30k private sale

obi604

I potentially could be purchasing a car via a private sale for about 30k.

large amount of money etc.

qhat isn’t he best way to do this whole transaction, obviously check finance outstanding, get reports, do a main dealer check, cross check log book etc

for the handling of money, what is best and most instantaneous? Bank drafts take time to clear and all this.

Buddy Bubs

I sold a car privately for 18k in 2022, payment was made by bank transfer. Both customers of same bank so it was instant.

obi604

https://www.boards.ie/discussion/comment/121501554#Comment_121501554

Thanks. I thought there was as a limit of 10k on transfers……but I guess one could multiple transfers

Gumbo

https://www.boards.ie/discussion/comment/121501562#Comment_121501562

€10k online.

You can both go the bank and transfer more.

Revolut has no limit. Instant too.

Buddy Bubs

https://www.boards.ie/discussion/comment/121501562#Comment_121501562

Sorry, that reminds me, when I was added as a new payee he had a limit on the first transfer for a few days or something.

He paid me deposit then he was able to transfer the rest the next day or day after.

There's a bit to it but can be done

User1998

https://www.boards.ie/discussion/comment/121501562#Comment_121501562

Depends on your bank. Theres no limit with AIB as long as you have a card reader.

obi604

https://www.boards.ie/discussion/comment/121501570#Comment_121501570

to do this, do both have to be with same bank and I just go to the bank teller and say I want to transfer 30k to the account or bic number and that’s it.

Gumbo

https://www.boards.ie/discussion/comment/121501647#Comment_121501647

You can transfer to another bank using their IBAN.

obi604

https://www.boards.ie/discussion/comment/121501778#Comment_121501778

do you mean physically walking in to a bank and asking bank teller to do it or just doing it online yourself

con___manx1

https://www.boards.ie/discussion/2058327104/30k-private-sale

I bought my car privately and did all the usual checks. I even talked to the mechanics the guy got the car serviced at and so on. This guy I bought the car off had it from new. He was a reputable buisnness man with is own large company.

I found out after a while the car had previously been crashed. My father in law is a mechanic and fixed an issue with the electric window and found the drivers door was not the original. It's not the worst off issues the car is fine but This did not come up when I did a history check.

Gumbo

https://www.boards.ie/discussion/comment/121501780#Comment_121501780

You said you were restricted to 10k transfers online , so yes, to do more, it’s a physical bank procedure.

Ubbquittious

Just pay cash and be done with it. Feixake

GreeBo

https://www.boards.ie/discussion/2058327104/30k-private-sale

You effectively "buy" a bank draft from the bank, they money is taken from your account as if you withdrew it.

They are not like a cheque, so there is no "time to clear", thats kinda the point of them.

User1998

https://www.boards.ie/discussion/comment/121504911#Comment_121504911

Can still take up to 5 days to reach the other person’s account tho.

obi604

https://www.boards.ie/discussion/comment/121505005#Comment_121505005

Exactly. And a potential seller will just want the money ASAP

JVince

https://www.boards.ie/discussion/comment/121504911#Comment_121504911

There absolutely is a "time to clear" on bank drafts.

But they are fairly safe to accept as the buyer has to jump through hoops to cancel one and even then the recipient could enforce the payment.

Water2626262

I had a written off car and was curious about it after selling it. Noticed it wasn’t flagged as a write off for nearly six months.

Del2005

https://www.boards.ie/discussion/comment/121505106#Comment_121505106

Drafts are easily faked. They are only safe to accept if you call the issuing branch to verify them.

Toots

https://www.boards.ie/discussion/comment/121508797#Comment_121508797

A lot of the time banks won’t verify them over the phone anymore. I’d take a draft if I accompanied the buyer to their bank, witnessed them purchasing it and it was handed straight to me. Otherwise I’d be insisting on cash. I worked in retail banking for years and drafts definitely aren’t the infallible instrument people think they are. And there is a clearing period on them - they are debited from the buyer’s account straight away, but if you lodge it it’s still 2-5 days before it’s fully “cleared” funds.

Vic_08

https://www.boards.ie/discussion/comment/121505106#Comment_121505106

That is some very bad advice, never accept a draft as payment and hand over the car until the draft has fully cleared.

