Money transfer in selling a car : Am being overly cautious ?
Discussion
I have a buyer for my car for 11k.
We both have Halifax current accounts and can use the transfer between accounts to exchange the monies. However, bank cannot guarantee funds will be transferred and cleared instantly if the request is initiated after 5.30pm – or indeed before that. Apparently for a Halifax on-line user once the transfer is submitted there then appears a screen which advises one of the following three outcomes
a) The funds have been transferred and cleared instantly.
b) The funds are in transfer and will clear in 2 hours or less
c) The funds are in transfer and will be cleared by 12:00 noon the following day.
They could provide no counsel on the probability of any of the above 3 options occurring – apparently its down to the queue and traffic.
Now clearly options a) and b) are easily manageable -but if the system chokes out option c) then we may have an issue.
Is the best way to handle option c) to retain all sections of the completed V5 document until the funds are cleared & perhaps take a photocopy of his passport to pass onto police as stolen car.
Am I being reasonable or over-zealous ?
Nice But Dim said:
I have a buyer for my car for 11k.
We both have Halifax current accounts and can use the transfer between accounts to exchange the monies. However, bank cannot guarantee funds will be transferred and cleared instantly if the request is initiated after 5.30pm – or indeed before that. Apparently for a Halifax on-line user once the transfer is submitted there then appears a screen which advises one of the following three outcomes
a) The funds have been transferred and cleared instantly.
b) The funds are in transfer and will clear in 2 hours or less
c) The funds are in transfer and will be cleared by 12:00 noon the following day.
They could provide no counsel on the probability of any of the above 3 options occurring – apparently its down to the queue and traffic.
Now clearly options a) and b) are easily manageable -but if the system chokes out option c) then we may have an issue.
Is the best way to handle option c) to retain all sections of the completed V5 document until the funds are cleared & perhaps take a photocopy of his passport to pass onto police as stolen car.
Am I being reasonable or over-zealous ?
Having done several same company transfers, (nationwide) I have never had anything other than immidiate clearance. We both have Halifax current accounts and can use the transfer between accounts to exchange the monies. However, bank cannot guarantee funds will be transferred and cleared instantly if the request is initiated after 5.30pm – or indeed before that. Apparently for a Halifax on-line user once the transfer is submitted there then appears a screen which advises one of the following three outcomes
a) The funds have been transferred and cleared instantly.
b) The funds are in transfer and will clear in 2 hours or less
c) The funds are in transfer and will be cleared by 12:00 noon the following day.
They could provide no counsel on the probability of any of the above 3 options occurring – apparently its down to the queue and traffic.
Now clearly options a) and b) are easily manageable -but if the system chokes out option c) then we may have an issue.
Is the best way to handle option c) to retain all sections of the completed V5 document until the funds are cleared & perhaps take a photocopy of his passport to pass onto police as stolen car.
Am I being reasonable or over-zealous ?
However, the obvious thing to do would be to keep hold of the keys untill you are 100% sure that the money has swapped accounts.
11K is worth being cautious over so there is nothing wrong with your thinkings.
Nice But Dim said:
I have a buyer for my car for 11k.
We both have Halifax current accounts and can use the transfer between accounts to exchange the monies. However, bank cannot guarantee funds will be transferred and cleared instantly if the request is initiated after 5.30pm – or indeed before that. Apparently for a Halifax on-line user once the transfer is submitted there then appears a screen which advises one of the following three outcomes
a) The funds have been transferred and cleared instantly.
b) The funds are in transfer and will clear in 2 hours or less
c) The funds are in transfer and will be cleared by 12:00 noon the following day.
They could provide no counsel on the probability of any of the above 3 options occurring – apparently its down to the queue and traffic.
Now clearly options a) and b) are easily manageable -but if the system chokes out option c) then we may have an issue.
Is the best way to handle option c) to retain all sections of the completed V5 document until the funds are cleared & perhaps take a photocopy of his passport to pass onto police as stolen car.
Am I being reasonable or over-zealous ?
If possible, how about visit/phone branch and advise them you will be doing this as a cash transfer on this day and this time.We both have Halifax current accounts and can use the transfer between accounts to exchange the monies. However, bank cannot guarantee funds will be transferred and cleared instantly if the request is initiated after 5.30pm – or indeed before that. Apparently for a Halifax on-line user once the transfer is submitted there then appears a screen which advises one of the following three outcomes
a) The funds have been transferred and cleared instantly.
b) The funds are in transfer and will clear in 2 hours or less
c) The funds are in transfer and will be cleared by 12:00 noon the following day.
