Buying a second hand lotus
Discussion
Ok, I've checked it out and it's lovely!
I spoke to the garage who serviced it and they confirmed the details,
went up to the owners house again tonight to check the V5, the numbers
on the chassis, and engine. Asked the owner for ID, checked his passport
and driving license for photo address link up. Everything seems just fine.
however, I still feel nervous about sending the money! I plan to CHAPS it
into his account tomorrow to give a day to sort out any problems and ensure
it is cleared funds ready for picking it up on saturday.
Is this a good plan? Is there a better way of doing it?
Don't think I'm going to get any sleep between tomorrow and saturday, stressing
about the money and being excited about getting the car!
Sort of bitter sweet really !
james.
I spoke to the garage who serviced it and they confirmed the details,
went up to the owners house again tonight to check the V5, the numbers
on the chassis, and engine. Asked the owner for ID, checked his passport
and driving license for photo address link up. Everything seems just fine.
however, I still feel nervous about sending the money! I plan to CHAPS it
into his account tomorrow to give a day to sort out any problems and ensure
it is cleared funds ready for picking it up on saturday.
Is this a good plan? Is there a better way of doing it?
Don't think I'm going to get any sleep between tomorrow and saturday, stressing
about the money and being excited about getting the car!
Sort of bitter sweet really !
james.
I prefer bankers draft ,your as certain as can be he is genuine you know where he lives. You hand over cheque he verifies it with the bank if he feels the need.He gives you the keys ,jobs a good un.He could always verify the cheque over the phone the day before you give it him, if you give him the deatails of the branch the funds are drawn from. Don't stress youv'e done as much as you can.
Steve
Steve
indeed, it's just nice to hear it from other people, thanks 
I looked into bankers drafts and it turns out they are only marginally
better than cheques, they go through the same clearing process and
are equally as easily forged, so not as good as a lot of people think.
Main benefit is that they are drawn on the bank/BS account so will not
bounce, hence going for the CHAPS option.
Thanks for replies though, I think I feel a bit better now. Very excited
about Saturday!
I looked into bankers drafts and it turns out they are only marginally
better than cheques, they go through the same clearing process and
are equally as easily forged, so not as good as a lot of people think.
Main benefit is that they are drawn on the bank/BS account so will not
bounce, hence going for the CHAPS option.
Thanks for replies though, I think I feel a bit better now. Very excited
about Saturday!
When I bought my Exige last year, I arranged to meet the owner at a mutually convenient branch of my bank. He came with the car and all the documents, he then sat with me in the bank while I put a CHAPS payment through to his account (same day value). He then handed me the keys and docs, shook hands, everybody happy.
dunxs1 said:
you'll have to join
www.norlog.net/
now, local meets and runs round sunny Lancs.
Dunx.
Indeed I will, looking forward to sunny runs out, need to get used to car and handling first though.
Think I have a logon somewhere
trimbo said:
When I bought my Exige last year, I arranged to meet the owner at a mutually convenient branch of my bank. He came with the car and all the documents, he then sat with me in the bank while I put a CHAPS payment through to his account (same day value). He then handed me the keys and docs, shook hands, everybody happy.
Yes, that's a good idea, but to be absolutely garuanteed the previous owner would have to hear from his bank
that the funds had transferred and were cleared. Don't know if it's the same with all banks, but mine only
garuantee it by 4pm and it could happen any time up to then, so again it isn't failsafe. I guess there is
always going to be an element of risk with these things. Think I'm just paranoid as I have never dealt with
these sums of money before!
[quote=s,one]I prefer bankers draft ,your as certain as can be he is genuine you know where he lives. You hand over cheque he verifies it with the bank if he feels the need.He gives you the keys ,jobs a good un.He could always verify the cheque over the phone the day before you give it him, if you give him the deatails of the branch the funds are drawn from. Don't stress youv'e done as much as you can.
Steve[/quote]
A friend of the family lost an Evo 340 that way to a forged bankers draft, some authentic appearing identity documents and a smooth talking fraudster.
Bankers drafts aren't ironclad and are shockingly easy to forge (we all know what a fiver should look like, how many people can positively ID a bankers draft from a forgery?)
Steve[/quote]
A friend of the family lost an Evo 340 that way to a forged bankers draft, some authentic appearing identity documents and a smooth talking fraudster.
Bankers drafts aren't ironclad and are shockingly easy to forge (we all know what a fiver should look like, how many people can positively ID a bankers draft from a forgery?)
If the buyer arranges to draw the banker's draft at a branch local to the seller, the seller can accompany them to the bank and see them collect the draft.
Can't get a forged draft over the counter, so the chance of being conned diminishes.
I have sold a couple of cars like this and it seems to work fine.
Can't get a forged draft over the counter, so the chance of being conned diminishes.
I have sold a couple of cars like this and it seems to work fine.
dunxs1 said:
I went with the guy who was buying one of my cars to his bank branch, then stood beside him at the counter while he transfered the money from his account into my account, no problem, then handed him the keys and got the bus home!
Dunx.
Did the same, expcept the other way round - I was however kind enough to give the seller a lift home too though
Mark Benson said:
If the buyer arranges to draw the banker's draft at a branch local to the seller, the seller can accompany them to the bank and see them collect the draft.
Can't get a forged draft over the counter, so the chance of being conned diminishes.
I have sold a couple of cars like this and it seems to work fine.
Yeah I did think about doing this, only problem is both having the free time to do it at the same time.
I live sufficiently far away to make this kind of arrangement a day off work event...which I would happily
do, but in the end I decided I would just check out the seller as much as possible then CHAPS the money
across. Don't know what can be done in this situation if the deal falls through for some reason and the
seller refuses to refund. Hopefully I won't find out, supposed to be picking up tomorrow morning
When I bought my car I talked the whole issue about BACS, CHAPS etc over with the bank and the most secure and fastest way was to go to the bank together (buyer and seller) with all the necessary ID etc and get a bankers draft drawn out by the teller there and then. It is then paid into the sellers account at the bank.
This proves that the bankers draft is not a dodgy one.
It also prevents the buyer from cancelling the draft.
Note that if you are using cash you may have to give the specific branch that you;re going to up to 7 days notice (not sure why 7).
Hope this helps
Miles
This proves that the bankers draft is not a dodgy one.
It also prevents the buyer from cancelling the draft.
Note that if you are using cash you may have to give the specific branch that you;re going to up to 7 days notice (not sure why 7).
Hope this helps
Miles
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