Bank draft scams were absolutely rife at one time, fake draft from a different bank will appear in the victim's account immediately on deposit but drop off days later once the issuer declines it.

Bank drafts only clear when the issuing bank receives them back, verifies them and releases the funds, this used to mean posting the draft to the issuing bank but they may be scanned these days.

obi604

https://www.boards.ie/discussion/comment/121509990#Comment_121509990

I think this is best, both buyer and seller go to bank and witness the buyer get the draft etc

User1998

https://www.boards.ie/discussion/comment/121510212#Comment_121510212

Sure if you’s are both going to the bank together you may as well just do a transfer?

obi604

https://www.boards.ie/discussion/comment/121510238#Comment_121510238

true, can this be done in one transaction when done via the bank directly

User1998

https://www.boards.ie/discussion/comment/121510480#Comment_121510480

I only have experience with AIB but I don’t see why other banks wouldn’t allow it also.

djan

https://www.boards.ie/discussion/comment/121510480#Comment_121510480

Yep, you can transfer any amount (think below 1mil) in BoI in branch without need for prior appointment.

brokenbad

Cash is King!

djan

https://www.boards.ie/discussion/comment/121510630#Comment_121510630

I would not want to be accepting 30k in cash and then dealing with the hassle of proving funds etc. when lodging it, nevermind the potential for fake notes or counting wrong. Just head into the buyers bank together where they make transfer and you're good to go.

josip

Overhead of dealing in cash also. You have to give €20 'luck money' back to the buyer :)

rob316

https://www.boards.ie/discussion/comment/121501818#Comment_121501818

Unless the car was written off, you won't get any report of damage in any report. A new door is only cosmetic damage

Hooked

https://www.boards.ie/discussion/comment/121510752#Comment_121510752

On a 30K sale... there'd want to be at least a tonne coming back my way... and a full tank of 'gas'... LOL

Buffman

People suggesting €30k cash as an option when dealing with a stranger don't value their safety very much. Unless the transaction was 100% taking place within the walls of a financial institution it would be madness for either buyer or seller to be walking around with that amount of cash on them with a stranger aware of where and when they'll have it.

User1998

https://www.boards.ie/discussion/comment/121510799#Comment_121510799

Cash isn’t as bad as people make out to be. Nothing wrong with coming into someone’s house and counting the cash out. I’ve let dozens of people into my sitting room to count cash and I’ve bought tons of cars in random car parks for cash.

Gumbo

https://www.boards.ie/discussion/comment/121504911#Comment_121504911

If you arrive to me to buy a car with a bank draft, you don’t get the car, keys or log book until that draft clears. Possibly 5 days later.

obi604

https://www.boards.ie/discussion/comment/121510799#Comment_121510799

true, I don't like handling cash anyway......and then add the above

Psychedelic Hedgehog

https://www.boards.ie/discussion/comment/121510906#Comment_121510906

I bought a car with a bank draft for around the amount mentioned in the OP earlier in the year, the amount got taken out of my account the minute the draft was issued to me, and the dealer had no issue with accepting the draft on the spot, in fact they mentioned that was their preferred way of handling payment.

Gumbo

https://www.boards.ie/discussion/comment/121511007#Comment_121511007

Dealers may be different.

I’ve bought using drafts many times but only to dealers. No private sale. It comes from the buyers account immediately but the seller lodges it and it takes a few days to clear.

Casati

https://www.boards.ie/discussion/comment/121511235#Comment_121511235

Ive had no issue buying cars from dealers with standard cheques too. In the old days you could call the bank the draft was written against, but a). you can't call a branch anymore and b). even if you walked in they won't confirm its real. Electronic funds transfer is the only way but the problem is it might still take a few days to clear and the buyer might take your money and never hand over the keys. 30k is a lot of cash and a lot of risk too. Revolut is probably a good bet if you both have it

Gumbo

https://www.boards.ie/discussion/comment/121512324#Comment_121512324

I’ve bought recently using EFT, helps greatly if you are the same banks.

Revolut to N26 is instant too so I sold a car recently that way.

EFT using IBAN nowadays is not as bad as it used to be, I can sell a car in the morning, and 90% of the time the funds and in my bank that afternoon so buyer can take it away then.

creedp

Is it sensible to hand over say a 10% deposit (in this case €3k) in cash/eft to a private seller to secure a car on viewing until the balance of funds cam be provided?

