Private Sale - Process

[Calculator]

After an enjoyable search, I have agreed a buy a nice V8V privately from a fellow PH'er.

Can anyone advise on the logistics for the transaction to provide as much comfort as possible for both buyer and seller?

[AMDBSNick]

I assume you are buying Slarti's car, congratulations.

Internet banking. I'm pretty sure the transfers are now instantaneous

[Jockman]

Brown paper bag.

Used notes only.

Meet up in a public place.

Authentication phrase will be something like..."is u Slarti? Do you park in 2 bays?"

Job's a good 'un

[Slarti]

Lol Jockman! I'm in the costa coffee at my local Tesco and laughing out load, on my own and now looking slightly unhinged.

[Neil1300R]

How about like this?

[Neil1300R]

AMDBSNick said:

I assume you are buying Slarti's car, congratulations.

Internet banking. I'm pretty sure the transfers are now instantaneous

Sensible answer - as Nick said - Internet Banking- you can both see it go out of one account into the other. Or bankers draft presented at Slarti's bank - and confirmed by cashier it has been accepted.

[Slarti]

Neil1300R said:

How about like this?

I think I'd prefer a simple Internet transfer. I'd look silly in one of those suits.

[krisdelta]

When I purchased mine, I simply sent a bank transfer of the funds... if you've viewed the car at its registered address and the owner seems like a decent sort - I don't see any reason to complicate it beyond an email setting out the terms, which they reply to (or vice versa).

It may be a little naive of me, but it's never done me any harm. Most people aren't shocking criminals, well hopefully!

Obviously if they are in Nigeria and promising to ship the car immediately... be cautious

Cheers

Kris

[krisdelta]

PS - instant transfers (fast pay) are only up to £10k I believe, you'll need to do a CHAPS if it's more than that. Still only takes @2-4 hours and costs @ £20 I think, but I also believe, only on school days.

[J12MOC]

If you both happen to be with the same bank it shouldn't cost you anything and only takes a couple of hours.

[Swiss_Toni]

Not necessarily with this transaction but you should confirm title (the seller owns it) and that there is no finance or leans against the car. Otherwise you could pay for it, the seller pockets the money and the finance company comes and takes the car because of non-payment and the car is their's!

If there is money owing against it you need to transfered it to the party who is owed it and get them to confirm everything is cleared and then pay the rest (if any) to the seller.

Also don't forget some type of bill of sale / receipt transferring title to you.

[Grant3]

HPI - ( for owner verification finance/ stolen/accidents)

If the car is on finance, get a final settlement figure from the finance company ( via the owner) as technically they are likely to own the car until the amount is settled, so payment split part to finance balance to owner.

A.M. Inspection - ( even under warranty items not covered like - clutches can fail, discs wear, oil run low, etc)

Signed statement from seller - stating the car has never been in an accident/stolen, or re-painted and that the mileage is warranted, with full SH ( to aid best re-sale), that the car is theirs to sell and free from finance ( or as above) the agreed sale price/terms any extras to be included etc.

CHAPS payment on the day.

Enjoy

[BingoBob]

Sorry to disagree, but having been a victim of fraud I can tell you categorically that bank transfers off you no safety at all. You might as well just hand over cash for all the protection it offers. If the transaction is fraudulent, of course.

This is the problem of buying a car privately and the reason why most people choose to go through a dealer - fear of being defrauded.

I think that, as a buyer, you need to see the car at the address where it is registered, check the seller's ID and get a copy of it. This in addition to all the other HPI checks, etc.

As for the actual payment, I agree that bank transfers are the most convenient - once you are satisfied that the car is genuine. But don't think that there is any extra protection to be had with bank transfers.

[Calculator]

Thanks for the advice all.

Could anyone advise on the process for:

- Ensuring that the warranty is transferrable and how the transfer process works

- Transferring the tracker device (should tags be present?)

[michael gould]

The way I have done it in recent years when selling a car is to accompany the seller to his bank where he draws a bank draft in your presence......the only disadvantage of that method is you have to wait a few days for the draft to clear.......a bank draft (provided its genuine...hence accompanying the seller to the bank) is the same as cash unless you think the bank might go bust it’s not rocket science. I might be a bit suspicious if he takes you to "The Bank of Sudan" or “The Bank of Fraudsters"

With regards to warranty.......if its transferable then its transferable......makes sure all service requirements have been fulfilled otherwise the warranty will be invalid

[Calculator]

Thanks Michael.

I assume that the supplying AM dealer (8 months ago) can confirm that the warranty is transferable and that the requirements have been met? They are also performing a 140 point check prior to purchase.

[CraigV12V]

Calculator said:

Thanks for the advice all.

Could anyone advise on the process for:

- Ensuring that the warranty is transferrable and how the transfer process works

- Transferring the tracker device (should tags be present?)

Just sold a V8V and I showed the buyer the clause in the extended Aston warranty where it said the warranty could be transferred to anyone. So the advice should be to read the small print to be sure.

With my V8V I had tags and I gave them to the buyer. My new V12V (second hand) has none as none were ever issued and now days I think most prefer to have the tracker synced with the mobile phone, which works a treat with my iPhone. So with older cars I think there should be tags but with newer; less likely.

[Calculator]

Thanks Craig - pleased to hear you sold your car, it looked a very good buy.