AH FabricationsChris Nott
Results 1 to 23 of 23
  1. #1
    5th Gear

    Status
    Offline
    Join Date
    Apr 2004
    Posts
    1,139

    best way of accepting payment when selling car privately

    What do people feel is the safest way to accept payment on the sale of a car? I would ordinarily prefer cash although this still carries risks - but i'm talking best part of 16k now a lot of people would be reluctant to carry around as cash, quite understandably.

    cheers

  2. # ADS
    ADS
    Join Date
    Always
    Posts
    Many
     
  3. #2
    Booster's Avatar
    Neutral

    Status
    Offline
    Join Date
    Jul 2004
    Location
    UK
    Posts
    81
    Go with the purchaser to the purchaser's bank and get them to put through a CHAPS payment into your account or alternatively get them to draw up a Banker's Draft in your presence.
    2009 model A5 3.0TDi Quattro Sport tiptronic

  4. #3
    benw123's Avatar
    Moderator

    Status
    Offline
    Join Date
    Oct 2004
    Location
    Herts, UK
    Posts
    1,863
    Simple - direct bank transfer. If your buyer uses internet banking, they can even set up a payment from their own PC. It's safe and secure.

    Only downside is that it takes four working days, although when I sold my Focus ST170, the guy wanted to collect it so badly he paid a £25 surcharge to get the payment through that day!

    All you do is keep checking your account for the money, and once it's there, contact the buyer and arrange collection. The other plus is that when you see the buyer again, there's no awkwardness when handling that amount of cash!
    2004 A3 Sportback 2.0TDI SE, RNS-E Sat Nav SW0650 TMC, 17" Star Alloys, Xenons, DIS, Rear Mats & Sunblind, Alu trim, Ebony Black pearlescent
    2006 Honda Accord EX i-CTDI, Arctic Blue, Leather, Sat Nav, XCarLink

  5. #4
    Amchlolor's Avatar
    6th Gear

    Status
    Offline
    Join Date
    Jan 2005
    Location
    Aberdeen
    Posts
    5,602
    Yup,internet banking and electronic payments is the way to go.
    Did it twice in past three months,selling and buying bikes.
    '02 to '05 - Black Audi A4 1.9tdi sport
    '05 to '08 - Akoya Silver A3 sportback S-line DSG
    '08 to ? - Black Alpina D3

  6. #5
    Olly_K's Avatar
    Administrator

    Status
    Offline
    Join Date
    Jun 2000
    Posts
    2,643
    its an interesting one, when i bought my Rs4 they guy wouldn't release the car until funds had cleared and I didnt want to part with the funds until I had the car.
    So we originally arranged that i'd get 22.5k cash from my bank, drive to his house, we go to his bank together and the bank would count it and confirm the notes were genuine, then we drive back to his house and I pick up the car, all on the same day.

  7. #6
    5th Gear

    Status
    Offline
    Join Date
    Apr 2004
    Posts
    1,139
    didn't realise you could pay 25 to have an electronic transfer made the same day - is it 24 hours? so you transfer 3pm one day and its clear 3pm next day?? Hows it work?

  8. #7
    5th Gear

    Status
    Offline
    Join Date
    Apr 2004
    Posts
    1,139
    ok doin the cash thing but you never know when someone is gonna pull a gun on you!!! there are plenty of desperate people about who will try anything!

  9. #8
    Neutral

    Status
    Offline
    Join Date
    Sep 2006
    Location
    North Wales Coast
    Posts
    71
    You need to ask the bank to make a CHAPS payment which is same day. Alternatively ask the buyer to arrange a cash withdraw from his bank and get him to accompany you to yours whilst you pay it in.
    '07 Audi TT 2.0 TFSI in Audi Exclusive Lava Grey
    '07 Daihatsu Copen 1.3

  10. #9
    1st Gear

    Status
    Offline
    Join Date
    Aug 2006
    Posts
    147
    You just cant trust anyone these days can you.

    I sold my last car to a policeman who thought by showing me his warrant card I would trust him with a cheque!! As the banks were about to close and he had travelled a long way we went off to the local bank and as it was too late to fix a same day chaps (before 4pm I think) he withdrew the cash at the till and I promptly paid it back in again to my account. Farcical. The way it was handled I half expected then to count it again when I paid it back in.

    Internet bank transfers get my vote.

  11. #10
    hud at ye bam

    Status
    Offline
    Join Date
    Jan 2006
    Location
    Aberdeenshire
    Posts
    2,231
    You can use an escrow company to make sure everything is fine before you each get your car/cash. Bankers draft's work well - as good as cash (as long as it's not forged )
    [/sarcasm]

  12. #11
    Amchlolor's Avatar
    6th Gear

    Status
    Offline
    Join Date
    Jan 2005
    Location
    Aberdeen
    Posts
    5,602
    Bank transfer thing is excellent really.
    I was selling a bike.
    Bloke e-mailed me Thursday,we agreed a price.
    He transferred the money Friday.
    I drove to Edinburgh on the Saturday to deliver it.
    Superb.

