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Thread: Any problems handing over cash?

  
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    Any problems handing over cash?

    Hi,
    Me and the mrs are going to purchase a new car from a private seller tomorrow. Ive done HPI check - all came back ok. Person lives in a nice area, all looks legit etc etc.
    He's insisted on cash which i guess is fair enough. Can anyone see any problems with this? Ideally i would have given a bankers draft. I guess just make sure i get full receipt detailing everything -names, amount, when, reg, model etc?

    James

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    i hate handing over cash aswell,
    but a bankers draft is exactly the same as cash, no way u can get it back if something goes wrong,
    only difference with a draft is that its more risky for the seller as they never know if its a real draft,

    i would never trust a draft myself, cash is the only way,
    Drives - 08 Astra SRi XP 1.9CDTi 150

    Beer is living proof that God loves us and wants us to be happy.

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    Yeah i know what you mean. I guess with bankers draft though, at least you cant get robbed for it on way to collect car and least there is evidence when they pay it in that you handed over money. All the car buying advice sites state never to hand over cash, but what alternative is there?!

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    if u both are with the same bank you can do an instant bank transfer

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    Quote Originally Posted by jparnell
    Yeah i know what you mean. I guess with bankers draft though, at least you cant get robbed for it on way to collect car and least there is evidence when they pay it in that you handed over money. All the car buying advice sites state never to hand over cash, but what alternative is there?!
    there is no alternative to cash tbh,
    u just gotta go, make sure u get a recipt the log book and the keys to the car,
    at the end of the day, a car sold privately is always sold as seen so no matter how u pay as soon as u hand over the cash u got no comeback,

    and if ure worried about carrying the cash u got 2 options, put up with it ad just be as safe as poss and dont let anyone know u got it,

    or go see the car agree on a price etc then when its all confirmed both u and the seller go to the bank, withdraw the cash there and then and hand it to the seller or even better go to his bank (if different) and get him to pay it in,
    that way u both know 100% its ok,
    Drives - 08 Astra SRi XP 1.9CDTi 150

    Beer is living proof that God loves us and wants us to be happy.

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    Quote Originally Posted by SXiASTRA
    if u both are with the same bank you can do an instant bank transfer
    but be careful,
    if u were the seller u gotta remember that a bank trasfer can be returned the day after it goes through (and later if they really want the money back) so dont trust it,
    Drives - 08 Astra SRi XP 1.9CDTi 150

    Beer is living proof that God loves us and wants us to be happy.

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    Yeah good call. Like you said, i'll just be as safe as poss, and i appreciate I could drive car home and it blows up - would be my problem - fair enough.

    Whilst we're on the subject, when we get there, what do you advise me to check from a legal point of view? So far i got:

    V5 watermark
    V5 chassis no matches chassis no on car and HPI sheet.
    Ask for ID and match it to V5.
    Get full receipt.

    We obviously both fill in V5, who should send it off?

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    i too was asked to pay cash by a member on here for my car.... because of the complications with his private plate , he only got the log book back yesterday, i went straight over to drop off my draft and have to wait for it to clear..

    as mentioned above, it seems all legit, nice area, etc etc...

    on giving him the draft, i got the log book (as you can see in my sig), but his bank wont clear it til MONDAY and i wanted it for the weekend, so we;ve agreed that i can take it tomorrow, if i give him my passport as insurance, and recent bills (as proof of address) so he cant go wrong there, because i am 100% positive nowt dodgy about the draft, but fair play to him, i understand his points.

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    Quote Originally Posted by AndyR
    but be careful,
    if u were the seller u gotta remember that a bank trasfer can be returned the day after it goes through (and later if they really want the money back) so dont trust it,

    i do regular bank transfers between hsbc account and when i do them i always get told the transaction can not be returned once confirmed

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    and i know the funds are also availible immediatly

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