Non-motoring > Paying for a car purchase...	Miscellaneous
Thread Author: smokie	Replies: 31

New Tue 14 Sep 21 18:49   Paying for a car purchase... - smokie

A potential purchaser is travelling over 200 miles to view my car. I've no reason whatsoever to doubt his trustworthiness. If he wanted to take the car same day I guess I'd accept cash or a bankers draft but does anyone have any other suggestions? Chaps payment? Bitcoin (haha)? Reply to this message | Report message

New Tue 14 Sep 21 18:58   Paying for a car purchase... - No FM2R

Fool proof is very hard. For me, I'd take cash or bank transfer and trust my gut with the guy. I'd probably ask for picture ID as well. But I guess I might get burned one day.+ Reply to this message | Report message

New Tue 14 Sep 21 19:11   Paying for a car purchase... - martin aston

How much money is involved? For a small amount on a banger I’d trust my instincts. For more money I would be more cautious. Cash is good if you can get to a bank together and deposit over the counter. I would also look at online payment from an App or online banking but I am not sure if it’s 100% irrevocable? As for bankers drafts I seem to recall they can be stolen and misused. I am not sure what they even look like or how you check them. Have you worked out how insurance will work for a test drive. Whatever you do I would agree payment and insurance before he comes. You can then prepare your checks. The last time I sold a car to a stranger he said he was a dealer and he had insurance. i asked to see it when he asked to test drive. I had never seen trader insurance and it took me a few embarrassing minutes while I tried to see if it covered him to drive my car. I also checked his licence………all a bit awkward socially but easier if you’ve agreed it in advance. Reply to this message | Report message

New Tue 14 Sep 21 19:20   Paying for a car purchase... - bathtub tom

I took my last car buyer to the local post office. They handed the cash over the counter, it was inspected (one note rejected), counted and transferred to my bank account. Relevant bit of V5, receipt and keys exchanged and they taxed it while there, although I reckon they could have delayed taxing it for a day or two. Reply to this message | Report message

New Tue 14 Sep 21 19:47   Paying for a car purchase... - Zero

If he's got a mobile phone, he can do a bank transfer on the spot. And you can check its arrived in your account. Reply to this message | Report message       1

New Tue 14 Sep 21 21:00   Paying for a car purchase... - legacylad

That’s how I paid for the Focus back in April. Test drives weren’t allowed at the time, so I had a good poke around, went inside to the Ford dealers office and transferred £20k on my phone. It arrived in the dealers bank account seconds letter, which is when they gave me the ‘keys’ to drive it home. Reply to this message | Report message

New Tue 14 Sep 21 21:01   Paying for a car purchase... - Falkirk Bairn

Fool proof way. Go to a bank, let the buyer hand over their Card & withdraw money. You then hand over your debit card to deposit the money. Fool proof as it is 2 separate transactions. If the buyer had a stolen card that problem is the banks, not yours. If they bring cash get it paid in to your account before you sign it over. A relative sold his Honda Goldwing and had over £10k in the house for 2 days until the bank opened. Worrying as the buyer could have a mate who comes to collect his pal's money, meanwhile the bike is gone! Reply to this message | Report message

New Tue 14 Sep 21 21:05   Paying for a car purchase... - Rudedog

I thought if you tried to hand over large sums of cash you'd bit hit with the money laundering requirements which would delay things if standing at the counter? Reply to this message | Report message

New Tue 14 Sep 21 21:06   Paying for a car purchase... - Falkirk Bairn

We do not know how the value of the car being sold. Reply to this message | Report message

New Tue 14 Sep 21 21:11   Paying for a car purchase... - Bobby

Re bank transfers, surely if you then transfer it straight out your bank account into another account, it can't be "recalled" if it's not there? Reply to this message | Report message

New Tue 14 Sep 21 21:15   Paying for a car purchase... - smokie

Thanks. Value will be in excess of £11k. And a good point about the insurance... Reply to this message | Report message