    No counting money in a car park.
    No having to take mates in case you get jumped with cash.

    All very civilised.
    '02 to '05 - Black Audi A4 1.9tdi sport
    '05 to '08 - Akoya Silver A3 sportback S-line DSG
    '08 to ? - Black Alpina D3

  13. #12
    5th Gear

    Status
    Offline
    Join Date
    Apr 2004
    Posts
    1,139
    no messing about bowfer - but think from the other blokes point of view - hes transferred all his money into your account - you could then not bother turning up with the bike what could he have done? my point is problems can happen both ways for sellers and buyers

  14. #13
    2nd Gear

    Status
    Offline
    Join Date
    Nov 2004
    Location
    South East
    Posts
    317
    If the buyers bank is the same as yours the money will go straight across on the same day (effectively instantly), rather than waiting for 3-4 for it to appear. If you have a online PC at home, why not invite them in to do the transfer in front of you? Although, I think there is a £10k per day limit on online transfers (there is with HSBC / First Direct anyway).

    Or I would identify a local branch of theirs where you can both visit to transfer the money or have a draft made out so you know it is genuine. This is what I did when buying a relative's car with them and it was really easy.
    2006MY A3 Sportback, 3.2 SLine, Manual, Brilliant Red

  15. #14
    alfiejts's Avatar
    2nd Gear

    Status
    Offline
    Join Date
    Jul 2006
    Location
    Lytham St Annes
    Posts
    352
    I bought mine on eBay and the seller was 250 miles away. I needed to see the car, pay for it and drive it away all on the same day.

    Seller was a copper in the Met. He wouldn't let me travel down there with 15k in cash....

    We all agreed to go to my bank/build. soc. together, draw a counter cheque, so that he knew it was genuine, then go to his bank and pay it in together.

    As it was a counter cheque, it was cleared funds and couldn't be cancelled. As he'd seen it drawn, he knew it was genuine.

    I did just the same process in reverse when I sold my Alfa 156. The buyer saw it and wanted to drive it away that day. We went to his bank, drew a counter cheque and then went straight to mine to pay it in.

    Can't see a flaw or risk in the process and the copper from the Met thought it was the best answer of all the alternatives...
    2012 White A5 Coupe TFSi Black Edition
    (Was 2004 A3 2.0 TDi S-Line DSG, owned from 2005 to 2012....)

  16. #15
    jdp1962's Avatar
    Grumpy Old Man

    Status
    Online
    Join Date
    May 2003
    Location
    Cruising on a mountain of torque
    Posts
    5,317
    This seems like a topical moment to remind people about the sticky thread I posted last year on cheque fraud:

    http://tinyurl.com/gxz2b
    A4 3.0TDi SE Quattro Auto. Factory-fit: RNS-E/bluetooth; F/R parking sensors; full leather/heated front seats; cruise. Retrofit: Remap; Eibach 30mm lowering springs, RS4 RARB; MTEC drilled/grooved discs; 18" RS4 alloys; VW fan washers; Kinetic Digitizor DAB; Blackvue DR380 camera; front armrest; ambient lighting; white LED lights; autodim mirror; Cupra splitter; S-Line door blades; tints; UK pressed plates; MFSW; SDS; TPMS; LED Taillights and DRLs.


  17. #16
    rickparmar's Avatar
    va va voom

    Status
    Offline
    Join Date
    May 2004
    Location
    Leicester
    Posts
    2,269
    when i brought my first A3, we did a bank transfer, but funds would talk 4-5days before she got it,

    so we decided she keeps the log book, i drive the car, wrote a contract both signed and took a photo of us signing,

    then once money was cleared she sent the log book through
    ~ ~ ~2003 Audi S3 BAM ~ Ming Blue ~ 18" BBS Alloys ~ Heated Black Leather ~ Forge DV ~ RNS-E ~ denison ipod link~ parrot mk6100 bluetooth ~ ~ ~

    Still need Remap

    2007 Audi S3 8L
    2005 Audi A3 1.6 sport grey with climate control
    2003 Audi A3 1.6 sport black without climate contol

  18. #17
    If you have a number of accounts with the same bank and do an online internet transfer from one to another then transfer is instant, but I'm not sure them same is true between different customers.

    I recently made a transfer from one of my accounts to my brother's account, both accounts being with Lloyds but at different branches and I think it took a couple of days for the money to show in his account.

