Paying for a car from a private seller

[The return of Marty Wild]

When the chap bought my Cayman, he got out of his car and said 'sold".

I took him up the road, he paid £17.5k into my account then and there and promptly left in his 3 series. I couldn't believe what I was seeing..

Needles to say, I still have the Cayman and I'm writing this post from an undisclosed location.

 

[martin t]

It is a waste of time informing your bank that you are about to transfer a large amount to someone elses bank account as whoever you speak to will be a low level employee who has zero authority for anything.

For example, I bought a flat. I transferred all the money into my account to be able to pay my solicitor (same bank same branch) who would then pay the vendor as is the normal way these things are done.

To do this I had to pay £26 for a chaps transfer. To do this the bank assigned a personal assistant to do the paperwork, which was then signed off by the branch manager and the transaction duly went through in that the money left my account. The process took 1 hour and 14 minutes and i got a parking ticket for going over the hour. That was 11am, the completion was at 2pm.

At 4.30pm i got a call from the fraud dept who had suspended the transaction!!!!!!

So it seems a bank manager who signs off the transaction has no authority in the heirachy of banking.

I did get a £25 refund.

 

[Thefinn]

I have never had a problem transferring more than 10k when buying a car privately just make sure you take your card reader, I also think the 10k limit is the is not daily but per transaction, well it is for me so I just send 10k as many times as I need to and thats without any type of premium bank account

 

[spinnaker]

I paid for my car through an online payment 2 weeks ago and it went very smoothly. I paid a deposit of £1k up front from the same account and was prepared for the worst when actually going to make the remaining payment. I had been told to use the full banking site not the app as there was a cap on the transaction amount via the app. I used my pin sentry jobby and it went through in minutes.

The recommendation was to take the number of the Fraud team just in case.

 

[mavster]

..Do you think he has bought the car yet? Lolz

 

[OttoOtto]

When I sold our S3 as part of the 'process' towards a 911, young lad refused to pay by BACS, wanted to drop me with more than 20k in cash. :hand:

Had him turn up at NatWest with the cash and pay into my account; fivers all over the floor, cash counting machine whirring all 5 mins before closing time. Always a bit suspicious with big ('ish in this case) but no fraud checks made by the bank - all I needed was my balance confirmed.

@The Return of Marty Wild - is your post a riddle :?: I'm being thick I think.

 

[mavster]

The question is if they can then remove the money from.your account if they find something dodgy later :hand: