SetoN

Hi Guys,

My dads going to be selling his car within the next few weeks and he is hoping for around the £7k mark.

He was asking me for advice about methods of collecting the payment once sold. Now I've not sold or bought a car privately for that amount before so I don't really know the best way about collecting the money.

Cash is an option, but would most buyers be willing to take that much out? Would it be wise as a seller to accept that much? You could arrange to meet at a bank maybe with that much cash? and sign log books within the branch?

What other safe and secure options are there these days. Is anything possible with internet banking etc?

Cheers guys.

SetoN

the shreksta

iTrader: (20)

bank transfer

David_Dickson

Electronic transfer done at the bank, or cash. Nothing else.

Despite what many people will tell you, bank drafts DO NOT clear instantly, are not as good as cash and are infact only marginally more secure than a personal cheque. The only assurance they offer is that it will not bounce - assuming it is even a genuine draft you receive in the first place.

scotty boy 80

iTrader: (5)

Cash every time

LSherratt

iTrader: (1)

I bought my car for £8.5k cash. I felt like a bank robber driving to collect the car with that amount.

SinghSuperStud

iTrader: (2)

Pretty sure that's over the limit set for due diligence against money laundering? You should've / should've had 20 questions about where the money is from etc etc?

I could be wrong but the figure is somewhere around there!

New_scooby_04

iTrader: (4)

What he said!

SetoN

Cheers Guys.

David Lock

For some, probably illogical, reason I don't like 50 pound notes. dl

tony de wonderful

I've only ever done cash in the past but never sold a car worth more than 5k.

LSherratt

iTrader: (1)

I rang the bank the day before I was planning on withdrawing the cash out and they didn't really question it. They just warned me that they will be asking me extra security questions when I pop in. In fact, I tell a lie, it was £6.5k because I already had £2k cash at home

Leslie

Cash-there can be no argument then.

Les

Pong

iTrader: (2)

Last car i bought paid via online banking (mine is barclays, his was different bank). Had my laptop with me, connected to sellers wifi, transferred £1 first just to be sure (as it was sunday), he checked at cash point before transfer and after to check his balance, confirmed £1 is in his account, sent rest of the money, checked again, job done.

One before, we both in barclays, transferred money, he checked it online, signed, done.

Osimabu

iTrader: (2)

Fear not, send as many as you want to me and I'll worry about them for you instead....

My car was more than the OP's dad's. Initially I was going to pay cash, drawing it out over the counter and letting the seller take it to his bank, but in the end we did it as a banker's draft in my bank, which he then took to his and paid in with me present.

Before we went in, I showed him I had the money in my account using the cash machine outside, and then the assistant showed him that it was no longer there once I'd given him the draft.

This was on a Friday and apparently it took until the following Thursday to be completely cleared into his account, so there was some mutual trust involved.

scoobynutta555

Don't know why you'd bothered with a draft. If you're at the bank get a CHAPS transfer. I certainly wouldn't accept a draft at all.

Frosticles

iTrader: (1)

When I bought my STi back in 2010 I paid 10k in cash for it. Was quite scary & took a while to count out..........
I replaced my MK2 Escort with a MK1 last year & paid for that via a Bank transfer then collected it the following weekend. I find that much easier & safer to do.

RobJenks

Many years ago - In the 60's , I sold an MGB. The guy who bought it for his wife , she was with him, paid by cheque.
I allowed him to take the car as he was also a dealer.
Later in the evening he rang me and said he had stopped the cheque as the car had been stolen previously to my ownership - He was non the less prepared to keep the car for a lesser price.
As I needed to sell, I accepted his offer.
I made a mistake.

stilover

I only accept Bankers Draughts when I see them written out in the Bank. Anyone straight-up won't mind.

P1Fanatic

Its a tricky one as nothing is ever simple. I bought my scooby for £15k cash - problem is having to carry it around for too long and having to count it out (several times). If you can do the transaction in a town centre and taken from your bank straight to theirs that is easiest.

Last summer I bought a car for £22k private. As we were handing over on a saturday CHAPS would not work and apparently is not guarenteed immediate anyway. BACS Fast Transfer has limits per day so not suitable and also does not work at weekends.

Ended up doing Bankers Draft as seller preferred this even though I said I wouldnt accept one if I was selling a car. Even that was a palaver - took over 1hr with Natwest even though I rang them up to tell them I was coming in for one. They couldnt find one for starters.

It really is a minefield. If I was selling cash only.

Osimabu

iTrader: (2)

I can't remember now, but I've a feeling there was a fee for CHAPS, but it's a while back and I'm getting old!

scoobynutta555

There's a fee for a bankers draft, around the same IIRC.

New_scooby_04

iTrader: (4)

There is a fee for CHAPS. (I think about £20) BUT it's the only full proof way of getting money across from one person to another without someone physically paying money into your account in person in the bank.

CHAPS is guaranteed same day if you pay in before afternoon and once it's in your account it cannot be retracted by the seller! If memory serves the money is actually taken out of the buyers account immediately and held by the bank, but can take a couple of hours to reach the seller's account!

Cash not paid into and accepted by a bank might be forged

Bankers drafts can also be forged and even if genuine can be cancelled.

CHAPS every time! No one genuine will object. Much better than having loads of banknotes on you in any case!