Whats the Safest way to be paid for Car?
Discussion
Looking to sell my MGB, current prices are promising high £6000 to £8000 approximately. So whats the best method of payment to accept.
Cash for that amount is gonna be difficult to deal with, Bank Transfers, Business cheques Money Transfers all need to be cleared into my account first which can take a bit of time.
Any PHers had good experiences, they could share?
I feel it best to be prepared before uploading an advert.
Cash for that amount is gonna be difficult to deal with, Bank Transfers, Business cheques Money Transfers all need to be cleared into my account first which can take a bit of time.
Any PHers had good experiences, they could share?
I feel it best to be prepared before uploading an advert.
S2Mike said:
Looking to sell my MGB, current prices are promising high £6000 to £8000 approximately. So whats the best method of payment to accept.
Cash for that amount is gonna be difficult to deal with, Bank Transfers, Business cheques Money Transfers all need to be cleared into my account first which can take a bit of time.
Any PHers had good experiences, they could share?
I feel it best to be prepared before uploading an advert.
Cash may still be your safest option.Cash for that amount is gonna be difficult to deal with, Bank Transfers, Business cheques Money Transfers all need to be cleared into my account first which can take a bit of time.
Any PHers had good experiences, they could share?
I feel it best to be prepared before uploading an advert.
Alternatively online bank transfer is another option, Allow said buyer access to your internet connection to set up the transfer and if it is bank to bank (on of the majors not the likes of Yorkshire) transfer should be almost instant. Make em a cup of tea, have a natter for ten mintues then check your account and it should (as long as transfer has been accepted) show up in your account.
If a Nigerian knocks on your door with a bankers draft saying he wants your car For his cousin Awotwi tell him to sod off, that's the only advice I can give lol.
But seriously when it's a lot of money I would say go to the bank, last time I sold my car on here I did it all wrong the guy who bought my car ended up having to use my computer and sent the money across.
But saying that you could tell the guy was a very genuine bloke so I guess a lot is down to gut instinct.
But seriously when it's a lot of money I would say go to the bank, last time I sold my car on here I did it all wrong the guy who bought my car ended up having to use my computer and sent the money across.
But saying that you could tell the guy was a very genuine bloke so I guess a lot is down to gut instinct.
I'd normally be a cash only man, but when I sold the Disco last year a chap turned up and did the bank transfer on my PC. All very smooth, I logged on to my account to verify funds were there, and all was well.
Obviously methods to avoid are:
Cheque - unless you wait for it to clear before releasing the car - allow a full 7 days, cheques can bounce AFTER funds appear in your bank.
Bankers Draft - gone are the days when these were as good as cash, now too easy to forge.
Magic Beans - they're not magic, trust me.
Obviously methods to avoid are:
Cheque - unless you wait for it to clear before releasing the car - allow a full 7 days, cheques can bounce AFTER funds appear in your bank.
Bankers Draft - gone are the days when these were as good as cash, now too easy to forge.
Magic Beans - they're not magic, trust me.
Dr Interceptor said:
I'd normally be a cash only man, but when I sold the Disco last year a chap turned up and did the bank transfer on my PC. All very smooth, I logged on to my account to verify funds were there, and all was well.
Obviously methods to avoid are:
Cheque - unless you wait for it to clear before releasing the car - allow a full 7 days, cheques can bounce AFTER funds appear in your bank.
Bankers Draft - gone are the days when these were as good as cash, now too easy to forge.
Magic Beans - they're not magic, trust me.
Bank transfers can be reversed, and are used in scams for carsObviously methods to avoid are:
Cheque - unless you wait for it to clear before releasing the car - allow a full 7 days, cheques can bounce AFTER funds appear in your bank.
Bankers Draft - gone are the days when these were as good as cash, now too easy to forge.
Magic Beans - they're not magic, trust me.
The only guaranteed ways are cash and reputable main stealers
Cash is good.
BACS transfer is good, costs about £30, takes 15 minutes. Once money is showing as in the bank it can not ‘bounce’.
Alternatively go to the bank with them.
Have them withdraw money then give it to you.
Then you pay it straight back in.
I have not done this, but for very large amounts I have heard it’s possible to go into a bank and have a staff member move the cash money from one account to another without the actual notes being handed over.
But that means you both need to bank with the same bank or the seller create new account to receive the money.
I guess it depends on the amounts involved.
BACS transfer is good, costs about £30, takes 15 minutes. Once money is showing as in the bank it can not ‘bounce’.
Alternatively go to the bank with them.
Have them withdraw money then give it to you.
Then you pay it straight back in.
I have not done this, but for very large amounts I have heard it’s possible to go into a bank and have a staff member move the cash money from one account to another without the actual notes being handed over.
But that means you both need to bank with the same bank or the seller create new account to receive the money.
I guess it depends on the amounts involved.
I sold a 911 for £12k cash earlier this year, specified used notes only.
Alternatively, once a price is agreed, ask them to order a bank draft from their bank at a branch local to you, you go with them and witness a bank clerk handing them then bank draft, that way you know its real. pay it in to your bank.
