make sure you have cleared funds before you hand over the keys.
i have a guy who wants to buy my mnr. he seems very genuine to me and has sent me a Ģ200 deposit via paypal. he has agreed a fee with me but the money is coming from 2 different accounts. he wants to drive the car home and is in the process of insuring the car now.he knows his kits and has previously owned a caterham. he was wanting to send the money direct to my account so its in my bank when he collects. if i give him my account and sort code can that cause me any problems or is it safe to do so?
wouldn't worry me too much - we issue our sort code and account number to set up standing orders every day. Never had a problem in 6 years.
Safe enough Daniel... it's what I do all the time!
Me too, Standard practice, just check his insurance paperwork before he leaves,
A) it will verify his name and address and B) it will prove he is insured if the worst happens and it turns out that the money is not in your account
at least he is not going to leave you with a broken car too!
just to say check with the bank to make sure it has cleared before handing over the car
safe as houses. your sort code and account number are on every cheque you've ever written. the only thing someone can do with just that info is
pay money in
make sure you have cleared funds before you hand over the keys.
quote:
Originally posted by locoboy
Me too, Standard practice, just check his insurance paperwork before he leaves,
A) it will verify his name and address and B) it will prove he is insured if the worst happens and it turns out that the money is not in your account at least he is not going to leave you with a broken car too!
quote:
Originally posted by scootz
quote:
Originally posted by locoboy
Me too, Standard practice, just check his insurance paperwork before he leaves,
A) it will verify his name and address and B) it will prove he is insured if the worst happens and it turns out that the money is not in your account at least he is not going to leave you with a broken car too!
Good point... I always forget to do this when selling a car.
Also bear in mind that if the buyer has not arranged insurance, then drives away from your house with the car and is subsequently stopped by the Police, then you could find yourself being prosecuted with 'causing or permitting' him/her to drive a car without insurance.
quote:
Originally posted by scootz
quote:
Originally posted by locoboy
Me too, Standard practice, just check his insurance paperwork before he leaves,
A) it will verify his name and address and B) it will prove he is insured if the worst happens and it turns out that the money is not in your account at least he is not going to leave you with a broken car too!
Good point... I always forget to do this when selling a car.
Also bear in mind that if the buyer has not arranged insurance, then drives away from your house with the car and is subsequently stopped by the Police, then you could find yourself being prosecuted with 'causing or permitting' him/her to drive a car without insurance.
quote:
Originally posted by skinned knuckles
quote:
Originally posted by scootz
quote:
Originally posted by locoboy
Me too, Standard practice, just check his insurance paperwork before he leaves,
A) it will verify his name and address and B) it will prove he is insured if the worst happens and it turns out that the money is not in your account at least he is not going to leave you with a broken car too!
Good point... I always forget to do this when selling a car.
Also bear in mind that if the buyer has not arranged insurance, then drives away from your house with the car and is subsequently stopped by the Police, then you could find yourself being prosecuted with 'causing or permitting' him/her to drive a car without insurance.
really? i thought it was always the responsibility of the driver to ensure the legality of the vehicle. I was stopped when i was 17 (some 16 years ago mind) driving a friends car. his dad told me he had insured the car for any qualified driver. turned out not to be true, but it was me who ended up in front magistrates, not him.
quote:
Originally posted by bmseven
quote:
Originally posted by scootz
quote:
Originally posted by locoboy
Me too, Standard practice, just check his insurance paperwork before he leaves,
A) it will verify his name and address and B) it will prove he is insured if the worst happens and it turns out that the money is not in your account at least he is not going to leave you with a broken car too!
Good point... I always forget to do this when selling a car.
Also bear in mind that if the buyer has not arranged insurance, then drives away from your house with the car and is subsequently stopped by the Police, then you could find yourself being prosecuted with 'causing or permitting' him/her to drive a car without insurance.
Dated & timed receipts signed in duplicate by both parties the vehicle is then in new ownership and responsibility relinquished
quote:
Originally posted by skinned knuckles
safe as houses. your sort code and account number are on every cheque you've ever written. the only thing someone can do with just that info is pay money in
make sure you have cleared funds before you hand over the keys.
have you ever made an overpayment on your mortgage, and the bank give you the account number and sort code?
ever considered how much money sits in those accounts waiting to be processed? yep, literally millions. they don't seem to worry
It is OK for him to transfer the money electronically but there is still a clearing time for this transaction although it looks instant it will not
show in your bank account for 3 - 5 days.
I would tell him he can have the car when it is confirmed cleared in your account.
you could just sell him the car, write a receipt with the condition the log book is signed over once X thousand is deposited in your account.
He then goes to his bank with his mates, take out the cash and meet you at your bank.
you then pay it in, sign the log book over and you're both happy.
(although i would date and time when you sold the car in case he drives down the street at 90mph and gets a speeding ticket.)
quote:
Originally posted by stuart_g
It is OK for him to transfer the money electronically but there is still a clearing time for this transaction although it looks instant it will not show in your bank account for 3 - 5 days.
I would tell him he can have the car when it is confirmed cleared in your account.
hmm, how about ask him who he banks with, open an account with them, get him to transfer the money to that, you transfer it to your 'normal'
account & close the new account.
this does sound like a lot of hassle, their must be an easier way that is fast and reliable.
I donīt see a problem, your bank codes are made to simplify transfer of Funds INTO the account.
The ways you can take out money are the ones set up in your contract.
Any different, you will have less money for a while (maybe a long while) but you can claim it back.