payment for car

[IceBoy]

Hi All,

I am purchasing a used car from a private seller.

I think my best options as discussed with the seller is to transfer the money electronically through the bank. From what I understand, I can do this via a CHAPS payment or Faster banking payment.

Which is best & quicker as I dont want to wait until the end of the day for the money to clear before he hands me the car?!

Your help & thoughts appreciated.
Iceboy

[Lee540]

Go with him to a bank and do a transfer in branch

[IceBoy]

I get that bit.

He banks with another bank and from what I understand CHAPS payments are guarnteed to get to his account by the end of the working day!

I don't want to be there from 10am until the end of the day.

Faster payment might have a limit but also is not guaranteed by the end of the day I think?

I'm confussed which is the best option??

IceBoy

[Dracoro]

Go with seller to your bank and have a Bankers draft drawn up in front of you both. He will know that's genuine.

[POORCARDEALER]

If its less than 10K faster payment will take no longer than 10 mins

[IceBoy]

It is a lot more than 10k.
Iceboy

[POORCARDEALER]

Ok, some banks have limits of faster payments, find out who his bank is and check...some have huge limits, but some are as low as 10 k

[Welshbeef]

What are you buying ?

[IceBoy]

996 Turbo S black/black Manual coupe, with a full factory Aero kit.
IceBoy.........I can't wait to pick it up and drive 200 miles home!

[Welshbeef]

IceBoy said:

996 Turbo S black/black Manual with a full factory Aero kit.
IceBoy.........I can't wait to pick it up and drive 200 miles home!

Great car enjoy

[User33678888]

Bankers draft

btw http://www.paymentscouncil.org.uk/resources_and_pu...