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Author: Subject: Car Purchasing at a distance without seeing it - Payment
perksy

posted on 29/7/21 at 09:56 PM Reply With Quote
Car Purchasing at a distance without seeing it - Payment

Looks like I've sold my MGB Roadster
The chap hasn't viewed the car, but is content with the many photos and video of the car that he's received
He wants to send a transport company to pick the car up and pay the balance by bank transfer to me when they arrive (the car won't be going on the trailer until the money is in my account)

I've not done this before, any car I've sold has usually been cash (received bank transfer once though)

Is the above plan ok or should I be arranging/agreeing to something else?

Thanks

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Mr Whippy

posted on 30/7/21 at 06:14 AM Reply With Quote
The thing that worries me is the " pay the balance by bank transfer to me when they arrive"

Why? Their sending a transport company... why can it not be paid for before collection? Although I have bought & sold cars using the bank transfer method, I don't know how the system works in detail. That kind payment thing is usually what you hear in scams. How about half the money up front, the rest on collection? then at least you know they are not just going to vanish without paying through some sort of dodgy method.

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theconrodkid

posted on 30/7/21 at 07:32 AM Reply With Quote
run away, sounds like a scam





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Sanzomat

posted on 30/7/21 at 07:40 AM Reply With Quote
I wouldn't be too troubled by the "when they arrive" part. When I sold my last motorbike the buyer had effectively committed to buying it before seeing it. As he'd be travelling around 200 miles to collect it he paid me a 100 deposit so I wouldn't sell it to someone else but we agreed that if, when he arrived, the bike wasn't what he expected despite the many photos he'd had he could still pull out. From the buyer's point of view there is also the possibility that the bike didn't exist and the address given for collection is just randomly selected and isn't the seller's. As it happened, he arrived when he said, he did the bank transfer from his phone, it took about 10 minutes for it to show in my account and then we loaded the bike into his van and away he went, both of us happy.

I did a similar thing with purchasing my son's daily driver last year. Even though we'd been to see the car (private sale) we didn't pay until we went to collect it the following day, again by instant bank transfer.

Bank transfer is pretty much like handing over a wad of cash. You wouldn't do that until you were at the point of collection?

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CosKev3

posted on 30/7/21 at 07:44 AM Reply With Quote
Leave it in the garage and as you say let them load it once the money appears in your account,just make sure its landed in your account,don't accept a screenshot/photo of his transfer off him.
Can take upto 2 hours for the transfer to land.

[Edited on 30/7/21 by CosKev3]

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nick205

posted on 30/7/21 at 08:10 AM Reply With Quote
quote:
Originally posted by CosKev3
Leave it in the garage and as you say let them load it once the money appears in your account,just make sure its landed in your account,don't accept a screenshot/photo of his transfer off him.
Can take upto 2 hours for the transfer to land.

[Edited on 30/7/21 by CosKev3]



1. Cars I've bought and sold have been for cash. I did one car sale as a bank transfer, but the guy (local to me) transferred the money a week before collecting the car. Both he and I were happy.

2. CosKev3's suggestion seems valid to me - get the transfer bit done so you've got the money in your account before even loading the car. If he's unhappy then he can pay the transport company's waiting time.

Failing that, call it off.

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russbost

posted on 30/7/21 at 08:34 AM Reply With Quote
Perfectly normal. I've bought at least a couple of cars that way. I ask the guy who's doing the transport to take a quick look over the car & make sure it is as it appears in the pics, ensure it starts, runs cleanly, engages gears etc.

If all is ok, I then send immediate payment

I just sold my Mazda to a dealer thro' Wizzle (waaay batter than webuyanycar!) in this way, due to their accounts system had to wait about 1/2 hour for the payment to come thro' before giving their driver the keys & allowing him to drive off.

To allay any fears, wait until the money has arrived in your a/c & transfer it straight out to another a/c, that way you absolutely know you have it & there is no way the transfer could in some way be false

[Edited on 30/7/21 by russbost]





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sdh2903

posted on 30/7/21 at 09:07 AM Reply With Quote
Exactly as russbost says. The guy who's collecting it will check its roughly as described and let the buyer know who will then transfer the balance. It can take up to a couple of hours though to clear depending on the bank and amount. If your unsure give a quick call to the bank to check the transaction.

One thing a lot of people forget though is to do receipts. One for you and one for the buyer with all the details on and signed by both parties (collection driver in this case)

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jelly head

posted on 30/7/21 at 09:44 AM Reply With Quote
Had a similar thing, bank transfer went through ok and the money was in my account almost straight away. Just make sure it is before releasing the car.
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rdodger

posted on 30/7/21 at 10:25 AM Reply With Quote
I bought my Riot that way.

The delivery driver arrived, the seller sent a picture of it on the transporter and I sent the money. 2 mins later it was on the way.

I had sent a modest deposit a few days earlier and spoken at length to the seller. I checked the address on google street view and was happy it all checked out.

