Best way to purchase?

[Willo]

Guys,

Fingers crossed i will be purchasing a LCR this saturday off a private seller. I realise there are many ways to transfer money i.e. bankers draft, Chaps etc etc but i thought i would ask the question to you guys to see which is the best method so both the seller and purchaser is happy and nether of us think it is some horrible scam. I presume many of you bought off private sellers, how did you organise the money aspects?

Thanks for any help!

 

[Leigh15]

I'd say that a banker's draft was the safest way for an expensive item like the LCR - you don't want £1000's in cash sat in your pocket....

 

[skahigh]

I took £10,000 in cash

Probably a little silly to do that though....

 

[Jay20VT]

I did it using CHAPS, it cost 25 squids, but it cleared in a day or two depending on which Bank the recipient is with and its very safe.
If the seller is with the same bank as you then things can be done at lightning speed.

 

[Jay20VT]

EDIT: Oh, did I mention I shaved off 500 squids off the asking price too, ah.. thats just me though..

 

[Willo]

the problem with Chaps is they will not do it on a Saturday!

 

[Mike Green]

Yes definately a bankers draft. I bought my LCR with a bankers draft - saves carrying cash and when you receive it it is as good as cash because the bank have already taken the money in reserve for the recipient.

 

[m0rk]

Except the seller runs the risk of the bankers draft being a fraudulent one.....

cash. but take a mate.

then there's money laundering laws to consider too - where you can't take >£10k in cash.....

 

[james_tiger_woo]

I had a guy pay me £5k in cash for my Bora.... He brought a load of it in his sock..... Nice.....

 

[Mike Green]

To be fair you run the risk of anything being fake these days - cheque, cash, bankers draft. If the seller feels a little hesitant over a bankers draft get him to pay it in straight away before the car is picked up.

 

[james_tiger_woo]

Can't banker's drafts be withdrawn - even after payment...... ?

 

[NeilW]

The guy who bought my LCR transferred £10K into my account (same bank so showed up straight away pretty much) and brought £3.5K in cash. I counted every last note and checked watermarks etc.

Bankers drafts can be forged and don't clear straight away (take same time as personal cheque IIRC).

All cars I've ever bought have been on switch from a dealer...

I would say some sort of bank transfer is the safest and best for both buyer and seller. With internet / phone banking you can make sure money has transferred / arrived without delay.

 

[lc_allan]

Seen a few horror stories, (pistonheads) about bankers drafts and even a case where Royal Bank of Scotland accepted a bankers draft, and then 2 weeks later rejected it for being fraudulent/account problems etc.. Even though the staff had checked it upon initial paying in. The poor guy is 25K down and is having a tough legal battle with them to pay up.

 

[si-mate]

When I sold my LCR the guy paid me in cash. I told him to keep it for the time being and drove him up to my bank. He paid it straight into my account, I never even touched it.

As m0rk said bankers drafts can be forged so I wouldn't let the car go until it had cleared, but as a buyer if your seller is happy with one then it's not a worry for you.

 

[si-mate]

Forgot to add - having the cash with you is a good bargaining tool as you can take the car there and then.

 

[lc_allan]

Paid straight into your account is a good one, a genuine seller can wait for a daytime purchase. You don't need to touch the money. Go to the bank in the sellers car (if turns up in one) your both on CCTV inside. Your account details from the sellers point of view are all there on record etc.. Can't be declined or removed afterwards by the seller. Then you go back home and sort out the paper work for the car.

 

[RikH]

i wrote cheque for part as deposit
it cleared then took out 8k in cash-which i wouldnt recommend

was AWFUL walking around with all that money!!!!

 

[richybigman]

Go to the bank with him on the day and transfer it straight to his account.

 

[longman]

I paid cash for my LC. Never again. All went ok but that much cash to have it a horrible feeling.

I would agree that Bankers Draft is best. You can always call the number on the back and quote the serial number to ensure its valid.

I beat the private seller down on price and got a £300 new HU and Changer as the deal was "Fix the stereo signal and I will give you that price".

Get in!!

He should have said yes at my price as he would still have been better off!

 

[Wheely]

When I sold my LC I accepted a bankers draft, but actually met him at the building society where they handed it to him.

Thats was good enough for me.