Selling your car payment
Discussion
I just wanted to share what our business bank has told us, We bank with Lloyds TSB (for our sins) but this effects all of us.
We are no longer to accept personal cheques for our cars - personal cheques now never clear, if through a fraud investigation a payment has been made to you through false circumstances they will take the money back even after a year has passed.
Bankers drafts are no longer fully guaranteed, if you go with your client to the bank and see it drawn you do have more security, however it is possible to draw a draft, pay for a car, for you for phone check it from the issueing branch, then the customer to call say he's lost it and it will be cancelled.
We have been told the only secure way to accept payment is from CHAPs / BACs transfers, these once sent cannot be cancelled. - best to take your customer to his / her bank and let them do it in front of you.
I would seem that Banks do not want to be responsible for anything. Good luck and be carefull.
We are no longer to accept personal cheques for our cars - personal cheques now never clear, if through a fraud investigation a payment has been made to you through false circumstances they will take the money back even after a year has passed.
Bankers drafts are no longer fully guaranteed, if you go with your client to the bank and see it drawn you do have more security, however it is possible to draw a draft, pay for a car, for you for phone check it from the issueing branch, then the customer to call say he's lost it and it will be cancelled.
We have been told the only secure way to accept payment is from CHAPs / BACs transfers, these once sent cannot be cancelled. - best to take your customer to his / her bank and let them do it in front of you.
I would seem that Banks do not want to be responsible for anything. Good luck and be carefull.
Edited by walkersport on Thursday 5th June 13:01
Edited by walkersport on Thursday 5th June 13:19
walkersport said:
You do get some funny looks from banks when you take cash in though!
First time I paid cash for a car I took it in a rucksack, 9grand of it in twentys. Went to a pub before the test drive and left it under the table. Luckily it was still there when we raced back later!And no need for ID with switch btw, although the bank may ask to speak to the cardholder on referral - I had mine call me while I was paying for a service at Emblem... it was a big service!!
Bought the Wife's S-Max on switch and was referred, bought my Fiat 500 the same and they didn't blink an eye for £12k.
Bought the Wife's S-Max on switch and was referred, bought my Fiat 500 the same and they didn't blink an eye for £12k.
walkersport said:
thanks for clearing this up, Chaps ok, Bacs OK, Cash OK and switch if you have a machine ok!
I'd go carefully with switch / debit cards.Check the merchant agreement carefully as there may be a "chargeback" period (I've heard of 180 days before) - if the customer raises a query, you will have your money sucked back by the issuing back pending "investigation"...
Chris
I have experienced losing a bank draft. The bank will not issue a replacement ( or certainly not this one - Nat West) They only finally handed over a replacement after three months had passed and we had to sign an indemnity against the first one that was lost ever being found and presented.
All of this is only valid if the draft is drawn from the head office of the bank. A branch issued one is just a cheque.
As fraudsters get more sophisticated we are running out of methods of payment!!
All of this is only valid if the draft is drawn from the head office of the bank. A branch issued one is just a cheque.
As fraudsters get more sophisticated we are running out of methods of payment!!
It would appear that nobody at a bank is prepared to take any risks, they do not want to pay for anything, we purchase lots of cars from the great british Ferrari driving public and I take them to a bank and do a transfer with them present, its real easy with our standard business card, however if I want to transfer money between accounts (both in my name)I have to go through card authorisation and security even in my acount holding branch they still require additional ID. When we purchase a car from the GBFDP I just need my card! NUTS! So I've given up on my branch and use Internet Banking and Chaps. Good luck with your sales everyone but make sure you've got your money!
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