Supercars For Sale

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Discussion

NRG1976

1,197 posts

12 months

Saturday 8th June
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MDL111 said:
I sold a car for c. 120k euros in cash and then immediately wasted all that money... I will never accept cash again, I am just to stupid and irresponsible. Deal was fine though, so not the buyer's fault.
Edit to add: It was quite cool to have a huge envelope of big denomination bank notes though ...


Edited by MDL111 on Saturday 8th June 10:07
120k euros is just a good Friday night out tbh

Harris_I

3,233 posts

261 months

Saturday 8th June
quotequote all
Just looking at this topic from the buyer's perspective, I agreed a price to sell my GT3 to a chap. It was a pleasant enough negotiation and we did the deal. Because he trusted me, he sent me bank transfers in advance in £20,000 chunks per day (daily online transfer restriction).

When most of the money had come through, and he had one more transfer to make on the day he picked it up from me.... that morning, my father died.

So I called this chap saying I'm terribly sorry, would you mind deferring the pick up, my father passed away this morning and I'm away for a few days.

At first he sympathised and offered his condolences, of course, let's do it another time. Then a few minutes later, he called back in a slight panic. You can imagine if you were in his shoes: having transferred a sizeable chunk of your savings to a complete stranger, now he's made up some cock and bull story about a bereavement.

I totally understood and empathised how it must look from his perspective. But it must have been a nervous few days for him as he waited for me to come back home to hand over.

Ken_Code

1,484 posts

4 months

Saturday 8th June
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Trev450 said:
Would you mind explaining what you mean by a 'compromised account' please.
If your account is hacked or if you’ve allowed it to be used by someone else.

Ken_Code

1,484 posts

4 months

Saturday 8th June
quotequote all
HIAO said:
The bank employee checked the bank notes.

Reassuringly, 5 years later no funds were removed from my account.

For my requirements, accepting cash was a minor and manageable inconvenience.
And, again, the bank employee having accepted them does not stop you being liable if when checked again later fake notes have been passed.

Trev450

6,363 posts

174 months

Saturday 8th June
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Ken_Code said:
Trev450 said:
Would you mind explaining what you mean by a 'compromised account' please.
If your account is hacked or if you’ve allowed it to be used by someone else.
Thanks for the clarification. Always good to be aware of these things.

Griffith4ever

4,444 posts

37 months

Saturday 8th June
quotequote all
Trev450 said:
Ken_Code said:
Trev450 said:
Would you mind explaining what you mean by a 'compromised account' please.
If your account is hacked or if you’ve allowed it to be used by someone else.
Thanks for the clarification. Always good to be aware of these things.
You'd have to be a proper melon to get caught out by this. i.e. you let the buyer pay you from an account that does not match his name / someone elses' account. Plus.... if you move the funds to another account immediately, no reversal can happen.

jasonrobertson86

788 posts

6 months

Saturday 8th June
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Griffith4ever said:
You'd have to be a proper melon to get caught out by this. i.e. you let the buyer pay you from an account that does not match his name / someone elses' account. Plus.... if you move the funds to another account immediately, no reversal can happen.
I don't believe reversal can happen full stop. Am I wrong?

Griffith4ever

4,444 posts

37 months

Saturday 8th June
quotequote all
jasonrobertson86 said:
Griffith4ever said:
You'd have to be a proper melon to get caught out by this. i.e. you let the buyer pay you from an account that does not match his name / someone elses' account. Plus.... if you move the funds to another account immediately, no reversal can happen.
I don't believe reversal can happen full stop. Am I wrong?
I've researched this a fair bit, and I'm with you 99.99% , BUT, I have read articles that state if the money is paid to you from a hacked/stolen account then it can be clawed back by the issuing bank IF they are very quick about it, but if you have moved it, they can't claw it back as the process doesn't work - there is only a short window to cancel a BACS xfer, and it relies on the funds being there to claw back.

This is the ONLY circumstance I've ever read about that it can happen, AND, it was only one article - so I'm not 100% on it. But, as I said, if someone transfers money to you, just move it to another account before you let them take the car. That's what I've always done. I just move it into an instant savings account with the same bank (so no xfer amount limit). I do this mostly to convince my self they are "cleared" funds.

HIAO

185 posts

95 months

Saturday 8th June
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Ken_Code said:
And, again, the bank employee having accepted them does not stop you being liable if when checked again later fake notes have been passed.
Ok. Thanks for the advice.

Ken_Code

1,484 posts

4 months

Saturday 8th June
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jasonrobertson86 said:
I don't believe reversal can happen full stop. Am I wrong?
You are, yes.

