brillomaster Posted January 5, 2012 Share Posted January 5, 2012 Alright, so im actually nearing the stage when im actually going to be purchasing a car, but my question is, whats the best/prefered way of actually transfering the money? so far ive bought 3 cars with cash, and one by doing a bank transfer (all private sales). the bank transfer went ok, but looking back i dont think i'll do it again, as i had to trust that the seller tells me when hes received the funds, and also one wrong number in the account details would have saw £3k go who-knows-where! I'm thinking a zed i buy is going to around the £7k mark, but i dont want to be walking around with 7 grand in cash on me, do I? Also, bear in mind that im likely going to be buying on the weekend, when its not possible to visit a bank. I presume if i buy from a dealer i can just load up my debit card and pay on that, but what about private? Quote Link to comment Share on other sites More sharing options...
manphibian Posted January 5, 2012 Share Posted January 5, 2012 I took £8k in cash on the train up to Glasgow to buy mine.... Bought it on the street, and the guy stuffed the bundles of cash into his pockets, then walked off into Glasgow to meet people for dinner out Quote Link to comment Share on other sites More sharing options...
coldel Posted January 5, 2012 Share Posted January 5, 2012 Handed £8.5k over to a fella in Coventry, we were sat in his living room at the time though and I arrived without the cash - I test drove first, then we went to the bank together. Another time I did a bank transfer with the other person, whilst in the bank and we sat and filled out the V5 as well before handing over the keys to the car outside. Quote Link to comment Share on other sites More sharing options...
EH 370z Posted January 5, 2012 Share Posted January 5, 2012 A dealer would prefer to take a balance on a Debit Card all day long!! Its safer all round. PS I wouldnt pony up all the cash until you take delivery of the car mind, leave a deposit. I would want to make sure all the work (if any) had been done first, before I hand over the balance. Quote Link to comment Share on other sites More sharing options...
Dom187 Posted January 5, 2012 Share Posted January 5, 2012 Why do you say it will not possible to visit the bank? Is yours shut on Saturdays? When I have gone to see cars privately over the weekend I always went up Saturday morning as I knew my bank would be open. I would also ring the bank a few days before to explain the situation and they made sure they had the cash there if I chose to buy the car. If I brought the car we would just go to the bank, we would walk in, sign all the paperwork hand over the cash. End of the day the seller will be happy as hes got the cash and chances are his bank might be open so he can get chuck the money into his/her account. Bit of faff I know but like you I didnt want to walk around with a load of cool hard cash in my pocket somewhere I didnt know! Quote Link to comment Share on other sites More sharing options...
Lexx Posted January 5, 2012 Share Posted January 5, 2012 You could pay with a bankers draft Quote Link to comment Share on other sites More sharing options...
Jay Posted January 5, 2012 Share Posted January 5, 2012 I took £8k in cash on the train up to Glasgow to buy mine.... Bought it on the street, and the guy stuffed the bundles of cash into his pockets, then walked off into Glasgow to meet people for dinner out You could have told me... I could have been waiting around the corner with a big baseball bat and ran off with the cash Quote Link to comment Share on other sites More sharing options...
DoogyRev Posted January 5, 2012 Share Posted January 5, 2012 You could pay with a bankers draft +1 That is normally the way I would pay. I think it also depends on the seller, if you purchased a car you saw on a forum for example you can speak to others to gauge how well/not known/trustworthy the seller is. Quote Link to comment Share on other sites More sharing options...
manphibian Posted January 5, 2012 Share Posted January 5, 2012 I took £8k in cash on the train up to Glasgow to buy mine.... Bought it on the street, and the guy stuffed the bundles of cash into his pockets, then walked off into Glasgow to meet people for dinner out You could have told me... I could have been waiting around the corner with a big baseball bat and ran off with the cash He wasn't a big guy.... i contemplated running after him myself Quote Link to comment Share on other sites More sharing options...
Neilp Posted January 5, 2012 Share Posted January 5, 2012 You could pay with a bankers draft bankers drafts take time to clear though, that causes issues. Quote Link to comment Share on other sites More sharing options...
narcotix Posted January 5, 2012 Share Posted January 5, 2012 I transfered the money via instant bank transfer while at the sellers house. That way we could both see that it had gone through ok ... I know it was a bit of a risk using someone elses computer but most online banking sites only ask for part of the password ... Quote Link to comment Share on other sites More sharing options...
DoogyRev Posted January 5, 2012 Share Posted January 5, 2012 I transfered the money via instant bank transfer while at the sellers house. That way we could both see that it had gone through ok ... I know it was a bit of a risk using someone elses computer but most online banking sites only ask for part of the password ... You could always take you own laptop and connect to their network, or if your happy using phone Apps, most banks have them now Quote Link to comment Share on other sites More sharing options...
