Hi
Could someone tell me the best way of paying for a private car It\'s £15K so I don\'t want to carry that sort of money around in my pocket.
The dilema is i can leave say a £200 deposit cash & the rest by cheque but then I have to wait for the car until the cheque clears etc. What pitfalls are there ??
Advice please...................
Jim
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Bankers draft or building society cheque - both are as god as cash. Agreee with seller to go with him to his bank to get it paid in, and once done he should have no problem with giving you the keys, V5 and a receipt.
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Ask if they\'ll accept a banker\'s draft - as good as cash and they can check validity with the bank before releasing the car to you. It\'ll cost you about £15 from the bank.
A building society / bank cashier\'s cheque is just a straightforward withdrawal from your account by cheque. This won\'t cost anything and they can still ring the bank to check. They may not accept this as readily, as you can stop these cheques. However, the bank wouldn\'t release the money back to you until they\'ve checked with the payee. I accepted one of these when selling my £5k car.
Alternatively, a telegraphic transfer is an immediate transfer of funds from one bank to another, but it\'ll cost £30.
Failing any of these, you\'ll need to write a normal cheque and then camp outside their house until the cheque clears!
Mattster
Boycott shoddy build and reliability.
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Jimmy, all the sensible precautions as mentioned should be taken.
But have you done all the others, checked it out HPI check, AA etc inspections, plus is it a MUCH better offer than you\'d get buying from a dealer? You\'d be surprised at how keen some garages would be to relieve you of £15000!!
You haven\'t told us what it is, yet??
VB
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I have read the other threads now. But still have one question. Say i sell a car for £15k, and agree to meet the buyer in my bank to exchange funds for the keys and documentation. The buyer hands me £15k in readies in the bank. I hand it over to the bank. The cashier sticks it in the machine, counts it, and it all goes through ok. I hand the keys over and say goodbye to my car. The bank then ring to say £3k of the cash was fake. What happens then? Can you get the bank to garuantee the cash they have taken and the money they have credited to your account?
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The Car is a volvo D5 SE with 18,000 miles, full VSH, 52 reg with 18 months warranty left & has the winter pack. It was bought from Bells in Northampton & is a UK car. Speeds, my local dealers want £20K for an 03 / 52 reg.
Part of my problem is I am with Intelligent Finance (on line only ) so calling in at the bank with the seller to get the cash isn't an option.
Jim
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Part of my problem is I am with Intelligent Finance (on line only ) so calling in at the bank with the seller to get the cash isn't an option.
Hi,
Isn't Intel. Finance. owned by Halifax/Bank of Scotland and, therefore, can't they arrange a suitable branch for you if you ring them?
Regards
Vercin
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>> Part of my problem is I am with Intelligent Finance (on >> line only ) so calling in at the bank with the >> seller to get the cash isn't an option. Hi, Isn't Intel. Finance. owned by Halifax/Bank of Scotland and, therefore, can't they arrange a suitable branch for you if you ring them? Regards Vercin
>>
No, they are a seperate entity, so you cannot use HBOS branches....
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No, they are a seperate entity, so you cannot use HBOS branches....
Touché
Regards
V
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I have paid for a car on collection using a debit card. Its a good idea to warn the bank beforehand, and they will in any case call the dealer and ask to speak to you to confirm identity. If the dealer has the technology to do this (I can't imagine that many refuse debits cards in the parts dept?) then they should be happy - they get guaranteed payment and the processing cost is pennies rather than something over 1% of the price for a credit card.
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Sorry to be a chump - I have now inferred that it's the seller that's private, not the car!
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When I sold my car, the buyer had a current account with the same bank as me. He was then able to transfer the money into my account over the phone, I checked my balance online, and everyone was happy with cleared funds within two minutes at zero cost.
Of course, this was for £350 and not £15k!
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Don,t the credit card companies issue some foerm of cheque? I had a drive laid and paid by credit card. There wre problems but I found out the card company had obligations legally to guarantee the work. Hey presto they sorted it out quickly and even gave me a goodwill payment of £300. I would investigate that route!
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Yes, some credit card companies do issue cheques and these are treated in the same way as cash advances. If you have a problem with an item purchased with one of these cheques you do not get the same guarantee as if you've paid for the item with the card.
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On a pedantic note...
A bankers draft is only as good as cash if it is genuine. The buyer should never accept one with checking it out first - even a phone call to the bank may not be much use if it has recently been stolen. It is only as good as cash once the money is in your account. They can take up to 28 days to clear - I know this from very recent experience.
I think the only way to be totally at ease is for buyer and seller to go to bank together to get draft issued, then no problems.
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Even if you bank online, I'm sure that a High Street bank will take your money and pay it in to your account for you for a nominal sum. (nominal compared to 15k, anyway!)
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sorry if this has been mentioned before but what about transfering the money on line????? I had to pay my mum some money the other day and went to my barclays on line banking service thingy and put in her details acct number etc and hit GO and it transfers it straight away???
The only thing I know is that for it to be there in real life straight away you have to do it within mormal working hours.
You could print out every step on the way as proof or something??
Not sure if this will help you but thought id add it anyway!
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As a seller, I have verified several drafts by asking the buyer to fax me a copy prior to arriving to collect the car and then calling the brank direct to verify they issued it.
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