New Tue 14 Sep 21 22:35   Paying for a car purchase... - zippy

>>Cash Any more than £1,000 and the police can confiscate the cash if you are stopped on the way to the bank with it (I think they have to suspect it has a connection to crime but the bar for suspicion is very low). You then have to prove that it's not got anything to do with crime (to a magistrate I believe). This is a law designed to mop up proceeds of crime / money laundering but innocent people can be caught up (sods law and all that). Reply to this message | Report message

New Tue 14 Sep 21 22:41   Paying for a car purchase... - Zero

>> >>Cash >> >> Any more than £1,000 and the police can confiscate the cash if you are stopped >> on the way to the bank with it (I think they have to suspect it >> has a connection to crime but the bar for suspicion is very low). No its not, its actually quite high. They need to have reasonable suspicion - 1/ Show them a verifiable form of ID, 2/ provide them with a believable story and they dont have. Anyway nearly all of us dont get "stopped on the way to the bank" Reply to this message | Report message

New Tue 14 Sep 21 22:54   Paying for a car purchase... - zippy

I did say "sods law" suggesting it is unlikely but it's going to be dammed annoying if you have £10k in cash on the way to the building society and look suspect 'cause you've got a big wedge in your jacket pocket. Reply to this message | Report message

New Wed 15 Sep 21 07:34   Paying for a car purchase... - Kevin

Smokie lives in Reading where it's only suspicious if you don't have a big wedge in your jacket pocket. Everyone in Reading is either buying or selling recreational pharmaceuticals. Reply to this message | Report message

New Thu 16 Sep 21 02:42   Paying for a car purchase... - VxFan

>> Smokie lives in Reading Pretty sure it's actually Basingstoke. Reply to this message | Report message

New Thu 16 Sep 21 09:58   Paying for a car purchase... - Zero

>> >> Smokie lives in Reading >> >> Pretty sure it's actually Basingstoke. More likely Bracknell, but hey we are splitting hairs they are all equally awful. Reply to this message | Report message

New Thu 16 Sep 21 11:16   Paying for a car purchase... - smokie

Posh bit, Wokingham :-) Reply to this message | Report message

New Thu 16 Sep 21 13:35   Paying for a car purchase... - Zero

>> Posh bit, Wokingham :-) Its relative ...... Reply to this message | Report message

New Wed 15 Sep 21 07:47   Paying for a car purchase... - Falkirk Bairn

A con man could have access to somebody else's account. Transfers money to your account and leaves with the car. A few days later the 3rd party account holder sees the hole in his account and contacts his bank. The bank knows you have the "money for the car" and takes it back via your bank. Reply to this message | Report message

New Tue 14 Sep 21 22:31   Paying for a car purchase... - bathtub tom

>> A relative sold his Honda Goldwing and had over £10k in the house for 2 >> days until the bank opened. Worrying as the buyer could have a mate who comes >> to collect his pal's money, meanwhile the bike is gone! Pat, late of this parish, got round that by leaving the house with the money while her husband was chatting to the buyer, saying "I'll take this and put it in Jim's safe". She drove round the corner and when she saw the buyer leave her house she went back home. Reply to this message | Report message

New Wed 15 Sep 21 05:55   Paying for a car purchase... - sherlock47

>>>>If they bring cash get it paid in to your account before you sign it over.<<< Not sure that this this totally fool proof. - in the event of dodgy ie forged money. I recall that a friend paid cash into a charity account and was subsequently advised that a note was forwarded to the Bank of England for checking, rejected and confiscated. This did happen 30 years ago so practices may have changed. Last edited by: sherlock47 on Wed 15 Sep 21 at 05:56 Reply to this message | Report message