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motorcycle_mayhem

posted on 30/7/21 at 10:52 AM Reply With Quote
I've sold one car in this way, from the mainland to Northern Ireland. No money changed hands until the courier company turned up, at which point a bank transfer was made after a mutual checking of documentation, etc. It was back in the days where a hefty fee was chargeable for such payments too. It all went smoothly.

I can see it's the only way to go, trust up to a certain point. Your purchaser may be a criminal, the purchaser may also be wary that you're a criminal. I've pretty much given up trying to sell a great deal these days, it's either dumped or weighed in, just far too much trouble with the criminals.
Like buying a house, assume nothing until the money hits the deck.

I'd have someone with you though, definitely, but wearing a stab vest and a chemical protection suit and visor (knives and acid) might be bit OTT...

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Toys2

posted on 30/7/21 at 11:04 AM Reply With Quote
I always test a 1 transfer before, this is just to ensure that the details are correct

I have heard that the money can be recalled if it was in the buyers account fraudulently. even if you transfer it staight out of your accont, the origin bank can recall it, putting your account in the red

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SteveWalker

posted on 30/7/21 at 03:30 PM Reply With Quote
From what I have read, such a recall takes time. It may disappear from your available balance immediately, but it does not get transferred back to the sender straight away - giving you time to inform your bank and show them the receipt/photos of loading and they can then block the return.
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russbost

posted on 30/7/21 at 03:56 PM Reply With Quote
quote:
Originally posted by Toys2
I always test a 1 transfer before, this is just to ensure that the details are correct

I have heard that the money can be recalled if it was in the buyers account fraudulently. even if you transfer it staight out of your accont, the origin bank can recall it, putting your account in the red


To create a recall you'd have to show fraudulent activity, that's a whole bunch different to an incorrectly described car (not suggesting for one moment that the OP has done that!)

Buying any car SH, it is still a case of buyer beware, a private seller doesn't have any obligation re waranty etc.





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Don't forget Stainless Steel Braided brake hoses, made to your exact requirements in any of around 16 colours. http://shop.ebay.co.uk/furoreproducts/m.html?_dmd=1&_ipg=50&_sop=12&_rdc=1

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perksy

posted on 30/7/21 at 04:20 PM Reply With Quote
Thanks everyone for your comments, its appreciated

I feel a lot easier now and can see how this happens a lot

I suppose I can also see how the Covid pandemic has made this all a bit more normal than it used to be?

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femster87

posted on 30/7/21 at 06:12 PM Reply With Quote
quote:
Originally posted by theconrodkid
run away, sounds like a scam


Why? what if you don't load car when transporter arrives and you have transferred the money. I have done this several times. car transporter calls me to say car is here physically and can`be loaded. I make payment and they load

[Edited on 30/7/21 by femster87]





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ReMan

posted on 31/7/21 at 10:36 AM Reply With Quote
Lots of variables.
TBH the payment is less the issue. No different from a buyer turning up themselves and doing a bank transfer.
I did this when I bought a new car recently, i'd already set up as a payee and sent a small deposit, then did bank transfer at pick up, took 15 mins on a saturday.
As mentioned with any such transaction there comes a point where both parties have to trust all is well
So all you can do is as much homework as you can.

Nevertheless personally, for a specialist car as opposed to a ford fiesta, I would want to see it and drive/passenger it before I committed





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perksy

posted on 31/7/21 at 01:30 PM Reply With Quote
quote:
Originally posted by ReMan
Nevertheless personally, for a specialist car as opposed to a ford fiesta, I would want to see it and drive/passenger it before I committed



That's a very good point and one I'd agree with, but I've been really surprised by the number of folks who wanted to send a deposit and then pay for it without seeing it apart from a video and photos
One chap said "Well with the Covid thing, its become a new way of buying a car..."



The deal is on hold at the moment though because Mr Un-decided here isn't sure he can let the car go
I had a empty garage once and bloody hated it

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Toys2

posted on 2/8/21 at 08:29 AM Reply With Quote
quote:
Originally posted by russbost
quote:
Originally posted by Toys2
I always test a 1 transfer before, this is just to ensure that the details are correct

I have heard that the money can be recalled if it was in the buyers account fraudulently. even if you transfer it staight out of your accont, the origin bank can recall it, putting your account in the red


To create a recall you'd have to show fraudulent activity, that's a whole bunch different to an incorrectly described car (not suggesting for one moment that the OP has done that!)

Buying any car SH, it is still a case of buyer beware, a private seller doesn't have any obligation re waranty etc.


No, what I meant was, I read that...

If the funds in the buyers account was due to fraud (not sure how, maybe from a stolen credit card etc?)
Has pays the seller, seller releases the car, subsequently, the buyers bank find out about the fraud
They can recall the money from the sellers account, regardless of it the funds are still in the sellers account

I dont know how likely this is though?

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SJ

posted on 3/8/21 at 02:34 PM Reply With Quote
I bought my boat by electronic transfer - I went to collect and transferred 4500 to the seller and he saw it straight away in his account and I drove off with the boat.
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