Buying a car privately - secure payment outside of banking hours

[wemorgan]

So it looks most likely that I'll be buying a car tomorrow.

I'm meeting the private seller at his house at 6pm. I've offered to pay with a bankers' draft, which he's accepted, though he says he wishes to phone the branch to verify. But 6pm will be too late.

So is there an alternative means of payment to be secure for me and the vendor? I could take cash but it's quite a lot, so would rather not.

I guess I could use his PC to logon and transfer online? But is that reversible?

Any thoughts?

Thanks.

 

[manalishi]

Having had a fraudulent banker's draft, I understand the seller's problem.

Don't use his PC to transfer cash, even if he's happy:
1) he could be running a keylogger program
2) it may still not turn up in his online account until some time later (maybe start of business next day)
3) if you mistype the sort/account number, he won't have the dough and you'll have to hope the recipient cooperates in returning it

At such short notice... ? ... Cash + a mate or two for security.

 

[wemorgan]

Yes, I'm thinking cash is the only simply way forward here.

 

[Chrishazle]

What's the mad rush that you can't wait until business hours to complete the deal? Check the car, handshake and smallish cash deposit (get a receipt!), then do the rest the following day during business hours! I sold a car for £1600 cash 18 months ago, was paid cash but felt nervous 1. having that much cash on me 2. until I got to the bank (30 mins later!), got it checked that there were no funny notes and got it paid in! When I bought the C270, I sent them a cheque a week before I'd agreed to collect the car, then confirmed with them that all was OK before we went to get it - from Ashford Kent to Perivale in West London, took us 3 hours on public transport to get there!

 

[wemorgan]

What's the mad rush that you can't wait until business hours to complete the deal?

No rush as such. But after this trp tomorrow I would have done about 1000miles looking at cars. So I guess I'd just like it all done and dusted in one journey.

Also, a rather petty point I know, but being self employed the more time I take off work the more it costs me. So I'm just trying to simplify things.

 

[MD5]

Can you not provide him with the draft details and issuing branch during business hours so he can phone and verify?

 

[wemorgan]

Can you not provide him with the draft details and issuing branch during business hours so he can phone and verify?

Perfect idea thanks. I've just agreed that with the vendor

 

[MD5]

Then you can just swap it for the joey one!!

 

[eagletower]

Having had a fraudulent banker's draft, I understand the seller's problem.

Don't use his PC to transfer cash, even if he's happy:
1) he could be running a keylogger program
2) it may still not turn up in his online account until some time later (maybe start of business next day)
3) if you mistype the sort/account number, he won't have the dough and you'll have to hope the recipient cooperates in returning it

At such short notice... ? ... Cash + a mate or two for security.

Hi Manalishi

Did you manage to sort anything out after a fraudulent bankers draft? Or did you lose the money?

 

[Will]

Unless we're talking very large amounts of cash (IMHO £10k+), I'd just use cash - I would prefer to be paid in cash and like to use cash when buying cars, always have done.

IMHO, the overall risks are similar with other methods, I'd be more wary of taking a cheque or banker's draft from someone I didn't know. Cheques can bounce or IIRC can be clawed back after several days, drafts could be stolen or forged - maybe other risks?

Obviously there are some security issues with cash but I find those more manageable than banking risks associated with things like cheques.

I think it's about time these days that some branches of banks had extended opening hours to suit customers when needed. I know that physically visiting banks in person is less of an issue these days with stuff like online banking and the like, but when most people are at work Monday-Friday, 9-5 ish it seems daft that most banks are closed before you start and after you finish

Unless you're planning to go to the bank on a day off (!), during lunchtime (very busy..) or on a Saturday morning (some branches only, again busy and losing part of your weekend) it can be a real problem at times.

If other businesses and industries can operate outside of these hours, why not banks, even if not for all services?

Will

 

[wemorgan]

I agree Will, at times it's hard to believe that banks have customers at the front of their mind's.

What gives me a good feeling about the vendor and the car is that it's advertised through a forum. So the car's history is clearly shown in all the previous threads. So I could have taken cash, but it's for quite a lot >£10k, so didn't want to walk out the bank with bulging pockets.

 

[manalishi]

Hi Manalishi

Did you manage to sort anything out after a fraudulent bankers draft? Or did you lose the money?

No - I lost the money (well, the value of the guitar that I was selling, about £1200). Having a lot of the fraudster's info, including phone numbers, ID details I'd taken, I reported it to the Police. They did an 'initial report', gave me a crime number, said they'd be in touch for the full info, but did not investigate it at all and I got the usual letter.

 

[manalishi]

I think it's about time these days that some branches of banks had extended opening hours to suit customers when needed. I know that physically visiting banks in person is less of an issue these days with stuff like online banking and the like, but when most people are at work Monday-Friday, 9-5 ish it seems daft that most banks are closed before you start and after you finish

Good luck with that! I can't even get a bank to give me these sort of sums in £50 notes! I'm fed up with counting out hundreds of £20 notes. Grrr...

 

[Merco]

I agree Will, at times it's hard to believe that banks have customers at the front of their mind's.

I don't think banks have ever had customers at the front of their minds unless the customer is a banker!

 

[Alps]

draft and verification during business hours is the best bet i think, if you want cash more than £1K, then most banks like you to pre-arrange the amount , this way you can specific £50 notes if you want to.

other ways are BACS payments, direct transfer (you could get the missus to do it if she is at home by ringing her) but then it can take up to 3 days if its a different bank.

 

[crockers]

One problem with cash is ,,,,,counterfeiting.. Make sure you can verify ALL the notes are genuine.

 

[Beetnik]

This is how I did it last time.
1. Turn up for car during business hours (pre-arranged).
2. Test drive and agree details.
3. Stop at bank.
4. Buyer draws cash at counter (pre-arranged).
5. Vendor passes back to cashier with paying in slip.
6. V5 etc signed.
7. Deal done.

No worries about forged notes/drafts/cheques or delayed bank transfers.