How to pay for a car from a private seller

[leonk]

As an interesting aside and hopefully not too far off topic, my niece works in the sales department of an Audi dealership in Southern Russia. Finance is a relatively new way of buying a new car over there and the norm is cash. Now by cash, I mean a suite case full of the stuff. When I asked her what the largest amount in one transaction was, she told me just over 300,000 euros. The guy bought an R8 a Q8 and something else. They have armed guards in the dealership. When I asked her how long it took to count she looked at me bemused and said they have two counting machines. Of course they do, silly me. The thing is, over there, no one thinks its unusual or asks where the money came from. Here, if I you try to bank 3k let alone 300k, it's the inquisition.

Edited December 3, 2013 by leonk

[Stutopia]

As an interesting aside and hopefully not too far off topic, my niece works in the sales department of an Audi dealership in Southern Russia. Finance is a relatively new way of buying a new car over there and the norm is cash. Now by cash, I mean a suite case full of the stuff. When I asked her what the largest amount in one transaction was, she told me just over 300,000 euros. The guy bought an R8 a Q8 and something else. They have armed guards in the dealership. When I asked her how long it took to count she looked at me bemused and said they have two counting machines. Of course they do, silly me. The thing is, over there, no one thinks its unusual or asks where the money came from. Here, if I you try to bank 3k let alone 300k, it's the inquisition.

 

That's so cool, imagine all that cash, I'd rub it all over myself in the stock room.

 

I wonder if this makes it harder for the authorities to keep a lid on money laundering.

[Flex]

As an interesting aside and hopefully not too far off topic, my niece works in the sales department of an Audi dealership in Southern Russia. Finance is a relatively new way of buying a new car over there and the norm is cash. Now by cash, I mean a suite case full of the stuff. When I asked her what the largest amount in one transaction was, she told me just over 300,000 euros. The guy bought an R8 a Q8 and something else. They have armed guards in the dealership. When I asked her how long it took to count she looked at me bemused and said they have two counting machines. Of course they do, silly me. The thing is, over there, no one thinks its unusual or asks where the money came from. Here, if I you try to bank 3k let alone 300k, it's the inquisition.

 

That's so cool, imagine all that cash, I'd rub it all over myself in the stock room.

 

I wonder if this makes it harder for the authorities to keep a lid on money laundering.

 

pervert.

[djb55]

Cash, cant beat the folding stuff for striking a deal just take a couple of mates with you.

[Flex]

Could you offer them a caravan?

[mx5 Paul]

Well when I done a Bankers Draft for the purchase of my 350z, I went to Barclays the first checked the money is in my account then once I filled out a request for it (pin id as well) they took the money straight out, she showed me the new balance. Then she advised me that the Bank guarantee the money to the person getting it and if they banked with Barclays it clears instantly, so I would say its as good as cash. Paul

[Vik54]

Best to speak to your bank really - everything else is speculation When I bought the zed I went into the bank with the seller and transferred when I sold it the buyer transferred it online instantly. (an it was more than £5k)

Edited December 4, 2013 by Vik54

[Richf]

Well when I done a Bankers Draft for the purchase of my 350z, I went to Barclays the first checked the money is in my account then once I filled out a request for it (pin id as well) they took the money straight out, she showed me the new balance. Then she advised me that the Bank guarantee the money to the person getting it and if they banked with Barclays it clears instantly, so I would say its as good as cash. Paul

 

This is how the scam works

 

Someone dishonest gets hold of some banking details/identity suchlike OR a dishonest person in the bank just says they have checked the relevant ID's and issues a bankers draft to the criminal.

 

Crim goes and finds your car and they pay you with the draft , you bank the draft and the funds are immediately credited to your account UNTIL the fraud is discovered at which point the issuing bank can and WILL recall the money.

 

You will have lost your car and whilst its fraud its not theft and even if you catch the guy who paid you with the dodgy draft then the Police will not help you get your money back and will tell you its a civil matter.

 

The bank will not guarantee the money if fraud is involved , read the small print !!

 

The same goes for direct bank transfers , if fraud is involved the bank WILL reverse it so always check i.d's

 

I'm not saying never take a bankers draft or a bank transfer but check passport and or driving licence and take a photocopy of both , but there is no argument that cash is a lot simpler and safer

 

Have a read of this !! http://www.pistonhea...306426&f=23&h=0

Edited December 4, 2013 by Richf

[mx5 Paul]

Don't you have to fill out your driving licence details when filling out the V5?

