Paying for your van

Sep 15, 2009
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learning
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
 
Apr 13, 2012
3,957
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20,541
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Mobilvetta Euroyacht
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1996, then break 'til 2011
BACs - bank transfer - bought a van and sold existing last week - both on-line bank transfers
  • (y)
 

PAGR

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Jun 3, 2013
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Arrange to visit a local branch of your bank with the seller.
 
Feb 24, 2013
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Bolsover, Derbyshire
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Hymer S800
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not long enough
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
 
D

Deleted member 29692

Deleted User
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.
 

irnbru

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Jun 27, 2013
9,452
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4 yrs
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.
 

haganap

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Dec 5, 2007
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I'm an oldbie
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:
 
Feb 24, 2013
10,681
32,093
Bolsover, Derbyshire
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24,833
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Hymer S800
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not long enough
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
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
 

DBK

Jan 9, 2013
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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.
 

daisy mae

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Mar 12, 2013
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Leicestershire
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I`m a newbie, now 1 year
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,
 
OP
PORKSTER
Sep 15, 2009
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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.
 
Mar 29, 2011
871
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Rugby UK
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15,848
MH
C Class RS
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2011
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.
 

Snowbird

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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.
 
Aug 14, 2009
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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.
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.
 

TheBig1

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Nov 27, 2011
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many many years! since I was a kid
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
 

Snowbird

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

Abacist

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Oct 15, 2013
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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/
 

pappajohn

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Aug 26, 2007
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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.
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.
 
Dec 31, 2010
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I have bought and sold mh privately. We transferred the money on line by computer. He input my account number into his laptop and transferred the funds I checked my account and within seconds the funds appeared in my account. I then transferred the money to another of my accounts just to ensure funds had cleared.
When I bought a mh I went them into their bank with my bank details and they asked the cashier to transfer the money to my account. We went and had a coffee and then 30 minutes later checked in my branch to confirm the money had come into my account.

Norman
 

BreweryDave

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Aug 10, 2011
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Use online banking - it's fast and free - but tell your bank beforehand so they know to expect it
I did this - and also did a small (£50) transaction the day before so it became a 'known' transaction.
 
Apr 19, 2008
7,575
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well over 5 years
you can do it through a solicitors. You pay the money to a solicitor, you phone the solicitor when you go to pick up the motorhome, the seller gives the solicitor the bank account details and the transfer is done pretty much instantly - just another option
 
Sep 3, 2013
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One year. A whole one!
If you think its a problem here in the UK, dont buy from a German, they are only interested in hard cash.
This is so true!

Buying Udo in Germany, I paid Euro 1,000 by BACS but the dealer wanted the Euro 17,000 balance in cold, hard cash. Getting that out of my bank was no problem. One sealed brown envelope.

But it was a little disconcerting taking that through Heathrow and onwards. It was a tiny package really and was perfectly legitimate, but there's no comeback if it goes missing.

On the other hand, it gave us the perfect opportunity to walk away if Udo hadn't met the description. He didn't. He exceeded it.

Then again, I've bought cars in the UK on my bank debit card as described above. One call and it's done. Very, very easy. The last time at the main dealer, they even said that cash makes no difference to them at all. They would have preferred finance.
 
Apr 13, 2012
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This is so true!


Then again, I've bought cars in the UK on my bank debit card as described above. One call and it's done. Very, very easy. The last time at the main dealer, they even said that cash makes no difference to them at all. They would have preferred finance.
They get commission on finance
 

Snowbird

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Apr 24, 2009
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I know this may come as quite a surprise to some, but 99.9% of people are honest law abiding people and no problem to do business with. If I buy something, I pay in cash, if I sell something I only except cash. I must have the worse credit rating in the world, but am happy in the knowledge that I dont contribute to the bankers stealth fund.
 

Debs

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Jun 9, 2014
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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.
Sorry what does the hpi guarantee do/ cover please?
 

Hobbytwo

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Feb 18, 2014
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Also consider Fast Payment Service (FPS) which is sometimes referred to as Fast Payment Instant (FPI). Just sold our car using this method, in which buyer & seller both go on line with their respective on line accounts, the transaction takes place, and in our case the transfer took place within 1 minute. Confirmation was then made on the phone with our bank 24hours service. The money due to us appeared as credit on our on-line account and there it is, done and dusted. The huge advantage we found in this is that once it appears on your account it is IN and it's yours and yours alone, well and truly IN, and CANNOT be "turned around" as you might say, and it didn't cost anything.
 
Sep 10, 2013
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Chelmsford Essex
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Getting better
Cash is king, but I have also used a bankers draft, but only one that I have been present at the bank from which it was issued and seen the draft being issued by the teller straight into my hot hands. Bankers drafts used to be gold plated secure but the advent of cheap top quality scanners and printers means that they are now vulnerable to fraud.
I like the idea of using a meeting room at the bank.
 
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