Alternatively, once a price is agreed, ask them to order a bank draft from their bank at a branch local to you, you go with them and witness a bank clerk handing them then bank draft, that way you know its real. pay it in to your bank.
I'm interested in this as well as I may be looking to sell my Caterham later this year. I would always say bankers draft would be the best way but have heard these can be forged quite easily.
I'm also concerned about receiving counterfeit banknotes?
Am I being overly cautious or paranoid?
I'm also concerned about receiving counterfeit banknotes?
Am I being overly cautious or paranoid?
Huntsman said:
I sold a 911 for £12k cash earlier this year, specified used notes only.
Alternatively, once a price is agreed, ask them to order a bank draft from their bank at a branch local to you, you go with them and witness a bank clerk handing them then bank draft, that way you know its real. pay it in to your bank.
+1Alternatively, once a price is agreed, ask them to order a bank draft from their bank at a branch local to you, you go with them and witness a bank clerk handing them then bank draft, that way you know its real. pay it in to your bank.
I sold our Smax in March for £6.5k - buyer paid by bank transfer 24 hours before collection.
Last year I sold my E46 and accepted payment by switch through my business - not strictly legit, but it got the money from his current account into my control instantly.
Some years ago a friend sold his car for £12k cash, only to be told by his branch that they would not accept cash without prior notice! Getting cash out I can understand, but putting it back?
Last year I sold my E46 and accepted payment by switch through my business - not strictly legit, but it got the money from his current account into my control instantly.
Some years ago a friend sold his car for £12k cash, only to be told by his branch that they would not accept cash without prior notice! Getting cash out I can understand, but putting it back?
Iv sold/bought my last 3 cars by bank transfer via internet banking.The money is usually there within a couple of hours and is so quick and easy you dont even have to leave your house!
I have two accounts with my bank,one current and one I leave virtually empty.The empty one is the one I give
the details of to the buyer so if there is anything dodgy going on there is nothing in the account anyway.
As soon as the money appears in this account i transfer it immediately into my current account of which they have no details.This transfer is instantaneous and the account they have the details for is once again empty so no chance of pulling the money back etc.
Simple,then they can have the car.
Edit: banks are a bit funny about taking cash these days. I bought a westfield a few yrs back and took cash as i wanted to take the car there and then as it was a way away so I went to the bank with the chap to pay it into his account. The ammount was £12k and they were asking me all kinds of questions as to where I got the money from and in the end the acually phoned my bank to get confirmation that I had withdrawn that ammont of money recently!!
Not sure weather you would have that problem with £6k but im getting the felling that buying ANYTHING over a couple of grand in cash will soon become impossible.
I have two accounts with my bank,one current and one I leave virtually empty.The empty one is the one I give
the details of to the buyer so if there is anything dodgy going on there is nothing in the account anyway.
As soon as the money appears in this account i transfer it immediately into my current account of which they have no details.This transfer is instantaneous and the account they have the details for is once again empty so no chance of pulling the money back etc.
Simple,then they can have the car.
Edit: banks are a bit funny about taking cash these days. I bought a westfield a few yrs back and took cash as i wanted to take the car there and then as it was a way away so I went to the bank with the chap to pay it into his account. The ammount was £12k and they were asking me all kinds of questions as to where I got the money from and in the end the acually phoned my bank to get confirmation that I had withdrawn that ammont of money recently!!
Not sure weather you would have that problem with £6k but im getting the felling that buying ANYTHING over a couple of grand in cash will soon become impossible.
Edited by Nedzilla on Monday 21st May 15:46
Just as I thought, it's a mine field of potential scams. Cash could be forged notes,Bankers Draft could be forged. So the, let's transfer bank to bank over the Internet, or accompany them to their branch and watch them withdraw the cash, and take it off them. (Just hope I dont look as if I am forcing them to hand over their savings) , unless they keep a note of your account numbers, and clean it out later. So Spidey Senses at the ready, see if I can sniff out the scammer. Thanks everyone, especially Snowboy Spidey Senses.
Edited by S2Mike on Monday 21st May 20:25
Snowboy said:
There’s also the equivalent of the custard test.
Does the seller appear to be legit, or are they a bit suspect.
Did they arrive to look at your £8k car in a mates rustbucket, or did they arrive with their Dad in his new Jag?
Sometimes you just have to trust your spidey sense.
Not always the case.I just bought a £40k Nissan GT-R a couple of weeks ago from a wealthy young man and the car I turned up in was my dads 1998 s reg 1.6 renault laguna complete with crumpled front wing and rear bumber hanging off which must be worth all of £300!!Does the seller appear to be legit, or are they a bit suspect.
Did they arrive to look at your £8k car in a mates rustbucket, or did they arrive with their Dad in his new Jag?
Sometimes you just have to trust your spidey sense.
I never got the sense he thought I was a time waster......though the fact I had driven 145 miles to view it might of had something to do with it.
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