[Foxy]

OK, so at the ripe old age of 37, having been around cars all my life, driving and taking apart/putting together for 20 years and buying in regular frequency too, i still have to ask some advice!

As you guys are no doubt aware, i've sadly had to sell the Jazz golf.

I may be cabbage-looking but not green! so i've covered all bases with the sale of the car, and have asked for a cash deposit (on it's way via special delivery right now)

Now, as far as the 'settlement' balance is concerned, that IS the largest chunk, amounting to around 95% of the total sum.

A sum of money that I want to handle in the safest way practical.

It's likely the buyers (who are very nice folk as far as i can tell) will arrive on a weekend to pick up the car and take it.

I don't want them bringing cash of five figure sum for their safety, my safety, my home and families safety - I mean, just think of the possible problems that could occur!

So, it's gonna have to all be about trust.

I've taken personal cheques TWICE now in the past, and TOTALLY regretted it, having sleepless nights until the funds clear (both times they did)

[Second time, i even tried some not-recommended detective trick to see if the cheque was genuine and rubbed water on it only to find the printing coming off!]

So, I have asked the seller to post me a B/society or personal cheque and i'll let it clear into my account before they come over for the car.

They see this as OK but would prefer to keep some security for their money and bring the b/soc cheque when they come over.

The big question is;-

Are building society cheques THAT secure and how can you make it fool-proof??

(can i call their branch beforehand and get assurance? is this 100% safe ?)

Any advice welcome.

 

[andymac]

Foxy get them to get the building society cheque on the friday and fax a copy to you, then phone said building society with the serial number and the branch managers name which will be on it, they will then check that it is genuine and not forged. They will also tell you the sum it is for so that is another piece of mind.

Then when they bring the cheque on the sunday.saturday verify the details are the same as the ones faxed to you and bobs your uncle the money is yours the minute the cheque hits your bank.

Dont take the bankers draught without checking the serial No EVER

The other option is if you are in the same bank or your wife/kids are and they are is to the deal through the week and go into a branch of your bank and do a transfer.

 

[Golf V5]

One way to sort out the money is to ask your bank for a cash box put the cash in the box with your paying in slip and post it in the banks wall safe

if you do accept a bankers draft then only accept a typed one if its the weekend there is no way of checking if the CHQ is ok most banks will offer a clearing facility which will cost about ?10.00 they will tell you if there is enough funds to clear the CHQ or not but this is not guaranteed

 

[asgh4r]

Bankers Draft mate. They charge a Tenner but its the safest bet!

 

[LiQuOrIcE]

drive them to the bank, let the cashier take it out of their account and put it in yours!

 

[simch]

Pay pal!!

Good thing with a BS chq is they cannot change their mind. Not many people know, but if they make the BS cheque out to you, then decide to not take the car, they cannot get the cash back into their BS account without your express permission, in writing etc!! So basically once they draw it out to you, they are committed unless they dosh you up!

But yeah , the fax ahead and ring the BS to confirm idea is a good one. A BS cheque is easier to verify by looking at it than a bankers draft, that looks like a hand written dodgy cheque!! But always play safe and check with the issuing bank or BS if possible.

 

[Wilko]

electronic transfer from them to your bank. Takes <24 hours, and costs about ?15 depending on the bank.

 

[Josh_PoloGTi]

It's a wierd one, because if you take the money from them before they get the car, then you could rip them off (not that you would, just saying that would be going through their minds)...

If they give you cash it could be dodgy (unlikely, but possible)

If you take a cheque it could bounce...

If you accept a bankers draft, it could be a fake (unlikely)...

So. What do you do?

Well, you could get them to call their bank while they're at yours, and get them to do a CHAPS payment from their bank to yours (instant, but costs 30 quid). Then you call your bank and check that the payment has been received and accepted.

