Paying for your van

Discussion in 'Motorhome Chat' started by PORKSTER, Jul 15, 2014.

  1. PORKSTER

    PORKSTER Funster

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    If any of you have bought a van private sale for tens of thousands rather than a few thou how did you safely go about the money side. I dont want to walk around with that kind of money and i certainly wouldn't want to accept that kind of money cash myself. Im looking at a van now and its at top of country as good as so i wont be having a look and returning I need to do deal there that day. As always any help be great thanks in advance Paul
     
  2. vwalan

    vwalan Funster

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    cash is king . gets the best deals .
     
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  3. Barclaybasher

    Barclaybasher Funster

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    BACs - bank transfer - bought a van and sold existing last week - both on-line bank transfers
    • (y)
     
  4. PAGR

    PAGR Funster Life Member

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    Arrange to visit a local branch of your bank with the seller.
     
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  5. DavidG58

    DavidG58 Funster

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    BACS is good, but we have a 20K daily total limit, so could still be an issue for an 'on the day' deal

    But to get a few thousands out of the bank is not going to be easy, let alone the risk of carrying it around
     
  6. NickNic

    NickNic Funster Life Member

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    For bigger amounts that that you can use CHAPS instead of BACS. You need to go into a branch and sign a form, they charge you about 30 quid and it's same day.
     
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  7. irnbru

    irnbru Funster Life Member

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    We paid ours with debit card. The seller who was actually a car dealer had to phone for authorisation of some sort, said it happened frequently with kinda large purchases.
    I would make sure if buying private you get an HPI check done and rechecked immediately before parting with any money.
     
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  8. haganap

    haganap Funster Life Member

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    I have experience of this having helped a fellow funster deal with a wild boy who insisted on cash. we done the deal in the sellers towns branch of the buyers bank. Telephoned beforehand to set up a date, re-inspected the van, got all the documents ready, went to the bank with him, got given a transaction room, withdrew money, handed over docs, thank you and good bye.

    On another occassion I had to dive through Tranmere with 17k in cash in a brown envelope from the buyers bank to my bank after there was a hic up with a BACS transfer where they insisted on charging £50 for the service because of the ammount of transaction. He ended up withdrawing cash in a strop with the bank and giving it to us.... Very scarey walk, it was like the whole town knew we had the cash on us :mad:
     
  9. DavidG58

    DavidG58 Funster

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    I think you are going to have to factor in a return journey, it will also give you thinking time

    Out of a £20K + possibly ++ MH the cost issue is insignificant

    Good luck though
     
  10. John Laidler

    John Laidler Funster

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    You could use a banker's draft, which is like a cheque which doesn't bounce. There will be a fee, perhaps £15. It will have to be made out in advance in the name of the seller. Speak to your bank and also the seller so they are happy with it. They may want to go to their bank on the day of sale so the bank can assure them it is bona.
     
  11. daisy mae

    daisy mae Read Only Funster

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    When I bought my first one privately, I paid £2000 cash as deposit, then went with a bankers draft for £16000, next one to a dealer, paid deposit of £3000 by debit card and then arranged with my bank for a week later for the £21000 which was in my bank, was given a code for the dealer, had to ring up and wait for it to be processed then it was into the dealers bank account after a few minutes, I was worried in case anything went wrong as I had never paid this way before, I always pay by cash, this was cash but paid a different way, to pay by actual cash in the hand the limit now is £9000 by law,
     
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  12. PORKSTER

    PORKSTER Funster

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    I have messaged seller asking what he thinks and will have to talk to my Bank appears to be plenty of options. Im 90% sure its the van for me I am happy with sellers answers hes provided me with everything I have asked for thus far. Infact he has been far better than any dealer i have come across recently.
     
  13. TheDogMan

    TheDogMan Funster

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    When I bought mine.... A HPI check told there was finance with Black Horse, the seller did not know I knew but told me when I asked which was a good sign, on collection day the bank gave me a number to ring because of the large amount involved, first I paid Black Horse direct to clear the finance on the phone by card from the sellers house, next as they had a business I paid them the balance on my debit card but we had a lot messing about getting it through, at one stage the sellers said I could take and settle the next day but it did in end go through, I was lucky that I dealt genuine folks.
     
  14. ukbill

    ukbill Funster

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    use Tesco points :)
     
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  15. Snowbird

    Snowbird Funster Life Member

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    If you think its a problem here in the UK, dont buy from a German, they are only interested in hard cash.
     
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  16. emmitdb

    emmitdb Funster

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    Whilst Bankers Drafts are a very acceptable means of paying for a large item, it has been known for even these to be forged.

    When my daughter sold her Disco. the buyer went with her to her bank and the transaction was done by them in the premises with the assistance of the bank.
    I wouldn't accept a cheque or any other piece of paper personally. It has to be electronically transferred between banks for me.
     
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  17. TheBig1

    TheBig1 Funster Life Member

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    i wont go into details, but i have bought quite a few vans for cash, even over £25,000. if nobody else knows you are carrying large sums of cash, then there is little risk. after all £25k s only 500 small pieces of paper if you use £50 notes
     
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  18. Snowbird

    Snowbird Funster Life Member

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    Much less if paying in Euros with 500 Euro notes. 50000 will easily fit in your inside pocket.
     
  19. Abacist

    Abacist Funster

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    BACS is not usually appropriate as it is a three day service. Day 1 the buyer sends the BACS request to his bank, Day two the bank deals with the transaction and Day 3 the money is in the sellers bank account.

    CHAPS is the way to go and this is what is used for house sale transactions unless you have personal internet banking not limited by some daily transaction limit which is common.

    With CHAPS you fill in a form with all the details and pay a fee of about £15 and deliver it to the bank before the cut-off time and the transaction should go through that day. I say should because it has been known for there to be too many to deal with on the day and some get pushed to the next day so don't pick Friday to do a deal as it might get delayed to Monday. Find out the cut-off time and get your form in well before then! The money is cleared funds.

    http://www.payyourway.org.uk/payments-explained/chaps/
     
  20. pappajohn

    pappajohn Funster Life Member

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    and to make the HPI guarantee valid you must enter the V5 reference number BEFORE the seller sends his part to DVLA.
    once its in your name its too late and the guarantee is void.
     
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