 

But as I said before I visited my bank to get it, these are not normal cheques anymore, but if in doubt contact the bank that issued it. If the person is trying a scam would he want you to do it?

 

I have bought/sold a good few cars this way and never had a problem.

 

Paul

[SamN]

Ultimately cash is king in my opinion. Every cat I've bought/sold had been cash, values up to £10k!

[Richf]

Don't you have to fill out your driving licence details when filling out the V5?

 

But as I said before I visited my bank to get it, these are not normal cheques anymore, but if in doubt contact the bank that issued it. If the person is trying a scam would he want you to do it?

 

I have bought/sold a good few cars this way and never had a problem.

 

Paul

 

No you don't have to its optional

[Yampiedog]

I paid by bank transfer, they checked their bank and gave me the keys.

[Ekona]

Ultimately cash is king in my opinion. Every cat I've bought/sold had been cash, values up to £10k!

That's some expensive pussy.

[AliveBoy]

Ultimately cash is king in my opinion. Every cat I've bought/sold had been cash, values up to £10k!

 

What breed of cat was that?!

[AliveBoy]

Beaten by Ekona!

[SamN]

Damn auto correct!! I mean... my pet tiger...

[BulletMagnet]

When I bought my Zed all them years ago I went to view the car with the cash on me.

Cash is king because it's great as a negotiating tool and the seller can see the cash and know it's real.

Seller wanted £11999, I put £10K cash on his sitting room table and said that's my offer.

Seller turned it down and I thanked them for letting me view the car.

Two days later they called me back and said they would like to reconsider and take my offer.

 

Like it was said before, cash is king

[ioneabee]

Like your style (and balls)

[beetleben]

my bank, HSBC, told me a bankers draft only proves that the money is in the account when the cheque was written & there's nothing stopping the account being cleared the second after. I had the same dilemma with paying for a splitscreen camper recently, £34k!, the seller wanted cash and that wasn't gonna happen!

If you bank with the same bank it goes instantly. Most banks have a £10k limit though without a charge. HSBC don't have cashier service on a Saturday. I found someone I trust who banked with the same bank to transfer the money when I was with the seller and within a couple of mins it was in his account. It was Santander who have a much higher transfer limit.

I think I'd pay cash for upto £15k with a couple of handy mates with me or just arrange to meet outside a cop shop

[Ricey]

my bank, HSBC, told me a bankers draft only proves that the money is in the account when the cheque was written & there's nothing stopping the account being cleared the second after. I had the same dilemma with paying for a splitscreen camper recently, £34k!, the seller wanted cash and that wasn't gonna happen!

If you bank with the same bank it goes instantly. Most banks have a £10k limit though without a charge. HSBC don't have cashier service on a Saturday. I found someone I trust who banked with the same bank to transfer the money when I was with the seller and within a couple of mins it was in his account. It was Santander who have a much higher transfer limit.

I think I'd pay cash for upto £15k with a couple of handy mates with me or just arrange to meet outside a cop shop

 

Fairly but not 100% sure HSBC are talking bullshit there.

 

A bankers draft (ignoring forgery or cancelled draft) are already fulfilled. The cash is gone and out of the account

[docwra]

Ultimately cash is king in my opinion. Every cat I've bought/sold had been cash, values up to £10k!

That's some expensive pussy.

 

Slight OT, but F1 Savannah cat, easy £10K

[mouthwash]

Just take Augustus Kwembe with you.

Edited December 5, 2013 by mouthwash

[coldel]

I would have thought cash was king 10 years ago, but not anymore, surely? Unless you are a dealer looking for a tax fiddle? Whats the difference to me plonking my phone on someones table with the amount set up and ready to go with the tap of a button and its in your account in 2 minutes?

[mouthwash]

Something a bit more boss about slaming 10k in fiddies on someones desk and watching them salivate as they count it up compared to transferring it over the phone.

 

All of my cars (CTR, ITR, M3) I've paid with in cash and some of them were reaching 10k but now I'd tend to agree that it's safer to transfer. Although it's probably easier to give the seller a sense of security if you give them cash, a lot of people are unsure about how electronic transfers work as you can see in this very thread.

[coldel]

Hmmmmm, I think most people are capable enough to understand money on the table is the same as money on a digital transfer in this day and age. Yes it might be a bit 'cool' to turn up brown paper bag in hand, but why should I go weak at the knees if someone turns up with 10k in notes (which might or might not be real) when I have just turned down 10k via digital transfer from someone else?