Me, I just took a credit card deposit and verified the buyers address with the credit card machine... Then I looked them up on the BT Electronic Directory Enquiries... Called their house and business a couple of times and I was happy. Then they came down with half Scottish money (oh dear, I've never seen that before!!) and half company cheque from their family business. I told them that I'd post the V5 once the cheque cleared.

It did of course, so I sent the V5 up and everything was cool.

It's hard bloomin' work though!! And even though I trused the buyers, I had a couple of sleepless nights waiting for the cheque to clear lol.

Good luck mate! What you getting next???

 

[rfsteel]

As Wilko has said electronic transfer, either BACS or Telegraphic I think it's called. The funds should be in you account with in 3 hours of the sender requesting the transfer.

You'll probably need to get this arranged and done today, as I think most banks won't offer the service over the weekend.

 

[tylerama]

Chaps is same day, costs ?20-?30 though.. I think BACS is free, but takes 2-4 days.. iirc.

 

[simch]

With Chaps and Bacs you need to give your bank details to a a total stranger though........???

 

[Foxy]

I never use bank transfers......unless i'm sending money to a trusted party.

 

[skillz]

we can all see why a lot of people are prepared to let dealers rip them off because they get that extra piece off mind. however when buying privately its important to be cautious not paranoid.

 

[Foxy]

I'm selling privately so i want to ensure i get the cash - a five figure sum, and not give my car away until it's safe.

 

[phil08]

when i sold my puma privately we went into town and did the chaps transfer (only cost summit like ?12) and i gave the guy the service book and a written and signed receipt. after 2 hours the funds had cleared and i called him to let him know. He then came back the next day to pick up the car ( as i offered to give it its last wash and polish) and it went smooth as punch. bearing in mind this was a big transfer of over ?13k.

The next day i went to bank and took out ?9k in cash and bought the golf privately from a guy who lives down the road from me![]

 

[Rye]

if they are with the same bank as you and they use internet banking, you could invite them into your house and they could transfer the money into your account using internet banking. This transfer will happen INSTANTLY if they are with the same bank. This is how I bought a car off someone. You can then login to your bank account to check that the money is there. When I sold my car, I just took the cash and bought my next car with the same cash... bit dodgy but I felt rich for a week with stacks of money []

 

[RayBanUK]

Foxy, Chaps transfer is probably your best option but it obviously means that they have to pay for it but its not expensive. Thats what I did when I bought my car. It only takes half a day to go through if they do it in the morning and then when its in your bank, ask them to come over in the afternoon to pick up the car.

BTW Im sorry to see you sell the car as well, but knowing you, bigger brighter things on the horizon!

 

[BlahBlahMan]

I worked in the trade and we wouldn't take Bankers Drafts as they are forgeable. I've even arranged finance for people who 'borrowed' someone else ID.

Its a tough call, but you wanna see the colour of the money before you part with your pride an joy. Take a cheque and let it clear, personal or otherwise. Or, you could use any of the systems suggested above. If someone stole your car and afterwards i asked you if for say ?50 fee's i could reverse that, you'd shake my hand off.

Its the same as HPI. It seems alot to pay especially if you are looking at 2 or 3 motors but the cost is soon forgotten especially with the peace of mind it offers.

 

[Cossie boy]

I used to buy and sell cars all the time, only upto four figures max though!

Im prob just stating the obvious but thers NO WAY id take a cheque until its cleared and in my bank, I dont see a prob in them waiting until the ??? is in ur bank then collecting the car?

Also, u CAN stop a bank or building society cheque or draft! I had this when I sold my Astra GSi althogh only ?3k I had hell and all prob, the bloke didnt wanna give me cash! so we ended up going to his bank, they wrote it out then told me if he cancelled this I wouldnt get my ???? so I MADE him get the cash and then went to my bank, wot a hoo-har that was!

 

[kenl]

Safest way is for both of you to go into your bank and have them pay money directly into your account using their Switch card. Transfer is instant and un-reversible.

This is what my bank advised me to do.