Same issue with balance of eft clearing sellers bank. OK if it clears within a couple of hours but could be risky to head home to wait for call to say money has cleared come and collect car. Could be a nervous wait. No wonder people stick with dealers

User1998

https://www.boards.ie/discussion/comment/121512498#Comment_121512498

I would never give a private seller any more than €200 deposit. Theres no need for anything more than that.

And me personally I would never transfer someone a huge sum of money and just wait for a phone call to say the money has cleared. They could flee the country for all you know. I would much rather arrive with a bag full of cash than do that.

creedp

https://www.boards.ie/discussion/comment/121512597#Comment_121512597

Those are my sentiments also but have heard of private sellers seeking a 10% deposit which seems crazy. A few years back I took a punt on a UK car online and dealer was happy to hold car for £250. Seems a reasonable deposit for any seller. Its not like the car cant be sold to somebody else if the someone doesnt follow through

Same with efting €30k into a private sellers account and walking away without the logbook. Is there a risk to the seller if both parties go into bank and seller witnesses the transfer of money to his account?

User1998

https://www.boards.ie/discussion/comment/121513292#Comment_121513292

Me personally, I’ve sold dozens of cars without the money hitting my bank first. I can see their current bank balance, we enter my details together, I can see the money being sent and I can see their bank balance decrease by the amount they’ve just sent, and we take a screenshot of the payment log. I post the logbook once I receive the funds but I’d never ask someone to go home empty handed after clearly transferring the funds. And vice versa I would never go home empty handed either after clearly transferring the funds. I just don’t see the risk, I’d be nearly certain it’s impossible to cancel the payment, and you have their name & address from the logbook and can also ask to see their ID. Going to the bank together only minimises the risk further

The only time I ever made someone go home empty handed was when they were using some 3rd party money transfer app. They still had the option to cancel the payment even after sending the money so I wouldn’t give them the car. It worked out in the end they just came back once the option to cancel went away.

djan

Having thought about it, I guess the safest way of doing it is to agree price and then buyer puts in a cash withdrawal request to their bank. The next day both parties meet in sellers bank to deposit the money. Once cash amount and validity is verified seller hands over the keys and sends off log book.

This makes the transaction instant with IMO no way for seller to get scammed.

mickdw

https://www.boards.ie/discussion/comment/121513388#Comment_121513388

What if they were using a fake bank app looking exactly like aib or whatever with fake balance and fake transfer details?

josip

The last time we sold our car, when the cash appeared on the kitchen table to be counted, I asked the buyer if they minded me checking some of the notes for watermarks, etc. I explained that since I don't deal much with cash, I wouldn't be very good at spotting it. The reply I got was. "Ah, we'd never use counterfeit money for buying a car".

AmpMan

https://www.boards.ie/discussion/comment/121513388#Comment_121513388

I've seen a few people in Ireland getting scammed with fake apps.

User1998

https://www.boards.ie/discussion/comment/121513406#Comment_121513406

Well thats never going to happen with AIB because they need to use a card reader to complete the transaction.

The chances of someone creating a perfectly functioning fake banking app is smaller than someone giving you fake notes.

User1998

Ah lads suit yourselves but fake banking apps is ridiculous. Good luck finding a buyer who will transfer you €30k and will go home empty handed.

I still think cash is king but sure everyone is afraid of cash nowadays, it seems people are afraid of online banking now as well

User1998

€30k is fairy hefty and I’d be hesitant to let someone drive away without it hitting my account first but anything under €10k I’m fine with and will continue doing so for the foreseeable as long as I’m there when the payment is made and I can see the full detailed payment log and money leaving their account etc.

AmpMan

https://www.boards.ie/discussion/comment/121513463#Comment_121513463

😂

You must be thick if you think a banking app cant be faked.

mickdw

https://www.boards.ie/discussion/comment/121513463#Comment_121513463

Just for info, they are an actual thing - fake bank apps and obviously functionality can be whatever fraudster intended so no issue for them to have a card reader, Aib card and still a dud transaction.

30k private is just awkward. 10k sale or purchase, cash or transfer whatever. 30k I'd be getting nervous.