How to pay for car

quad_red

hi folks,

I've done all the checks, test driven it etc and I'm satisfied all is in order.

Seller wants to meet tomorrow to finalise the deal. They'll have the motor cert etc and want to go to Ulster Bank and have me transfer the money into their account. All above board and 100% reasonable and safe.

Now, the problem is: I don't have an Ulster bank account.

Barring going into BOI and taking out cash and lodging that into Ulster Bank manually, do I have any other options?

Cheques/drafts will take days to clear.

Any suggestions/advice/solutions?

cheers
Quad

Squall19

Have you checked is there finance owed on the car?

Alot of people have got burned by not checking.

Bank Of Ireland require 24 hour notice to take out sums over 5k btw.I would always go with a draft myself, cash is too dodgy, its a buyers market so dont be rushed by anyone.Go with a draft, if seller is not happy just walk away.

Max_Damage

Try reading through this thread on the Every Ford Ireland forum!

http://z8.invisionfree.com/EveryFord_Ireland/index.php?showtopic=15134

quad_red

Hi Squall,

Did a full motor check report and all checks out (no finance).

Yeah, I suppose a bank draft is the right way to do it. Given that they cannot bounce, I hope he'll accept that.

Cheers,
Quad

Del2005

quad_red wrote: »

Yeah, I suppose a bank draft is the right way to do it. Given that they cannot bounce, I hope he'll accept that.

Drafts can be forged or cancelled.

You need to go to your bank and do a transfer to their bank. All they need is the IBAN and BIC for their account.

Edit/
You'll need ID

quad_red

Del2005 wrote: »

Drafts can be forged or cancelled.

You need to go to your bank and do a transfer to their bank. All they need is the IBAN and BIC for their account.

Edit/
You'll need ID

But won't that take 3/4 days to come through to their account?

This is what I was planning to do:

1) Withdraw cash.
2) Meet seller at Ulster Bank branch. I've asked them to bring proof of id, proof of address etc. as well as the car reg cert.
3) Get Ulster bank to confirm that the account number provided matches these details
4) Lodge money in the account.

I'll then have:
1) the car reg certificate (matching the sellers name and details)
2) the car keys
3) the car
4) Proof of payment in terms of the lodgment slip for Ulster bank to the guys bank account.
5) Have checked the car for finance and it's clean

Does this make sense?

I mean, I wouldn't give someone my car keys until the money was in my account. I completely understand why it would be the same in the other direction.

Reloc8

I don't see the problem with what you're doing.

Last thing though - as well as your lodgment slip, get a receipt from the seller - ' I acknowledge receipt of €x,xxx today the blank day of blank paid to me by way for purchase of vehicle reg number xxxxxxxxx'

And you both sign it.

Would be horrible if there was some cock-up in the bank or jiggery pokery with his ID/accounts so that he rings you next week and says oi the money never came through (Ulster Bank btw will be acting as his agents here so that's more or less his problem but a proper receipt will be of comfort).

thom119

Would you not get a bank draft and go with the seller to ulster bank and let them lodge it right beside you for peace of mind?

quad_red

Well, BOI have a 5k limit withdrawal.

I think a bank draft is safer for all concerned once the seller is guaranteed that it is genuine. So I am going to offer to go to my bank with him and have them witness the draft being 'drafted'.

omb0wyn5ehpij9

As said above, bank drafts can be forged. And this isn't always found out at the time of lodgement, it can sometimes take a day or 2 and by then your car and the buyer are long gone.
I sold a car recently and refused to take anything other than cash. Of course, there is a chance of fake notes, but if you lodge it to the bank straight away when the buyer is with you, then you will know 100% if the notes are real.

Nonoperational

Ya go into BOI with the seller, they can witness you getting the draft then they can lodge it straight away in Ulster Bank.

quad_red

But if the seller goes into BOI with me and sees the draft being issued and the funds being withdrawn from my account, surely that's assurance enough?

As in, it goes straight from the BOI tellers hand into their hand. We then go to Ulster Bank and it's lodged there.

pburns

gpf101 wrote: »

Ya go into BOI with the seller, they can witness you getting the draft then they can lodge it straight away in Ulster Bank.

If you're with BOI I presume it can be another branch? I know it should be a no-brainer but with the civil service mentality in our banks I can imagine some obstacle to common sense.

coylemj

gpf101 wrote: »

Ya go into BOI with the seller, they can witness you getting the draft then they can lodge it straight away in Ulster Bank.

+1

Let the seller stand beside you when the teller hands over the draft and let him pick it off the counter. Even cash could be counterfeit so if I was the seller this would be the most satisfactory solution short of the buyer transferring the money into my account in advance.

quad_red

coylemj wrote: »

+1

Let the seller stand beside you when the teller hands over the draft and let him pick it off the counter. Even cash could be counterfeit so if I was the seller this would be the most satisfactory solution short of the buyer transferring the money into my account in advance.

Just to finish the story, we did the above. Went to BOI, I paid for the bank draft and had the teller hand it straight to the seller to guarantee authenticity. Buyer was happy with that. Then went to Ulster Bank and he lodged it and we signed, handed over keys etc.

coylemj

quad_red wrote: »

Just to finish the story, we did the above. Went to BOI, I paid for the bank draft and had the teller hand it straight to the seller to guarantee authenticity. Buyer was happy with that. Then went to Ulster Bank and he lodged it and we signed, handed over keys etc.

Did it cost you much to rig up a fake branch of BOI?

quad_red

coylemj wrote: »

Did it cost you much to rig up a fake branch of BOI?

Empty premises stocked with Fair City actors. Cheap out

NewApproach

Why not just get out cash and give it to him as he gives you car+keys+documents? Why bother with the hassle of going to the bank?

coylemj

NewApproach wrote: »

Why not just get out cash and give it to him as he gives you car+keys+documents? Why bother with the hassle of going to the bank?

Where are you going to get several thousand euros in cash if not in a bank?

Del2005

Don't forget to cancel the draft, report it stolen and you've a free car ;-)

grantiemcfc

why did you have to go to ulster bank with him? you dont care where he lodges the money too. he had a promise from boi not you to give him €x,xxx

NewApproach

coylemj wrote: »

Where are you going to get several thousand euros in cash if not in a bank?

His pocket??