SteveW Posted January 5, 2012 Share Posted January 5, 2012 I took a corporate cheque from Nationwide to the seller. Saved carrying 13.5k in cash :yikes: Quote Link to comment Share on other sites More sharing options...
Ekona Posted January 5, 2012 Share Posted January 5, 2012 Never done it myself as I've always bought from main dealers, but I would only ever do it via walking into a bank and doing the transfer there and then, too much to go wrong/get ripped off otherwise. If that meant taking a day off work, it would be worth it. Quote Link to comment Share on other sites More sharing options...
brillomaster Posted January 5, 2012 Author Share Posted January 5, 2012 hmmmm i think buying via a bank would be good, but that means i had have to drive to wherever the car might be, do a test drive and decide on a price, and then get to a bank before midday on a saturday... its cutting it a bit fine. instant transfer seems like a good plan, although i think that only works from the same bank - ie lloyds to lloyds. i thought transfers to different banks had three day clearing periods. corporate cheque sounds good - am i right in thinking you pay the money to the bank and then they write a cheque out? And as for the guy who went into glasgow with 8k cash in his pockets... bet he regretted that! probably woke up in iceland with a stinking hangover and no moneys! Quote Link to comment Share on other sites More sharing options...
DoogyRev Posted January 5, 2012 Share Posted January 5, 2012 I am sure I saw on the news yesterday or the day before that from the 1st Jan this year all bank transfers have to be instant. Banks are not allowed to "keep" your money for a day or two. This includes bank to bank (Lloyds to HSBC for example) and when paying credit cards via transfer Quote Link to comment Share on other sites More sharing options...
Neilp Posted January 5, 2012 Share Posted January 5, 2012 That's good to know that they're instant now Quote Link to comment Share on other sites More sharing options...
Ekona Posted January 5, 2012 Share Posted January 5, 2012 hmmmm i think buying via a bank would be good, but that means i had have to drive to wherever the car might be, do a test drive and decide on a price, and then get to a bank before midday on a saturday... its cutting it a bit fine. Why do it all on the same day? Drive up, test, do deal, leave £500 deposit, come back week later and pay the rest. That's what mst people do, surely? Gives you time to sort insurance and stuff out. Quote Link to comment Share on other sites More sharing options...
Ian Posted January 5, 2012 Share Posted January 5, 2012 I sold my Z by part cash/part paypal payment. I bought the GTR mainly by bank transfer but then paid the last few grand in cash on collection. Was quite nervous in the airport with a few K in my pocket Quote Link to comment Share on other sites More sharing options...
DoogyRev Posted January 5, 2012 Share Posted January 5, 2012 Was quite nervous in the airport with a few K in my pocket Funny place to buy a "car" Quote Link to comment Share on other sites More sharing options...
Ian Posted January 5, 2012 Share Posted January 5, 2012 The wing is big enough to fit in there Quote Link to comment Share on other sites More sharing options...
brillomaster Posted January 5, 2012 Author Share Posted January 5, 2012 strangely enough, swapping insurance is the easy bit - when i bought the civic, just phoned up admiral and swapped the car over to start immediately, then drove home. also the ability to do a deal over a few days depends on how far the car is... i wouldnt wanna do a 400 mile round trip twice. i'll probably just be able to go for cash... i'll probably pick it up with my gf, so she can keep the cash in her car while i look at any potential purchase. must say, £7k is going to be quite a wad! Quote Link to comment Share on other sites More sharing options...
Neilp Posted January 5, 2012 Share Posted January 5, 2012 Honestly, 7k looks like nothing in cash lol, I do engineering for banks and regularly see 100's of k's and you could easily fit that in a small briefcase You'd be suprised how small a 100k looks in 100's or 50's Quote Link to comment Share on other sites More sharing options...
Gudzy Posted January 5, 2012 Share Posted January 5, 2012 I paid for the zed by doing a bank transfer on his PC, we both used the same bank and it was instant. Car before that I paid cash but it was "only" £2k. Quote Link to comment Share on other sites More sharing options...
martinmac Posted January 5, 2012 Share Posted January 5, 2012 When I bought the scooby it was from a guy eho lived in a city, from the start he was twitchy and told me it was locked up in a place with CCTV. He was very cautious, he had also had the full range of spam calls. I paypaled him a small deposit as I was away for two weeks. I also directed him to this place. So he now had some sort of reference and my address. After that it went smoothly and i paid cash at his house. The monet didnt appear until we were both happy and it was all done very formally but efficiently. Handing the money over in a bank would seem to work very well for me but at the end of the day there needs to be some trust. There are always a few ways to get a little idea of the seller in this internet era. Quote Link to comment Share on other sites More sharing options...
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