Buying used car-payment - JohnX
Could anyone help ,me on this.
I am on my way to buy a used car from a private seller tomorrow.
Which would be the best way to pay the seller, so that I would be able to collect the car tommorrow?
Cash or Draft/Cheque.
Is there any additional risks with giving cash.Like no proof etc.
Apart from the V5 and the service book , are there any other documents to be collected.
Looking through the autotrader tips on buying a used car mentions about a signed receipt to be collected from the seller.Is there any particular format to this one, is it just a note by the seller with his sign saying that he has sold the car.
Thanks in advance for the responses.
Buying used car-payment - Vin {P}
www.honestjohn.co.uk/forum/post/index.htm?f=2&t=14...6

There's a lot of good advice (though aimed at the seller) in the above thread. There is a suggestion for a receipt in the thread - might be worth going armed with one with blanks for the vehicle specifics. Then you're covered paying with cash, which must be the preferred method of payment for most sellers, allowing them to let you go with the car on the day.

V
Buying used car-payment - NARU
Biggest question you have to ask is whether there is outstanding finance on it. Ask to see the original receipt to see if there was a loan, and if so for evidence of it being paid off.

Buying used car-payment - Jonathan {p}
If you are worried about outstanding finance, then get an HPI check.

Here is the template I used when selling a car

Vehicle details

Make: ..............................

Model: ..............................

Registration No: ............................

Mileage: ..............................

Registration Document completed by buyer/seller Yes/No
Registration Document (V5) exchanged Yes/No
Additional Notes/Comments:

......................................................................
.......


......................................................................
.......


......................................................................
.......



The undersigned purchaser acknowledges receipt of the above vehicle in exchange for the cash sum of £ ............... being the price agreed by the purchaser with the vendor for the above named vehicle, receipt of which the vendor hereby acknowledges. It is understood the vehicle is sold as seen, tried and approved by the purchaser without any representations, warranties or conditions express or implied whatsoever.


Purchaser .......................................

Vendor ..........................................

Date .............................................





Regards

Jonathan
Buying used car-payment - Hugo {P}
Hi John

Suggest you discuss this witht he seller if you haven't already done so.

There is a thriving black market in dodgy banker's drafts, designed to con vendors out of their hard earned cash. I would not release any car I was selling on the production of a bankers draft unless and until I could contact the relevent bank to confirm its authenticity. Furthermore, I would ask the buyer beforehand which bank produced the draft and make sure I had the correct phone number to contact - not one the buyer had given me for my convenience.

Expect your seller to be just as cautious.

If you don't want to go wondering around with huge wads of cash then agree a time during normal banking hours when you can close the deal.

Otherwise cash is king.

Count it out in front of him so that he can see that it's the right amount and take your time. These things cannot be rushed.

The style of Receipt that Jonothan (above) suggest should suffice, though my receipts have not gone into that much detail.

If you are unsure about finance, then get an HPI check.

Good luck with your purchase.

H
Buying used car-payment - T Lucas
Problem with cash is the 'funny money'thats always floating around the system.Not always easy to spot.
Buying used car-payment - nick
I've never seen a dodgy note yet. I might have handled them unawares I suppose but whoever they went to didn't spot them either. A bank might though.
Cash is definitely king when buying secondhand, privately. It's amazing the effect a wad of notes waved under the nose will have, even if it's well below the asking price. I've never had cash refused yet, nor refused it myself.
If a dealer though, always through a bank, either cheque or draft, or credit card if they'll take it.
Buying used car-payment - Hugo {P}
Credit card eh.

If the dealer's prepared to accept a credit card for say an £8k motor, the card company takes 2.5% that's erm.....

£200!

My line - £400 discount for cash? Negotiate towards £200

H
Buying used car-payment - PoloGirl
This might be too late and you probably already know this!

Make sure you get a signed receipt showing the time you became the owner of the car, so that you don't become liable for speed camera fines/points that the seller may have picked up earlier that day.

Hope that helps
Buying used car-payment - JohnX
Thanks to everyone for all the responses.I am now armed with a printout of Jonathans form.
An update on whats happened.
First the car hasnt been bought/sold yet.
Took a bankers draft and talked to the seller.
Seller hesitant to accept bankers draft and says that although a bankers draft is guaranteed by the bank ,it can still be cancelled by the buyer after it has been given(which i wasnt aware of).Hence he wasnt ok with.
Next option=cash, which I wasnt too keen on with the attendant risks of safety etc.
Anyway by the time I withdrew the money and having driven 2 hours to finalise the deal ,it was 6 pm.
What happened next Im not too sure,but when i phoned seller, suddenly he says ,look John Im busy today, youll have to come back some other day.
This despite the fact that he hasnt had any other offers!
Some people are strange!
Any ideas on whats happening ?This is a private dealer and hes still looking for better offers and keeping me waiting for 1 week now.
Buying used car-payment - JohnX
Sorry slight mistake in previous post.
Should have read private seller not private dealer.
Buying used car-payment - Phoenicks
With that attitude i'd tell him to stick his car with the words 'well look, do you want to sell it or not because i'm not hanging around to be messed about' or something.

I'd leave it and find an alternative.
 

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