What are you basing the belief on?

ex-devonpaul

1,226 posts

139 months

Saturday 8th June
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Harris_I said:
Just looking at this topic from the buyer's perspective, I agreed a price to sell my GT3 to a chap. It was a pleasant enough negotiation and we did the deal. Because he trusted me, he sent me bank transfers in advance in £20,000 chunks per day (daily online transfer restriction).
He's spending 6 figures on a car and wants to save a £20 CHAPS fee? Bloody hell, I thought I was tight.


Actually I am, which is why I opened a Lloyds account as they have a £250k daily limit on BACS if you go into branch. Handy when I was an executor.

jasonrobertson86

788 posts

6 months

Saturday 8th June
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Ken_Code said:
You are, yes.

What are you basing the belief on?
Thank you for clarifying. Can you explain how this can happen? Other than above?

FrancisA

49 posts

11 months

Saturday 8th June
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ex-devonpaul said:
Harris_I said:
Just looking at this topic from the buyer's perspective, I agreed a price to sell my GT3 to a chap. It was a pleasant enough negotiation and we did the deal. Because he trusted me, he sent me bank transfers in advance in £20,000 chunks per day (daily online transfer restriction).
He's spending 6 figures on a car and wants to save a £20 CHAPS fee? Bloody hell, I thought I was tight.


Actually I am, which is why I opened a Lloyds account as they have a £250k daily limit on BACS if you go into branch. Handy when I was an executor.
That is not tight! You want to know what tight is.......I am standing in the queue at Screwfix. A woman in front of has been queuing for about 5 minutes to return an item. Total refund cost.....99p!

She then exits the building and climbs into her BMW.

Now it could be argued that saving the pennies means you have the pounds. But the cost of driving there alone must have cost her at least £2.

ATM

18,514 posts

221 months

Saturday 8th June
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murphyaj said:
And no, bank transfers can't be recalled as long as it is a direct transfer from a UK bank to a UK bank. Once it's in your account it's your money.
Not true

However I am not an expert

Firstly let's be clear and say that any money in a bank is not your money it is the Banks but moving on

I heard about a scam recently on these very pages. So yes I am just regurgitating and it could all be baloney.

I did a search and found this thread - link below. It is not the scam I was thinking of but clearly has several examples where people have seen transactions reversed. I believe if the Banks decide there may have been some Fraud they can reverse.

https://www.pistonheads.com/gassing/topic.asp?h=0&...

ATM

18,514 posts

221 months

Saturday 8th June
quotequote all
Also just found this by searching


Last paragraph says


“This is a common scam where funds are often reverse charged so the seller not only loses the vehicle but also the money.”


https://www.wiltshire.police.uk/news/wiltshire/new...

Ken_Code

1,484 posts

4 months

Saturday 8th June
quotequote all
ATM said:
Also just found this by searching

Last paragraph says

“This is a common scam where funds are often reverse charged so the seller not only loses the vehicle but also the money.”

https://www.wiltshire.police.uk/news/wiltshire/new...
If the sender alleges fraud, or if they say it was sent in error then the banks have the mechanism and the right to reverse the transaction.

For those asking “how”, I’m not sure what they are looking for. The bank sends the money to the bank account it came from, just as they send money in millions of transactions every day.

Trev450

6,363 posts

174 months

Saturday 8th June
quotequote all
ex-devonpaul said:
Harris_I said:
Just looking at this topic from the buyer's perspective, I agreed a price to sell my GT3 to a chap. It was a pleasant enough negotiation and we did the deal. Because he trusted me, he sent me bank transfers in advance in £20,000 chunks per day (daily online transfer restriction).
He's spending 6 figures on a car and wants to save a £20 CHAPS fee? Bloody hell, I thought I was tight.


Actually I am, which is why I opened a Lloyds account as they have a £250k daily limit on BACS if you go into branch. Handy when I was an executor.
You also have the same daily limit in branch with an online account but without any charges.

jasonrobertson86

788 posts

6 months

Saturday 8th June
quotequote all
Ken_Code said:
If the sender alleges fraud, or if they say it was sent in error then the banks have the mechanism and the right to reverse the transaction.

For those asking “how”, I’m not sure what they are looking for. The bank sends the money to the bank account it came from, just as they send money in millions of transactions every day.
That's odd because when you send money to someone on my banking app it clearly says that transactions CANNOT be reversed so please ensure this is a legitimate transaction.

Ken_Code

1,484 posts

4 months

Saturday 8th June
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jasonrobertson86 said:
That's odd because when you send money to someone on my banking app it clearly says that transactions CANNOT be reversed so please ensure this is a legitimate transaction.
It’s not odd at all. They are warning you that you can’t change your mind, which you can’t, and which I didn’t claim you could.

jasonrobertson86

788 posts

6 months

Saturday 8th June
quotequote all
Ken_Code said:
It’s not odd at all. They are warning you that you can’t change your mind, which you can’t, and which I didn’t claim you could.
No but I could just say its an error and get it back according to you?