How to pay for a car from a private seller

[davedutch]

Might be worth sending the guy £1.00 prior to going that way you will address any issues over setting up a new payment and the authentication call you will also have an indication of time to clear.

From my experience the Lloyds online total daily payment limit is actually £20K NOT £25K but either way unless you have lots of other payments on the same day you should have no problems -£20k transferred in minutes.

Good luck.

[Richf]

Do banker's drafts still exist? Like a cheque, but can't bounce. Easier to securely carry on your person than cash, just remember to wash your hands.

 

 

Bankers drafts can bounce if they are drawn fraudulently !!

 

Plus when was the last time you saw one ? So they are easily forged nowadays all you need is a good printer . Internet or telephone deals are good if there is good trust between the parties but im a firm believer in cash , if in doubt take a mate with you

[cs2000]

Not read the whole topic so forgive me if ive missed something, but anyone thought od using a debit card??

 

My account is a bog standard account and yet I managed to pay £5,500 on a standard debit card to buy the zed after I paid £1000 earlier in the week to the same guy.

 

If the bank does block the payment all it takes is a 5 min bank call to get the funds released.

 

EDIT:

Just read its a totally private seller, hmm, well id just take someone with me and take the cash tbh. Cant rely on a bank transfer being done in time.

Edited December 3, 2013 by cs2000

[coldel]

I guess the problem with cash is that it doesn't guarantee authenticity. You would definitely have to go to a bank and have it all checked. The guy that bought my Zed turned up with cash, we had to walk down to the bank, get it all checked and paid in, wander back - took an hour in total. Also you would have to do it during bank opening hours, so buying on a Sunday, some Saturdays or after work is not an option.

 

Scary that you can just login on your phone and pay...but its the way things are going!

[docwra]

Bankers drafts are a big no, would you be able to tell if it was forged or had been drawn without funds being present?

 

Another thing to consider is that the buyer may have to justify the cash - when my brother recently took cash for his Evo 8 the bank wanted to know the cars numberplate before they would let him deposit it ..........

[Ricey]

Bankers drafts are a big no, would you be able to tell if it was forged or had been drawn without funds being present?

 

Another thing to consider is that the buyer may have to justify the cash - when my brother recently took cash for his Evo 8 the bank wanted to know the cars numberplate before they would let him deposit it ..........

 

I took a bankers draft for £13500for the TT.

 

I made the guy ring his internet banking whilst on speaker and confirmed that an amount of£13500has been drawn on his account

[BulletMagnet]

Take Cash and a machete, easy

 

Paid cash for my Zed, all £50's in sealed bank packs

[Briggsybriggs1]

Take Cash and a machete, easy

 

Paid cash for my Zed, all £50's in sealed bank packs

it's always good to go with some one as well handy if your bros a doorman :-)

 

 

Sent from my iPhone using Tapatalk

Edited December 3, 2013 by Briggsybriggs1

[Stutopia]

Bankers drafts are a big no, would you be able to tell if it was forged or had been drawn without funds being present?

 

Another thing to consider is that the buyer may have to justify the cash - when my brother recently took cash for his Evo 8 the bank wanted to know the cars numberplate before they would let him deposit it ..........

 

Just out of interest, Why's a bankers draft more 'fakeable' than cash? Either way I'd expect to visit a bank before tossing them the keys.

[Soren40]

Man up and take the bloody cash, you are going in your car, are you expecting to get car jacked or taken by aliens, cannot see what the big deal is to be honest

[docwra]

Bankers drafts are a big no, would you be able to tell if it was forged or had been drawn without funds being present?

 

Another thing to consider is that the buyer may have to justify the cash - when my brother recently took cash for his Evo 8 the bank wanted to know the cars numberplate before they would let him deposit it ..........

 

Just out of interest, Why's a bankers draft more 'fakeable' than cash? Either way I'd expect to visit a bank before tossing them the keys.

 

If you visit a bank then sure, they should know what they are looking at but they cant confirm that the money is actually there to draw, its more risky than cash is

[csscallum]

One thing to watch out for is sending a small payment, as a test, then doing the full amount. I did that and when I went to transfer the rest it was blocked. It was flagged as suspicious as this is what fraudsters do to check if a transfer can take place. A quick phone call resolved it but it delayed me by 30 minutes and that could have been 30 minutes spent in my new Zed!

[Arran]

I paid cash for mine, dont see the issue really not like your going to shout about having a few bags of sand on you is it?

 

Take it up in a jiffy bag and job done

[Ricey]

BACs can be recalled

Bankers drafts can be forged

Cheques can bounce

Cash can be counterfeit

 

You just have to take a chance sometimes.