They could provide no counsel on the probability of any of the above 3 options occurring – apparently its down to the queue and traffic.
Now clearly options a) and b) are easily manageable -but if the system chokes out option c) then we may have an issue.
Is the best way to handle option c) to retain all sections of the completed V5 document until the funds are cleared & perhaps take a photocopy of his passport to pass onto police as stolen car.
Am I being reasonable or over-zealous ?
Then go with buyer and withdraw and deposit there and then?
Edited by amir_j on Thursday 22 April 14:24
If he is going to steal an 11k car he is going to be able to get hold of a dodgy passport.
Just walk into your local Halifax branch together and get them to do a "cash" transfer - where cash is withdrawn from his account and deposited in your account without any actual cash being counted out.
Hand over the key at the desk
This way cash is kosher (transfer cannot be reversed unlike other transactions as it is just like cash), and there are numerous security cameras / witnesses if he does kick you in the balls and run off with the key.
Girlfriend did this recently to buy her Golf at Natwest.
Just walk into your local Halifax branch together and get them to do a "cash" transfer - where cash is withdrawn from his account and deposited in your account without any actual cash being counted out.
Hand over the key at the desk
This way cash is kosher (transfer cannot be reversed unlike other transactions as it is just like cash), and there are numerous security cameras / witnesses if he does kick you in the balls and run off with the key.
Girlfriend did this recently to buy her Golf at Natwest.
Nice But Dim said:
Apparently for a Halifax on-line user once the transfer is submitted there then appears a screen which advises one of the following three outcomes
a) The funds have been transferred and cleared instantly.
b) The funds are in transfer and will clear in 2 hours or less
c) The funds are in transfer and will be cleared by 12:00 noon the following day.
a) The funds have been transferred and cleared instantly.
b) The funds are in transfer and will clear in 2 hours or less
c) The funds are in transfer and will be cleared by 12:00 noon the following day.
mrmr96 said:
John MacK said:
Get the other party to do the tranfer the morning of the day before they want to collect the car.
Covers all 3 scenarios doesn't it?
Not for the buyer it doesn't.Covers all 3 scenarios doesn't it?
Do it all in branch as suggested.
Or do you mean a 4th scenario that hasn't been mentioned, that the buyer will pay but not have the goods for up to 24 hrs?
John MacK said:
Nice But Dim said:
Apparently for a Halifax on-line user once the transfer is submitted there then appears a screen which advises one of the following three outcomes
a) The funds have been transferred and cleared instantly.
b) The funds are in transfer and will clear in 2 hours or less
c) The funds are in transfer and will be cleared by 12:00 noon the following day.
a) The funds have been transferred and cleared instantly.
b) The funds are in transfer and will clear in 2 hours or less
c) The funds are in transfer and will be cleared by 12:00 noon the following day.
mrmr96 said:
John MacK said:
Get the other party to do the tranfer the morning of the day before they want to collect the car.
Covers all 3 scenarios doesn't it?
Not for the buyer it doesn't.Covers all 3 scenarios doesn't it?
Do it all in branch as suggested.
Or do you mean a 4th scenario that hasn't been mentioned, that the buyer will pay but not have the goods for up to 24 hrs?
Thanks for the replies - and higlhighting option 4 !
Turns out the chap in question is a well know teacher at a well known public school - picture on school website etc etc
He's comfortable to leave the V5, and copies of his passport and other ID if the on-line system does not clear until 12:00 following day.
Turns out the chap in question is a well know teacher at a well known public school - picture on school website etc etc
He's comfortable to leave the V5, and copies of his passport and other ID if the on-line system does not clear until 12:00 following day.
Get the buyer to change banks!
I've bought 4 cars in the last two years. Every time I've gone into my bank (Nationwide) and arranged for a CHAPS payment. I then phone the seller to confirm that I have transferred the money and set off to pick up the car. On the worst ocassion I got a call 2 hours later to say they had received the payment, the best was 15 minutes!
I've bought 4 cars in the last two years. Every time I've gone into my bank (Nationwide) and arranged for a CHAPS payment. I then phone the seller to confirm that I have transferred the money and set off to pick up the car. On the worst ocassion I got a call 2 hours later to say they had received the payment, the best was 15 minutes!
John MacK said:
mrmr96 said:
I mean the buyer pays and the seller dissapears with his money.
I have a higher opinion of (most) PH'ers. 
I'm sure that if the mirror image thread turned up: "Seller wants money 24h before I get the car, should I do it?" then most people would advise the buyer against it.
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