    I must say that I think the both visiting the bank together and getting a counter check and then paying that in together seems to be the one than can cause least problems.
    Dave R (h5djr)
    ----------------------------------------------------------------------------------------------------
    A3 8V 2.0 TDI-184 Sportback Sport s-tronic quattro - Silver + lots of options - my 9th A3

  19. #18
    d3fy's Avatar
    5th Gear

    Status
    Offline
    Join Date
    Sep 2005
    Location
    Sheffield
    Posts
    1,411
    I sold my last car 12k by CHAPs. Buyer transfered money to my account, waited one day for it to clear. Buyer picked up car. Got to say it really is a tense time, thinking of any scams or things you have missed and the buyer thinking the same!

    The banks could make it easier for us. Some Online Banking has transfer limits, mine does NATWEST, i went to buy my car forgot I had the money sat in my savings need to pay by SWITCH from my current and tried to swap it over by going online in the dealers. It would not let me transfer 23k from one to the other..
    2.0T Quattro SLine, now 320d Sport Touring

  20. #19
    Amchlolor's Avatar
    6th Gear

    Status
    Offline
    Join Date
    Jan 2005
    Location
    Aberdeen
    Posts
    5,602
    Quote Originally Posted by steve184
    no messing about bowfer - but think from the other blokes point of view - hes transferred all his money into your account - you could then not bother turning up with the bike what could he have done? my point is problems can happen both ways for sellers and buyers
    There is an element of trust in most transactions.
    Thankfully,in my experience,99% of people are completely trustworthy.
    I must say,if a seller wanted me to feck about following him to the bank etc.,I'd probably tell him to get stuffed and source another one.
    The hell with that,in this day and age.
    '02 to '05 - Black Audi A4 1.9tdi sport
    '05 to '08 - Akoya Silver A3 sportback S-line DSG
    '08 to ? - Black Alpina D3

  21. #20
    ManicMunky's Avatar
    2nd Gear

    Status
    Offline
    Join Date
    Sep 2006
    Location
    Chorley, Lancs, UK
    Posts
    311
    Quote Originally Posted by h5djr
    I recently made a transfer from one of my accounts to my brother's account, both accounts being with Lloyds but at different branches and I think it took a couple of days for the money to show in his account.

    That's odd. My dad pays money into my LTSB account from his instantly!
    - Andrew

  22. #21
    5th Gear

    Status
    Offline
    Join Date
    Apr 2004
    Posts
    1,139
    well - i'm making things harder for myself as i am requesting that people come to view the car at weekends (as im working mon to fri and can't get days off at a days notice) this complicates things as obviously banks arn't open to raise bankers drafts (is this what someone called counter cheque above?) etc

  23. #22
    Amchlolor's Avatar
    6th Gear

    Status
    Offline
    Join Date
    Jan 2005
    Location
    Aberdeen
    Posts
    5,602
    Doubtful anyone is going to chance taking 16K with them,so you're going to have to be flexible,patient and trusting.
    Agree a deal,then wait for the other person to make an eletronic transfer on the Monday.
    You're not doing them a favour selling them the car.
    They're doing you a favour buying it.

    In my experience,they will be just as keen to get the money transferred to you as you will be to get it.
    Last edited by Amchlolor; 4th October 2006 at 14:42.
    '02 to '05 - Black Audi A4 1.9tdi sport
    '05 to '08 - Akoya Silver A3 sportback S-line DSG
    '08 to ? - Black Alpina D3

  24. #23
    benw123's Avatar
    Moderator

    Status
    Offline
    Join Date
    Oct 2004
    Location
    Herts, UK
    Posts
    1,863
    Quote Originally Posted by bowfer
    Doubtful anyone is going to chance taking 16K with them,so you're going to have to be flexible,patient and trusting.
    Agree a deal,then wait for the other person to make an eletronic transfer on the Monday.
    You're not doing them a favour selling them the car.
    They're doing you a favour buying it.

    In my experience,they will be just as keen to get the money transferred to you as you will be to get it.
    Absolutely right - if anything, the delay until Monday may be an advantage. I'd be a little worried if someone turned up to view the car and tried to pay straightaway. The delay means they still want the car!
    2004 A3 Sportback 2.0TDI SE, RNS-E Sat Nav SW0650 TMC, 17" Star Alloys, Xenons, DIS, Rear Mats & Sunblind, Alu trim, Ebony Black pearlescent
    2006 Honda Accord EX i-CTDI, Arctic Blue, Leather, Sat Nav, XCarLink

 

 

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •  
Single Sign On provided by vBSSO

Garage Plus, Vendor Tools vBulletin Plugins by Drive Thru Online, Inc.

Content Relevant URLs by vBSEO