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

atrixblue.-MFR-.

better option would have been to say, fetch cash.

there can be a mexican stand off here if someone in their family says dont put the money in that account till you have the keys, and you could say no keys untill money in bank.

but still, they could put the cash in, you can check online (then a follow up call to make sure the funds are available not pending to clear) then when you get the OK give them the keys the green slip and get them to sign the V5c for you to send off.

EdGasket

shaun_from_Africa wrote: »

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

I guess you can say 'deal off' then or worse!

Usually I pay cash at the same time as collecting the car. Alternatively I have taken the car but not collected the V5 until the payment has cleared. Once I accepted a building society cheque (which as I understand it cannot be stopped; similar to a Banker's draft) and released the car as soon as I had the cheque even though I still had to cash it.

So there are quite satisfactory ways of doing the deal with minimal risk to both sides. For larger sums, I would recommend the BS Cheque or Banker's draft but for up to £2K or so, cash should be fine.

wba31

I refused cash when selling my car 2 years ago, unless buyers were prepared to go to the bank with me and have it checked as it went in. 3 people pulled out of the purchase of the car when i suggested it. the family who did buy the car happened to bank with the same bank I did, so I met them at the bank, so the bank facilitated the whole transaction at the counter, gave us both receipts etc. we then handed over keys, and sorted V5 document in the bank.

TrickyWicky

iolanthe07 wrote: »

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.

:eek: You're clearly not very security conscious are you

How does the sellers bank account information get itself on to the buyers cheque? I see what you're trying to say but even Jeremy Clarkson said that there was nothing anyone could do with someones account number - he then published it in his column. Someone then kindly swindled him out of £500 to prove a point.

Best thing to do is have the buyer pay cash into your account either with you or without you. No cheque to clear, no electronic transaction reversal, no credit/debit card payment cancellation / reversal etc. Cash is cash and can't be reversed out of your account. The bank will also take care of dealing with any forged notes etc.

iolanthe07

TrickyWicky wrote: »

:eek: You're clearly not very security conscious are you

How does the sellers bank account information get itself on to the buyers cheque? I see what you're trying to say but even Jeremy Clarkson said that there was nothing anyone could do with someones account number - he then published it in his column. Someone then kindly swindled him out of £500 to prove a point.

Best thing to do is have the buyer pay cash into your account either with you or without you. No cheque to clear, no electronic transaction reversal, no credit/debit card payment cancellation / reversal etc. Cash is cash and can't be reversed out of your account. The bank will also take care of dealing with any forged notes etc.

People have been using cheques quite safely for many decades. The information on them (name of account, account number and sort code) are not enough in themselves to trigger successful fraud.

BaileyB

Cash could be the answer but that large amount could have a few fakes thrown in, you just never know.

How about meeting on a business day and go to the bank together. I would not pay £5k to someone a day before collecting a car unless i knew them.

TrickyWicky

iolanthe07 wrote: »

People have been using cheques quite safely for many decades. The information on them (name of account, account number and sort code) are not enough in themselves to trigger successful fraud.

No? Thats exactly what Jeremy Clarksons Attitude was when he published his account details. As I said earlier, someone was only too kind to prove him wrong.