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mulletma5ter
Member Since: 23 Oct 2020
Location: Cambridgeshire
Posts: 46
  
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| Transferring funds (looking for advice) |
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As stated the other day, I pick up my Disco tomorrow. The vendor called today and requested I start the bank transfer now so it has time to process.
This is the first time I've bought anything privately for anything over 15k. I understand he wants money before giving me the keys, but I want keys before I send money.
What is the best way to deal with this? from those that do it regularly.
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 11th Sep 2021 6:46 pm |
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riverblanche
Member Since: 31 Aug 2010
Location: retford'ish
Posts: 2210
  
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Hi,
not done a private purchase or sale for that sort of amount but have bought and sold cars and a caravan by transfer and did it while stood in front of the person
I would do a nominal amount before hand just to confirm you have the correct details and both sides can confirm the transfer has happened
then as long as you have internet connection do it on the day and just wait for the seller to confirm its in their account before you get the keys and drive off.
understand dealers want it a day or so before hand but not sure why a private sale would
When our FL2 goes (long story!) I will be happy for the transfer to be done while we have a cup of coffee together and when its showing in my account hand keys over and off they drive.
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| 11th Sep 2021 7:03 pm |
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Motolab
Member Since: 18 Oct 2019
Location: Sleen
Posts: 1815
 
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For me it is monthly practice…. Buying and selling on professional basis
On mondays till friday’s wiring money with an app or at the bank is within minutes or less than an hour, if your limit is correctly set.
So we or the customer inspects the vehicle, accepts it, signs the buying/selling agreement, hands over the key, wires/transfers the money, and after recievement of it, handsover the paperwork
That is what we do, in our business… we never pay in advance, before accepting/seeing the motor “live” at the moment of transfer if we do not know the seller and certainly never when dealing with private sellers/buyers we don’t have earlyer experience with… Best regards
Harold
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| 11th Sep 2021 7:14 pm |
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JordsDisco
Member Since: 22 May 2020
Location: Newcastle
Posts: 1480
 
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I’ve done it RBs way sitting in the lounge of the sellers home, connected to his internet with an ipad, let him see me do it and the money popped in his account a few minuets later, it worked fine.
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| 11th Sep 2021 7:17 pm |
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mulletma5ter
Member Since: 23 Oct 2020
Location: Cambridgeshire
Posts: 46
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The guys concern is an amount over 10k, specifically on a weekend taking over 24 hours to go through. And I get it, why hand over a car without the money.
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| 11th Sep 2021 7:27 pm |
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nigethecat
Member Since: 11 Sep 2016
Location: Marnoch
Posts: 4142
 
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Just sold my D4 to a local trader and he transferred the money while sat in the car, arrived seconds later... I think it might take longer on weekends or outside normal banking hours but generally no issues.
As riverblanche said, do a nominal amount to first to confirm the bank details and then the rest, also inform your bank in advance that you are making the payment and to whom and they will allow it to go without any delays, by sending a small payment first you are confirming all the details so the banks are far happier... I want to see the sweets before I get into your windowless van... I'm not stupid!
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| 11th Sep 2021 7:30 pm |
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al cope
Member Since: 08 Nov 2005
Location: Oldbury, WM
Posts: 10296
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Same for me, did the transfer in the sellers lounge, transferred a tenner as a test to make sure it went to the right account, was there in under 5 mins, then transferred the remaining amount. All done in under 10 mins, so I would say don’t transfer money in advance.
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| 11th Sep 2021 7:44 pm |
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M3DPO
Member Since: 22 Sep 2010
Location: Notts.
Posts: 8074
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You can also do a bankers cheque, your bank writes a cheque made payable to the seller, this means only the seller can cash it and the bank verifies you have that amount in your account, costs about £25 and saves you carrying cash. It can when others can't,
It will when others won't,
It goes where others don't.
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| 11th Sep 2021 8:47 pm |
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Oxford-boy
Member Since: 07 Sep 2015
Location: Oxford
Posts: 1061
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JordsDisco wrote:I’ve done it RBs way sitting in the lounge of the sellers home, connected to his internet with an ipad, let him see me do it and the money popped in his account a few minuets later, it worked fine.
As he says above. Have the funds, check you can transfer the amount in a single event with your bank using online banking.
Always transfer £1 first and check that it reaches the sellers bank account so you aren't left with funds in limbo then when that has appeared transfer the rest.
Done that several times, never had a problem.
Run the car you are buying through a £9.99 VCheck.uk too imho... just in case.
GLWP Jim
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| 11th Sep 2021 9:04 pm |
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motorworks
Member Since: 14 Nov 2019
Location: Usk
Posts: 401
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I regularly use an escrow service. Buyer deposits funds into escrow, which seller can verify and provides his bank details to receive payment. When buyer accepts the goods or service, he approves release of funds. In a similar way that solicitors handle property sales, but much faster.
There are several established companies that offer escrow. They must be FCA licenced, which you can check.
My other business is internet domain names, where buyers and sellers are generally unknown to each other. Escrow provides security for both parties, and can proceed without even knowing a buyer's identity.
I would certainly recommend escrow with consumer projects involving builders and other trades. Car purchase is another opportunity to use this protection. Chris
Last edited by motorworks on 12th Sep 2021 3:23 pm. Edited 2 times in total
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| 11th Sep 2021 9:18 pm |
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Bodstruck
Member Since: 17 Aug 2017
Location: Wiltshire
Posts: 230
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I would not do it in advance. Do it on the day with a but of prep beforehand. My limited experience (10 or so vehicles in the last couple of years) is that any delays in funds are due to bank fraud systems and/or checks.
I would set up the recipient in advance and perhaps send a small amount. Ensure your bank phone lines are open when you plan on doing the deed so you can call them and undergo the fraud checks. Also, let them know in advance. If you dont routinely transfer large amounts it will be seen as anomalous and therefore be stopped (to protect you).
I have had money stopped while transferring and also had a chap buy a defender from me and the funds didn't come across. He could not call his bank as their phone lines had closed so he had to go away and come back the next morning.
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| 11th Sep 2021 9:43 pm |
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Grunders
Member Since: 30 Apr 2011
Location: Manchester
Posts: 2302
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Do not transfer any money beforehand, as everyone’s states transfers are almost immediate (within minutes) I’ve just sold my camper, the purchaser transferred a pound ( to make sure they have the right details) and once in my account (3 minutes later) they transferred the remaining which was well over £10k, again in my account in minutes If it ain't broke... Take it apart anyway, how else you gonna find out how it works
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| 11th Sep 2021 10:03 pm |
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galwaygreen
Member Since: 30 Oct 2011
Location: plymouth
Posts: 6525
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some banks have limits on what you can transfer per day...it would pay you to pre warn the bank so they dont bounce it
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| 12th Sep 2021 12:18 am |
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pwheeldon
Member Since: 15 Jan 2020
Location: West Yorks
Posts: 1446
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I did a transfer for a car purchase and it did take about 2 hours to go through, that was for £28k, that was about 8 or years ago. Then about 5 years ago I did one for £9k and that took about 4 hours to go through. I did a transfer for £8k for a caravan and that was in seconds.
There's no way I'd be sending that money unless the vehicle is in my sight, especially if its a private sale. I don't think he'd post you the keys and logbook to save time on the day, would he? Discovery 4 GS 2009 Auto Stornoway Grey
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| 12th Sep 2021 1:31 am |
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mulletma5ter
Member Since: 23 Oct 2020
Location: Cambridgeshire
Posts: 46
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All went through swimmingly, thanks all for the advice
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| 12th Sep 2021 9:55 am |
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