How to pay when buying privately

Schnooks

Hi Folks

I had a look through a few pages of the "Buying a used car" thread but there are too many to scan through for a definitive answer to my question, so I hope you don't mind me asking here.

In the process of buying a used car for the missus and it looks like it will be most likely from a private seller. For some reason, it seems to be mostly gentlemen from the eastern part of our great continent that are selling the model we require, not that this really matters for my question.

Apart from rocking up to pay with cash, which would leave us with no comeback if there was a problem with transfer of ownership etc, what is the safest way to pay for a used car privately? Bankers draft?

I understand that if there is a mechanical problem with the car, then that is our tough luck. I will be getting the car checked over by my mechanic for this reason.

Thanks in advance
Schnooks

CiniO

Schnooks wrote: »

Hi Folks

I had a look through a few pages of the "Buying a used car" thread but there are too many to scan through for a definitive answer to my question, so I hope you don't mind me asking here.

In the process of buying a used car for the missus and it looks like it will be most likely from a private seller. For some reason, it seems to be mostly gentlemen from the eastern part of our great continent that are selling the model we require, not that this really matters for my question.

Apart from rocking up to pay with cash, which would leave us with no comeback if there was a problem with transfer of ownership etc, what is the safest way to pay for a used car privately? Bankers draft?

I understand that if there is a mechanical problem with the car, then that is our tough luck. I will be getting the car checked over by my mechanic for this reason.

Thanks in advance
Schnooks

If you both (you and seller) have accounts in the same bank, you can do transfer online and money will be in his account straight away.


Just out of curiousity - what kind of comeback would you expect to have if there was problem with paperwork, when transaction is done by bank, not cash?

Schnooks

CiniO wrote: »

If you both (you and seller) have accounts in the same bank, you can do transfer online and money will be in his account straight away.


Just out of curiousity - what kind of comeback would you expect to have if there was problem with paperwork, when transaction is done by bank, not cash?

Thanks for the reply. I suppose I don't know what I am talking about really when I said that

Which would lead me to my new question. What's the safest way to do transfer of ownership? Anytime I have bought/sold privately, the seller and the buyer fill out their details and the seller then posts it away.

Would it be more advisable for the buyer to take the document and post it off?

debabyjesus

As a seller or buyer I'd always bring a stamped adressed envelope and post together so no confusion can arise.

CiniO

Schnooks wrote: »

Thanks for the reply. I suppose I don't know what I am talking about really when I said that

Which would lead me to my new question. What's the safest way to do transfer of ownership? Anytime I have bought/sold privately, the seller and the buyer fill out their details and the seller then posts it away.

Would it be more advisable for the buyer to take the document and post it off?

I'd say the most advisable is to sign the VRC pack it into envelope, and get two of you to drop it into mailbox. Then there are no doubts on both sides.

whowantstwoknow

Well, in my most recent case, I put down a cash deposit, then paid the balance by a bank draft, completed the transfer of ownership and took the car. The seller held on to the license cert until the draft cleared, and then posted the change of ownership...

W.

Schnooks

debabyjesus wrote: »

As a seller or buyer I'd always bring a stamped adressed envelope and post together so no confusion can arise.

Good point thanks!!

Voodoomelon

Change of ownership does not represent the actual ownership of the car. You own the car the second you have over money for it, regardless of what the logbook says.

If you want to have concrete proof that the car is yours when you pay, bring a pre-typed letter stating you have handed over X amount of cash for the car and get both parties to sign and date it.

There is also a tab on the logbook that you tear off, which has the current owners name and address detailed on it. This acts as a receipt of sorts in itself. You should also ensure that the person selling you the car is actually the person on the logbook, and that the VIN on the logbook matches that of the car.

CiniO

Voodoomelon wrote: »

There is also a tab on the logbook that you tear off, which has the current owners name and address detailed on it. This acts as a receipt of sorts in itself. You should also ensure that the person selling you the car is actually the person on the logbook, and that the VIN on the logbook matches that of the car.

