[gr4z]

Chaps
Need some advice. Have some interest in my car and wondered what the best way to accept payment is?

Obviously cash is OK but I dont want to lump £20k plus of cash about.
Bankers draft are not 100% certain either.
Cheque ??
BACS ??

Any advice?

Thanks

[alcook]

I've used a CHAPS payment before when buying my previous Subaru.

It's pretty much same day, secure and you get a confirmation slip.

There's an admin fee (I think it was a £20 flat fee) but that's nothing for peace of mind.

Check with your bank as you may have to pre-set this up a few days before. Mine was Lloyds.

[Mr.N]

yeah mate, as alcook says - I always use CHAPS if cash isn't viable.

[doughboy]

CHAPS is bollocks from a buyers point of view, if i was a buyer I certainly wouldn't send money to someone selling a car and hope they would be 'nice people' and not run off with the cash in the day or so it takes to transfer - it's like being a seller and giving the keys to a buyer and saying "yeh, take it for a drive, bring it back when you like"......

A bankers draft (bank cheque) is 100% good as cash to the seller as long as you both go to the buyers bank in person to get the bank cheque drawn from his account. As the bank will TAKE THE MONEY from the sellers account before handing over the cheque to the buyer written in your name for you to see. The seller cannot stop it then.

The only risk with bankers cheques is if the buyer turns up with a fake one, which can't happen with the above.

The last 3 cars i've sold we've gone to get a draft from bank. Takes 10 minutes. 100% safe.

[q_jonblaze]

having sold a few cars in the past..i find that the best way to this is have the buyer bring the cash, then both of you go to YOUR nearest branch and put the money in (in case he mixed in some fake notes) your account.....

that way you're both happy and he can drop you at the nearest bus stop.

[doughboy]

Cash is trhe best way, but try getting someone to walk the streets with 20 grand in their pocket!!

[zedman]

the question is, if a bankers draft is drawn by someone faking it as the account holder then is that draft still valid or will that money bounce?

p.s. i'd take cash, get it out in the town centre branch of the buyers account and then ur bank should be reasonably close too, its annoying and may take some prep but least its 100% paid when its in ur account...

[Steve748]

I bought a car recently and all you have to do is make sure that the buyer makes an arrangement with his bank to draw the cash out from the branch nearest to you on the day he comes to look & buy the car.

He then draws the cash out and it will usually be in sealed double signed bags and then you take the cash with him and pay it into your branch.

Easy, no expensive chaps, no dodgy cheques.

[alcook]

Originally Posted by doughboy

CHAPS is bollocks from a buyers point of view, if i was a buyer I certainly wouldn't send money to someone selling a car and hope they would be 'nice people' and not run off with the cash in the day or so it takes to transfer - it's like being a seller and giving the keys to a buyer and saying "yeh, take it for a drive, bring it back when you like"......

A bankers draft (bank cheque) is 100% good as cash to the seller as long as you both go to the buyers bank in person to get the bank cheque drawn from his account. As the bank will TAKE THE MONEY from the sellers account before handing over the cheque to the buyer written in your name for you to see. The seller cannot stop it then.

The only risk with bankers cheques is if the buyer turns up with a fake one, which can't happen with the above.

The last 3 cars i've sold we've gone to get a draft from bank. Takes 10 minutes. 100% safe.

He's selling not buying...
He's already looked at cash and cheque as unfavourable.. and is asking for alternatives... maybe the buyer is some distance away and can't make repeated journeys?
You have to take some things as read.. i.e.
You obviously have spoken to the guy and have worked out his interest and commitment to buy.
Don't hand over the keys until the money has cleared; Regardless of the payment method (cash excluded of course.... as long as no counterfeits are slipped in)..
Once the payment clears, you hand over the keys.

CHAPS is safe, secure and fast. Still stands as viable for the seller once the bank has confirmed clearance and it can be done from the comfort of your home.

[gr4z]

Thanks chaps. I have phoned my bank and they recommend CHAPS.
The buyer who is intersted lives 100 miles away so they only way for it to work with cash is to pre-arrange it and walk between banks. Not ideal.

[Steve748]

Of course the bank are going to say chaps is the best way as they earn commission from it.

If you want the cash you don't get it handed over at the counter. You both go into a side room, they bring it through and you exit the door. So long as you don't advertise you are carrying money nobody knows.

I did a transfer for £27k like that with the money in a rucksack, nobody took any notice, why would they?

[AlanQS]

Isn't there something about a £10,000 cash limit? After that you have to demonstrate that you aren't money laundering.

[doughboy]

Originally Posted by alcook

He's selling not buying...
He's already looked at cash and cheque as unfavourable.. and is asking for alternatives... maybe the buyer is some distance away and can't make repeated journeys?
You have to take some things as read.. i.e.
You obviously have spoken to the guy and have worked out his interest and commitment to buy.
Don't hand over the keys until the money has cleared; Regardless of the payment method (cash excluded of course.... as long as no counterfeits are slipped in)..
Once the payment clears, you hand over the keys.

CHAPS is safe, secure and fast. Still stands as viable for the seller once the bank has confirmed clearance and it can be done from the comfort of your home.

Yeh I know he's selling, thats my point, CHAPS is great for sellers but think how it ISN'T good from a buyers point of view.

When selling my 330i, all interested parties flatly refused to do it by CHAPS as the risk is all on them. I know if I was buying, i'd never do it by chaps, transfer money to someone you don't know from Adam without a legal process in place for transfer of ownership? No chance.

Cash is good, but at what point does the ownership of the cash transfer? in th street? at your bank? at their bank? who's is the money if you get robbed crossing the road?

Re the question of someone faking the account holder and getting a bank cheque drawn on someone elses account, that is the banks fault then as they've already made the mistake and drawn the money from the Mr x account and moved it to the banks own holding account. If they withdrew on the wrong account, its tough on them, the draft they give you is unstoppable.

all said, cash is king, but a lot of people are scared of carrying that amount....

[jjbirch]

about 2 years ago i brought a ford transit tipper at a ford dealer in manchester, because i lived so far away, i said i would bring up a bankers draft said this was ok,
next day he rung up saying he would need the number of the branch and the numbers on the draft, i gave him the banks number and he checked it out,maybe you could do it that way, and then walk into your bank with him and bank it the same time, you know its real as you have phoned up his branch

[xenon]

There is a difference between CHAPS and BACS. CHAPS takes 2 hours maximum.

I agree that the other good way that produces least risk to both parties is to go with the buyer to his bank and witness the teller produce a banker's draft against his account.

[gr4z]

Thanks for all your advice guys. In the end the interested party was a bloody time waster and never even turned up. Ah well at least I know for the future if any futher interest!

Cheers