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Private purchase, how to seal the deal?

  • 03-05-2021 10:36pm
    #1
    harringtonp
    Registered Users Posts: 2,563 ✭✭✭


    Looking for a new van, got my current one in 2007 and its so long ago can't remember how to do the deal. And when chatting to private sellers I realise many of them aren't sure how to go about it either.

    I gather bank drafts can bounce and most private sellers (probably most sellers full stop) want to see the full amount in their bank account before releasing the vehicle.

    Question is what safeguards do you have as a buyer after making the transfer ? How are private vehicle purchases normally completed ?


Comments

  • #2
    mk7r
    Registered Users Posts: 719 ✭✭✭mk7r


    Cash is king


  • #3
    Atlantic Dawn
    Registered Users Posts: 81,058 ✭✭✭✭Atlantic Dawn
    M


    I'd do the following...
    Check on www.cvrt.ie that van has a valid test.
    Check if the ownership of the van has changed in the last 3 months, if that's the case it could raise a flag of possibly being a lemon, could also be just someone who flips vans.. https://www.motortax.ie/OMT/changeOwnership.do
    Check is the seller is the owner on the logbook.
    If value is up to say €5k I'd be thinking do it in cash, if over that amount I'd be leaning towards a bank transfer. If I was a seller I'd be iffy about taking a draft unless I could verify it was legit.


  • #4
    markmoto
    Registered Users Posts: 788 ✭✭✭markmoto


    harringtonp wrote: »
    Looking for a new van, got my current one in 2007 and its so long ago can't remember how to do the deal. And when chatting to private sellers I realise many of them aren't sure how to go about it either.

    I gather bank drafts can bounce and most private sellers (probably most sellers full stop) want to see the full amount in their bank account before releasing the vehicle.

    Question is what safeguards do you have as a buyer after making the transfer ? How are private vehicle purchases normally completed ?


    Some prefer getting vehicle finance and let them deal with a private seller.


  • #5
    Kopparberg Strawberry and Lime
    Registered Users Posts: 3,964 ✭✭✭Kopparberg Strawberry and Lime


    mk7r wrote: »
    Cash is king

    Thats probably fine if you're buying something under 2K

    But me hole if I'm giving much more than that in cash to a lad In a car park etc

    They may join me in the bank , do a transfer and sign over the logbook there. If their not game then there's other cars out there thanks


  • #6
    JC01
    Registered Users Posts: 591 ✭✭✭JC01


    Kopparberg Strawberry and Lime wrote: »
    Thats probably fine if you're buying something under 2K

    But me hole if I'm giving much more than that in cash to a lad In a car park etc

    They may join me in the bank , do a transfer and sign over the logbook there. If their not game then there's other cars out there thanks


    I’ve bought and sold dozens of cars everywhere from 200e - 20k and I’ve never dealt in anything but cash.

    I’d never take anything else as payment and in my experience 95% of sellers would be the same.

    Out of curiosity why wouldn’t you deal in cash?


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  • #7
    JC01
    Registered Users Posts: 591 ✭✭✭JC01


    WhomadeGod wrote: »
    There is potential of being attacked and money stolen is a big one.

    Your not gonna ring a lad and just land out to a carpark with 20k cash though?

    Go view, agree a price and feel things out, leave 50e deposit, then meet up after with the cash once both parties are comfortable?

    Cash element aside I’ve twice point blank refused to enter certain areas so I do understand the security concern but using your head mitigates that down to pretty much nil.

    Only reason I ask is because I’ve never come across a private buyer/seller adamant on doing a transfer.


  • #8
    Kopparberg Strawberry and Lime
    Registered Users Posts: 3,964 ✭✭✭Kopparberg Strawberry and Lime


    As Whomadegod said above

    I wouldn't be carrying any cash to a deal. The risk of being attacked, robbed etc.

    Very dodge I think. And definitely if it was a vehicle up to around €20K then I'd be going to a reputable dealer who accepts other forms of payments and gives full receipts and warrenties etc. Not a chance would I be giving that cash over to a random bloke without some kind of guarantee.

    That's no offense to you and it sounds like you've been lucky but I know an awful lot of people that wouldn't trust that for a second and I certainly wouldn't.


    I'd have no issue if the car was under 3K and it all looked legit. But even then I'd be bringing someone with me and leave the cash with them elsewhere not on my person. Just too many dodgy lads out there and scams etc.

    I don't see why anyone would have an issue with a back draft, it's as good as cash and cuts out any scam etc because it can be cancelled if something goes wrong


  • #9
    JustAThought
    Registered Users Posts: 5,323 ✭✭✭JustAThought


    Meet in a bank, withdraw the cash with them there, get them to sign a receipt pre-printed for it and do it under the cctv camera.

    Bank drafts the same - only for larger amounts you may have to give them warning . The draft comes straight out of youe bank account and if they lose the draft then only you can ask for it to be cancelled and the money re-issued into another draft. Do the same with the receipt.

    No other way.


  • #10
    Toots
    Administrators, Business & Finance Moderators, Society & Culture Moderators Posts: 16,905 Admin ✭✭✭✭✭Toots


    Back when I worked in a bank, we would often have people come in to get a draft for the car and then they'd hand it over to the person who was with them, who turned out to be the seller. Seller accompanies buyer to the bank and can witness the draft being done up so they know it's genuine.

    You don't have to give notice for large drafts but for large cash amounts you often need to give 24 hours notice.


  • #11
    harringtonp
    Registered Users Posts: 2,563 ✭✭✭harringtonp


    Thanks guys. Was wondering was there some 3rd party mechanism I wasn't aware off but it looks like the choice is the usual methods.

    One seller doesn't trust drafts and wants a bank transfer. Thinking about it, unlike cash at least with a transfer there is a record of the transaction.

    Regarding the logbook, I remember signing it then going with the seller with it and popping it on the post. That way we both new the ownership transfer was in progress.


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  • #12
    harringtonp
    Registered Users Posts: 2,563 ✭✭✭harringtonp


    Atlantic Dawn wrote: »
    I'd do the following...
    Check on www.cvrt.ie that van has a valid test.

    Only seeing registration. Would you have the specific link where you can check the test status for any van ?


  • #13
    User1998
    Registered Users Posts: 5,778 ✭✭✭User1998


    Its handy if you and the seller are with the same bank as you can do an instant transfer there and then

    Revolut is also good in these situations


  • #14
    MayBee
    Registered Users Posts: 53 ✭✭MayBee


    Quick question for sellers accepting cash, would you not be afraid that you’d end up with some dodgy notes ?


  • #15
    TheBoyConor
    Closed Accounts Posts: 3,292 ✭✭✭TheBoyConor


    As for being robbed of the cash, sure the seller would run the same risk. What is to stop anyone doing a "general" on it, doing the deal, pay the cash, then go straight down to the Garda station to ask some stupid question about transfer of ownership at the counter while you accomplice who waited around the corner headbutts the seller and takes back the cash.


  • #16
    Hoboo
    Registered Users Posts: 3,515 ✭✭✭Hoboo


    MayBee wrote: »
    Quick question for sellers accepting cash, would you not be afraid that you’d end up with some dodgy notes ?

    Same way as you could end up with a dodgy car. Check them.


  • #17
    monkeysnapper
    Registered Users Posts: 2,575 ✭✭✭monkeysnapper


    Hoboo wrote: »
    Same way as you could end up with a dodgy car. Check them.

    Absolutly.... get a note pen .... spread them out like a fan and put the pen across them ....

    I've always said if persons got nothing to be afraid of then they won't mind


  • #18
    Atlantic Dawn
    Registered Users Posts: 81,058 ✭✭✭✭Atlantic Dawn
    M


    harringtonp wrote: »
    Only seeing registration. Would you have the specific link where you can check the test status for any van ?

    https://operator.cvrt.ie/Vehicle/CRWExpiryTestReminder


  • #19
    harringtonp
    Registered Users Posts: 2,563 ✭✭✭harringtonp


    Wasn't seeing link on the phone but quite clear on the laptop.

    https://operator.cvrt.ie/Vehicle/CRWExpiryTestReminder

    is the exact link for anyone else interested


  • #20
    Henry Ford III
    Moderators, Business & Finance Moderators Posts: 17,615 Mod ✭✭✭✭Henry Ford III


    How can a bank draft bounce?


  • #21
    Allinall
    Registered Users Posts: 6,524 ✭✭✭Allinall


    Henry Ford III wrote: »
    How can a bank draft bounce?

    There can be forged bank drafts.

    Best way is a draft. Finalise the deal during banking hours. The seller can phone the bank and they will vouch for the draft.

    Only takes 5 minutes.

    It also ensures the seller is genuine, as the draft will be made out to their name, and will have to be lodged .


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  • #22
    TheBoyConor
    Closed Accounts Posts: 3,292 ✭✭✭TheBoyConor


    good look phoning a bank. Next to impossible.
    half an hour pressing buttons and on hold and eventually you talk to someone only for them to say "oh, soryyyyyyy now, that isn't my department. call customer serrrvicccce"


  • #23
    Allinall
    Registered Users Posts: 6,524 ✭✭✭Allinall


    TheBoyConor wrote: »
    good look phoning a bank. Next to impossible.
    half an hour pressing buttons and on hold and eventually you talk to someone only for them to say "oh, soryyyyyyy now, that isn't my department. call customer serrrvicccce"

    Last time I did it, when buying the draft I asked for a number to ring for verification. Was given a direct line and seller had no problem getting through.


  • #24
    harringtonp
    Registered Users Posts: 2,563 ✭✭✭harringtonp


    Two more questions guys. Tax is out and a van is bought. Do you have to wait until you receive the registration document in the post before you can tax it ? Or does a motor tax office use an online system and would have access to the ownership change earlier ?

    And secondly how long does it take between a doe being done and the new date showing on https://operator.cvrt.ie/Vehicle/CRWExpiryTestReminder ? Is it instantaneous ?


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