I thought this tab was only to show your name and address on transparent window on envelope you receive logbook.
I always tear it off straight away and get rid of it.
And I've never seen anyone had a logbook with it when I was buying cars in the past.

Gumbo

CiniO wrote: »

I thought this tab was only to show your name and address on transparent window on envelope you receive logbook.
I always tear it off straight away and get rid of it.
And I've never seen anyone had a logbook with it when I was buying cars in the past.

I always tear it and bin it myself too.

Voodoomelon

CiniO wrote: »

I thought this tab was only to show your name and address on transparent window on envelope you receive logbook.
I always tear it off straight away and get rid of it.
And I've never seen anyone had a logbook with it when I was buying cars in the past.

Maybe. But a seller gave me the tab recently on purchase, and a buyer asked for my tab when I sold my other car.

amacca

Hi,

Wondering if anyone could help. Dealing with a lad selling a car who won't accept a bank draft (I always thought they were safest way to pay as they have to be drawn on an account with the funds in it but he says people have been ripped off with them?).

Anyway I'm a buyer who is not willing to carry large piles of cash on me!

I've carried out online transfers before BOI to BOI account and we both agreed on that as acceptable. Thing is when setting him up as a payee I was told that these transfers are not always instant (possibly due to SEPA) and could take a day to show up.

In light of that I suggested if the funds don't show up immediately, I take the vehicle and seller keeps the cert to post on when the funds do clear. Seller won't do it…... but I'm not interested in handing over money with nothing to show for it either……………..It seems as if we have arrived at a mexican? standoff

I don't think I'm being unreasonable here, I think I shouldn't transfer funds on a promise…We should both have some skin in the game

Any advice bar walk away?

CiniO

amacca wrote: »

Hi,

Wondering if anyone could help. Dealing with a lad selling a car who won't accept a bank draft (I always thought they were safest way to pay as they have to be drawn on an account with the funds in it but he says people have been ripped off with them?).

Makes perfect sense to me.
I wouldn't accept bank draft either.
Bank drafts is not something average person deals with too often, so I wouldn't be able to say if it's real or fake.
Cash is different story. You deal with it everyday, know how it looks like. You can easily say if it's real or fake.

Anyway I'm a buyer who is not willing to carry large piles of cash on me!

I've carried out online transfers before BOI to BOI account and we both agreed on that as acceptable. Thing is when setting him up as a payee I was told that these transfers are not always instant (possibly due to SEPA) and could take a day to show up.

In light of that I suggested if the funds don't show up immediately, I take the vehicle and seller keeps the cert to post on when the funds do clear. Seller won't do it…...

Again not a surprise. I wouldn't hand a car to someone without having money on my account either.

but I'm not interested in handing over money with nothing to show for it either……………..It seems as if we have arrived at a mexican? standoff

I don't think I'm being unreasonable here, I think I shouldn't transfer funds on a promise…We should both have some skin in the game

Any advice bar walk away?

In general in private sales, cash is the most usual way of paying. I nearly always used cash for buying and selling cars privately.

If for some reason you are affraid to carry bigger lump of cash with you, arrange meeting the buyer in your bank.

You both arrive in your bank, where you withdraw a cash a give him there and then. Both of you sign VRC there and then, and go to nearest post office to drop it into letter box. Then you drive off with your new car.
All simple IMO.

amacca

CiniO wrote: »

Makes perfect sense to me.
I wouldn't accept bank draft either.
Bank drafts is not something average person deals with too often, so I wouldn't be able to say if it's real or fake.
Cash is different story. You deal with it everyday, know how it looks like. You can easily say if it's real or fake.


Again not a surprise. I wouldn't hand a car to someone without having money on my account either.



In general in private sales, cash is the most usual way of paying. I nearly always used cash for buying and selling cars privately.

Tks! Appreciate the clear simple responses

CiniO wrote: »

If for some reason you are affraid to carry bigger lump of cash with you, arrange meeting the buyer in your bank.

You both arrive in your bank, where you withdraw a cash a give him there and then. Both of you sign VRC there and then, and go to nearest post office to drop it into letter box. Then you drive off with your new car.
All simple IMO.

Yeah very much afraid tbh, he could be a grand lad but I don't know him so he could also be a swivel eyed loon and I'd be the poor unfortunate relieved of his cash with nothing to show for it (best case scenario if he is dodgy)

What would you suggest if it was difficult for a person to do the deal weekdays with work commitments. What sort of places would be good to do that on a weekend given the banks are not open?

V.W.L 11

I bought a car privately in 2011 and after paying the cash time was passing and passing and after 4-5 weeks no change of ownership which I checked online at the motortax website,i got the book eventually (not from the seller)but it was a slight inconvenience to me all the same

CiniO

amacca wrote: »

Tks! Appreciate the clear simple responses




Yeah very much afraid tbh, he could be a grand lad but I don't know him so he could also be a swivel eyed loon and I'd be the poor unfortunate relieved of his cash with nothing to show for it (best case scenario if he is dodgy)

What would you suggest if it was difficult for a person to do the deal weekdays with work commitments. What sort of places would be good to do that on a weekend given the banks are not open?

It's getting harder and harder

If you are afraid that you give him cash, take the car, but he is never going to post VRC (which you both signed) then just as above - pack it into envelope and post it together so no one have doubts.

If you think that he takes cash and is going to report a car stolen after you leave - it sound extremely unlikely. You have the car. You have the keys. You will most likely have a car documentation that he is going to give you (service history, NCT reports, etc). And you can always ask him to write you up a receipt and sign it. Very little change for such scam on his side to go through. I doubt anyone would even try it.

And lastly - if you are afraid that you come over with cash to pick up the car and he is going to attack you and steal the cash never giving you a car - then arrange meeting in some public place (restaurant, supermarket, etc) and bring a couple of big strong fellas with you.


I don't know - maybe I'm just not cautious enough - but my first car I was buying at the age of 19, I just got my friend, cash (in amount equivalent to my mother's annual salary) into my pocket, and we drove to the other side of the country to buy a car. All worked no problem, then and every time since then.

ProudDUB

amacca wrote: »

Hi,

Wondering if anyone could help. Dealing with a lad selling a car who won't accept a bank draft (I always thought they were safest way to pay as they have to be drawn on an account with the funds in it but he says people have been ripped off with them?).

Anyway I'm a buyer who is not willing to carry large piles of cash on me!

I've carried out online transfers before BOI to BOI account and we both agreed on that as acceptable. Thing is when setting him up as a payee I was told that these transfers are not always instant (possibly due to SEPA) and could take a day to show up.

In light of that I suggested if the funds don't show up immediately, I take the vehicle and seller keeps the cert to post on when the funds do clear. Seller won't do it…... but I'm not interested in handing over money with nothing to show for it either……………..It seems as if we have arrived at a mexican? standoff

I don't think I'm being unreasonable here, I think I shouldn't transfer funds on a promise…We should both have some skin in the game

Any advice bar walk away?

Why don't you both meet up at a branch of the Bank of Ireland? If you go into a branch and you tell the cashier that you want to transfer X amount of money from your account into Y account, the cashier can do it in a way that it hits the sellers account straight away. If you try to do it yourself online, there will be a time delay. But if you do it in a branch of the bank, the cashier can transfer the money over to the sellers account, just as quickly as if you walked up to the counter and handed over a wad of cash. When that is done, the buyer hands over the paperwork.

I know that having to go to a bank during the day, may be a pain, but sometimes a big purchase like this requires a bit of effort from both parties. Don't walk away from the car that you want, just because of a disagreement about the payment method.

