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Never sold a car before as they've either gone px or returned at the end of the agreement. After a ridiculously low ball offer on one of our cars I'm considering having a go at a private sale. The one thing that bothers me is the actual cash transaction as it'll be a decent amount of money.
What's the done thing? Go to the bank together? Have money transferred and only give up the keys once cleared? Hold on to the log book until money is safe?
I'm worried about being conned but if buying I'd look at it from another angle and can't quite get my head around the correct procedure!
somewhat depends on the amount, cash up to a ceratin point or bank payment they are pretty much instant these days or going inside the bank
Cash
How much is it?
Thanks for the replies. It's going to be somewhere between 9 and 11k.
you can't accept more than 10 in cash. money laundering rules.
I'll give you 6 😉
Cash money, in €500 notes for the full drug trafficking experience.
Nah, most banks are part of the faster payments scheme now, official limit is 250k but different banks have thier own limits but 10k should be fine - buyer sends money, you sit around awkwardly exchanging pleasantries for 15 mins and away they go.
you can't accept more than 10 in cash. money laundering rules.
Bobbins.
I sold my XF last year for 16k. In cash. Chap came with me to the bank, handed it to me in front of the cashier, I gave him a receipt. Cashier asked what it was for (money laundering rules) and I said it was for a car sale and showed the V5 and the receipt I'd written. Cashier promptly paid it into my bank account.
If their bank and yours do faster payments then that through online banking or get it chaps'd for a 30 quid fee if they don't by going into the branch I would have thought. If online be prepared for their bank to fraud block it first time and them to spend an hour on the phone.
Have you got finance outstanding on it? If so you need to figure out how you/they would deal with that.
If it were me as a buyer that would be my concern. I wouldn't be happy sending money over to someone and then relying on them settling it as the car's not mine until the finance company funds clear. Equally finance co won't want third party cash.
Have you got finance outstanding on it? If so you need to figure out how you/they would deal with that.
That one's easy too. I sold a motorbike a couple of years ago that had a finance agreement on it. Once we'd agreed the price I rang the finance company and got a settlement figure, then handed to phone to the purchaser who settled it using his debit card. He gave me the balance in cash and rode off into the sunset.
No finance, just a bank loan with no mention of a car. Thanks for the info, I'll report back. 😀
cash.. i took literally a suitcase full ( 26k) for a car.. went down the bank kept a few quid for walking about money.. when i was asked.. where did i get the money from i said .. non of your business..still accepted it..
they have to ask bu dont have to do anything else a bit pathetic really..
you can't accept more than 10 in cash. money laundering rules.
Wrong.
bank transfer is the best option, will happen quickly and can't be returned. They may well get stopped for anti fraud but a quick call sorts that.
A dealer bought my Aprilia yesterday. He sent a guy to collect it. Once he'd rang the buyer to say all was OK with the bike, the dealer did an instant transfer for the money.
All done and dusted in 25 minutes. No pain, other than seeing the bike for the last time.
While we're on the topic, the seller of a van I'm considering wants paying with paypal (apparently they previously had someone turn up with fake cash £££ notes).
Any concerns from the buyers side (assuming I have the ££ in the account)?
Bankers draft is another safe method, but costs about £25.
Whatever you accept, make sure it is legit - ie. get the cash, draft checked by the bank.
I'd rather not take cash having had a fake £20 on one occasion.
I only accept or pay cash. I once had someone pay me £2.5k for a bike via bank transfer when he came to collect and it was delayed for security reasons. Which meant he saw the money leave his account but I didn't see it in mine for 3 days! I made him wait till I saw the cash, which must have been worrying for the other guy.
The last two cars I bought were paid with cash for £5-£13 k. I'd recommend having someone else with you so you're not alone and write out a signed receipt.