How to pay for a car from a private seller

[mouthwash]

I don't care how the seller perceives it, it just feels good having that much cash in your hand. I think a lot of people don't actually realise that a transfer is the same thing, when I bought my ITR the seller asked if I could bring the cash rather than a transfer so he could put it into his bank that day with me. Some people obviously feel there is less to wrong with cash, don't ask me why.. I don't care how people pay as long as I get my monies.

[coldel]

My point is, that why would a seller knock back 10k for a 12k car if done by online, then take 10k cash? I would be surprised if more than 1% of sellers in the position would do that.

[mouthwash]

Oh right, I see what you are saying.. Yeah they must be desperate to take a deal like that, 12k/10k whatever it's the same to me be it in electronic currency or physical cash, I wouldn't take less in cash for a private sale.

[Suits]

Even if mates owe me money I prefer to have them drop it into my account online as opposed to cash.

 

Cash I fritter away on muff, if its in my account it's guaranteed to stay there longer or have a better fulfilment come of it.

 

If I sold a car and someone gave me an envelope with £10'000 the first thing I'd need to do would be to put it in the bank, so for me it makes perfect sense to receive payment straight into my account.

[mx5 Paul]

At least with a Bank Transfer you have a certain amount of traceability with cash you have none, as someone has said before what if its fake cash?? I can see there is no fully 100% safe way of doing it for both parties, its down preference. Paul

[docwra]

My point is, that why would a seller knock back 10k for a 12k car if done by online, then take 10k cash? I would be surprised if more than 1% of sellers in the position would do that.

 

Even if you're a business that doesnt work anymore, although I may have been paid over the odds by a dealer for a car and then given him some cash back before

 

This is more about the security of the transfer, and for me Im afraid you cant beat the folding in my hand.

[Suits]

When I was selling my S2000 the guy started bartering with me as expected and said;

 

"£1000 less than asking for cash ??"

 

My response was;

 

"What else were you expecting to pay me with ??"

 

Cash is king means nothing regards private sales.

[coldel]

When I was selling my S2000 the guy started bartering with me as expected and said;

 

"£1000 less than asking for cash ??"

 

My response was;

 

"What else were you expecting to pay me with ??"

 

Cash is king means nothing regards private sales.

 

Exactly this. As for security of transfer, once that money has shown up as in my account, its mine, be it via online transfer or cash. If someone pays you in cash, before you even let the car go you would go down to the bank and pay it in, whats the difference?

[BulletMagnet]

Well I tried it on and luckily for me it worked out.

I guess it helped that the seller was a lady and perhaps she saw a handbag she really wanted.

This was the second or third Zed I was viewing at the time.

[Richf]

Once you pay cash into your account then its yours , a fraudulent transaction whether it be bank transfer, cheque or bankers draft all can be reversed !!

[SteveM]

Cash I fritter away on muff, if its in my account it's guaranteed to stay there longer or have a better fulfilment come of it.

 

you have it all wrong.... there is no better way to spend your money and get fulfilment.....

 

i quote the late great George Best "I spent a lot of money on booze, birds and fast cars. The rest I just squandered"

[blindbandit]

I'm with Lloyds and I bought my z and my wifes Merc in the last 6 months via on-line bank transfer. 1 transaction was for 5k and the other 9k, I had no dramas but if your paying someone you have never sent money to before they will contact via the phone number registered to your on-line account with a four digit code to input on-line, so make sure your mobile number is on there and you have a phone signal when you try to send the cash. Both times the money was transferred in less than 5 mins.

 

Just be careful taking cash, as there are loads of scams were the car doesn't exist and your walking into a good kicking.

 

Dan

[Suits]

Cash I fritter away on muff, if its in my account it's guaranteed to stay there longer or have a better fulfilment come of it.

 

you have it all wrong.... there is no better way to spend your money and get fulfilment.....

 

i quote the late great George Best "I spent a lot of money on booze, birds and fast cars. The rest I just squandered"

 

Indeed.

 

However, current, said Muff has had a lot of time and effort invested into it and I'll be dammed if I'm starting out again.

 

As fun as that is.

 

I feel old and weary now any new muff will take time to tame. I feel any new fulfilment will be diluted somewhat by the required effort.

