Selling a car private payment options

[shadrack]

Hi,when selling a car private what is the best secure way of taking payment as it needs to be pretty much instant, thanks

[Riggie]

Direct bank transfer into your account. I believe that once it's in, it can't be recalled.

[Denis O]

Riggie is correct; transfer and once it shows in your account, it can't be taken back.

I recently bought a Range Rover privately. Looked at car, concluded the deal and transferred the money to his account using my tablet. He checked his account on his phone and the money was there instantly. All done in a matter of minutes.

Very easy these days and saves carrying bundles of grubby fivers are fart arsing about with bankers drafts etc.

[warsi]

Even with bank transfers money may not appear in the target account instantly in certain circumstances.

I recently paid for my E70 from two of my personal accounts, I split the payment to avoid hitting max out limit per day. Although I instructed my banks to make immediate payments but Nationwide transferred the next day and Barclays transferred the day after. It may have been to do with the fact that I made the payments on a Sunday evening but have a word with you bank beforehand. Luckily in my case seller let me have the car but sent the log book after the payments were cleared.

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[fenj66]

If the bank transfer is to a new private recipient for a very large amount, the bank may well flag the transaction up as possible fraud until contact can be made to establish all is OK. This happened to me, my phone app said transaction successful, but the transaction was then stopped by fraud department for hours until they contacted me to verify identify etc.
Just something to be aware of..

[X5Sport]

+1 for that little glitch!  Worth phoning the relevant banks to let them know it's happening.  I do it every time now and have not been affected since.

[shadrack]

think were going to use a bankers draught but take it to his bank to varify then mine to cash if the purchase goes ahead as both banks are next to each other and 10 miles from my house, think that should be ok

[Insight G40]

If you're going to go to banks, get him to make transfer over counter at his bank, and then go to your bank to verify receipt in your account.

Then hand over keys.

[jaynana]

did this a couple of weeks back, if taking cash best to go to a local bank, deposit the money and sign the papers then and there.

[shadrack]

[quote="jaynana"]
did this a couple of weeks back, if taking cash best to go to a local bank, deposit the money and sign the papers then and there.
[/quote]

we did this went to barclays and confirmed the draught then went to halifax and deposited, hen did the paperwork and left, we did the initial inspection and test drive etc at my house, hes a forum member so might see it around on here again and it made for an easy going and pleasurable sale as opposed to all the time wasting tyre kicking types a private sale can attract

[jaynana]

:thumbup:

always good to know your motor is in good hands.

mine's with a very nice couple up north, 3  weeks on buyer's in touch with me, had done a full check recently and was pleased and said that all was good. was so pleased to hear that :-[