CiniO

ProudDUB wrote: »

Why don't you both meet up at a branch of the Bank of Ireland? If you go into a branch and you tell the cashier that you want to transfer X amount of money from your account into Y account, the cashier can do it in a way that it hits the sellers account straight away. If you try to do it yourself online, there will be a time delay. But if you do it in a branch of the bank, the cashier can transfer the money over to the sellers account, just as quickly as if you walked up to the counter and handed over a wad of cash. When that is done, the buyer hands over the paperwork.

Are you sure this will work even if seller in with different bank?

And even if it does, unless he has a mobile banking on his phone with mobile internet, he is unlikely to be able to check if cash arrived on his account there and then.

L-M

If you're meeting the seller at his house and he/she seems trustworthy, bring the cash. Bring an envelope with "Department of Transport, Shannon, Co.Clare" on it and a stamp. Pay for the car (As soon as the money is handed over it's now the sellers worry, and tbh, I'd be more worried for the seller storing X amount of cash in their house over night). Bring the logbook to the post box, make sure you get all your relevant documentation, any history, spare key etc. etc. and jolly on home.

We're a bit backwards as of yet, and tbh, we're no experts in bank drafts so it could as easily be fake as the money could, but we're alot more familiar with money! Also, carrying a bankdraft is as much as the same as carrying the cash.

Ideally (For both of you) ye could meet in a bank and draw the money out, hand it over and then the seller can lodge it.

Chris_Heilong

cash

Zoney

Only valid where seller can meet you during work hours, or your bank is open Saturday morning, but presumably an option is to go with the seller to your bank, then have him at the till while you request a bank draft made out to him?

I think this is easier than a large cash withdrawal from a bank?

This gets around the issue of "what if the bank draft is fake?" and I think it's better proof you've paid the seller (i.e. own the car, even if logbook is waylaid) than simply withdrawing an anonymous lump of cash?

ProudDUB

CiniO wrote: »

Are you sure this will work even if seller in with different bank?

And even if it does, unless he has a mobile banking on his phone with mobile internet, he is unlikely to be able to check if cash arrived on his account there and then.

It will only work if they are both with the same bank. The OP said in a previous post, that the seller has agreed to a Bank of Ireland to Bank of Ireland transfer.

At the end of the transaction, the banks cashier will hand over a lodgement docket to the person conducting the transaction, the buyer. It will have the sellers account number, the date and the amount of the transfer on it. The buyer then gives that to the seller to prove the payment has been made to his account. If that is not enough for him, what will be?

Stavros Murphy

A chap who works for me bought a car a few weeks ago - he paid cash, 7k, sadly, it was one of those "bought on friday eve with a forged draft, sold on sat to an unsuspecting punter-him" type of cars. Only it was a lad I know well and have done for years, I wouldn't have believed it possible. Sadly, it is, so buyers, beware. He now is 7k down, no car, and worse, he borrowed the 7k from the credit union. There's some scummers out there.

CiniO

Stavros Murphy wrote: »

A chap who works for me bought a car a few weeks ago - he paid cash, 7k, sadly, it was one of those "bought on friday eve with a forged draft, sold on sat to an unsuspecting punter-him" type of cars. Only it was a lad I know well and have done for years, I wouldn't have believed it possible. Sadly, it is, so buyers, beware. He now is 7k down, no car, and worse, he borrowed the 7k from the credit union. There's some scummers out there.

If he didn't pay cash would it be any different?

Stavros Murphy

CiniO wrote: »

If he didn't pay cash would it be any different?

No, not a bit. I always thought it was an urban myth though. Turns out I was wrong. He is gutted, very schnide thing to do.

cython

CiniO wrote: »

If he didn't pay cash would it be any different?

Not immediately, but if it was paid by bank draft and he had the counterfoil/receipt/whatever to it there might have been a better chance of following up on the money and the asshole who shafted him. Unfortunately paying by cash leaves gives any scam artist the cleanest getaway, though so does taking payment by draft if the buyer is scamming - bit of a catch 22.

Supergurrier

Cash and bring mates generally