 

Therefor, straight into the bank account please.

 

 

[SteveM]

[SamN]

Fair points regarding traceability I guess. Never really thought about it just naturally paid/accepted cash.

 

Might try a transfer next time, just for a change....

[ostego]

Just as an update for this thread to anyone who may be interested in this... I bought the car today, via bank transfer.

 

Because i planned to do it on my mobile at the time, with lloyds i sent the seller a tiny amount earlier in the week to set him up as a receiver on my banking app.

 

On the day, i sent another small amount to his account as a precaution to check it would go through immediately (as it did), and then later went to pay on the following amount in excess of £7k

 

This payment was flagged by lloyds as being suspicious, and it took 30 minutes on the phone with them answering strange questions (some relating to info relating to me i have never disclosed to them, and in my view they couldn't know without access to some sort of wider-spread database).

 

After the long phone call though it did all get sorted in the end! Expect a thread with pictures to follow when i get the opportunity!

 

Thanks for all the advice (and arguments) given in this thread!

Edited December 8, 2013 by ostego

[aidan]

Cash used to be king .....but is general a pain nowdays.

 

Took 20k in cash for a previous car 300 miles away. Arrived and done deal - then went to give the dealer money. He honestly looked shocked.....stated that cash was not great!!! WTF. Believe its all down to money laundering / drugs sale etc....paper trail for everything these days.

 

My wife actually phoned we when I was on the way down to collect car. "be careful with cash". I was in a McDonalds at the time scoffing grub - money was in glove compartment and I'd left the car open!!! Needless to say I went out and locked the car.

Edited December 8, 2013 by aidan

[Spatt]

Hi I haven't looked at previous posts but..

 

I bought my zed a few weeks back, I gave the seller 500cash and payed the rest online. It was sunday.. the money moved in minutes. I called the bank and asked them to make a note of the amount and asked about the online transfer they where very helpful. I have to say I was very concerned it wouldn't work out. The seller agreed to watch me make the payment on his laptop which I was happy to do but money moved so quickly it wasn't necessary anyway.

 

Chills.. Thinking about driving my zed away.. wow

[Ekona]

If you're the person buying, then there is pretty much zero risk to you (assuming the car's legit). It's the seller that needs to take precautions, hence me saying that you should just go with whatever makes them comfortable.

[mbw100]

Not read the whole thread but a transfer from HSBC to Santander takes up to 12 hours. I know from experience having been told by HSBC 2 hours!

[Suits]

Because i planned to do it on my mobile at the time, with lloyds i sent the seller a tiny amount earlier in the week to set him up as a receiver on my banking app.

 

On the day, i sent another small amount to his account as a precaution to check it would go through immediately (as it did), and then later went to pay on the following amount in excess of £7k

 

This payment was flagged by lloyds as being suspicious, and it took 30 minutes on the phone with them answering strange questions (some relating to info relating to me i have never disclosed to them, and in my view they couldn't know without access to some sort of wider-spread database).

 

Nothing, in life, is ever, simple.

 

FFS

[chubbster]

I have used bank transfer for last two exchanges. Took my mac to someones house, logged onto their internet, transfered the money out of my lloyds account on a sunday afternoon, went through and cleared in his account in about 2 minutes.

 

Sold the VX last weekend, same thing, guy transferred from Barclays to my Lloyds account, 2 minutes.

 

Easiest way really.

 

Ditto with my last 2 sales. There's always a bit of concern in the back of my mind, because I'm not seeing real banknotes, but both sales have gone through without a hitch.

 

I suppose you need to feel you trust the other party too, don't you?

[Z-monster]

My major worry with any car sale has always been the counting of the cash, and whether it's real.

 

I'm not gonna go out and buy a money counter or UV scanner - I'd much rather have a BACS or CHAPS payment into my account and save physical hassle for items under £2k.

 

How do the cash sellers check they're not fake notes, just out of interest?

[docwra]

Go to a bank with the money before you give the buyer the keys

 

See my earlier comment regarding my brother trying to pay >10K cash from a car sale into the bank the other day, these guys turned up out of nowhere:

 

[Z-monster]

NO ONE EXPECTS THE SPANISH INQUISITION!