Buying a Z4 at the Weekend Payment Methods options?

T

Tommo Two

Member
 Oxford
I'm going to view a Z4 at the weekend, private sale, have HPI'd the car and is all clear, spec colour etc all good price is a bit high but will be obviously trying to knock him down.

My question is how would you pay for it?

I'm not keen on taking nearly £10,000 cash with me, but if i leave a deposite and pay by cheque / bank transfer etc while waiting for that to clear how do i stop him selling the car to some one else then denying all knowledge of our transaction?

Any one got any other idea's for payment of should i just go with cash?

Thanks in advance, Tommo
 
It will be easy if you both have accounts at the same bank, then you can take the cash out and seller puts your cash in at the till. But there may be cash withdrawal limit. Check with your bank. This is the best payment method at weekend. You can then drive the car away on the same day.

Chaps payment is not possible on Saturday, you also need to pay charge for it.
 
Bank transfer will take a few days to clear...I maybe ask for their details in advance so you can arrange the payment with your bank on the day? Bankers draft is as good as cash and much more convenient I'd have thought
 
I had my bank issue me a baker's draft. (£20 fee)

which is basically a cheque, that is guaranteed by your bank. they take your money from your account, so they know they can guarantee it.

then go along to the bank with him, and his bank will approve it as he pays it in.

safest way for both parties in my experience.
 
Banker's drafts can be easily forged, and the bank you pay it into cannot guarantee it's genuine. The first thing you will know about it being a fake is when your bank calls to tell you about a month later.

If you want to use a banker's draft, then go with the seller to your bank with the seller and get a draft drawn up in front of them. Then go to their bank and see them pay it into their account. Then get the paperwork signed there & then.
 
Too many forgeries when it comes to banker's drafts. And as mmm-five says your receiving bank won't be able to confirm it's authenticity unless it's the same branch that issued it (and that's highly unlikely).

Some banks operate "Faster Payments" - not sure exactly what it is, but I used it to pay a significant sum of money to the company that converted our van (5-figure sum). I set up the transfer on RBS digital banking and the money appear in his account (not RBS too) within 15mins. Not sure which banks participate in it though.

Cash is still king IMO, despite the presence of forged notes.
 
mmm-five said:
Banker's drafts can be easily forged, and the bank you pay it into cannot guarantee it's genuine. The first thing you will know about it being a fake is when your bank calls to tell you about a month later.

If you want to use a banker's draft, then go with the seller to your bank with the seller and get a draft drawn up in front of them. Then go to their bank and see them pay it into their account. Then get the paperwork signed there & then.
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+1, Best way, even better than cash, when you give him the draft, take a letter of sale (signed by both parties) and your part of the V5 document
 
Last few cars I have bought have involved an interbank transfer. You agree the Bank, ie both have accounts with the same bank. Make sure you have the funds in your account. Got to the bank together and do the transfer at the cashier window. :)
 
I use Faster Payments quite a lot to shuffle money around between bank accounts. As Ally says, RBS can be pretty instant, but I've seen with Aliance & Leicester it can take around 4 days. I'm pretty sure the limit is £10K on a single transaction.

You could take the seller to your bank and get the bank to do the transfer into their account, all you need are sort codes and account numbers. It might be the case that the money disappears from your account and doesn't appear in the sellers account for a few days though...
 
Z4 Beemer said:
I use Faster Payments quite a lot to shuffle money around between bank accounts. As Ally says, RBS can be pretty instant, but I've seen with Aliance & Leicester it can take around 4 days. I'm pretty sure the limit is £10K on a single transaction.

You could take the seller to your bank and get the bank to do the transfer into their account, all you need are sort codes and account numbers. It might be the case that the money disappears from your account and doesn't appear in the sellers account for a few days though...
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I've just checked back on my statement - it IS a £10k limit. I had to send two payments one day after the other to pay the total sum...
 
limits on Faster payment system varies from bank to bank though... Halifax say they limit to 1.5k per day, though I have done more... seem to keep changing their minds :roll:
 
Yeah, Faster Payments are not consistent between banks and building societies. I think the first Faster Payment that you make can take a bit longer, as things need to be verified?
 
Whatever you do NEVER accept a bankers draft in payment unless you witnessed it being drawn up in the bank and handed to you. As noted by mmm five they are often forged or stolen and are in no way guaranteed. The real problem is they can take weeks to be returned as the bank reconciles them at a later date.

Faster Payment is in effect a virtually instant bank transfer. during normal banking days. Banks are allowed to hold the payment for up to 2 hours to intercept Fraud but many move it instantly. Just a way of getting around the old bank con of holding money for 3 days.

I'm in banking so I know this stuff :thumbsup:

Personally if you can't get to a bank together to do a transfer then I'd take a wedge of notes for such a small amount as £10k. Do all your checks, V5 HPI, dodgy VIN plate, etc. then pay, take the car and the V5 part.
 
And if its a scam and he jumps him? Bye bye 10k...very common these days......
 
Nickm said:
And if its a scam and he jumps him? Bye bye 10k...very common these days......
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Yes - of course but I think we're ab bit beyond that here. Not talking about walking up the drive with a bundle of notes in hand to ring the bell.

There's risk in any method or an inconvenient wait. Just need to weigh it all up.
 
As much as I can't wait, pay a £250 deposit and on day you go to pick up car, pay the cash into his account. He can check it, and sale completed. Done. And no chance of forged notes either.....
 
I bought mine in September ,gave £200 as a deposit as was going to transfer the rest via the bacs system.Sitting at home i had this thought,he has the car and my 10k ,so i changed the plan and we agreed cash as payment .Previous to this i had the RAC do a HPI check and all was clear.
The chaps name was on the V5 and to make sure he was not house sitting while the owners were away ,i requested some picture proof to confirm he was the name on the V5 .His passport confirmed he was the named person.I also requested to see his purchase receipt for the car..Take someone with you as a witness and have the money counted out in front of you both.
 
Bare in mind, there are alot of fake notes out there again... £20's and £50's and they look alot better than the last lot a couple of years ago!
 
I went to the bank with the seller and did a transfer with him to his account details. Both there and in the bank so gave us both security. With the sale of the TT the guy just paid me £7k in cash.
 
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