Accepting payment for a vehicle... how not to get done?
Discussion
OK, so I just agreed to sell a vehicle to someone. They told me that they transferred the money via internet banking today straight to my account, and he wants me to deliver the vehicle tomorrow, which suits me fine.
Only problem is, I won't see the money appear in my account until Monday according to my bank.
He seems like a very trustworthy guy, I have his work address, home address, phone numbers and email address etc etc... no real reason to suspect him as a fraudster, but how can I make myself confident that I can hand him the keys and docs tomorrow without problems?
Can I add into the receipt something like "subject to funds clearing" or anything? Can I trace the money transfer from his end? Is it reasonable to ask to see his internet banking page?
What does PH think? I don't want to make him wait... tomorrow is the only day that is good for me to deliver anyway.
Only problem is, I won't see the money appear in my account until Monday according to my bank.
He seems like a very trustworthy guy, I have his work address, home address, phone numbers and email address etc etc... no real reason to suspect him as a fraudster, but how can I make myself confident that I can hand him the keys and docs tomorrow without problems?
Can I add into the receipt something like "subject to funds clearing" or anything? Can I trace the money transfer from his end? Is it reasonable to ask to see his internet banking page?
What does PH think? I don't want to make him wait... tomorrow is the only day that is good for me to deliver anyway.
Depends on who you both bank with. If its a standard bank trasnfer online then i am pretty sure you cannot just cancel it after it has been sent. ask him to log onto his internet banking when he arrives to pick it up and it will show and going out teh previous day so should be all good.
go with your gut instinct - if he seems genuine then i wouldn't worry too much but its very easy to check if he has transferred the money to you.
HTH
go with your gut instinct - if he seems genuine then i wouldn't worry too much but its very easy to check if he has transferred the money to you.
HTH
Well i recently bought a car and paid via an internet paymnet. It cleared the same day. I know this wont happen in all cases but thought id just add my 2p worth.
Also, if it was me selling the car i wouldnt hand the keys over until i saw the money in my account. I would expect this the other way round also.
HTH
Also, if it was me selling the car i wouldnt hand the keys over until i saw the money in my account. I would expect this the other way round also.
HTH
hornetrider said:
Eviltad said:
I think your bank will also be able to see it coming even if it doesnt hit your account immediately.
So ring them to confirm that they have visibility.
Makes no odds. Money not cleared = tough sSo ring them to confirm that they have visibility.
t for the buyer. Keep the car until you can see the cleared funds.E31Shrew said:
I'm sure if he really wanted to, he could have arranged for a same day transfer. I wouldn't let it out of my sight until funds have cleared.
Most banks do instant "Faster Payment Scheme" transfers by default these days, but it seems the OP's isn't one of them.I'd be hanging on to the car until the funds have cleared if the car is worth more than shed money.
Taita said:
No option of brown envelope when you arrive with the bike?
Not now he's made the transfer... I asked him if he wanted to pay cash and understandably he was a bit nervous carrying the money.I have just spoken to someone else at the bank who have told me that the safest thing to do is to ask him to log on to his internet bank in front of me and show me the transaction has been made. Apparently there is no way of reversing the transaction so it's fairly safe. Not ideal, but I'll take it. Waiting until next week to deliver the bike would be very inconvenient.
Edited by Mr Gear on Friday 9th April 16:51
Mr Gear said:
Taita said:
No option of brown envelope when you arrive with the bike?
Not now he's made the transfer... I asked him if he wanted to pay cash and understandably he was a bit nervous carrying the money.I have just spoken to someone else at the bank who have told me that the safest thing to do is to ask him to log on to his internet bank in front of me and show me the transaction has been made. Apparently there is no way of reversing the transaction so it's fairly safe. Not ideal, but I'll take it. Waiting until next week to deliver the bike would be very inconvenient.
Edited by Mr Gear on Friday 9th April 16:51
And once you have finished go get a better bank account ! When I bought my 156 I organised the transfer in front of the seller at his home and he was able to call his bank and confirm receipt immeadiately after. I did make sure that my bank , First Direct would allow this to his HSBC, part of the same group 
P700DEE said:
And once you have finished go get a better bank account ! When I bought my 156 I organised the transfer in front of the seller at his home and he was able to call his bank and confirm receipt immeadiately after. I did make sure that my bank , First Direct would allow this to his HSBC, part of the same group
If you pay extra , they will make the transfer instantly . He is either a tight arse or he is trying to con you BACS doesn't clear for 3-5 days, and can still be reversed even when you can see it in your account. It's irreversible at the close of business on day that the funds arrive (ie the day after you first see it), although there are tales of payments being reversed after this when the sender has alleged errors.
CHAPS is same day, cleared, but costs.
Don't release the keys until you have the money.
CHAPS is same day, cleared, but costs.
Don't release the keys until you have the money.
P700DEE said:
And once you have finished go get a better bank account ! When I bought my 156 I organised the transfer in front of the seller at his home and he was able to call his bank and confirm receipt immeadiately after. I did make sure that my bank , First Direct would allow this to his HSBC, part of the same group
You know why they do this don't you? It's not because any physical bank notes are travelling in an old Austin van down the A1.... Think of all the millions of pounds "in the system" between bank accounts that they don't have to pay interest on...I'm sure you realised that already. They are w
kers.Gassing Station | General Gassing [Archive] | Top of Page | What's New | My Stuff