How to pay for a car?
Discussion
I am in the market & have a car that I might buy for £25k. The question is how to arrange the payment? Some sellers are against bankers drafts due to forgeries. I think it is risky to go with a case full of cash. Bank transfers are an option but timing can be a problem. What is the best option to keep both parties happy & secure?
If you can sort out the transfer issues, I'd go down that route. Or the banks are open when you make the deal, take the seller into the bank and have a draft written in front of him / have the bank trasfer the cash in front of him (lloyds have done this for me in one of their interview rooms)
baxb said:
Find out who the seller banks with, if it's the same bank as you, you may be able to go down to the local branch with him & transfer the money over the counter, he can then see the funds cleared & in his account straight away & let you have the car.
Can see that might be a possibility.AndrewW-G said:
If you can sort out the transfer issues, I'd go down that route. Or the banks are open when you make the deal, take the seller into the bank and have a draft written in front of him / have the bank trasfer the cash in front of him (lloyds have done this for me in one of their interview rooms)
This might work, if the bank will help. TVR Andy said:
baxb said:
Find out who the seller banks with, if it's the same bank as you, you may be able to go down to the local branch with him & transfer the money over the counter, he can then see the funds cleared & in his account straight away & let you have the car.
Can see that might be a possibility.Got down to the Bank and they refused to do it for over £5000. We ended up in the manager’s office complaining before he approved making an exception.
TVR Andy said:
dickb
dly said:
dly said: If you go with him to his bank, pay in the bankers draft and the bank excepts it he would have to assume it is not a dodgy bankers draft.
Andy
Some forged drafts are so good even bank front row staff can't tell if they are real or not. Andy
If that doesn't satisfy him feel sorry for his wife
I went to buy a car once with the bankers draft written out in the guys name and he was soooo anal about the bankers draft and paying it into his account i ended up walking away!! some people just dont want to sell their cars!!
It was a pain to cancel as well, cost £30 to cancel and left 12k out of my account for 7 days!!
I have to say i have not thought of taking him to my bank and let him see it being written out, then on to his to deposit it.
It would of saved me a load of balls ache on that one!
Andy
It was a pain to cancel as well, cost £30 to cancel and left 12k out of my account for 7 days!!
I have to say i have not thought of taking him to my bank and let him see it being written out, then on to his to deposit it.
It would of saved me a load of balls ache on that one!
Andy
TVR Andy said:
Gaspode said:
Pay with your bank debit card.
How with a private seller?baxb said:
Find out who the seller banks with, if it's the same bank as you, you may be able to go down to the local branch with him & transfer the money over the counter, he can then see the funds cleared & in his account straight away & let you have the car.
Like this, except you don't have to bank at the same bank. Go into the seller's local branch, explain that you wish to transfer x thousand pounds from the buyer's account to the seller's. Give the teller the buyer's bank card. They can ascertain the funds are present in the account, and expedite the transfer by using a BACS transfer.dickbdly said:
dly said: I went to buy a car once with the bankers draft written out in the guys name and he was soooo anal about the bankers draft and paying it into his account i ended up walking away!! some people just dont want to sell their cars!!
It was a pain to cancel as well, cost £30 to cancel and left 12k out of my account for 7 days!!
I have to say i have not thought of taking him to my bank and let him see it being written out, then on to his to deposit it.
It would of saved me a load of balls ache on that one!
Andy
What a tIt was a pain to cancel as well, cost £30 to cancel and left 12k out of my account for 7 days!!
I have to say i have not thought of taking him to my bank and let him see it being written out, then on to his to deposit it.
It would of saved me a load of balls ache on that one!
Andy
tpaulrockliffe said:
Bank transfers are instantaneous these days aren't they? They are between Natwest and RBS, are others the same?
If so, go to his house and let him watch you do the bank transfer, then let him login and see it in his account.
Might be an option.
As I understand it RBS,Nat West,Virgin are all the same bank. If so, go to his house and let him watch you do the bank transfer, then let him login and see it in his account.
Might be an option.
If it's £25k and you want to do a bank transfer it has to be by CHAPS or it will take 3 days unless its same bank to same bank. With regards to Natwest, RBS and Virgin, yes they are all run by RBS but they are run as separate entities so check before assuming it will go same day.
Payments up to £10k can go same day fee free under the new faster payments system but check BOTH banks are signed up to faster payments before hand.
Bankers drafts are regularly forged as there's an assumption it's guaranteed. It's only guaranteed money if it's genuine!! Either way bankers drafts still have to go through the clearing system so you won't see your funds for a good few days. If doing it by draft ONLY accept it if you've seen it being written out in a bank in front of you as has already been said.
Payments up to £10k can go same day fee free under the new faster payments system but check BOTH banks are signed up to faster payments before hand.
Bankers drafts are regularly forged as there's an assumption it's guaranteed. It's only guaranteed money if it's genuine!! Either way bankers drafts still have to go through the clearing system so you won't see your funds for a good few days. If doing it by draft ONLY accept it if you've seen it being written out in a bank in front of you as has already been said.
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