How do people do this these days? Banking transfer seems to be the easiest, now that it all happens instantly. Anybody done this?
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Didn't realize prices had sunk that far, MM. };---)
I did pay the seller of my Volvo by bank transfer, but that was the leasing company for the job I was in the process of leaving. Since its account and mine were with the same bank, I didn't even pay a fee for the transaction.
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At the banger end of the market, I suppose going to one or two holes in the wall would do. For more serious money it has been recommended that buyer and seller meet at a place of usury and see visual proof of validity. Even 'banker's drafts' are open to suspicion sometimes I gather.
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The great thing is that bank transfers now go through within a couple of hours, even between different banks. For free.
So you can agree a price; ring your bank/do it online. Sit down with a cuppa, and then the vendor can see the cash appear in his own bank account. Means its not done with a banker's draft. So 100% security for the vendor; and no need to use that horrid paper stuff - which particularly if there's over £1,000 worth can be quite hard to get hold of. (And call me old fashioned for not enjoying going to a stranger's house with a great wodge of cash in my pocket!)
>>I did pay the seller of my Volvo
Oopsie!
Edited by Mapmaker on 09/01/2009 at 11:54
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if youre going to pay me to buy your car i hearby offer to take it off your hands for ten grand, you can pay me any way you like...
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Frankly I prefer cash. Nothing makes a seller salivate more than notes in your hand. You show him you are a) serious and b) ready to deal. You can then use you skill and charm to negotiate a cracking deal, as he really does not want you to leave empty-handed.
You of course arrive with £100 (at least) short of his asking price, so he's then on a knife edge. You explain you can't get any more cash out that day.
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I usually get the seller to drop the car off ot mine (this is a good sign of a genuine seller as he would not drive a car he knew was going to blow up distance) then go to the bank and give him the cash, then drop him off. However I realise some sellers well be a bit nervious about that.
On higher value cars we have gone to the bank and done the transfer with both parties present.
My dad once did pay £5000 in readies for a car, it was a private sale too, but ten years ago cars were a lot more expensive, if you wanted a reliable car with fuel injection you had to spend a bit of cash.
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We bought the Scenic (£8750) with a £250 cash deposit and the rest on a banker's draft. Seller was happy to let the car go after verifying the draft by phone with the issuing branch.
The Volvo (£2500) was bought on a bank transfer but the seller was a friend, so no trust issues. In fact, I'd had the car a week or so before I paid for it.
Was paid for SWMBO's old Fiesta and my ZX7R by bank transfer - in both cases the buyer collected the vehicle after the funds had transferred.
Cheers
DP
Edited by DP on 09/01/2009 at 13:38
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I HATE physical £$£$£.
Appart the inconvenience of counting it - you don't know if someones not going to pop round a little later on & relieve you of it!!
Prefer the visit to the bank, do the transfer, or paying in, all in someone elses secure premisies.
Gone are the days of cash being King!!
VB
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And a bank transfer is now so much quicker in the last few months - pay someone and its there. Tested it between Natwest and Barclays and it showed up very quickly.
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