New Wed 15 Sep 21 10:04   Paying for a car purchase... - martin aston

This thread reminds me why I prefer to deal with those nice people in the trade who take away most of the fraud risk in return for a modest and well deserved profit……..cough. I guess it’s the choice between dealing with a private punter who may screw you big time versus a dealer who will almost certainly screw everyone a little bit. But then not all sellers are honest either. How does the £11k offered compare to WBAC and the like? Reply to this message | Report message       1

New Wed 15 Sep 21 10:50   Paying for a car purchase... - Terry

Why not ask your bank which payment method is the safest. Purely personal view - up to a couple of £k I would trust my own judgement with cash. For £11k I would want to be completely certain. I would not want to risk keeping the money in the house overnight - it is enough to make some return to recover it. Unless the premium over WBAC or similar was (say) >£500 I would be inclined to go down the trusted route. See it as a 5% insurance premium to get a smooth transaction, not a £500 burden! Reply to this message | Report message

New Wed 15 Sep 21 10:54   Paying for a car purchase... - Dog

I'm wiv ^this geezer. None of us on this forum are short of a few bob, so why faff about for a few more Shekels? I've got an olde Panasonic plasma TV that I could make big money on (£25) but it's going down the tip rather than have the ag of someone phoning me up 3 weeks later and complaining they can't get BBC3 :o} Reply to this message | Report message

New Wed 15 Sep 21 12:40   Paying for a car purchase... - Ambo

If its price is right, isn't We Buy Any Car a safer route? Its one I am thinking of, for about 4K. Reply to this message | Report message

New Wed 15 Sep 21 13:07   Paying for a car purchase... - Bobby

So you planning on being carless for a while Smokie? Reply to this message | Report message

New Wed 15 Sep 21 14:12   Paying for a car purchase... - Fullchat

As a matter of interest I thought Id get a value from WBAC for my Sportage. Coming up to 30K miles. 2.0Ltr. AWD.First registered July 17. So now just over 4 years old. I acquired it in Feb 18 with a mileage of 9K. Total price £21,252 . The PX value of its just under 4 year older equivalent was £11.450 (previous model) On the 5th of this month they valued it at £16.500 and upped the offer on the 10th at £17.225. Now I know they will find something to knock the value down. The front tyres are getting thin and the rears not far behind. Due a change before winter. So in 4 ish years the can has lost £4 K whereas its predecessor in roughly the same timescale lost around £9 K. So as they say values at the moment are strong. Reply to this message | Report message

New Wed 15 Sep 21 19:38   Paying for a car purchase... - smokie

WBAC offered a pathetic £8.5k which no doubt would be more than they want to give me if I rocked up with the car. The car is a mystery to those not "in the know". My actual asking price is £11750 and I have a small queue of people wishing to view, and I'm actually confident I could have asked for, and got, a bit more for it. There are 11 Amperas in total on eBay at the moment and they are sought after cars, for very good reasons. Autotrader - tinyurl.com/yeg3emzr None of the potential viewers are within 80 miles of me and Friday's one is over 200 miles away. He's coming with his son and he won't be a dealer or tyre-kicker. He sounded absolutely genuine on the phone but I do understand and appreciate that I mustn't be naive. Bobby, I'm off to Portugal for 6 weeks before end Sept so don't need a car for that period. New car isn't due till probably mid/late Nov but I can use SWMBOs. Reply to this message | Report message

New Wed 15 Sep 21 19:47   Paying for a car purchase... - Dog

WBAC offered me just over £9k for my unpopular 6 year-old Subaru XV, which I thought was a pretty fair offer. Reply to this message | Report message

New Wed 15 Sep 21 19:53   Paying for a car purchase... - No FM2R

>> I'm off to Portugal for 6 weeks before end Sept That's a pity. I shall be right by you and was going to drop in for a pint. But it'll probably be week beginning 27th which I guess isn't going to work for you. Reply to this message | Report message

New Thu 16 Sep 21 11:17   Paying for a car purchase... - smokie

Ahhh no, 27th is departure date... Next time then... Reply to this message | Report message