Bought a car!paying question
Discussion
After many a search locally and nationally, spending time and effort on trains and in cars, I have finally put a deposit down.
Its the other end of the country to me, so my brother is picking it up on thursday. How do I pay?
1.)Internet transfer into the sellers account over next couple of days. (easiest for all concerned)
2.)Transfer to brother who will take the cash out and pay the sellar (pain for me, brother and prob sellar)
I want to do the internet transfer...but is the sellar going to have run away/deny all knowledge?!! (He has had the car for 2 years, nice family/house/area etc!) Would I have any protection?
Advice please!
Its the other end of the country to me, so my brother is picking it up on thursday. How do I pay?
1.)Internet transfer into the sellers account over next couple of days. (easiest for all concerned)
2.)Transfer to brother who will take the cash out and pay the sellar (pain for me, brother and prob sellar)
I want to do the internet transfer...but is the sellar going to have run away/deny all knowledge?!! (He has had the car for 2 years, nice family/house/area etc!) Would I have any protection?
Advice please!
paulcockermouth said:
True...
Additionally both me and the sellar are HSBC - how quick would an internet transfer be? (Is it worth doing it on thursday evening whilst brother is at sellars house - will it be that quick?)
You'd have to check with HSBC, even if they do faster payments between those 2 accounts.Additionally both me and the sellar are HSBC - how quick would an internet transfer be? (Is it worth doing it on thursday evening whilst brother is at sellars house - will it be that quick?)
I'm with (not for much longer) Alliance & Leicester and even IF they do faster payments, the first time you make a faster payment to an account, it takes longer (6 working days) than a "normal" transfer used to "for security purposes".
It's every possible excuse to NOT do the faster transfer that the banks have been forced to introduce.
Should start fining them for every time the transfer is not done in 2 hours!!
Just sold a TT last weekend, buyer put a £350 deposit on the car on saturday lunchtime, sent me txt to confirm. I checked my account yep its there, i confirm and withdraw the £350 deposit within the hour(so I can give him it back if he doesnt buy the car).
Buyer comes on sunday morning (250mile trip) likes the car, I hand him my laptop he goes into his HSBC account sends the balance (£7650) closes web page. I then log onto my account (first direct- part of HSBC) Great stuff, funds there hand keys and off he goes.
I then call dealer who my missus put a deposit on a A3tdi saying we are on our way etc.
Get to dealer an hour or so later, test drive car all good drop by cash machine on the way back from test drive to get some cash (he wanted part cash rest switch) Cash machine says no funds available (can see the £7650 there though)
I then ring First direct and they say that yes the money is there but there is some sort of authorisation required? eek! Dealer raises his eyebrows and says have i let the car go etc which i had.
Ring chap who has bought the car and sent the money and 'ask' if he will ring his bank to get the authorisation removed etc. He does (phew!) but its nothing to do with him, it turns out its the bank own internal checks on larger amounts (£5k + I think) which can take 2-4hours for the money to clear.
We had to wait 4 hours until we could 'draw' the money.
If the bank had decided they didnt like transaction (money laundering etc?)they could have sopped the money etc
Moral of the story is for a seller, only release your car when the funds are 'cleared to draw on' in your account.
Buyer comes on sunday morning (250mile trip) likes the car, I hand him my laptop he goes into his HSBC account sends the balance (£7650) closes web page. I then log onto my account (first direct- part of HSBC) Great stuff, funds there hand keys and off he goes.
I then call dealer who my missus put a deposit on a A3tdi saying we are on our way etc.
Get to dealer an hour or so later, test drive car all good drop by cash machine on the way back from test drive to get some cash (he wanted part cash rest switch) Cash machine says no funds available (can see the £7650 there though)
I then ring First direct and they say that yes the money is there but there is some sort of authorisation required? eek! Dealer raises his eyebrows and says have i let the car go etc which i had.
Ring chap who has bought the car and sent the money and 'ask' if he will ring his bank to get the authorisation removed etc. He does (phew!) but its nothing to do with him, it turns out its the bank own internal checks on larger amounts (£5k + I think) which can take 2-4hours for the money to clear.
We had to wait 4 hours until we could 'draw' the money.
If the bank had decided they didnt like transaction (money laundering etc?)they could have sopped the money etc
Moral of the story is for a seller, only release your car when the funds are 'cleared to draw on' in your account.
Even between two accounts with the same bank, transfers are not instant. I had a buyer who had travelled a long way who had to hang around for nearly 3 hours while we waited for the money to appear in my account.
Prior to meeting up, we'd both called the bank and been assured instant transfers were exactly that. Come the time to actually move the money, the same bank put up obstruction after obstruction.
Prior to meeting up, we'd both called the bank and been assured instant transfers were exactly that. Come the time to actually move the money, the same bank put up obstruction after obstruction.
chillo said:
^^^
But what about forged cash or big amounts?
surely online transfer and then 'cleared funds you can draw on' check is better.
If its over a few £k then take the seller to your bank do the deal in the bank and pay it in there and then But what about forged cash or big amounts?
surely online transfer and then 'cleared funds you can draw on' check is better.
If the buyer is with the same bank then have them do a "cash" transaction in the bank there and then. This is the same as them withdrawing the cash and you paying it in, without the staff actually having to count the money.
Tips on spotting forgeries:
http://www.telegraph.co.uk/finance/personalfinance...
I bought and sold my last cars using 'ternet. When you transfer the cash out (in the case of HSBC it says max amount is £5k to anyone private account in anyone day)It does give you a warning that once you proceed the transaction is unreversable and it can take upto 2 hours for funds to appear. So If you are paying more than £5k check with you bank before leaving it to the last minute.
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