Private sale - cash transfer

[WingedTiger]

After totalling my 996 Targa I'm on the lookout for another one. I've seen a couple on private sale but I've never done a private sale before and I'm just trying to work out the best way. Surely I won't pay before its HPI clear if its on finance, but the seller can't clear the HPI withot my money. And teh HPI doesnt clear instantly anyway. Should I pay the finance copnay direct, but then wait a few days...surely theres a risk in that too?

Any suggestons?!! Does one of us just trust the other one!!??

Confused WT

[PH5121]

Have a look at 911 Virgins web site, I seem to think Henry talks about this (but I could be wrong)
In the circumstance you describe it is usual to make a cheque out to the finance company and another to the seller of the car, to ensure the seller does not default on the outstanding finance owed.

[anonymous-user]

Tricky one that. I'd want to get a settlement figure direct from the finance company and then pay them directly to clear the HPI. At the same time I'd want both the logbook and the car itself from the current owner. Paying them any outstanding balance of course. Should be ok if you check out the finance company thoroughly to make sure you're paying for the car itself and not something else!

[Lagerlout]

Do a same day CHAPS transfer by calling into your bank before 1pm. It'll cost £20-£30 a go but peace of mind. Funds will arrive same day and the finance company can tell you if they have received the funds, and the sellers bank can confirm the same. Bit of a whole days work but safe.

[Paracetamol]

Key issue is whether he owes more than the what you are paying. If not pay the entire amount to the finance co and they will send him the surplus. If its less then be wary. Tell him to pay his excess and then send the rest to the finance co. Under no circumstances give all the money to him

[JKay]

A little off topic but relates to buying privately.

Saw a car on Monday this week (A Ford), all the VIN numbers matched, including the one under the drivers seat.

However, upon closer inspection, the VIN number here under the drivers seat appeared not to be stamped in, I felt very carefully with my finger and there appeared to be another number underneath, VERY easily missed, and turned out it was a ringer, so just a point to note

[hoges11]

My old car is still on sale at Northway, lovely car only chopped it in cos I wanted a TT

[Geavesy]

Ask the seller to get a settlement letter from the finance company. Go in the car to the bank with the seller, wire transfer the settlement to the finance comnpany any outstanding balance give to the seller either wire or cash and drive the car away.

I'd ask to see his passport so it matches with the log book, and have a photo taken with him just in case!!!!;D

[thegoose]

We should have a facelift coupe in on Monday that'll be sub-£30k. Pay by debit card and drive away

[WingedTiger]

Thanks everyone, especially to Hoges11 and TheGoose - I'm eitehr looking for another decent Targa with PCM or maybe a slightly older 4S, hopefully for around £37kish, so I'm not sure your cars fit.

This must be a problem loads of people must have, I suppose its why people get stung. But theres no easy solution by sounds of it - I think TTing the money to finance company and to the seller at he same time is the best.

Thanks again, WT

[thegoose]

You can pay some finance companies by debit card over the phone. Saves a trip to the bank.

[qureshia]

As above most will take debit card over the phone and then give you a confirmation number or even fax a letter through to say the finance is settled

I’v done this twice

[Henry-F]

WingedTiger said:

Thanks everyone, especially to Hoges11 and TheGoose - I'm eitehr looking for another decent Targa with PCM or maybe a slightly older 4S, hopefully for around £37kish, so I'm not sure your cars fit.

This must be a problem loads of people must have, I suppose its why people get stung. But theres no easy solution by sounds of it - I think TTing the money to finance company and to the seller at he same time is the best.

Thanks again, WT

Where on earth would you find a nice C4S for £37k ?

The only one I could find was £36,995 although if you ask nicely we`d take £37k

Shameful self promotion but in fairness very relevant to the thread

Good luck

Henry

[sleep envy]

not too sure about the plate though...

[Fidgits]

hoges11 said:

My old car is still on sale at Northway, lovely car only chopped it in cos I wanted a TT

get away satan and your hellish temptations!