Scottish Elises

Hey all,

It's been a while since I bought a car privately and am just after the best way to pay the seller. He has asked for an on-line transfer of funds (I've been to house, verified he is who he says he is and he's an ex-policeman to boot) but is this the best way to proceed?

I have no reason to doubt he's not a genuine guy but I guess there is no comeback if I transfer funds and he jumps on a boat to hong kong?

Does anyone have any other suggestions?

It may sound obvious but cash always works for me, even large sums, so long as the recipient can bank it easily and the notes are large and not £20's, like when I bought my 111r in Englandshire, after pre arranging large denomination notes with Barclay's in Billericky......NOT...by the time the seller had counted it all out I had arranged insurance from scratch and drunk a cup of coffee...

The media will have you believe that you are in danger of being mugged each and every time you step out your front door, and that everyone out there is trying to shake you down, but the reality is far different. If you are worried take someone large with you.....If you were up here I would suggest Scotty

M

Do the transfer infront of him on your phone or laptop when you collect the car and sign paperwork? Or when the paperwork is done go together to a bank and do the transfer there and get a reciept

mwmackenzie wrote:Do the transfer infront of him on your phone or laptop when you collect the car and sign paperwork? Or when the paperwork is done go together to a bank and do the transfer there and get a reciept

When ever I've purchased a car privately I normally give a cash deposit of a couple hundred quid. Then when I went to pick up the car I just use my mobile banking app on my phone and transfer the money at the sellers house to his bank. I suppose this only works if you have good phone signal and or the seller has WIFI.

Cheers

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What you really don't want to do is drive to Newcastle to buy a car, and forget to take your online banking dongle with you.

graeme wrote:What you really don't want to do is drive to Newcastle to buy a car, and forget to take your online banking dongle with you.

His sig says he lives in Newcastle so probem solved... Sorry

The issue with paying via and app is that some sellers may not want you to leave until it shows on their online banking. Could be annoying few hours...

I have heard of some supercar owners transferring the money via a solicitor!

Cash in the bank is probably fine if you meet them in the bank...like everything, make your own judgments.

Thanks for the advice guys,

I will transfer in front of him after the paperwork is signed, seems the safest way!

Remember also that there will be a £10k per day limit on the transfer if you do it using your own internet banking rather than at the Bank.

(no issue if it less than that but possibly a bit awkward if it is more. Guess how I know that)

Gah, maybe bank is best then! I'm BoS he's HSBC so I guess there will be some lead time involved!

Not with my bank...

CHAPS tx at a local branch of your bank.

Faster payment limits depend on the bank - see here - http://www.paymentscouncil.org.uk/resou ... ue_limits/

When I bought my VX, I went down and met the guy in Newton Stewart, he had come up from Manchester.

Paid him via online banking in a Sainsbury's car park on a Bank Holiday Friday.


The funds cleared on the Tuesday