Selling a car, what form of payment?

[Gangster]

Hi all,

When selling a car what type of payment should I accept? I'm aware there is the fast payment transfer that, for example, I would do on MM to purchase things or there is CHAPS.

With it being a car I am concerned about payment being reversed. I've done a bit of research but I can't seem to see anyone saying for sure whether or not a payment is reversible. I've read about CHAPS and am happy to pay if it offers extra security.

So my question is, what is a guaranteed method of payment so once I see it in my bank - it's there to stay. On my research I have seen some stories mentioning it can appear but be revoked if its before 5pm... so I am not sure!

Thanks all

 

[Raymond Lin]

Cash or Bank Transfer.

Never, ever PayPal.

 

[grudas]

I always take a bank transfer, as soon as money in my account they can drive away.

no paypal etc..

cash in had is annoying but do-able.

 

[Gangster]

Of course always bank transfer, I am asking what type. Traditional transfer or CHAPS is the safest? (even if it is at a cost).

 

[dessimpson]

Bought a car last month. Just transferred the money into the guys account. After having to call the fraud department who'd blocked it initially!
When I spoke to the guy from the fraud department he told me there was no way to reverse it once the money was released.

 

[vanpeebles]

Cash, unless it's a fortune.

 

[Diagro]

Direct bank transfer.

 

[Gangster]

So there is no difference between faster payments and CHAPS? If not why do they exist?

Not accepting cash, for the last time.

 

[Vexr]

Like this:

 

[Freakbro]

So there is no difference between faster payments and CHAPS? If not why do they exist?

It's just because FP is a newer system than CHAPS.

BACS was launched in 1968, CHAPS in 1984 and FP in 2008

They only user difference between CHAPS and FP is FP can have a transfer limit between 10k - 100k depending on your bank, so if you are selling very high value items, eg a House, then you would use CHAPS.

If the amount is within the FP limit then I can see no reason to pay the extra cost of the CHAPS fee.

 

[Gangster]

It's just because FP is a newer system than CHAPS.

BACS was launched in 1968, CHAPS in 1984 and FP in 2008

They only user difference between CHAPS and FP is FP can have a transfer limit between 10k - 100k depending on your bank, so if you are selling very high value items, eg a House, then you would use CHAPS.

If the amount is within the FP limit then I can see no reason to pay the extra cost of the CHAPS fee.

Thank you. I was just concerned because doing some research on forums suggests that even though it would appear in my account when I log in, it could be revoked (via bank transfer) so I thought CHAPS might offer that extra security. Hard to find a definite answer.

 

[Freakbro]

Thank you. I was just concerned because doing some research on forums suggests that even though it would appear in my account when I log in, it could be revoked (via bank transfer) so I thought CHAPS might offer that extra security. Hard to find a definite answer.

As much as anything is certain, then no, you can't recall a bank transfer once it's completed.

Not like Paypal etc with their dispute resolutions.

 

[BUDFORCE]

Cash is king.

 

[Semple]

So there is no difference between faster payments and CHAPS? If not why do they exist?

Not accepting cash, for the last time.

How much is the car likely to sell for?

Different banks have different FP limits, i think all are at/over the 10k limit, but some have 15/20k last time i looked.

So if it's over that amount, then it would depend on what bank your buyer is paying from.

Edit: That's not to say that a payment wouldn't go through, i think the point of the FP limit is to say that the banks guarantee a payment upto that limit within X hours.

 

[gord]

Edit: That's not to say that a payment wouldn't go through, i think the point of the FP limit is to say that the banks guarantee a payment upto that limit within X hours.

It can be different for different institutions but it's not always clear what the maximum is from the following link. http://www.fasterpayments.org.uk/about-us/personal-transaction

For example, Nationwide allow 10k per transfer but you can do 4 per day I believe. Barclays it looks like you can do 50k in one go.

 

[NigeP]

Cash is king.

Unless you get some forgeries in the bundles.

Without the uv test some are pretty much impossible to spot, especially when counting our thousands of pounds!

Definitely bank transfer.

Not sure if it's true or an Internet myth, but I'm sure I read that if the money is transferred out of the receiving account it can't be reversed. If it's still there it could possibly be done? I genuinely don't know either way.

 

[d_brennen]

Nigerian Dollah, sir

 

[iamdjdz]

I paid bank transfer for my last one. Was given a receipt of purchase the guy had made which is a good idea too.

 

[Bradmax57]

Whenever I've sold a car i've insisted on cash, over a certain value i've asked buyer to accompany me to bank to pay in (maybe £10kish?) I suppose if you get cash and its fake then you report it stolen to police

 

[Scania]

Unless you get some forgeries in the bundles.

Without the uv test some are pretty much impossible to spot, especially when counting our thousands of pounds!

Definitely bank transfer.

This.

I know a guy who sold his car for £9k in cash, £4k turned out fake.

Whenever I've sold a car i've insisted on cash, over a certain value i've asked buyer to accompany me to bank to pay in (maybe £10kish?) I suppose if you get cash and its fake then you report it stolen to police

My mate reported this to the Police, bar a crime reference number he heard nothing else about it (about 2 years ago now)