Paying for a used car privately

worried_jim

plebeian wrote: »

In a box with a pie?

Good one Shawshank!

Cazza

Ultrasonic wrote: »

This may sound paranoid, but I would only do that if I took my own laptop, as it would be possible for a seller to install key logging software on their PC to enable them to susbsquently transfer additional cash from your account.

I never thought if that, good point! He used the internet banking app on his phone

no_summer_here

Best transactions I have done in both buying and selling. Go with the other party to a branch of a bank the buyer has an account with, and have the staff transfer the money instantly between accounts.

DantheMan

Ultrasonic wrote: »

This may sound paranoid, but I would only do that if I took my own laptop, as it would be possible for a seller to install key logging software on their PC to enable them to susbsquently transfer additional cash from your account.

Most online banks have security measures to stop this. Using a random number to get into your account after you have signed in, if this cannot be matched, you cannot get in

Ectophile

I've paid £4k in cash for a used car before. I did check with the bank in advance to see if they would want notice of the withdrawal, and in my case they didn't.

Ultrasonic

DantheMan wrote: »

Most online banks have security measures to stop this. Using a random number to get into your account after you have signed in, if this cannot be matched, you cannot get in

I bank with Santander. Their system is that it is necessary to enter a code sent in a text to my phone the first time a payment is made to a new individual, but not for subsequent payments. This is handy for people I pay regularly but would be of no protection in the case I described above.

It wouldn't surprise me at all if most other banks had a better system than Santander though!

patman99

If the Bank says 'No', then you can just withdraw upto your max. daily limit each day until you have the required amount.

I will 2nd the risk of forgeries if accepting large amounts.
I accepted cash payment for a car a couple of months back for £470. When I deposited the cash via my Bank's automated teller machine it kicked-out 2 of the £20 notes as fake. These were used at a local supermarket to pay for small (sub £1) purchases via the self service tills (yes, I did make sure they were really genuine by using my special detector pen).

oldhand

Leaving aside the checking on the car,if alls well there I always found a handful of cash is a great deal settler,several times I bought a car or motorbike and my offer (whilst realistic) was a couple of hundred pounds below the asking price and the seller refused,I pulled out the cash and usually (not always) they accepted.

rev_henry

oldhand wrote: »

Leaving aside the checking on the car,if alls well there I always found a handful of cash is a great deal settler,several times I bought a car or motorbike and my offer (whilst realistic) was a couple of hundred pounds below the asking price and the seller refused,I pulled out the cash and usually (not always) they accepted.

This. The sight of a massive pile of cash there and then is an entirely different proposition in a seller's mind to just stating numbers!

I've always used cash, both buying and selling, most I've done was about £4k. I usually also call the bank beforehand to check. Incidentally this 4k was to a dealer, but not really your average kinda dealer, more a semi retired chap who seemed to dabble in caravans on an old petrol station forecourt and had this particular car in as a part ex, hence no card machine.