Selling fairly high value car privately. Bank transfer?
Discussion
I have searched but the posts are a bit old, the consensus seems good though.
I am (possibly) selling my car to someone today, the price is around 50k
The guy sounds legit, became friends on facebook, his profile looks genuine.
He says that his bank will allow an instant transfer of the amount.
I phoned my bank who confirmed that it would be ok, they would put an alert on my account and they may call me.
So it all sounds legitimate. I didn't think you could transfer amounts like that instantly but by all accounts you can.
Anything else to worry about? i suppose my biggest fear is he's some kind of fraud and the funds become frozen.
I can only assume he's also doing his due diligence on me
I am (possibly) selling my car to someone today, the price is around 50k
The guy sounds legit, became friends on facebook, his profile looks genuine.
He says that his bank will allow an instant transfer of the amount.
I phoned my bank who confirmed that it would be ok, they would put an alert on my account and they may call me.
So it all sounds legitimate. I didn't think you could transfer amounts like that instantly but by all accounts you can.
Anything else to worry about? i suppose my biggest fear is he's some kind of fraud and the funds become frozen.
I can only assume he's also doing his due diligence on me
I’ve done this before - but always like to know the person is (linked in / companies they own etc..) so you know it’s a real person and what their address is too.
But yeah once the money hits your account should be all good!
But I’d explain to him that if for whatever reason there is a delay, he’ll have to leave and come back when it’s cleared. 50k may not be instant and may chaps which is only same day if before 3pm
But yeah once the money hits your account should be all good!
But I’d explain to him that if for whatever reason there is a delay, he’ll have to leave and come back when it’s cleared. 50k may not be instant and may chaps which is only same day if before 3pm
m3jappa said:
I didn't think you could transfer amounts like that instantly but by all accounts you can.
Would be surprised if a buyer set it up as a CHAPS payment. Faster Payments scheme allows for transfers of up to £1m. Most banks don’t allow consumers to do anything like that, but £50k isn’t outside what some will permit. Sometimes to access the higher limits the sender will need to set up the transfer online (via internet) rather than via app. You will doubtless get someone pop up and say “ do a small transaction first to check it works”. Do NOT let the buyer do this. It will increase the risk that the larger one will be blocked.
You should be OK, but I probably wouldn’t let the car go without having called my own bank and confirming that the money was there and couldn’t be recalled.
Obviously best done in normal working hours to reduce the chance of the relevant department not being around if it has been blocked.
It sometimes comes down to "what more can you do?"
Yes there's a 0.1% chance a fraudster is intending a complicated scam involving highjacking a third party account to transfer you the money, funds are frozen, and the car is gone forever. However you've done some due diligence and I would suggest confirming the name that the funds comes from matches their ID.
Yes there's a 0.1% chance a fraudster is intending a complicated scam involving highjacking a third party account to transfer you the money, funds are frozen, and the car is gone forever. However you've done some due diligence and I would suggest confirming the name that the funds comes from matches their ID.
Thanks guys.
He does sound very legitimate, he doesn't appear to be on companies house but he does have a website selling something he told me he does.
I can also see from his facebook posts he's been on the lookout for a car like mine for a few months now, i actually contacted him after i saw a post he made about being disappointed with the condition of some of the cars he's seen.
Sad day though for me, i feel sick at the thought of selling, but when i see i have driven a few hundred boring miles this year and i have a house that needs money throwing at it the grown up big boy thing is for it to go
He does sound very legitimate, he doesn't appear to be on companies house but he does have a website selling something he told me he does.
I can also see from his facebook posts he's been on the lookout for a car like mine for a few months now, i actually contacted him after i saw a post he made about being disappointed with the condition of some of the cars he's seen.
Sad day though for me, i feel sick at the thought of selling, but when i see i have driven a few hundred boring miles this year and i have a house that needs money throwing at it the grown up big boy thing is for it to go
Sargeant Orange said:
It sometimes comes down to "what more can you do?"
Yes there's a 0.1% chance a fraudster is intending a complicated scam involving highjacking a third party account to transfer you the money, funds are frozen, and the car is gone forever. However you've done some due diligence and I would suggest confirming the name that the funds comes from matches their ID.
This.Yes there's a 0.1% chance a fraudster is intending a complicated scam involving highjacking a third party account to transfer you the money, funds are frozen, and the car is gone forever. However you've done some due diligence and I would suggest confirming the name that the funds comes from matches their ID.
It does sound legit and I've bought and sold privately at near that value without issue.
For me, when the instant payment is made and I see it in my account, I always call my bank just to get some verbal reassurance that the money is definitely there and cannot be taken back etc.
OP, you're clearly not a moron and have done your checks and consideration of it being a scam, so I am sure you are fine.
For me, when the instant payment is made and I see it in my account, I always call my bank just to get some verbal reassurance that the money is definitely there and cannot be taken back etc.
OP, you're clearly not a moron and have done your checks and consideration of it being a scam, so I am sure you are fine.
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