Best way to pay for a private sale?
Discussion
The best way to pay for the car is via CHAPS electronic bank transfer. It is not reversible once the transaction has been sent and, providing it leaves before @ 3pm, should be within the seller's bank within 1 hour. This is the same method that solicitors use for house transactions and is well proven. Failing that use a bankers draft and give the seller the details of the issuing bank plus details of the draft number etc from the bankers draft (cheque) itself so that they can check to see that it is genuine and not a forgery. Above all both the buyer and particularly the seller must be happy with the method of transaction.
Good luck and congratulations on your new purchase; you'll love it,
Danny.
Good luck and congratulations on your new purchase; you'll love it,
Danny.
The problem with banker's drafts is that you can't always check the validity of them. Places like Barclays are actually helping to support fraud by making it impossible to speak directly to the issuing branch. It gets even worse in that someone in the telephonic chain of anonymity will usually tell you that drafts are as good as cash and to pop it into your bank account.
Most fraud involving obtaining cars by deception involves bankers drafts and there are a couple of things you can do to really dress the scam up beautifully and guarantee success.
The problem with a CHAPS transfer is that it potentially puts the buyer at risk. You fire off a transfer prior to collecting the car so the the seller can see the money in their account. Upon turning up to Mandella Towers it seems "Dave" never lived there and "your" Ford Cortina is gone for ever!
The fraud that doesn't involve bankers drafts usually involves money transfers!
Things get worse around Marques such a Porsche where the cars are worth decent money, even in bits and the penalty for getting caught is less than it is for having a few pills shoved up your arse!
Henry
Most fraud involving obtaining cars by deception involves bankers drafts and there are a couple of things you can do to really dress the scam up beautifully and guarantee success.
The problem with a CHAPS transfer is that it potentially puts the buyer at risk. You fire off a transfer prior to collecting the car so the the seller can see the money in their account. Upon turning up to Mandella Towers it seems "Dave" never lived there and "your" Ford Cortina is gone for ever!
The fraud that doesn't involve bankers drafts usually involves money transfers!
Things get worse around Marques such a Porsche where the cars are worth decent money, even in bits and the penalty for getting caught is less than it is for having a few pills shoved up your arse!
Henry

I wanted to chime in with what Henry's saying about bank drafts. I've been very careful with them ever since I ended up £2k down having swapped a laptop for a fake draft.
The draft looked good. Barclays thought so too - it took them a month to tell me it wasn't. Grrr. Still, nice to learn that lesson for £2k instead of a Pork-sized amount.
ETA: DDG - yes, it can, if the transfer fails fraud checks when going between banks. I've had this happen myself, and it happened despite HSBC's assurances to the contrary about it being possible. I was lucky that I'd had HSBC on speakerphone with me and the seller when they said so, as when he called me to say that the money hadn't gone through he was in much less of a panic than he might have been. Part of that might have been because I answered the phone, too, I guess
The draft looked good. Barclays thought so too - it took them a month to tell me it wasn't. Grrr. Still, nice to learn that lesson for £2k instead of a Pork-sized amount.
ETA: DDG - yes, it can, if the transfer fails fraud checks when going between banks. I've had this happen myself, and it happened despite HSBC's assurances to the contrary about it being possible. I was lucky that I'd had HSBC on speakerphone with me and the seller when they said so, as when he called me to say that the money hadn't gone through he was in much less of a panic than he might have been. Part of that might have been because I answered the phone, too, I guess

Edited by all2ofme on Friday 25th November 09:06
Banks are making it more difficult to get your hands on cash these days. The best way is to do a CHAPS transfer at a branch of the buyers bank on the day of the collection with both parties present. I think they charge £25 for the privilege, but considering the risk of carrying large amounts of cash around and meeting a seller who you know nothing about it seems fair. Then the seller checks their balance after an hour and if the money is there the buyer drives away. Simples.
boxsey said:
On collection, I went with the owner to the local building society branch where he could see me get a counter cheque made out to him. We then went straight to his bank where he paid it in. Easy transaction and both of us were happy with our exchange.
This si teh same method I have used a number of times.A genuine Bankers Draft is not reversible and like cash.
The best way to ensure it is genuine is to both go to the bank and get the bankers draft issued there and then (sometimes you have to call the branch to let them know you are coming).
CHAPS transfer, sit and have a coffee together while it's being done. Annulment of trust helps, when I sold my Maser I let it go without the funds clearing as I knew the guy from a forum.
When I sold my DB7, the guy paid me in full 4 days before he collected, so it can work both ways!
I am NOT saying trust random people, I wouldn't take an unseen-drawn draft from a stranger for example. Cash can easily have a few dodgy £50s in there as well! CHAPS and both waiting around for confirmation seems to be the way. Both of you have had to prove your ID so are traceable unless it's a complicated con.
When I sold my DB7, the guy paid me in full 4 days before he collected, so it can work both ways!
I am NOT saying trust random people, I wouldn't take an unseen-drawn draft from a stranger for example. Cash can easily have a few dodgy £50s in there as well! CHAPS and both waiting around for confirmation seems to be the way. Both of you have had to prove your ID so are traceable unless it's a complicated con.
Spy said:
boxsey said:
On collection, I went with the owner to the local building society branch where he could see me get a counter cheque made out to him. We then went straight to his bank where he paid it in. Easy transaction and both of us were happy with our exchange.
This si teh same method I have used a number of times.A genuine Bankers Draft is not reversible and like cash.
The best way to ensure it is genuine is to both go to the bank and get the bankers draft issued there and then (sometimes you have to call the branch to let them know you are coming).
If its at all dodgy, jog on.
You buy the owner in most cases, not the car in my opinion.
When I bought my 993, I CHAPS-ed the guy, a millionaire who lived just by the Dee in Chester.
For trader in Stonebridge Park the rules are different.
Henry got it right.
I wouldn't touch a bank draft with his barge pole, let alone mine.
You buy the owner in most cases, not the car in my opinion.
When I bought my 993, I CHAPS-ed the guy, a millionaire who lived just by the Dee in Chester.
For trader in Stonebridge Park the rules are different.
Henry got it right.
I wouldn't touch a bank draft with his barge pole, let alone mine.
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