Agreed a Sale, Is there risk?

[m80]

This pm I've agreed a sale of the Viano, advertised on eBay.
His story is that his petrol Viano has been written off and he needs a replacement.
Buyer is on holiday in Cornwall and arranging for a mechanic friend to inspect and collect, in a day or two.

He has requested my bank details so as to make payment following his friends approval of the car. I don't see risk there, bank transfers being the safest way to get payment.

I have a name and address, his mums, and would use that for a receipt that details, essentially, bought as seen. I'll detail the friends name and address and ask him to sign.

I've run a Land Registry check and the property was bought in May this year to 'another'. So possibly a rental by the buyer.

If I see money in my account is there any risk here?
Buyer (and mum) remote from the sale. No way to confirm I.D.

 

[clk320x]

I've run a Land Registry check

Seriously?

 

[m80]

Takes a couple of minutes and cost £3.
It has served valuable purpose in the past.

 

[clk320x]

Takes a couple of minutes and cost £3.
It has served valuable purpose in the past.

Fair enough!

TBH, the sale sounds ok to me. Bank transfer is good, and he’s sending someone to pick up. If you want to be really safe you could ask the guy to send his friend the money and have him pay you cash?

 

[bob6600]

Cash in the bank, 2 receipts signed, one for you and one for them. Job done for me.

P.S. A form like this can be handy

http://www.theaa.com/~/media/the-aa/pdf/motoring-advice/aa-car-buyers-sellers-contract.pdf?la=en

 

[TheBlimp]

Seems like all bases are covered. I would as soon as money hits mine to a different account to avoid the bank recalling the payment.
Can and has happened.
Apart from that seems ok.

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[m80]

Sorry to seem scared of the shadows,
but this way seems better than coming on in a few days with "I've been stuffed for over £5K"

 

[MCFastybloke]

A bank transfer is not infallible, a balance provided by a fraudelent chq will clear and permit a transfer on the back of it to you, by the time the banking system catches up the purchaser will be long gone,monies will be recalled as its fraud based. Quite a lot of chat about it on a watch forum i frequent.

 

[E55BOF]

AFAIK there is no way the money can be taken back out of your account, so no risk there (unless, of course, someone else on here knows otherwise...). (Addendum: I see there is, but McFastybloke had not posted when I composed this).

Once you have been paid, you can do the transfer of ownership online. You have to take it on trust that the new owner has given you correct details, but you do that anyway even if he comes and fills in the V5C; there is no legal requirement for you to ask for proof of identity in either case.

Just in case, don't let the mechanic friend drive yours until you have been paid. If said friend turns up with a couple of mates, be aware of a known scam where, while you are distracted, one of his mates puts a little oil into the coolant header tank, then makes you an offer on the basis that the head gasket has gone.

It doesn't matter how you word the receipt; if you're a trader you're liable for faults, if you're a private seller you're not, unless the buyer can prove you misled him because you knew about, and specifically lied about, any faults.

That said, the 'back story' seems very detailed for a ten-year-old Viano if there were any sort of deception in mind; I'm inclined to think it's all genuine.

 

[m80]

A bank transfer is not infallible, a balance provided by a fraudelent chq will clear and permit a transfer on the back of it to you, by the time the banking system catches up the purchaser will be long gone,monies will be recalled as its fraud based. Quite a lot of chat about it on a watch forum i frequent.

I can transfer out to another account, but assume that can be recalled also.
So how to be sure?

My reasons for checking on the buyer is to be able to track and recover if need be.
So far I have no way to be sure of who, even if I see a passport I don't see a where.

 

[MCFastybloke]

I can transfer out to another account, but assume that can be recalled also.
So how to be sure?

My reasons for checking on the buyer is to be able to track and recover if need be.
So far I have no way to be sure of who, even if I see a passport I don't see a where.

Transferring out is of no benefit to you. I would recommend caution it already smells a bit dodgy to me but i am often wrong and would be happy to be so again,

high value transaction on a mobile asset with an individual you haven't met and wont meet, on the say so of a handily placed knowledgeable 3rd party,

i could give you an address now for the land registry and the name of the owner that would check out at LR,doesnt prove its me or my home.

A selfie with today paper and a passport and driving licence with pictures and address on the DL showing would go a long way

 

[m80]

AFAIK there is no way the money can be taken back out of your account,

Going back 9 years we travelled to Christchurch, saw and paid for Larisa's Jeep
Bank transfer carried out in the guys lounge, he was happy as he could see the funds were his.

Off we set back up north.
More than an hour later I'm phoned by the RBS fraud dept.
"A large amount of money has been transferred from your account, we are checking to see if this is geniune."
At that point I had the option to recall the money and drive on with the car.
I only did one of them.

So a little nervous of ways that you find out later can bite you.

 

[John]

As long as the newest faster payment system (FPS) is used, it cannot be stopped or reversed at all.

 

[E55BOF]

See this:

Faster Payment Recalled

Food for thought, innit?

 

[Deleted member 6183]

You can be sure that if there's a fraudulent transaction then the bank will try and pass this off.

 

[TheBlimp]

Having worked in banking for 20 years it is rare that a Faster Payment is reversed. Even harder if 2 different banks are involved. The only reason this verbally happens is if there is proven fraud at the sending banks end.
Even then, for the receiving bank to "access" the account and re take the money is a risk without having a good reason to do so.
Banks are under fire from all over including the ombudsman and would need to be able to evidence exactly why they took the money back.
In the previous comments re cheques, these days high value cheques that are paid in will tend to go through a slightly different clearing process and access to these funds will only be granted when the bank is sure the cheque will clear.

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[markjay]

Seems like all bases are covered. I would as soon as money hits mine to a different account to avoid the bank recalling the payment.
Can and has happened.
Apart from that seems ok.

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Wise move, but on a very general note and unrelated to the car sale... it is incorrect to think the bank can't remove funds from an empty bank account. They can and they do, the account becomes overdrawn (even if no overdraft facility has been arranged) and the bank can then pursue the account owner for the moneys owed.

Again, this is a general comment and not a related to the topic discussed in this thread.

 

[TheBlimp]

Wise mice, but on a very general note and unrelated to the car sale... it is incorrect to think the bank can't remove funds from an empty bank account. They can and they do, the account becomes overdrawn (even if no overdraft facility has been arranged) and the bank can then pursue the account owner for the moneys owed.

Again, this is a general comment and not a related to the topic discussed in this thread.

Also correct the bank will happily place the account in an unauthorised overdraft to recoup its money.

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[markjay]

In respect of the sale, it does sound legit, but I would still check with the mechanic that he actually knows the buyer personally, to ensure he is not unwittingly being used as a stooge in a fraud.

 

[Abb]

Personally it does not sit right with me. I would accept a small holding deposit and insist whoever collects it in person, accompanies you to the bank and does the transfer in there. Wait until it clears and you have confirmation of this before letting the vehicle out of sight.

You have then covered yourself completely. If it is a genuine buyer, they will understand. Wouldn't you?