Just put deposit down on a car. Both the seller and myself dont want to get stung so we are looking for a good option to exchange funds for car.

As a buyer i just put deposit into an unknown persons account, if say the seller wants the rest of the money in his account via bank transfer on collection i need to go to the bank first to send funds to his account. By the time i get to his place he might be long gone with car and cash. A pocket full of cash on a 4hour train ride is also not a good thing for me.

As a seller a bankers draught are not always secure, cheque is out of the question and pitching up at his door with a wad of cash could also be a no-no what with fake £50 all over the show.

What to do guys, any optos that are safer and easy?

 

paypal account?? or the only other thing we have done when buying and selling is writing out a recipt thats signed but again not security. paypals the only thing i can think of a paying via credit card as your secured against fraud. sorry if not much help

 

take cash and a mate or 2 ,,,dont do this bank thing it sounds a bit odd ,,,if it was me it would be cash when iv seen all the paper work and got the keys ,,,dont do the bank thing

 

thats what we did when we bought our scoob and our old mg went with other halfs dad who beefy. not been ripped off yet. if its fake notes your worried about look up ways of telling the differance btween fakes and reals. there not usually that good of a copy

 

I jumped on a plane then train and turned up with cash and we went to the bank (mix of northern irish stirling notes and BOE notes) I knew it was legit money and wanted to alay their concerns as they thought we used euros here in NI ffs. I took the reg docs and keys and went on my merry way.
For our X5 I traded my cupra in (drove to kent) car, draft and 1k cash (just in case the price was a little more negotiable) again, deal done in 20 mins.

 

you cant beat cash in hand ,,if he wants payment before you set off there is somthing dodge ,,,

 

Take cash or find out who he banks with if you have access to a bank account with the same Bank i.e HSBC AND HSBC you can transfer the mony there and then and it will hit ther account that second as long as both accounts are with the same bank. Or you an do the sam with the new faster payment service but the lmit is 10k going in that second if you do it on line or over the pone or the good old way use cash.

 

Surely you have spoke with the seller and the both of you must have built up a rapore and some trust?
Cash for me aswell.............when I took 12k in cash and took it to the bank, they didn't even check 1 note for legitimacy, just counted it and tilled it.
Another way is drive to the sellers bank in said car, you have all docs etc in hand, and pay your cash over counter to sellers account with seller present. Sorted.

 

Cheers boys. The seller seems to be a good fella and i am sure he is just as concerned as i am. These days you cant trust a priest! Paypal is good but i just paid an extra £8.50 charge on £250, i would hate to see what they charge for £11000!

 

What about a "money transfer" at the buyers bank. Go to your nearest branch with the seller and ask the bank to transfer £xxxx to his account (doesn't have to be same bank) and he can hand over car, keys, and V5 then and there. Costs £20 to do this at Nationwide. I used it to transfer some big money from my account to a Solicitors account at a different bank recently over a house purchase. Instant and secure.

 

As said just take cash and then go to the sellers bank and pay it into his account, Thats What I did.

The money I had was all sealed in plastic bags from my bank and his bank just weighed it and payed it into his account

 

Or go into the branch with the seller and withdraw what you need, do the handover of keys paperwork etc in the bank or nearby pub/ cafe. I took cash for my car last week, and handed over twenty fifty pound notes. Seller was fine with that. Gotta say that 7 hours on a train with £4k in your pocket is a little stressful. There is also a scam going on where the seller beats **** out of the buyer and goes off with the cash.

 

cash for me

altho ive never bought a car over 3k lol

 

One thing to be aware of with this is that Barclays (and possibly others) get a bit suspicious of large transactions to accounts you have never transferred to before. 1st time I did this I paid £10 into the account just to make sure that it all went through, a few hours later paid £5000 ish and it all went through fine.

Another time however I tried to pay the full amount (£8000 ish) without having paid anything into the account before and they delayed it by a couple of days despite many phone calls to them assuring them it was all kosher. Fortunately the seller was happy that I was genuine and allowed me to drive the car away without actually having his money, I don't think many would have though!

I'm not sure whether either example is definitely the way it works with Barclays or any other bank, but it might be worth talking to your bank first to see what their policies might be to save embarrassment/inconvenience.

 

unless its a deposit of course. most garages want a deposit if their delivering the car.

 

If it's only a few grand, cash is good.

For higher amounts, bankers draft is good during working hours as he will probably want his bank to verify it.

Ultimately, there has to be some trust somewhere along the line. If they wanted they could not bother sending the V5 off, keep a spare set of keys and steal it back. Far fetched but you can see what I mean.

Last time I got a car, I left a small deposit on the weekend and on the Monday morning fired the money over via TT/Chaps and collected it later that day when the seller rang to say it had been received.

Hope it all goes smoothly.

 

Have to agree with 'bob r'. Go see the car then drive to the guys bank with the documents. You pay the cash into his account and walk out with the keys and documents. Sorted.

Oh...and you can drop him off back at his house on your way home. lol