Receiving by BACS

joebob

Wife has sold her car and is been picked up on Sunday .The buyer is paying by BACS  is this a safe way and what do we need to know ?

sausage_time

I sold a car recently to a garage, and the payment was immediate.  That was (I assume) Faster Payments not BACS.  BACS can take 2-3 days...
https://www.hsbc.co.uk/current-accounts/what-is-faster-payments/
https://www.hsbc.co.uk/current-accounts/what-is-a-bacs-payment/

Is she selling to an individual or a garage?  Is Faster Payments an option?

sammyjammy

As above, BACS is no good, you may end up with no car and no money, they probably mean Faster Payment but its best to check in advance.   Remember to log on to your online banking and check the payment has arrived before you let them take the car, keep the DVLA form yourself to send off with their details, don't rely on someone else to update something that is your responsibility.

lisyloo

Paying by bank transfer is pretty safe (assuming you are going to see it arrive in your bank before they take the car).
Might be worth asking them to pay a few pence in advance to make sure faster payments are in place between the 2 banks.
Bank transfers can't be reversed by the sender (not without alleging fraud and going through a lengthy process).

You should fill out part of the V5 (section 9 I think).
When I sold I reported it online which a lot of people do these days. 
I would give the buyer a receipt. Just makes it harder for anyone to dispute down the line.
You MUST cancel your insurance ASAP even if there is a fee and you end up having to pay.
If you don't and the car is uninsured and in an accident then your insurance will be liable under the Road Traffic Act and they will sue you for the costs if you didn't cancel. Unlikely scenario but could be expensive so cancel it as soon as possible.

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Received by bank transfer 15/9 with thanks £xxxx for <model blah> with MOT (expires MM/YYYY). With <this>, <that> and <the other>, otherwise sold as seen

Mileage: xxxxx
VIN: xxxxxx
Reg: xxxxx
Date of sale: DD/MM/YY

joebob

Abit  more info her car failed test it's 21 years old so  too expensive to repair. Looked at scrapping it online and  left details.Then got phone call agreed price and coming Sunday so would hope it's legit 🙏  just wasn't sure on the procedure of BACS . Obviously we have to give bank details but will it go directly to her account then clear some days later  ?

FlorayG

For that I would be asking cash, please

wmb194

joebob said:

Abit  more info her car failed test it's 21 years old so  too expensive to repair. Looked at scrapping it online and  left details.Then got phone call agreed price and coming Sunday so would hope it's legit 🙏  just wasn't sure on the procedure of BACS . Obviously we have to give bank details but will it go directly to her account then clear some days later  ?

Yes, if it's literally Bacs - which businesses can still use - it's two working days from the date of payment. If it's by faster payment it can be somewhere between instant and the end of the next working day.

General_Grant

joebob said:

Abit  more info her car failed test it's 21 years old so  too expensive to repair. Looked at scrapping it online and  left details.Then got phone call agreed price and coming Sunday so would hope it's legit 🙏  just wasn't sure on the procedure of BACS . Obviously we have to give bank details but will it go directly to her account then clear some days later  ?

So even longer to remit funds.

If it failed MOT, are they intending to drive it away?  

la531983

She or he clearly meant bank transfer and is still calling it BACS because she or he is old school.

TadleyBaggie

la531983 said:

She or he clearly meant bank transfer and is still calling it BACS because she or he is old school.

I don't think there is any clarity here.

la531983

TadleyBaggie said:

la531983 said:

She or he clearly meant bank transfer and is still calling it BACS because she or he is old school.

I don't think there is any clarity here.

Sounds like a private sale between two individuals on a Sunday, I would be amazed if its anything other than a bank transfer/Faster Payment done on the buyers phone whilst he or she is stood in front of the OP, and they have just used the incorrect parlance here.