Might have to sell the AMG......

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There really isn't an excuse NOT to use electronic bank Tx's either on your PC or fone. 21st century Britain is designed for this.
Any other means of money transfer including hard cash is dodgy and subject to "interference" I would suggest.
BACS / CHAPS - simples.

I sold my Porsche many moons ago and this guy rings up and says he's coming up by train and if he likes it, he'll pay cash there and then for it and drive it away.
I said OK (it was 20yrs ago). I told him I'm not moving on the price because it was a necessary quick sale. He agreed.

Train arrived I picked him up in car we drove home, he checked it out said yes.
He then proceeded to show me the money minus a grand! Said that's all he brought up with him.
Take it or leave it.

I left it and he caught the next train home????:wallbash:.

Sold a boat to a guy on a boat mag. Wanted £35k for it. Guy rings and says he'd like it. I said did he want to see it first, he said he trusted me??
I arranged to meet him in a busy pub. We met, we talked he said he'd taken a second mortgage out on his house and here was the money! I looked down and there was a tesco bag with £35k in it. He said count it, I went to the loo and locked myself in and counted £35k in £50 notes.
I arranged to meet him the next day at the marina and when I got there he said: How can I get this home? I'm nervouse baout sailing it way down south on my own???" I said the only alternative was a low loader, he asked if I could arrange it! 4 hours later and £1000 lighter he disappeared down the M6 with the boat on the back of a truck??
Where do these weirdo's come from??:dk:
 
BACS / CHAPS - simples.

Bank told me these could be reversed later on if the account was found to be hooky.

They said the current "Faster Payment" transfers were the only ones which could not be, which is what you get with some accounts and / or in the bank itself.

I am not an expert on banking so I just go with their advice!

Some of the risk can be mitigated when you meet a potential buyer. You get a feel for them and whether or not they might be dodgy.
 
Chaps are cleared instantly (and involve a fee)
Bacs still take a few days to clear which can be reversed in rare cases.
I showed proof of my address, ID and v5 then asked for the transfer of money a few days before purchase. I always give them a written agreement via email stating the reg, VIN etc and also ask them to reference the payment. That gives them security to transfer the money before and they have written proof too. Then hand over the keys on the agreed date and v5
 
In case anyone wonder again how to deal with higher value car sale, I just sold mine via website Tootle.co.uk. I think I read about it somewhere, so did some more research on car forums before putting my car for sale. Got decent offers in a couple of hours, then left it running for a couple more days before I check out new cars. Some traders upped their offers in the meantime. I sent counter offer to the highest bidder and agreed the deal. He just came to pick up the car. Checked it out, paid with online bank transfer, I checked I got it. We did electronic notification of sale to DVLA, signed paper contract and he was gone with the car. Hassle free process.
 
Was told by HSBC (Premier Account, no less) that they could only allow £25k BACS payments through the online methods. Anything more and it would have be via the call centre and would incur a charge.

Agreed with the dealer to split the payment into two instalments - first one was <£10k and went through no problems. Phoned HSBC and told them that I was about to make a payment of £24k to XX dealer and that I didn't want it to get held up. Yes yes OK sir, I have put a note on the file.

Send money at 9.30am on a Friday so I could collect the car Sat at 8am. Unbeknownst to me, payment is flagged by fraud team. Voicemail from unknown number at 20:55 on Friday night. Call and speak to Premier team who tell me that the online fraud team has gone home for the weekend and won't be back until Monday, and that on their way out they have suspended all of my accounts and internet banking.

"Premier" :wallbash:
 
Had it in Lloyds, online transfer only £25k, so had to send two payments to pay for a car. First one stopped by fraud team and had to confess to every detail of my life on a phone. Don't do any large transfers from Lloyds any more. Took payment for sold car on another account.
 
I would walk to the bank with the guy and get him to do a transfer at the counter. or pay cash into the counter.
This is exactly what I have done last two sales over the past 5 years...he puts his card in the bank, I give my details, we have a cuppa & a chat for around 30 minutes.Walk into my bank, all good sign V5 & wave bye bye.
 
Chaps are cleared instantly (and involve a fee)

I understood CHAPS was just guaranteed same day but could take day in some cases. I did a CHAPS years ago buying a Touran & it took 3 or 4 hours from memory. It certainly isn't instant.
 
In case anyone wonder again how to deal with higher value car sale, I just sold mine via website Tootle.co.uk

My brother owns/runs a similar business (getitgone.co.uk) but they seem to get the highest prices possible due to having an extensive network of dealers placing bids for these cars available. They often have deals sold so need to source the right car which is often the hardest bit. When they see one they pay more as already have done the sale/deal so pay more than they would to stock or trade out. The seller pays nothing & all costs born by buyer. A v2 of WBAC really.
 
Ive sold 2 cars from home privately. 1st one was a Golf V6 4 motion. Went on test drive (I drove) got back home, chap wanted to sit in front, he drove off. Left his car on the drive. That was stolen with different plates on front and back.
Next car, some very dodgy people turned up, I pointed to the video cameras and they left. Another forum member bought the car instead. (W163 ML500).

