Buying 2nd Hand Car. Please Advice

photoshop

photoshop

photoshop

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Joined
7 Nov 2006
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Stockton on Tees
Alright guys,

I've seen a TT for the other half that I want to get her. I was originally gonner get one down the lease route through my business (im self employed so am a Ltd co.) but in the end want to pay cash for a good 2nd hand one and get it over and one with.

I've been to check the car out at the owners house and it all looks good. Paperwork all tallies up, service logs all tally up with the mileage, VIN numbers match up, log book tallies up.

The car is also in pristine condition, inside and out. The owner originally bought it on finance but showed me the paperwork to show it had all been paid off. Test drove it and it drives like a dream (2.0TFSI)

So all looks good. BUT because he banks with Intelligent Finance, who dont have any physical branches, he wants the money to be transferred via CHAPS payment. Normally I would have just had a Bankers Draft made up and paid via that route. I don't know how long CHAPS payments take to clear from HSBC to IF...?

Now I don't know anything about Intelligent Finance (IF) but he showed me the paperwork for his mortgage which was through IF aswell as his credit card and he gave me his bank account details to ring them up and check. All the documents he showed me showed his name and address and all was inorder! I believe IF is a subsidiary of Halifax who is owned by Lloyd's.

Now the guys middle aged and is an accountant. His house is nice aswell as the area. He seemed like a nice guy. His wife is pregnant so hes getting rid of the car because he has ordered a Volvo Jeap.

Now I like the car, and its at a reasonable price and he wants me to come down on Friday and do the CHAPS payment on his home PC, then wait for it to clear and then he signs the car over to me.

Please advice guys.............what should i be doing?
 
Buy the car, i cant see the problem.

Draught, cash, transfer whats the difference? You have shown all due diligence crack on, get him to get a letter from the finance co saying its paid and then HPi it.
 
Phone your bank to do the transfer when you collect the car, or go to your local branch with seller and do a transfer at the counter.
 
You know thinking about it, surely this man has some sort of account he can pay cash into, even if he transfers it straight out after himself.
 
I can see the dilema. Taking a laptop is a good idea but you should check in advance that both your bank and also his IF bank are members of the Faster Payments scheme and check what their limits are. If they are both in the scheme and assuming the amount is within their FPS limit then it should transfer in seconds/minutes in theory.

However, there are times when one of the banks is temporarily out of the scheme so to be doubly sure I'd phone and check each bank doesn't have any issues just before making the payment.
 
[TW]Fox;18663641 said:
IF is part of Bank of Scotland, can you not pay it at a Bank of Scotland branch?
Click to expand...

Nope. Cant pay in any branch of Halifax or BoS. Its in their terms. IF is set-up to do everything online.

Its a tricky one. I'm just thinking.....

what if I stayed over in a B&B on the Thursday night and went into a branch of HSBC (my bank) in the morning and instructed them to do the CHAPS transfer....
 
Hades said:
However, there are times when one of the banks is temporarily out of the scheme so to be doubly sure I'd phone and check each bank doesn't have any issues just before making the payment.
Click to expand...

I'm gonner ring HSBC and IF and see if they do/handle CHAPS payments and time-scales for clearance.
 
A bank account that you can't pay into? Sounds great. :s

Just give him cash, he can do what he wants with it, it's not your fault or responsibility.
 
[TW]Fox;18663641 said:
IF is part of Bank of Scotland, can you not pay it at a Bank of Scotland branch?
Click to expand...

You weren't able to a long time ago, probably the same now. It's fully online or postal / phone.
 
photoshop said:
I'm gonner ring HSBC and IF and see if they do/handle CHAPS payments and time-scales for clearance.
Click to expand...

If I recall, CHAPS is same day before 4pm and you have to pay for it.

FPS is faster and free.

But CHAPS will be more reliable I grant you.
 
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