How to do the money handover when buying a car?

Jimmy Bottlehead

Ok, first off I feel like a complete dumbass asking, but...

Tomorrow, if all goes well, I'll be buying a Honda S2000 & giving my VW Polo + cash to the seller.

Anyways, the seller is happier with cash (as I would be, after reading plenty on here!), but my paranoid parents have advised me to give a bank draft, which I don't see the point of.

Once we've done mechanical checks on each others cars and are happy to proceed I'm going to my bank to withdraw the cash (bank have been informed). Anyways, from here I'd like guidance, as I want to make sure the seller doesn't make a sudden dart to the street with the cash in hand, or claim I never gave it to him.

Is it a case where we sign the log-books (keeping our own), swop keys, and at that point I hand him the cash?
I'm planning to do this inside the bank, as he can see me take the cash from the cashier - would this be good?

Also is there any need to sign a receipt? I was thinking something simple, just stating "I purchased this Honda/Polo (REG: XXX) for the amount of X on today, 4-10-2011, signed by both of us. Again, would this be recommended?

Apologies for this gents, this seller seems absolutely bang on, but I just want to be as careful as possible as it's a lot of money, and not something I can afford to lose.

Any tips, steps, or an Idiot's Guide to this would be great, thanks!!

CiniO

Jimmy Bottlehead wrote: »

Ok, first off I feel like a complete dumbass asking, but...

Tomorrow, if all goes well, I'll be buying a Honda S2000 & giving my VW Polo + cash to the seller.

Anyways, the seller is happier with cash (as I would be, after reading plenty on here!), but my paranoid parents have advised me to give a bank draft, which I don't see the point of.

Once we've done mechanical checks on each others cars and are happy to proceed I'm going to my bank to withdraw the cash (bank have been informed). Anyways, from here I'd like guidance, as I want to make sure the seller doesn't make a sudden dart to the street with the cash in hand

Is it a case where we sign the log-books (keeping our own), swop keys, and at that point I hand him the cash?
I'm planning to do this inside the bank, as he can see me take the cash from the cashier - would this be good?

Also is there any need to sign a receipt? I was thinking something simple, just stating "I purchased this Honda/Polo (REG: XXX) for the amount of X on today, 4-10-2011, signed by both of us. Again, would this be recommended?

Apologies for this gents, this seller seems absolutely bang on, but I just want to be as careful as possible as it's a lot of money, and not something I can afford to lose.

Any tips, steps, or an Idiot's Guide to this would be great, thanks!!

What kind of amount are you talking about?

I'd go for cash anyway, as this is the easiest and cheapest way.

Signing receipt is a very good idea.

Jimmy Bottlehead

CiniO wrote: »

What kind of amount are you talking about?

I'd go for cash anyway, as this is the easiest and cheapest way.

Signing receipt is a very good idea.

Roughly 5k cash... unless I can knock a wee bit off

Tigger

Do it in his kitchen
Every car or bike I bought in someone's kitchen was genuine and good
Every one i didn't wasnt
No exceptions I would never buy a car anywhere else
( mabey the dining room but the kitchen is my favourite)
This is real advice btw

Tigger

Also yay s2000

MetzgerMeister

Tigger wrote: »

Do it in his kitchen
Every car or bike I bought in someone's kitchen was genuine and good
Every one i didn't wasnt
No exceptions I would never buy a car anywhere else
( mabey the dining room but the kitchen is my favourite)
This is real advice btw

Do it in his bed and you might get the car for free

Dilbert75

Tigger wrote: »

Do it in his kitchen

Not bad advice but not fail-safe. Last car I bought, the transaction was done in the seller's kitchen. We (my friend & I) were fed and watered. And, although the car didn't turn out to be a dog, it did have 2 knackered catalytic converters, which (bought new) would have cost 1/4 of the purchase price of the car to replace.

unkel

Jimmy Bottlehead wrote: »

Is it a case where we sign the log-books (keeping our own), swop keys, and at that point I hand him the cash?
I'm planning to do this inside the bank, as he can see me take the cash from the cashier - would this be good?

Yep that's just about perfect!

No need to sign receipts. Keeping your own log book and sending it off quickly yourself should be enough. You have every reason to send it off straight away anyway. Make sure you put the date of change of ownership on correctly.

Cash in the bank is a good idea.

A bank draft I wouldn't accept for a car to be honest. The most I ever sold cars for were €3500 and €4800, not ideal taking that sort of cash off someone but no way would I take a draft.

If I was selling something more expensive (will never happen as I won't be buying anything like that) I'd like to do the transaction in the bank.

Jimmy Bottlehead

Thanks very much everyone, short notice but as usual the Motors Forum got me out of a situation

I'll update the other thread depending on how the mechanical check-out goes. Nervous 12 hours or so ahead!

Alanstrainor

Jimmy Bottlehead wrote: »

Thanks very much everyone, short notice but as usual the Motors Forum got me out of a situation

I'll update the other thread depending on how the mechanical check-out goes. Nervous 12 hours or so ahead!

Best of luck dude. Plenty of pics are a must if you do get it;)

_Conrad_

RoverJames wrote: »

Cash in the bank is a good idea.

A bank draft I wouldn't accept for a car to be honest. The most I ever sold cars for were €3500 and €4800, not ideal taking that sort of cash off someone but no way would I take a draft.

If I was selling something more expensive (will never happen as I won't be buying anything like that) I'd like to do the transaction in the bank.

People tend to think bank drafts are very dodgy indeed, many scams involving them etc.

And in relation to your "not ideal taking that much cash bit" I have to say i've had both sides of that situation. The stand out incident being someone who flat out refused to take approximately 8 grand cash for a merc a couple of years ago. She had a bit of a melt-down actually




Hope the new car turns out well by the way

challengemaster

unkel wrote: »

Yep that's just about perfect!

No need to sign receipts. Keeping your own log book and sending it off quickly yourself should be enough. You have every reason to send it off straight away anyway. Make sure you put the date of change of ownership on correctly.

Receipt is good practice tbh, doesn't leave you open to any problems, and it's also handy incase you come across a checkpoint.

unkel

challengemaster wrote: »

Receipt is good practice tbh, doesn't leave you open to any problems, and it's also handy incase you come across a checkpoint.

Aye, you do have a point there. From my experience when stopped at a checkpoint and asked a question is that when you politely and confidently reply, producing some sort of backup, there never is a problem.

I always have a print out of an imminent NCT appointment with me when I drive around with an out of NCT car (I tend to get my cars tested early, but I've had cars come back after being off the road, etc.)

AgileMyth

Tigger wrote: »

Do it in his kitchen
Every car or bike I bought in someone's kitchen was genuine and good
Every one i didn't wasnt
No exceptions I would never buy a car anywhere else
( mabey the dining room but the kitchen is my favourite)
This is real advice btw

Only vehicle I bought in someones kitchen was a heap of shite!

phoenix_nights2

Tigger wrote: »

Do it in his kitchen
Every car or bike I bought in someone's kitchen was genuine and good
Every one i didn't wasnt
No exceptions I would never buy a car anywhere else
( mabey the dining room but the kitchen is my favourite)
This is real advice btw

I bought a car from someone once in their kitchen and i was invited even to stay for Tea. Which i gladly accepted.

Mar4ix

better hand over cash in bank, as there is video surveillance cameras, and other part wont say, the didnt get money, also would be perfect, if he has bank account in same bank, you could transfer money to his account, and youd have receipt of this transfer. Also signed receipt would be perfect, but i think need mention your and his address, phone number,cars with reg and VIN numbers, date of deal and also witnesses ... from your part and his part. id say more likely would be covered then.