How do I get the cash over to you...
Discussion
How do I get the money over to you...(hypothetically)...if I was buying your car for around £15k next week?
And what do i need to be particularly careful about?
To give you some context - I think I found my car (a 1987 3.2 Carrera with 70k miles) and I also like the seller. So if the inspection checks out well we will do a deal next week. However I have never bought a car privately in the UK (i'm based in the UK) and was wondering how that works, and what I need to be particularly careful about...?
Thanks!!
And what do i need to be particularly careful about?
To give you some context - I think I found my car (a 1987 3.2 Carrera with 70k miles) and I also like the seller. So if the inspection checks out well we will do a deal next week. However I have never bought a car privately in the UK (i'm based in the UK) and was wondering how that works, and what I need to be particularly careful about...?
Thanks!!
CHAPS. And if you can, do it in person when you're both in the bank. Did you see this by the way? http://pistonheads.com/gassing/topic. It's about when bankers' drafts go wrong.
Only problem with chaps (from personal experience ) is that once the transaction is initiated , it's in the hands of anonymous bank clerks who don't care if it takes all day. If the seller wants to wait til funds are cleared before handing over the keys, you could be in for a tedious day. (Unless of course you can arrange to go on the p1ss with him while waiting..)
ballcock said:
Only problem with chaps (from personal experience ) is that once the transaction is initiated , it's in the hands of anonymous bank clerks who don't care if it takes all day. If the seller wants to wait til funds are cleared before handing over the keys, you could be in for a tedious day. (Unless of course you can arrange to go on the p1ss with him while waiting..)
'Bin there, done that. I sold an Impreza to a gentleman in N. Ireland last year. He catches an early morning flight over here, gets a train to my nearest station and I pick him up at 10.30 in the morning.
He views the car and confirms he wants it.
He initates the CHAPS transfer at noon and says he needs to leave for the Holyhead ferry buy 4 pm.
The last CHAPS transfers are carried out by 4pm the same day.
After several calls to my bank between 3pm and 3.50 pm (and with pressure mounting from the purchaser to let him take the car) I rang the bank in Ireland to establish whether the money had been forwarded from the purchsers account. It had but was now in cyberspace as the funds hadn't been transferred into my account !
A final phone call at 4.05pm established the funds had arrived just before "Zero hour"
Motto : As Ballcock says, get the transfer done at 9am and be prepared to kick your heels until 4pm !!
Order the money 24 hours in advance with your bank - £50 notes only. You'd be surprised how small a package that is...
Alternatively arrange to go to the bank together, and draw the money out of one account and deposit it in the other.
I will never deal with a bankers draft again as it is EXACTLY the same as a cheque. It can be stolen, it can be cancelled after it's been deposited but before it clears, and it still takes days to clear.
Alternatively arrange to go to the bank together, and draw the money out of one account and deposit it in the other.
I will never deal with a bankers draft again as it is EXACTLY the same as a cheque. It can be stolen, it can be cancelled after it's been deposited but before it clears, and it still takes days to clear.
slippydiff said:
ballcock said:
Only problem with chaps (from personal experience ) is that once the transaction is initiated , it's in the hands of anonymous bank clerks who don't care if it takes all day. If the seller wants to wait til funds are cleared before handing over the keys, you could be in for a tedious day. (Unless of course you can arrange to go on the p1ss with him while waiting..)
'Bin there, done that. I sold an Impreza to a gentleman in N. Ireland last year. He catches an early morning flight over here, gets a train to my nearest station and I pick him up at 10.30 in the morning.
He views the car and confirms he wants it.
He initates the CHAPS transfer at noon and says he needs to leave for the Holyhead ferry buy 4 pm.
The last CHAPS transfers are carried out by 4pm the same day.
After several calls to my bank between 3pm and 3.50 pm (and with pressure mounting from the purchaser to let him take the car) I rang the bank in Ireland to establish whether the money had been forwarded from the purchsers account. It had but was now in cyberspace as the funds hadn't been transferred into my account !
A final phone call at 4.05pm established the funds had arrived just before "Zero hour"
Motto : As Ballcock says, get the transfer done at 9am and be prepared to kick your heels until 4pm !!
The funny side to my story was (and maybe I shouldn't admit it) that I missed the 4pm sailing by half an hour , the next sailing was 3am (due broken boat)so
I ,ahem , parked up first in the queue at the dock and wandered back into the town for 'one or two' ...
Twas fun getting the car on board at 2am ............................. Cheers.
Last time I sold a car I took £14.5k in cash from an Irish bloke who came down to Sussex from London with the money in a carrier bag (no, really), drove the car all of half a mile before declaring he'd have it. I counted the money and let him drive off...gulp.
Took the cash to the bank the next morning and, hey presto, it was all......real !! Even made £20 over !! Stomach was churning though !!
Time before that the bloke trnaferred the money on-line and within 5 minutes it was in my account. Easy.
Took the cash to the bank the next morning and, hey presto, it was all......real !! Even made £20 over !! Stomach was churning though !!
Time before that the bloke trnaferred the money on-line and within 5 minutes it was in my account. Easy.
johnfm said:
Cash. £15k in notes isn't all that bulky!
But isn't that illegal now under money laundering rules? Edited to correct myself
: No, that only relates to businesses. Not sure if that would cause problems depositing the cash though. Edited by victormeldrew on Monday 12th June 22:54
Just businesses. You register as a company who handles cash over, if memory serves me correctly, 15,000 euro, around £12,000. You don`t actually have to chase the money back to source by way of a lengthy investigation, you merely have to be happy the money didn`t come from ill gotten gains such as theft, prostiution, drugs etc.
The funny thing is that if you register, as we have done a scruffy bloke in trainers turns up and asks you a load of hand written questions he`s prepared from a couple of sheets of A4 paper. You answer and in the general chatting happen to ask whom exactly you report the suspicious cutomers to. "Ah well the money laundering unit" he says. And their telephone number asked I ? Err not sure. Them old criminals must be shitting their pants !!
Henry
The funny thing is that if you register, as we have done a scruffy bloke in trainers turns up and asks you a load of hand written questions he`s prepared from a couple of sheets of A4 paper. You answer and in the general chatting happen to ask whom exactly you report the suspicious cutomers to. "Ah well the money laundering unit" he says. And their telephone number asked I ? Err not sure. Them old criminals must be shitting their pants !!
Henry
fidgits said:
The other is a CHAPS transfer - same day account transfer of funds.
Bear in mind that a CHAPS transfer can be cancelled/reversed right up to end of banking day.
Ie. Bloke A transfers the money at 9am, bloke B calls up at 3pm, the money is showing on his account, lets bloke A take the car. As bloke A is driving away he calls his bank and stops the transfer, money goes back into bloke A's account.
Once you hit end of banking day, it can't be reversed
Gassing Station | Porsche General | Top of Page | What's New | My Stuff