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PostPosted: Tue Aug 13, 2013 9:10 pm 
Gold Trader
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Joined: Sat Oct 23, 2010 10:33 pm
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Location: New Forest
Okay, I appreciate that this might sound a bit dim...

We've just put down a deposit on a nice van (VW T5, private sale), with the intention of collecting it on sunday. The question is how do we actually pay for it? Is it normal to rock up with that in cash (£7k)?

He's not keen on a bankers draft (I wouldn't be either). Bank transfer? How do you guys pay for cars etc?

:oops: :oops: :oops:


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PostPosted: Tue Aug 13, 2013 9:15 pm 
Retro Guru
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Location: The Cock Inn, Tillett, Herts
Cash, and a couple of shaven headed and very muscular minders.


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PostPosted: Tue Aug 13, 2013 9:17 pm 
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Joined: Sun Aug 07, 2011 10:55 am
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Location: Dorset
Not £7000 in cash :)

Bankers draft is how I would pay for it, why is he not keen on them. I know there are forged/fake ones around, but he can check with his bank that the bankers order is 'real'


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PostPosted: Tue Aug 13, 2013 9:20 pm 
Special Retro Guru
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If you've both got online banking, and you can do it via your own mobile means (as opposed to using their WiFi or PC, if you're paranoid), you could do it by bank transfer.

I've paid for a used car like that, albeit the recipient was a trader, although not a garage trader, but did have a rather expansive, rural / farming type property where he obviously had space to store and work on cars.


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PostPosted: Tue Aug 13, 2013 9:27 pm 
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Location: Camden, London
I've used both bankers draft and bank transfer, in both cases we drew up a simple contract of sale with reference to the bank transfer / draft so we had a signed document as evidence as to what the intention was,

the issue with a bank transfer is that if there is something dodgy going on he gets the cash before you get the car, this is no help if stolen but should get an HPI check, at least with a bankers draft you hand it over when you get the car but how does he know not forged if not familiar with them. If really worried he could come with you to the bank ? If bank transfer, I would want to ensure that the account name same as V5C, address on V5C was correct and where I saw vehicle and all that sort of good common sense stuff, can't recall who the bankers draft was payable to, don't think it was cash ?


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PostPosted: Wed Aug 14, 2013 8:44 am 
Old School Grand Master
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Joined: Tue Oct 19, 2010 9:55 am
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:lol:


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PostPosted: Wed Aug 14, 2013 10:02 am 
Old School Grand Master
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Joined: Wed Apr 12, 2006 12:33 pm
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Location: The Home Of Mountain Biking, And All Great Things.
Sunday is a bad day.

It is is better to allow the seller to pay the money into the bank.

Nothing wrong with a cheque either if you are not collecting it that day.


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PostPosted: Wed Aug 14, 2013 10:20 am 
Old School Grand Master
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Location: The land of Lea & Perrins
Bear in mind that good old fashioned cash can also be a very good bargaining tool ;)


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PostPosted: Wed Aug 14, 2013 10:30 am 
Old School Grand Master
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Joined: Fri May 01, 2009 7:11 pm
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Location: Fircombe.
Cash every time!
A bank transfer if you must, but there really is no reason to be mucking about with bankers' drafts or cheques.


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PostPosted: Wed Aug 14, 2013 7:40 pm 
BoTY & PoTM Winner
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Joined: Tue Jul 13, 2010 10:19 pm
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Location: KEEPING THEM SAFE FROM HARM, ANYWAY I CAN....!
Just don't get stopped by the law, with a large amount of cash in the car, they will simply relieve you of it until you can prove its not for drugs or money laundering purposes. (fact).

Just take cash, but ensure you have your deposit receipt your directions, your road map, your bank withdraw slip and the original advert with you, if you get stopped with a dicky tail light etc etc, and you and your car get searched, at least you have the details of what you are doing, to prove otherwise.

8)

And don't believe the old tosh, it will be alright its under the ten grand threshold, those days are long gone my friend. (fact).


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