Happy Meal in their life. It did drive the cost up to £2.99, though.
I've done all of 1-5 in buying/selling cars over the last few years - never any problems.
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