How do you pay for the car in a safe way?

Mathiasb

Gents,

Soon buying a car (hopefully). Having almost €2k in cash is very stupid, so how do people in general pay for the cars they buy? If you do a bank transfer, the owner will probably hold on to the log book until he sees the money on his account, but then he might decide to keep the log book anyway you know

paddy145

Bankdraft made out to registered owner of the vehicle, although for 2k alot of people would use cash

Gumbo

pay by bank draft?
you could also leave money in account, go view car. if both happy, both go to bank, you withdraw the money, and give it to him in the bank, you both then fill in the VLC in the bank and put it in the post box outside the bank.

one thing i always tell people is to bring a pen and a stamped envelope, that way, you can post the VLC straight away or most times the seller will know your genuine and give it to you to post.

pajo1981

Bank draft.

biko

Meet at bank parking lot.
Go inside after deal and take dosh out and hand it over.
S/he can then deposit it right away.

kingshankly

Why is having 2k in cash very stupid
For me cash is king

€2000 would be cash, no bother at all, easiest way, admittedly their may be an element of risk involved, highly unlikely you're being set up to be robbed though.

kingshankly

kingshankly wrote: »

Why is having 2k in cash very stupid
For me cash is king

Some folks would fear being robbed etc

Mathiasb

RoverJames wrote: »

Some folks would fear being robbed etc

Yeah this is what I'm worried about. Better safe than sorry, right? Esp. if €2k is a lot of money for you.

How does a bank draft work in practice? I go to the bank, request one in the name of the seller, get a document?

Cheers,

dar83

Yeah just go into your bank and ask at the Cashier for a draft. They'll fill it out for you, get you to sign for it and usually use your Laser/Debit card up to the value of €1200 and the rest just debited from your account.

Just remember to bring a form of photo ID as they should ask you for that for AML purposes.

omb0wyn5ehpij9

2k in cash while buying/selling a car is a small amount.

I agree with the others if you don't want to carry cash, get a bank draft. Or going to the bank with the seller/buyer and transfer the money to their account while they are beside you. That way they know it's been transferred

christy02

kceire wrote: »

pay by bank draft?
you could also leave money in account, go view car. if both happy, both go to bank, you withdraw the money, and give it to him in the bank, you both then fill in the VLC in the bank and put it in the post box outside the bank.

one thing i always tell people is to bring a pen and a stamped envelope, that way, you can post the VLC straight away or most times the seller will know your genuine and give it to you to post.

On above post, very important that you post VLC straight away. I bought a car recently from private seller and I signed VLC when I paid for car with him promising to post next day. He did post but dated 6 months before the date I sold it, when he bought it. He also signed as the person who he got the car off. Obviously never signed car into his name and no tax paid. I then got charge back tax. I had to get a solicitor to witness me signing form that stated I only bougt car. Big hassle. Rang guy who sold it and he told me to F**k off that I put that date on it.
Lesson learned for me. Trust no one!