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E39Man

Thoughts on safest method to accept money for a car?

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I’m a cautious person by nature, and have provisionally agreed to sell my car (reluctantly)

 

the buyer suggested bank transfer (in the evening when banks are closed) but I didn’t like the idea and suggested a bank transfer inside the bank, with the help of a cashier or similar, during open hours. 
 

we both agreed cash might be too risky, but I’m more open to it than him. 
 

What are your thoughts on methods of buying/selling these days. 

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Sold my old 7 recently for over a decent sum. Bank transfer done on mobile app. I made it clear, till it arrives in my bank, the car isn't leaving which can take 2 hours. ID of sender so I could check the account name matched when money arrived and transfer done in front of me whilst at my house so I knew it wasn't being done on some dodgy device. Done this a few times now and it's worked well. Just keep your wits about you and don't let the keys out of sight nor the paperwork until you've cleared funds. 

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Bank transfer only

 

No one wants to be dealing with cash like that any more and certainly wouldn't entertain PayPal or similar personally

 

Bank transfer is perfectly safe; just have it done there & then and if you're still a concerned; move those funds into a savings account or similar and leave it in there for a week or so, then at least you know the details aren't being used for anything else etc :) 

 

It's very safe these days

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Really depends on how much the car is being sold for... up to a couple of grand, I'd happily take cash. Any more and bank transfer is an option. Certainly no wire services like PayPal, etc. Of course whatever method is used until you have it in your "hands" the vehicle keys stay with you :D

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Thanks all, guess I’m going with the bank transfer option. I know in some cases banks can remove payment if they suspect fraud - that’s my paranoia right there!

 

I hate having to sell the car due to ulez!!

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Just now, E39Man said:

I hate having to sell the car due to ulez!!

 

Its a real pisser that ULEZ, but the early V8 E60s are ULEZ compliant.  Why have a hateful soulless electric car when you can smoke (literally due to valve stem oil seals) around London in a V8.

 

Bank Transfer gets my vote as others have said.  Mate just bought a car that way, no issues with that, £2k I think, without issue.

 

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It's really a question of doing your due diligence really...

 

Ensure that it's a genuine person you're dealing with; all is above board etc...

 

If someone is paying you; ask them to send a £5.00 payment first; so you can see how quickly that goes through. And then once the sale has been agreed; the buyer than transfers the remaining balance and once that clears; you then transfer that into a savings account and then hand of the keys/paperwork etc

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58 minutes ago, 535i Andrew said:

 

Its a real pisser that ULEZ, but the early V8 E60s are ULEZ compliant.  Why have a hateful soulless electric car when you can smoke (literally due to valve stem oil seals) around London in a V8.

 

Bank Transfer gets my vote as others have said.  Mate just bought a car that way, no issues with that, £2k I think, without issue.

 

 

I bought my E39 535i privately a few weeks ago, once I was happy with the car I did a mobile banking transfer, took a couple of minutes which I spent perusing the car's paper history and it was done and dusted. Once the money was in the seller's account he did the V5C online and within 5 minutes the car was bought, paid for and transferred.

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51 minutes ago, Toughguyhuh said:

 

I bought my E39 535i privately a few weeks ago, once I was happy with the car I did a mobile banking transfer, took a couple of minutes which I spent perusing the car's paper history and it was done and dusted. Once the money was in the seller's account he did the V5C online and within 5 minutes the car was bought, paid for and transferred.

 

Exactly what I've done with my previous E39 530i, E65 730D and my currently touring 

 

And that's who those cars (bar the touring) have been bought off me :) 

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1 hour ago, E39Man said:

Thanks for the reassurances. I did not know the v5 can be done online - nice to know :)

 

Yup; that and tax now. Makes life so much easier :) 

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Bank transfers are much more commonplace these days.

 

I recently bought an e60 and paid via bank transfer - the money was pretty much instantly visible in the sellers bank account.

One point to note, I had tried using the NatWest app on my phone, however I was limited in terms of amount for first payments to an account that I hadn't sent money to before.

I was glad I decided to take my laptop and card reader with me, as there was no limitation that way.

 

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Done - the car's gone! :(

 

The bank transfer kinda went through smoothly. The buyer encountered a transfer limit, and my pessimism kicked in and thought right this MoFo's gonna try it on and say that's all he can send. But he managed to send a couple transfers and all received fairly promptly - don't know why I was so anxious :roll:

 

Did the logbook transfer online too. That car was suppose to be a keeper for life, but needs must and all that crap. The buyer to his credit seemed like a decent chap!

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1 hour ago, E39Man said:

Done - the car's gone! :(

 

The bank transfer kinda went through smoothly. The buyer encountered a transfer limit, and my pessimism kicked in and thought right this MoFo's gonna try it on and say that's all he can send. But he managed to send a couple transfers and all received fairly promptly - don't know why I was so anxious :roll:

 

Did the logbook transfer online too. That car was suppose to be a keeper for life, but needs must and all that crap. The buyer to his credit seemed like a decent chap!

 

Good to hear you're all done & dusted and it went smoothly :) 

 

So, what's next?

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Well I’ve already bought the replacement it’s a 2016 Mitsubishi Outlander phev! Bought from a main dealer so has a bit of warranty left. 
 

Living in London means these type of cars make more sense. The car’s ulez compliant and congestion charge exempt (up to Oct ‘21) and £0 road tax! 


I nearly bought a 3 series phev but really do need a bigger boot. Was also thinking about the estate version, but my missus vetoed that idea. 
 

I may later buy the X5 phev, but current prices are too expensive. 
 

 

Edited by E39Man

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