Whats the best method for taking payment for a car?
Discussion
I have a buyer coming to look at my car on Saturday, he says that if all is as it should be he will take it. The agreed price is £35k. I am a bit unsure as how best to deal with this transaction. I usually just sell on to the trade, I haven't ever sold a car of this value privately. The buyer is mentioning wiring the money to my account, whatever that means. Is that normal? I am not willing to let the car go until I have verified the money is in my account. Once the money shows in my account is it possible that the payment can be reversed? Any tips??
Cheers
Peter
Cheers
Peter
How close are you to your (I know you will need to ask the purchaser his) banks? From experience, go to his bank first, let him do a CHAPS transfer. Then go to your bank (with him in tow), ask them for visibility on the funds. When they confirm go home sign the logbook and you are done!
Faster payments (wiring the money using online banking) has a limit of £1k. So that won't work I don't think.
Chaps would be the way to go. Or get a bankers draft or building society cheque. But make sure to phone the issuing back to check it's not a forgery.
If you can get into town they as said, either chaps it over, or get him to draw a bankers draft with you watching, and have it hand it to you while you're in the branch. You can then let the car go and bank the cheque when you like, because you saw it being drawn.
Chaps would be the way to go. Or get a bankers draft or building society cheque. But make sure to phone the issuing back to check it's not a forgery.
If you can get into town they as said, either chaps it over, or get him to draw a bankers draft with you watching, and have it hand it to you while you're in the branch. You can then let the car go and bank the cheque when you like, because you saw it being drawn.
mrmr96 said:
Faster payments (wiring the money using online banking) has a limit of £1k. So that won't work I don't think.
Chaps would be the way to go. Or get a bankers draft or building society cheque. But make sure to phone the issuing back to check it's not a forgery.
If you can get into town they as said, either chaps it over, or get him to draw a bankers draft with you watching, and have it hand it to you while you're in the branch. You can then let the car go and bank the cheque when you like, because you saw it being drawn.
Agreed. Bankers draft drawn in branch is also sufficient. Just make sure there isnt a sleight of hand as he hands it over and passes over a fake one..... or maybe i have just been watching too much huste.... ;-)Chaps would be the way to go. Or get a bankers draft or building society cheque. But make sure to phone the issuing back to check it's not a forgery.
If you can get into town they as said, either chaps it over, or get him to draw a bankers draft with you watching, and have it hand it to you while you're in the branch. You can then let the car go and bank the cheque when you like, because you saw it being drawn.
Do this
Tell him to order a bankers draft at his bank but the branch near you, go with him to collect the draft, pay the draft into your bank - job done.
A chaps etc will mean he is sitting in your house for hours pissing you both off.
Good luck
Ps make sure the draft isn't switched between collection and handing over.
Tell him to order a bankers draft at his bank but the branch near you, go with him to collect the draft, pay the draft into your bank - job done.
A chaps etc will mean he is sitting in your house for hours pissing you both off.
Good luck
Ps make sure the draft isn't switched between collection and handing over.
rsv gone! said:
bleesh said:
Faster payments "limit" depends on the bank.
Lloyds I transferred £10k in 15 minutes on Wednesday.
Santander used to have (may still have) a limit of £300!!!!!!!!!!!!!
I transferred £24k from Santander account by faster payment (Nov 2011) so limit must have been raised.Lloyds I transferred £10k in 15 minutes on Wednesday.
Santander used to have (may still have) a limit of £300!!!!!!!!!!!!!
http://en.wikipedia.org/wiki/Faster_Payments_Servi...
Wiki:Faster Payments Service (FPS) is a UK banking initiative to reduce payment times between different banks' customer accounts from three working days using the long-established BACS system, to near real time. CHAPS already provides limited faster-than-BACS service (by close of business that day) for 'high value' transactions, while FPS is focused on the much larger number of payments of smaller values (the actual limits depend on the individual banks, with some allowing Faster Payments up to the value £100,000.
When my bank told me the limit was £1k I thought it was "the limit" not "their limit". I presume the limit would be set by the sending bank rather than the receiving bank. (So although I can't send over £1k this way, I could presumably receive it?)
mrmr96 said:
rsv gone! said:
bleesh said:
Faster payments "limit" depends on the bank.
Lloyds I transferred £10k in 15 minutes on Wednesday.
Santander used to have (may still have) a limit of £300!!!!!!!!!!!!!
I transferred £24k from Santander account by faster payment (Nov 2011) so limit must have been raised.Lloyds I transferred £10k in 15 minutes on Wednesday.
Santander used to have (may still have) a limit of £300!!!!!!!!!!!!!
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