[Closed] Selling a car- whats the massive's advice on payment?

I have insisted on carrying out the transaction on a desk in my local bank, where I hand over the docs & keys after the money has been checked by the bank, and paid into my account. I got the seller to do this as he was the one holding the potential fakes, not me..

In the actual bank Toys? Thats a really good idea. I hadn't thought, but banks should be able to check the cash for me for validity. Thanks for that.

Last time I did this it was direct bank transfer over the phone. I was buying, I rang up my bank via their telephone banking service, verified that I was who I said I was, handed the phone over to the seller who provided his bank account details, they transferred the money, he checked with his bank it had gone through before sending me on my way with the car.

Faster Payment means that money transfers electronically and instantly between all the major banks.

PP Gift 🙂

For me cash but the in the bank idea seems good and would scare off any scammers, just let them know before that you will be doing payment that way.

yup in the bank. I once proposed to a motorcycle buyer, that had set off my halibut detector, that he meet me in the foyer of Charles Cross police station (plymouth). He declined.

Did same as toys. Was a golf gti and being bought by a dealer with a camel coat ! He was quite happy to do it that way and I called bank to arrange a desk. Was 16k in used notes 🙂

Excellent- thanks all.

Never thought about doing it this way, very good idea folks 🙂

wobbliscott - Member

Faster Payment means that money transfers electronically and instantly between all the major banks.

Though, not necessarily, depends on the value and on teh banks involved (just mentioned that as it's not automatically going to be there instantly, and also because it's not necessarily suspicious if the buyer can't do it)

I do cash but then any counterfeit note that I miss, is good enough that my bank will also miss it 😉

I have also done the same many years ago when purchasing a car, done via bank transfer as we used the same bank.

Potential buyer has just agreed (by text) to do a bank transfer in the bank. Wife is now worried that this means the buyer will have access to our account details.

Should I be worried?

Bank transfer for me too, bought and sold that way. Tip would be to do a small test payment (deposit?) prior to the main sum. I recently tried to pay £1k between two different banks and security checks meant it took 16 hours, as I understand it paying a nominal £20 the day before would have paved the way.

Would there be anything to stop the buyer getting access to our account, subsequent to any transfer? I'm thinking: he'll need our account number and sort code. If he has this, can he then use it for anything iffy? For example, arranging a transfer back into his own account?

Those details are on the bottom of cheques. It's very unlikely that they can be used for nefarious purposes, perhaps to set up a direct debit but certainly not to relieve your account of actual money....

Potential buyer has just agreed (by text) to do a bank transfer in the bank. Wife is now worried that this means the buyer will have access to our account details.
Should I be worried?

Some good tips.

Posted my old car on a Gumtree yesterday and folks wanted to come with cash last night. Suggested that buying in dark and when raining not best so they came this morning.

They came this morning and deal done. Paid in crisp £20's....which look real to me. But then it was £1k rather than £10k.

Good luck with the sale!

. Paid in crisp £20's....which look real to me

Maybe it was road rage man's pal - you banked it yet ? 🙂

Iainc....good point.....I'd better get it checked for authenticity.