 

Like I said bankers draft backed up with a call to the bank to verify funds have been drawn down isn't 100% but it's definitely 99%

[Richf]

Cash can be counterfeit but £50 notes are hard to do , bankers drafts are much easier , plus it would be easy to phone up a friend claiming to be your internet bank

 

Ask your local shop if they will check the cash or buy a pen , my pub was happy to check mine

[Ricey]

Cash can be counterfeit but £50 notes are hard to do , bankers drafts are much easier , plus it would be easy to phone up a friend claiming to be your internet bank

 

Ask your local shop if they will check the cash or buy a pen , my pub was happy to check mine

 

Funny that because 50's are the ones you normally get most grief about from shops/pubs etc.

 

 

[Ricey]

Oh and if you allow them to call a friend pretending to be your bank and get fleeced frankly you deserve everything you get.

[mx5 Paul]

I used a Bankers Draft, its underwritten by the bank, who check you have the money first, take it out of your account straight away, wrote a cheque which you then use, its as good as cash but without the worry of carrying so much cash. I did have to pay £15? to do it though, worth it.

 

Paul

[Richf]

A bankers draft is not as good as cash and should never be regarded as such. It's as safe as any other cheque , in other words you won't know if its good or if it's not until you bank it

 

Shops worry about £50 notes because they rarely see them , many more fakes £1 coins around because they are cheap and easy to make and no one pays much attention to them

[rabbitstew]

Not read the whole topic so forgive me if ive missed something, but anyone thought od using a debit card??

 

My account is a bog standard account and yet I managed to pay £5,500 on a standard debit card to buy the zed after I paid £1000 earlier in the week to the same guy.

 

If the bank does block the payment all it takes is a 5 min bank call to get the funds released.

 

EDIT:

Just read its a totally private seller, hmm, well id just take someone with me and take the cash tbh. Cant rely on a bank transfer being done in time.

 

Note: You can use a debit card at a dealer, but Lloyds (for example) have a daily limit of £30k per Debit Card transaction as I found out the other year when I was using my debit card to make a purchase. If you try to put any more through they lock your account and you have to call them up. Happened twice in one week with me.

 

For private sales personally I always use the bag of cash approach. Although if you start getting in the realms of £15k or so some sellers get a bit nervous of having that kind of money in the house, so a trip to their bank with them to help deposit it might be in order.

 

The online banking transfer method is good, but some sellers are not technically savvy and shy away from internet & even phone banking. At end of day id ask what method the seller would prefer as you cant go wrong then.

 

I'm not sure whether I'm being overly paranoid with not wanting to drive a long way to someone's house with over £7,000 on me in cash!

 

Always best to have someone with you, even if they stay in the car with the cash until you have settled the deal.

 

Reminds me of when I was on a train from London a few years back and im sitting opposite this little guy who on his phone to a mate. I couldnt hear what his mate was saying, but his conversation was like:

 

"yeah im on the train"

"going to birmingham"

"buying a car"

"yeah it sounds nice, nice m3"

"bloke said he`d take £10k in cash"

 

I sat there thinking "i bet i know whats in your rucksack next to you....."

Edited December 3, 2013 by rabbitstew

[docwra]

Cash can be counterfeit but £50 notes are hard to do , bankers drafts are much easier , plus it would be easy to phone up a friend claiming to be your internet bank

 

Ask your local shop if they will check the cash or buy a pen , my pub was happy to check mine

 

Funny that because 50's are the ones you normally get most grief about from shops/pubs etc.

 

Let see if this works ..... it didnt, follow the link http://www.bankofengland.co.uk/banknotes/pages/about/counterfeits.aspx but theres about 4 times more fake 20's than 50's out there

 

Counterfeits in my experience are nearly always £20's or £1's like Rich says, and once youve had some they arent that difficult to spot either

Edited December 3, 2013 by docwra

[Stutopia]

Informative thread this one.

[AliveBoy]

Cash can be counterfeit but £50 notes are hard to do , bankers drafts are much easier , plus it would be easy to phone up a friend claiming to be your internet bank

 

Ask your local shop if they will check the cash or buy a pen , my pub was happy to check mine

 

Funny that because 50's are the ones you normally get most grief about from shops/pubs etc.

 

Let see if this works ..... it didnt, follow the link http://www.bankofengland.co.uk/banknotes/pages/about/counterfeits.aspx but theres about 4 times more fake 20's than 50's out there

 

Counterfeits in my experience are nearly always £20's or £1's like Rich says, and once youve had some they arent that difficult to spot either

 

According to this there's £52,520,000,000.00 worth of genuine notes in the uk. That's so cool

[Arran]

Just buy a pen to check the money with then you are safe all round

[docwra]

According to this there's £52,520,000,000.00 worth of genuine notes in the uk. That's so cool