Best way to pay ..??

[The Moneypit]

moral of the long story...? is there a car nearer you that will turn up next week!?

That's the kind of situation I want to avoid at all costs, just to save both parties the grief.

Will a car turn up next week that's nearer? ..... how longs a piece of string? Who knows ? & I'm quite inflexible when it comes to what spec I want on a car which doesn't help, my current ride took me 6 months to find and buy.

 

[Paza3]

You can send a max 10k per day per account, so savings , joint , mrs account etc it’s easy to send 20 -25k .... all you need to do it call them up tell them you doing the transfers , make sure there bank are on the fast payment system. Its normally takes a few mins to do, Bank Transfers are the way forward I have bought and sold the last few cars this way now.

Cash is just not safe imo , as you could so get robbed and have no come back. The best thing is to go to the bank etc with them but that’s just not practical sometimes .. a Sunday or Evening etc

Word of caution I have done this I reckon 10 times maybe more?... anyway twice its taken 6 hours for the money to clear.. Fortunate the buyers let me take the car away .. Something to note... generally always happened on a Saturday

I would never let a good car go... based on location when I lived in Cornwall a few years ago you got used to traveling for the right car... whats the worse that happens you lose a day and a 100 quid :roll:

 

[The Moneypit]

Another very well balanced reply Pazza, thanks.

It seems I have more options than I originally thought, which was the intention of this thread, it's good how people see a situation and can generate a mass of different ways around it.

It also seems that transfering money between 2 accounts is the way forward, security wise for me as I won't be carrying the cash and for the buyer,he'll have piece of mind with a bank being involved and should be able to see the funds 'cleared' into his account hopefully within a few minutes.

 

[Quadracer]

I'm a bit concerned about this situation. I may have read everything wrong but suggesting meeting someone 200 miles away, who you have never met before, with a large amount of cash on you is not a good idea. It's very common that criminals sell large value items including cars they don't even own on the web. You then turn up to buy and they simply take the money off you.

 

[The Moneypit]

I'm a bit concerned about this situation. I may have read everything wrong but suggesting meeting someone 200 miles away, who you have never met before, with a large amount of cash on you is not a good idea. It's very common that criminals sell large value items including cars they don't even own on the web. You then turn up to buy and they simply take the money off you.

The original question was what's the BEST way to go about the situation I face.

My intention to stroll around with large amounts of cash to buy something from someone I have never met before was EXTREMELY LAST RESORT, that's why I asked how other people have approached a similar situation.

What is really safe nowadays??
A bank transfer? (thanks for your money now F Off or else)
A bankers cheque? (thanks for your money now F off or else)

Yes criminals do exist and are much more cunning/violent than you can imagine, but the world where we all walk into a main dealership and buy a car without a second thought to how 's best to pay doesn't exist.

 

[Sae]

Hmmm, interesting thread. Tbh, I wouldn't have dreamt of doing an online faster payments either paying or receiving, even though it sounds ok.

The only time Ive expereinced this was receiving a bankers draft. You go with them to the bank and get the cheque paid in, bankers draft means that the issueing bank underwrites the cheque even though there may quite possibly be insufficient funds from the persons account. Once the clerk has issued the receipt you switch keys and paperwork. The draft might cost you a fee, but defo safer than walking around with cash, and the transaction can be completed in the time it takes to visit the bank.
...only problem is with weekends, but most banks are open half day saturday at least

 

[nightyard]

I paid via online banking and left that day..the guys money didnt xlear and eventually I had my bank on the phone asking if I did the transaction..I confirmed I did and he got his money eventuslly...although im sure he had a super twitchy arse during the 3 days it took lol

When I have a buyer for mine ill want to go to the bank with them and they can deposit it straight into my account

 

[The Moneypit]

The more I read, the more I'm leaning towards a bankers draft, for the small cost involved there's a huge piece of mind for seller and buyer as the bank is underwriting it.

 

[mmm-five]

A genuine one can't be stopped/recalled if the buyer simply changes his mind later, as the money is taken from the account as soon as it's drafted.

However, they can and have been be forged, and there have been cases where a genuine draft has been drawn fraudulently when someone has had access to an account belonging to someone else (e.g. in the case of a carer/scammer and an OAP). In both of these cases the money WILL be recovered!

The bank you pay it into doesn't doe a particularly thorough check if it's valid (even if it's drawn from their own network as some cashiers will simply check that it conforms to their proforma), any they can/will recover the funds from the account it was paid into if there's fraud involved, so you end up with no car and no cash. The money can even appear in your account for a week or two, but when the 'issuing bank' comes to check it they will refuse to honour it, and your bank will recover the funds from your account.

As I said, the ONLY 100%* safe method of paying for and collecting on the same day (weekends excepted) is to get them to withdraw the cash in front of you, and for you to pay it into your own account immediately. That way, even if the buyer has accessed that account fraudulently, the bank can't recover any monies from your account.


* well 99.999999%, as they could set up their own fake bank, with fake money, but that's not worth it for less than about £250k

 

[Shappers]

The more I read, the more I'm leaning towards a bankers draft, for the small cost involved there's a huge piece of mind for seller and buyer as the bank is underwriting it.

Theres loads of scams with bankers drafts.... the only way it's safe is if you go to the bank with the buyer and he gets it out in front of you. Have a read online about bakers draft fraud, they are easy to forge leaving you in trouble.

Even if the bank initially accepts it.. when it goes to be cleared in a few days time they can see it's fraud and the money is removed from your account. So whilst it looks like the money has 'cleared' into your account... it can still be removed.

 

[v8matt]

Everyone has their own views on security and at the end of the day you've got to make a judgement call on the level of the risk in any given transaction.

I bought a Z last month for £11.5k. The seller suggested I bring cash but frankly the sight of that much money would put me off buying it, let alone any concern as to robbery.

So I went to the viewing on a Sunday with the intention of agreeing a purchase, sending a deposit via internet banking later that day and meeting at a bank to transfer the funds later that week.

Once we'd done the test drive and agreed the sale I thought it was worth trying to complete there and then to avoid a second trip.

Lloyds will let you pay out more than £10k in a day by internet banking.

I put £500 through to confirm that it would go via faster bacs on a Sunday. Lloyds called me for a fraud check (what was the name of your first girlfiend's aunt's dog and all that...) and then the funds went through immediately.

I then put two payments of £5.5k through to make up the balance.

Harder part was sorting insurance over the phone despite having had a quote earlier in the week some issue with insurance companies not recognising the fact that you might just want to keep your old car for a short time and insure it at a reasonable rate...

Don't get a transporter, just enjoy the drive home it's the best bit!

 

[The Moneypit]

Don't get a transporter, just enjoy the drive home it's the best bit!

I've binned the transporter idea and I'm going for a drive down this weekend, view the car & if I like, try and agree on a deposit and then an appropriate payment involving each others bank on the day of possible collection.

I can then get 2 trains (single fare) to collect it and drive back & enjoy(hopefully)
Thanks for the different views from everybody... a least it's provoked a thought or two.