Now I use a friendly motor trader that will deal with it for a reasonable fee. He's sold my W164 ML63, W166 ML63, and a A250CDI

Richard
 
Sold a boat to a guy on a boat mag. Wanted £35k for it. Guy rings and says he'd like it. I said did he want to see it first, he said he trusted me??
I arranged to meet him in a busy pub. We met, we talked he said he'd taken a second mortgage out on his house and here was the money! I looked down and there was a tesco bag with £35k in it. He said count it, I went to the loo and locked myself in and counted £35k in £50 notes.
I arranged to meet him the next day at the marina and when I got there he said: How can I get this home? I'm nervouse baout sailing it way down south on my own???" I said the only alternative was a low loader, he asked if I could arrange it! 4 hours later and £1000 lighter he disappeared down the M6 with the boat on the back of a truck??
Where do these weirdo's come from??:dk:

I suspect thats why the banks are told to be so strong on money laundering. He probably sold the boat for 25k to someone else, and magically is 36k was clean and shiny and in a bank.
 
I understood CHAPS was just guaranteed same day but could take day in some cases. I did a CHAPS years ago buying a Touran & it took 3 or 4 hours from memory. It certainly isn't instant.

I thought it's pretty instant? My mistake. Must be a worrying time when buying a house and transferring your hard earned deposit and it's not moved instantly to the solicitor. Thankfully mine was.
 
I thought it's pretty instant? My mistake. Must be a worrying time when buying a house and transferring your hard earned deposit and it's not moved instantly to the solicitor. Thankfully mine was.
Fraid not. Happened on our house move nearly 4 years ago when our solicitor had our funds in their client clearing account for over a day before they were received next day. It was a scary point for sure.
 
T9jvg

Be very careful how you deal with large denomination transactions.

Cheque - forget it - you cannot be serious!

Bankers Cheque - forget it. The banks have 6 weeks from you depositing the BC before it remains safely in your account but if they detect fraud or irregular behaviour, they can (and will) deduct the whole amount from your account weeks later.

Western Union money transfer - are you joking?

Large monetary deposit in a bag! - Try it. You might be lucky, you might not. Depends on the bank you're dealing with. I dealt with HSBC at the time. Walked into the bank with £13k in a bag and said - credit my account please? They said - No.
The manageress stated they needed to go through a rigorous check list to see if the money is being laundered and it wouldn't happen quickly. I said - can you tell me at what limit you decide the amount qualifies for laundering checks. She said - I'm afraid I can't tell you that Sir. I said, I am going to walk out of here and walk back in with £5k in a bag, is that OK. She said - yes! So I walked out and in - three times! Pathetic.

E-Bay - This site is attracting an unusual amount of hacking of late. My account was hacked about a year ago and I sold 5 camper vans and a motorcycle within 2 hours of it being hacked and the purchasers had sent deposits to my e-mail address which was being hosted by hackers at the time. Luckily E-Bay did a very good job at recovering my account - don't know what ahppened to all those guys who aprted with their deposits?

I used to work for the police and they told me the ONLY safe way to guarantee that the money remains in your account is to have it electronically transferred. Either via BACS (<5 working days clearance) or CHAPS (immediate but there is a small fee).

Test drive - do not under any circumstances allow the purchaser to drive your car. Your insurance will be invalidated if he/she damages it. Worse still if they stop the car and tell you to get out at the end of a gun or knife - your insurance for theft is null and void. Simply tell the guy that you will be driving throughout until and unless they have valid insurance on the vehicle (and you have verified it). The usual trick is them telling you they have trade cover - yeah right!




Enjoy.


Your thoughts on cash remind me of a sale I had a while ago. A few years back I sold a fully restored VW split screen bus to a guy from Belgium (over £20k) about 10 years back . I insisted on cash £Sterling and we go together to my local bank to deposit it. The cashier was somewhat surprised but happily called her supervisor to check the amounts, all new £20 notes in bundles . I got my receipt The Belgium guy got his V5 and everyone was happy. The money laundering rules must have changed a bit since then.

Fully with you on test drives.
 
I went to buy a car and the seller asked me who I bank with and we both met outside that bank to check the car and documents etc and went inside to do a bank transfer over the counter. He verified the money was in his account before he handed the keys over.

I thought that's a very safe way of doing things.

Yeah, we sat in the bank doing that. He checked the car over in my work car park, we drove to the bank and sat at one of the tables after paying in the dosh, and I signed over the V5 etc. and he drove off in the car.
 
I've sold all my cars via bank transfer except a CLK200 back in 2009 which was all £50 notes. I did though (as it was a Sunday) go to the local off license to check if all the notes handed to me by the seller we legit. They bloke behind the counter checked them all kindly. Then we went back home to sign over the v5 form.
 
Now I use a friendly motor trader that will deal with it for a reasonable fee. He's sold my W164 ML63, W166 ML63, and a A250CDI

Richard

Thats the best way, when I was trying to ask for 23.5K for my old C63, i got people calling and asking could I do finance etc. Thankfully I didn't have any dickheads turning up looking for a "test drive"
Those guys have all sorts of contacts in the trade aswell, and the ability to office finance deals etc.
Personally thats the last time i'll try to retail the car myself, off load it to a trader, or take a hit in part ex.
 

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