Selling a car and bank transfers

[clarkee200]

Hopefully my car will be sold this week but the potential buyer is adamant that he wants to pay by bank transfer on the day.

Has anyone done this before? And whats the likelyhood that he will try and reverse the payment once he has drivin off in my pride and joy.

I have only ever bought cars with a bankers draft or cold hard cash.

Thanks

[Jasandjules]

Go to his bank, watch him draw out the cash. Walk to your bank and pay it in. Job done.

[the_stoat]

Also remember that a car sized payment may get stopped by the anti-fraud systems and if so some phone calls to the bank could be required to speed things along.

[MR2_SC]

Bank transfer should be ok. But a faster payment made through online or phone banking may be more problematic, especially if the buyer decides that using someone else's log in details is a good idea.

No reason the buyer can't get you cash.

[kiethton]

Bank transfers are ok when you have cleared funds in your account.....Trust me I know only too well.....

[oldnbold]

I did it last year. Buyer did test drive, deal was done. He logged on to his bank account on his lap top, I watched him transfer the funds by the new fast payment system (£10K)to my account.

He nipped off for some lunch whilst I kept checking my account and 45 mins later the funds were showing cleared in my account.

I called him and he came back and drove the car away. Job Jobbed.

I had checked with my bank before hand that this transaction could not be reversed.

[waterwonder]

Just advise the buyer you won't release the car go until the funds show in your account.

Yesterday I tried to pay for about 60% of a car this way. However the fraud dept put it on hold until i phoned them. Unfortunately this was about 5:15pm and said dept were long gone so I had to wait until this morning to finish it off. In my case the seller was very trusting and let me take the car anyway....not sure I'd advise doing the same. I bet he was releived to see the rest of the money come through this morning.

[NWMark]

Beware that there is a 10k limit on faster transfers so if it is more than this it will be stopped. A CHAPS payment is a better bet but will cost around 20 quid, and only go through mon to fri. Or as above cash from his account both go together to collect and then pay into your account.

[markcoznottz]

NWMark said:

Beware that there is a 10k limit on faster transfers so if it is more than this it will be stopped. A CHAPS payment is a better bet but will cost around 20 quid, and only go through mon to fri. Or as above cash from his account both go together to collect and then pay into your account.

Yes chaps all the way. Safe and irreversible. There's no reason for it to ever be stopped unless there was was a marker or suspicious activity around your account.

[clarkee200]

Seems like i need to talk to my bank tomorrow

[siovey]

I did this when i bought my car ealrier this year. I paid the seller £2.5k cash and £9.5k transfer. I was advised to keep it below £10k for the faster payment. I said i would stay at his until he phoned his bank to make sure the money was in his account. He banked with the same bank with me, so luckily that didnt take too long!

[Ozzie Osmond]

Electronic transfers are absolutely fine. PH just likes to get in a lather over them.

Check with your bank that the money is "cleared funds" in your account if you're nervous. You can always immediately transfer it to another account if you're really jumpy!

[pwd95]

It's your car, you decide when to release it to the buyer. Your in charge.

[smartphone hater]

Cash.

[Ozzie Osmond]

smartphone hater said:

Cash.

What if he just nicked the cash? You may have to return the cash to its rightful owner in which case you end up with no car and no money.

It is difficult to achieve absolute safety and electronic transfers are no worse than anything else.

[smartphone hater]

Ozzie Osmond said:

What if he just nicked the cash? You may have to return the cash to its rightful owner in which case you end up with no car and no money.

It is difficult to achieve absolute safety and electronic transfers are no worse than anything else.

I don't care. I'll always be happier with cash. I will never have to return cash.

EDITED befre it goes silly..

How does anyone know the money hasn't been stolen, or drugs money, or illicit gains from a bank transfer or on line transfer? It's not the 60s any more & clever vilenry has moved on.

Edited by smartphone hater on Sunday 21st October 23:53