Selling L200 on finance, how do I accept cash payment?

[Scorcher]

I've got a keen chap coming to see my L200 tomorrow, and he's bringing cash with him.

Have told him it's on finance, which he's fine with, but he wants assurance that the finance is cleared before he drives off, which is fair enough.

The finance company is Bank of Scotland, but there doesn't appear to be a bank branch near me, or many branches at all anymore

What should I do?

Would it be acceptable to take him and the cash to the nearest branch of my personal bank, get them to check and count the cash, then get a CHAPS transfer to Bank of Scotland finance?

Have sold plenty of cars before, but never any on finance

Help!

 

[Dieselman]

You need to contact the finance provider and arrange to pay using a Maestro card.
They can do this with no notice but don't like to.

Contact them now and make the arrangement for the other party to pay them and settle the balance in cash to you. (obviously make this arrangement with the other party as well)
That way he gets guaranteed title and doesn't have to carry as much cash which is a risk for both parties.

 

[A210AMG]

Can you pay off the finance without the money for the car?

then he comes to see it or anyone else and its a straight deal?

If he's very interested he could leave a deposit?

Don't know like you all cars I have bought / sold have been cash

 

[Scorcher]

You need to contact the finance provider and arrange to pay using a Maestro card.
They can do this with no notice but don't like to.

Contact them now and make the arrangement for the other party to pay them and settle the balance in cash to you. (obviously make this arrangement with the other party as well)
That way he gets guaranteed title and doesn't have to carry as much cash which is a risk for both parties.

I've spoken to the finance company this afternoon to get the latest settlement figure as I am selling, and they are fine with that.

Sadly I won't be profiting from the transaction - I owe £15810.13, and have it listed for just under £16k - but I want to sell it sooner rather than later!

So if the cash was paid into my account, would it be available straight away to do the transfer via Maestro?

And nope, I don't have that much surplus cash in my account!

 

[Dieselman]

I don't think your bank will allow you to draw against the cash you have just deposited.
That's why the other party paying with their card works well. It's instant, accepted and hassle free.
They then recieve a paid invoice from the finance company and free title.

 

[DSLiverpool]

I think DM means you call up the finance company and put them onto the new buyer at point of sale ...


DOH !!

 

[Scorcher]

Sounds like a plan - if he likes it I'll see if he can leave a deposit and Maestro the rest

 

[vincenz]

I recently bought a car on finance as outlined above, ring the finance company, allow for the guy buying it permission to discuss your account.

Get him to pay the balance of vehcile and the rest to your account, the finance company will then send you confirmation by post and you can forward it to the buyer at a later date.

 

[Dieselman]

I think DM means you call up the finance company and put them onto the new buyer at point of sale ...

Yes I do, but it's best to make them aware of the intended transaction beforehand, then just do it on the spot over the phone.

 

[lil.smartie]

We have bought a car this way before, we settled the finance direct with Black Horse then collected the car from the blokes house. Peace of mind for the buyer that it's paid and the finance co also accept the payment and they know who it's from, we had to give all our details to them when we paid despite the fact we are registered with them to sell their finance!

Kate

 

[219]

Bank of Scotland these days is HBOS . Is there a Halifax branch near you and could you do the transaction there ?

 

[recycled]

Is it rbs or HBOS?
If it is halifax, take him to a branch, pay into your account which has a debit card, i assume. If it is cash, you can withdraw the amount immediately.
Then call the finance company using the bank phone and settle by debit card. This will leave the balance in your account for you.

I settled a car this way and it was okay.

On seconds thought, if you do not bank with the halifax, get him to pay into your own account at your bank branch and settle using your debit card and the phone

 

[Scorcher]

Spoke to BOS this morning, and they wouldn't accept the cash

Told the potential buyer, he's fine about it, and he'll pay BOS direct this afternoon to settle the finance then collect the truck tomorrow!

So first to see did buy, without me needing to put that dreadful line in the ad