Paying the money ...
Discussion
Supposing you are buying your £100k car secondhand, how would you go about transfering the money? With a dealer, it's pretty much straight forward - they aren't going anywhere, but what about the private vendor, what would be the sequence in handing over the money (electronic transfer I guess), confirming it is there, getting the car?
I've done it by way of a bankers draft (from a High St bank).
They get the draft, which is equivalent to cash for the named payee, you get the keys.
The money has already been debited by your bank from your account, so the bank is drawing the money from itself and you can't stop it like you can a cheque.
They get the draft, which is equivalent to cash for the named payee, you get the keys.
The money has already been debited by your bank from your account, so the bank is drawing the money from itself and you can't stop it like you can a cheque.
Ferruccio said:
I've done it by way of a bankers draft (from a High St bank).
They get the draft, which is equivalent to cash for the named payee, you get the keys.
The money has already been debited by your bank from your account, so the bank is drawing the money from itself and you can't stop it like you can a cheque.
I would only accept this if the draft is obtained from the bank with me present. Too many forgeries.They get the draft, which is equivalent to cash for the named payee, you get the keys.
The money has already been debited by your bank from your account, so the bank is drawing the money from itself and you can't stop it like you can a cheque.
chaps transfer is fastest electronic system, but needs you to go in branch.... what you do with the other party then comes down to trust...... when I bought my first lambo, I did a chaps transfer, and picked up the car after work, hours later..... when I sold the same car, I delivered the car several days after the funds had cleared to me.... some people have talked about seller/owner having lunch with car present to pass the time....
HIS LM said:
In my case I paid a small cash deposit to secure the car and asked for a letter confirming receipt for the sale of xyz with balance to follow by transfer signed by both parties dated etc.
I went home transferred the balance and 4 hours later went round and collected the car job done
Most accounts have daily limits which would prevent this being done from home for more than £25k.I went home transferred the balance and 4 hours later went round and collected the car job done
I've sold one car where transfer was done at the bank and was in my account by the time I walked outside to the cashpoint. That was on a weekday.
I've paid for a car the same way on a Saturday and then been told the money wouldn't arrive until Monday.
On Friday, I sold a car which was being collected by a transporter - the buyer had been told by his bank he could make fast payment in branch, but when he tried he was told it would not arrive until Monday. He therefore had to make the payment electronically himself, but because it was over his daily amount a trusting relation made part of the payment. (Note it wasn't as dodgy as it probably sounds!).
ETA : although I understand the daily limit is protection for us, these days it really should be possible for me to tell the bank that on <this> date, I want to be able to make a payment to <this> person for <this> amount. Even with additional pin protection if required.
Edited by davek_964 on Monday 1st June 19:51
davek_964 said:
Most accounts have daily limits which would prevent this being done from home for more than £25k.
I've sold one car where transfer was done at the bank and was in my account by the time I walked outside to the cashpoint. That was on a weekday.
I've paid for a car the same way on a Saturday and then been told the money wouldn't arrive until Monday.
On Friday, I sold a car which was being collected by a transporter - the buyer had been told by his bank he could make fast payment in branch, but when he tried he was told it would not arrive until Monday. He therefore had to make the payment electronically himself, but because it was over his daily amount a trusting relation made part of the payment. (Note it wasn't as dodgy as it probably sounds!).
ETA : although I understand the daily limit is protection for us, these days it really should be possible for me to tell the bank that on <this> date, I want to be able to make a payment to <this> person for <this> amount. Even with additional pin protection if required.
Nationwide has a £10k per transaction limit but no limit (not that I reached) to the number of transactions I've sold one car where transfer was done at the bank and was in my account by the time I walked outside to the cashpoint. That was on a weekday.
I've paid for a car the same way on a Saturday and then been told the money wouldn't arrive until Monday.
On Friday, I sold a car which was being collected by a transporter - the buyer had been told by his bank he could make fast payment in branch, but when he tried he was told it would not arrive until Monday. He therefore had to make the payment electronically himself, but because it was over his daily amount a trusting relation made part of the payment. (Note it wasn't as dodgy as it probably sounds!).
ETA : although I understand the daily limit is protection for us, these days it really should be possible for me to tell the bank that on <this> date, I want to be able to make a payment to <this> person for <this> amount. Even with additional pin protection if required.
Edited by davek_964 on Monday 1st June 19:51
CHAPS.......paid the full balance with it........I'm not sure if there is a limit but it will be high.
You need cleared funds in your account to make the payment so don't transfer it in on the day. Cost me £30 and I did it with the seller stood next to me then went back and drove the car home.
No stripping to underpants and hugging though. Is this the law now?
You need cleared funds in your account to make the payment so don't transfer it in on the day. Cost me £30 and I did it with the seller stood next to me then went back and drove the car home.
No stripping to underpants and hugging though. Is this the law now?
HIS LM said:
davek_964 said:
Most accounts have daily limits which would prevent this being done from home for more than £25k.
I've sold one car where transfer was done at the bank and was in my account by the time I walked outside to the cashpoint. That was on a weekday.
I've paid for a car the same way on a Saturday and then been told the money wouldn't arrive until Monday.
On Friday, I sold a car which was being collected by a transporter - the buyer had been told by his bank he could make fast payment in branch, but when he tried he was told it would not arrive until Monday. He therefore had to make the payment electronically himself, but because it was over his daily amount a trusting relation made part of the payment. (Note it wasn't as dodgy as it probably sounds!).
ETA : although I understand the daily limit is protection for us, these days it really should be possible for me to tell the bank that on <this> date, I want to be able to make a payment to <this> person for <this> amount. Even with additional pin protection if required.
Nationwide has a £10k per transaction limit but no limit (not that I reached) to the number of transactions I've sold one car where transfer was done at the bank and was in my account by the time I walked outside to the cashpoint. That was on a weekday.
I've paid for a car the same way on a Saturday and then been told the money wouldn't arrive until Monday.
On Friday, I sold a car which was being collected by a transporter - the buyer had been told by his bank he could make fast payment in branch, but when he tried he was told it would not arrive until Monday. He therefore had to make the payment electronically himself, but because it was over his daily amount a trusting relation made part of the payment. (Note it wasn't as dodgy as it probably sounds!).
ETA : although I understand the daily limit is protection for us, these days it really should be possible for me to tell the bank that on <this> date, I want to be able to make a payment to <this> person for <this> amount. Even with additional pin protection if required.
Edited by davek_964 on Monday 1st June 19:51
Ferruccio said:
I've done it by way of a bankers draft (from a High St bank).
They get the draft, which is equivalent to cash for the named payee, you get the keys.
The money has already been debited by your bank from your account, so the bank is drawing the money from itself and you can't stop it like you can a cheque.
i wouldn't accept a draft !They get the draft, which is equivalent to cash for the named payee, you get the keys.
The money has already been debited by your bank from your account, so the bank is drawing the money from itself and you can't stop it like you can a cheque.
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