nathanb

iTrader: (1)

I will soon be buying a new car privately and was wondering how to pay for it. Obviously, in a garage you can just pay by card but it aint as easy in someones front room.

Its going to be a good chunk of cash in the region of 14-15K so i don't really want to watch them count piles and piles of £20 notes!!

What is the usual way of paying big bucks in a private sale?

PaulC72

cheque and wait for it to clear or direct bank transfer on the day?

Jay m A

iTrader: (2)

I have always used cash, however most expensive car bought was £10.5k

nathanb

iTrader: (1)

I have considered direct transfer but are people normally willing to hand out there bank acc details to strangers?

GlesgaKiss

Direct bank transfer or large notes? I'd always prefer cash because you know where you are then. I'm not an expert, but when doing a bank transfer online, I'm pretty sure it usually takes a few days(not sure if there is a way you can pay more to have it done immediately.

But with cash you just hand it over and take the car, there's no bullsh*t. If you feel uneasy make sure you have a couple of mates with you.

scud8

iTrader: (1)

When I've sold cars privately in the past I've taken both cash and cheques, but I would never release the car either way until I have cleared funds in my bank account. I've never lost a seller because I insisted on this.

Taking cash there is a risk that you could be left holding a bundle of good counterfeits, so its best to wait until you've paid it into the bank.

I wouldn't touch a bankers draft as they seem to be wide open to counterfeiting and theft.

Diesel_DC

iTrader: (7)

Just finish the transaction in a bank, they can count and pay straight into the sellers account. That's what I did on saturday.

Luminous

iTrader: (3)

Agreed.

Once the deal is done and the buyer is happy with the car, offer to drive him into town. Then go to his bank and watch him withdraw the money to pay you. If possible quite a few banks will provide a private room if there is a large amount of cash (my local one allows this for free). You know you will be getting the right amount, and you know it will be legit money.

Then walk to your bank and pay it in.

Then give him the keys and ask for a lift home

Obviously go into a busy town with lots of CCTV. You don't want one party organising the convenient mugging of the other

GlesgaKiss

These are the ideas to go with. If you want to take cash then make sure it's paid into the sellers account there and then. Not so important if you're the buyer, but definitely being the seller you don't want to end up with counterfeit cash.

nathanb

iTrader: (1)

Cheers for the input guys. As I am the buyer I can be sure to go to my bank and withdraw genuine cash.

My biggest concern was sitting there for an hour counting 15K out.

Seems a good idea to take the cash to his bank and deposit it into his account. Let the bank bloody count it!!

MMT WRX

I flogged a Motor Home a couple of years ago for this sort of money. The guy brought cash that was in bank sealed packs. I think 5K/pack. I did open them and count it, it doesn't take that long really specially if they're £50's. You just have the worry you're going to get clobbered on your way there. I suppose you could arrange to collect the cash from your bank in the sellers area, that way the seller could come with you and the bank can count it out or issue it sealed directly too him. Less chance of you being nobbled.

MattW

I sold my S3 for over 18k and the guy came with cash. No problem, I had it stashed upstairs for ages and kept chipping at it when i needed a beer. local landlord was getting pissed off with the 50s

Trout

iTrader: (1)

Direct bank transfer is surely the easiest - internet transfer can take minutes. CHAPS will take maximum two hours and will cost around £15 for that amount.

You can do bankers draft - best completed in a bank as who knows what a genuine draft looks like.

Cash is old school


Last time I bought a car (it was for quite a bit more money) I transferred 90% before I even went to collect it and transferred the balance on the day once the transaction was completed.

Trout

iTrader: (1)

Direct bank transfer is surely the easiest - internet transfer can take minutes. CHAPS will take maximum two hours and will cost around £15 for that amount.

You can do bankers draft - best completed in a bank as who knows what a genuine draft looks like.

Cash is old school


Last time I bought a car (it was for quite a bit more money) I transferred 90% before I even went to collect it and transferred the balance on the day once the transaction was completed.

MMT WRX

Good point although it would depend who you are dealing with.
I thought cash is king (it is for me anyway)

GlesgaKiss

Maybe Trout's idea is a good one then... I wasn't sure what the score was with the speed of transfers.

You wouldn't be there for ages counting out hundred pound notes... although they might be scottish only IIRC. 50s wouldn't be too bad, only 300 to count.

Trout

iTrader: (1)

A couple of caveats on reflection...

Internet transfers may be limited to £10k - you would need to check with your bank.

CHAPS only works during normal banking hours - so not on a Sunday

Spudgun GTR

i use cash and have a big mate with ya ha ha ha!
ive paid large sums in cash for cars ive bought, and have sold and took 50's, 20k once, no problem at all.

verdasco1

cash is a deffo especially to get a discount! like a few people have said the only thing you have to worry about is getting it taken off you and not getting a car in return! The sellers main concern is that the cash is legit, so personally I would do the deal in a bank. i´ve always purchased privately with cash and have never had any problems but you do hear some horror stories particularly with third parties finding out that you are storing large sums of cash at home. Better to leave it in the bank until the last moment...there are some scum out there who would rat on their moms for 100 quid let alone 10 grand!

Jay m A

iTrader: (2)

BTW I have never stated to the seller that I am coming with cash to buy!

But as soon as you tell them you want the car now, this instant and have cash to pay then usually the cheeky low offer gets considered rather than flat refused, and the half way compromise gets the car rather than just considered.

IME

Proby521

iTrader: (1)

I've had a guy come and look at a car on a Saturday afternoon once that I was selling, decided he wanted it, and arranged to come back the following weekend after cleared funds. I got a phone call on the very same Saturday evening from the guy saying he is desperate for the car and can he come tomorrow. He turned up at the train station on Sunday morning with over £15K in a rucksack! God knows where the money come from on a Saturday evening (must be or have some dodgy mates!). Luckily it was all straight!