Buying privately - how to handle payment?

IrelandInc

Looking for some advice here - looking to buy privately next week. The car costs a shade under €10k, so too much for a cash deal. Question is - how to handle payment? I assumed bank drafts are as good as cash, but the seller claims the draft (or electrronic transfer) still takes 24hrs to clear.

He seems genuine enough - I was in his house when I test drove the car, so address is validated etc.

So, how to progress?... I'm not about to give somebody a bank draft/electronically transfer that amount of money to a bank account unless I have the car in my possession.

Any other ideas?... I haven't bought privately before, so is new to me. I recently sold my old car for €3k, so that was fine for a cash deal.

Thanks

bbam

I've sold many 2nd hand cars including for friends/family... Cash is king... bring cash and you'll get a discount.. Its worth it..

Cheers
bam

IrelandInc

Thx BBAM... have already haggled & shook hands on price.

My question is more about how the mechnics of the transaction should work - I was thinking it was as simple as handing over the bank draft & driving away with the car. This "24 hour clearing" has thrown a spanner in the works... I'm not about to hand over the draft & then wait 24 hours before collecting the car... the guy could have left the country in that time.

Any other ideas, or should I just go with cash?

spadder

I had a guy try to buy a car from me with a fake draft, beware of drafts also.
Cash is king.

Wertz

Aren't there escrow services available for this kind of thing?
Or how about an EFT conducted in the bank, in front of both of you so the seller knows it's legit, even if the money takes 24 hrs to clear (which is f*cking ridiculous in this day)...
Walking about with 10K in your pocket isn't the wisest of movs in fairness...

IrelandInc

Although I'm not keen on carrying that amount of cash, it does seem like the simplest/quickest option.

I'm sure lots of people on here have been through this before - is cash still king for this type of thing?

bazz26

I know if someone walked into my house with €10k in notes I'd be just as paranoid as a him giving me a dodgy bank draft. Forged notes are a possibility too.

Maybe the easiest thing to do if you and the seller to go into a bank and conduct the transaction electronically.

promethius

To the OP can you have him call the bank is question and give them the serial/ref number of the draft and thus verify it?

IrelandInc

That's a good idea - don't see why that wouldn't work... will give him a call tomorrow.

Keep the ideas rolling!

Armin_Tamzarian

I've sold a few cars in the past and I just went into the bank with the buyer and had them do a credit transfer from their account into mine.

Mr.Diagnostic

If the seller is reluctant to accept a draft then he is either over cautious or there is something up. He can check the draft with the bank to ensure it is ok. From his point of view that covers him 100%. If he has any doubt about that he can ask his bank to clarify it for him.

From your point of view, you should ensure the car is ok, both mechanically and financially. Just make sure he is not looking for cleared funds because he expects to hear back from you.

leahcim

I would agree with Mr.Diagnostic.

Paying for a car in cash isn't too bad if the seller doesn't insist in it, it will save you a few quid.

But when the seller insists on only taking cash I would be very suspicious. I would be thinking if anything goes wrong I have no proof how much I paid. Say the car was stolen with forged papers how would you even prove you bought the car; you would have no paper trail. You would have a job of even proving you didn't steal it yourself.

You say

He seems genuine enough - I was in his house when I test drove the car, so address is validated etc.

How do you know it was his house? There are plenty of conmen rent a house for a few days and arrange a whole load of transactions giving the impression that they member of the local community and then just vanishing into thin air.

10K is a lot of cash make sure you have a paper trail for the transaction.

Why don’t you go to the bank with him? Buy the bank draft from the bank with him standing next to you. You cannot get a bank draft without having the cash to pay for it? Let him ask the bank teller himself if the draft is good. If this isn't proof enough for the seller then I'd walk away.

IrelandInc

Prob should've said that when I test drove the car, the address on the log book tallied with the physical address... his name was on the paperwork too. I did the cartell check & there's no finance outstanding & the car history matches with what he said in terms of ownership dates. So, I'm prob as confident as I can be that he's kosher.

I think the problem is that he's overly cautious (he works in banking & finance). I'll call him this am & work something out about meeting him in the bank - seems like the best option.

Thanks all for your comments.

HotRodDub

I going to be selling my car privately soon and even though it'll only be worth 6k or thereabouts I'd rather receive a draft than cash.

Some stranger gives you cash and drives off in your car, its late in the evening and I've no way to lodge the money and the stranger knows it - I'd be nervous having 6k in the house with a stranger aware of it - maybe paranoid but I've heard of people getting done over for a lot less!!

IrelandInc

Yeah, I'm with you on that Hot Rod Dub - I'd be the same.

Anyway, spoke to the guy this am & he's OK with cash. Says he had a bad experience in the past with a draft that took 5 days to clear because of some clerical error.

Thanks for all the comments

Fey!

If the guy works in banking, then he shouldn't really have had a problem with a draft.

John R

Fey! wrote: »

If the guy works in banking, then he shouldn't really have had a problem with a draft.

Or maybe he knows what he is doing. The Nigerian scammers standard issue is fake bank drafts that clear initially and are re-claimed by the bank when they verify them as fake.

I know what to look for as far as fake cash, If you are that bothered about it get one of the UV detectors. I seriously doubt I would be able to spot a good quality forged bank draft and I would bet the same goes for most of us here who rarely handle drafts.

N8

Never bring cash unless transacting in front of the garda barracks. You may get robbed. There is an increasing rate of incidence in people buying cars with cash been robbed at gunpoint. I know of a friend who personally was robed having checkedall out and the chap advertising as a dealer etc.

Cash increases your risk.

wasim21k

i bought mine in 7.5k seller brought car, checked, then went with her in bank made draft, right there. takes 3 minuts to do this all. and electronic transfer is not an options and cash:eek: no way not single chance.

mick.fr

Come on MOTOR MODERATOR make a sticky post, this type of question comes back every now and then. Like the Fog Lights.
The only way to go is : BANK DRAFT. End of story

ZV Yoda

Did the deal with cash last night, so all's well that ends well.