sold car, best way to collect funds, cash etc??

F_Bear

just sold the OH's Polo for £5200 (had it up for £5500).

the family who bought it left a £200 cash depoist so £5k remaining. there coming to collect next saturday and asked how we'd want the money.

as the banks near us are closed saturdays, we've asked for them to transfer it to our halifax bank account and gave them the sort and account number.

am i missing anything were this is a big no no?

cheers

iolanthe07

You've only given them the same information that would be on a cheque, so should be no problem. Just make sure the money is actually in your account before letting them take the car.

Mr_Toad

F_Bear wrote: »

just sold the OH's Polo for £5200 (had it up for £5500).

the family who bought it left a £200 cash depoist so £5k remaining. there coming to collect next saturday and asked how we'd want the money.

as the banks near us are closed saturdays, we've asked for them to transfer it to our halifax bank account and gave them the sort and account number.

am i missing anything were this is a big no no?

cheers

As long as you have on-line banking access so you can check the account to ensure the money has gone in then no you, haven't missed anything.

themull1

Are you not supposed to ask your bank if the funds are cleared, not just look to see if they're there?

forgotmyname

I would ask them to put it in before close of business on friday so that you can confirm with the bank the funds are there.

You cannot allow them to take the car with just a promise that they paid it.

F_Bear

thanks for the replys.

Are you not supposed to ask your bank if the funds are cleared, not just look to see if they're there?

thats what i was sorta unsure about. i'll check online the £5k has gone in before i hand the keys over.

suppose i can always ring the 24hr halifax helpline and make sure its 'really' there.

skivenov

I would. As I see it, if they paid a cheque (rather than did a transfer) into your account, it'd show, then they could bounce it after picking the car up.

Mr_Toad

skivenov wrote: »

I would. As I see it, if they paid a cheque (rather than did a transfer) into your account, it'd show, then they could bounce it after picking the car up.

When you check your account it will show the balance and it will also show the available balance for withdrawal .

[Deleted User]

Bank transfers or pretty much money in the bank


http://www.thesun.co.uk/sol/homepage/news/4505064/Bailiffs-in-raid-on-bank-HQ.html


unless you are a bank:mad:

OP speak to your bank they will give you the best advice if you are nervous get the buyer to go to your bank with you and get them to pay notes into your account as i think this is foolproof(aits to be told off:D).

But there again I bought my last car off Ebay by bidding and paid the guy with notes and no bank.:p

EdGasket

Well I wouldn't transfer the money until I had the car! They must be very trusting people to part with 5K like that.

shaun_from_Africa

Well I wouldn't transfer the money until I had the car!

And if the seller won't give you the car or V5 until they have the money, what happens then?