Selling - payment

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Wing Commander
Posts: 12416
Joined: Tue Oct 06, 2015 5:43 pm
Location: Swindon

Re: Selling - payment

Post by Wing Commander » Wed Oct 10, 2018 7:22 pm

That is a brilliant post, Nosmo! You should be a personal finance journalist, if you’re not already! ;)

For electronic transfers, I can transfer £9,999 numerous times in a day without the cost of a CHAPS transfer. I did this 4/5 times in quick succession when I bought my Macan from Porsche Swindon. :)
Sold: 2016 Rhodium Silver Macan 2.0
Sold: 2013 Platinum Silver 911 (991.1) C2
Sold: 2017 Carmine Red Panamera 4
Mine: 991.2 Carrera T Racing Yellow http://www.porsche-code.com/PJCIIPK4


Mike and his Macan
Posts: 630
Joined: Thu Apr 20, 2017 4:37 pm

Re: Selling - payment

Post by Mike and his Macan » Wed Oct 10, 2018 7:27 pm

Good write up.... have sold numerous vehicles this way privately, regardless of cost, all sales should be done on the sellers terms, if they are not happy... walk away.
Macan GTS.Vol/ grey turbo 21s, Bose, Panroof, heated seats and steering wheel, 18 way , red belts, LEDs, light comf mem, privacy , compass, 18 spare wheel, aluminium inserts, auto dim mirrors, smoked,r/rails,p/assi. CAYMAN GTS now 😊


MCDK
Posts: 1491
Joined: Wed Jan 20, 2016 8:54 pm

Re: Selling - payment

Post by MCDK » Wed Oct 10, 2018 7:37 pm

I sold my wife's Golf GTD last year and got plenty of time waster phone calls. Got one guy to visit and knew he was a no hoper and clearly wanted the car to resell. He looked around it and made absolutely no comment as it was immaculate. He asked my price, I told him it was advertised keenly, he said he could go no more than £1000 below my asking price and said what would you say to that ?

"Goodbye" was all I said and led him out of my garage. Nothing else said except him and wife muttering as they went to their car.

Then got the most perfect genuine seller a few days later who loved the car from first sight and didn't mind telling me. Totally open and honest. I even gave him a couple of hundred off as he was so good a buyer eventhough I'm sure he would have bought at full price.


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Bigboyrolo
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Joined: Wed Mar 18, 2015 9:33 pm

Re: Selling - payment

Post by Bigboyrolo » Wed Oct 10, 2018 7:44 pm

MCDK wrote:
Wed Oct 10, 2018 4:49 pm
Definitely not cash! Bank transfer is the only way and check with your bank the funds are there and can't be recalled. There are some electronic methods that can be recalled so just make sure that is not the case.
Cash is king, if handled in the proper way.
About 10 years ago I sold a Merc to an insistent buyer for £22,000 cash. Without seeing the car, the caller was certain he would pay my asking price plus £500 extra for my private reg, too good to be true really. I took a friend (Karate black belt) and insisted we meet in a Barclays Bank car park I know (video surveillance), 4 of them came in 2 cars, the sale was agreed, I kept the keys while we went into the bank with a plastic bag full of cash. It was counted by machine, all was good and immediately credited to my account, we completed the V5 in the bank, I gave them both keys, they drove the car away. I saw them about a year later as a prosecution witness in Hemel Hempstead Court, they were charged with theft and money laundering. One of them worked in the accounts dept of a mobile phone company and made occasional cheques out to their 'company', over £3million in all. They were buying quality cars at the asking price and shipping them abroad. They were found guilty at the very end of the court day. Sting in the tail ..... The private security firm had no-one to take them into custody so the Judge released them overnight with instructions to return next day for sentencing - you guessed it, none them turned up.
"Every year is getting shorter, never seem to find the time" courtesy Pink Floyd.
2016 Panamera S e-Hybrid Met Black/Cream
S VG/Luxor, sold @ 1yr old/9700 miles March 18
SD Dark Blue/ Pebble, sold @ 1 yr old/16k miles Dec 16


Col M
Posts: 490
Joined: Sat Nov 11, 2017 9:12 pm

Re: Selling - payment

Post by Col M » Wed Oct 10, 2018 8:03 pm

Wing Commander wrote:
Wed Oct 10, 2018 7:22 pm
That is a brilliant post, Nosmo! You should be a personal finance journalist, if you’re not already! ;)

For electronic transfers, I can transfer £9,999 numerous times in a day without the cost of a CHAPS transfer. I did this 4/5 times in quick succession when I bought my Macan from Porsche Swindon. :)
My Barclays online banking same day transaction limit is £50K which they "weren't aware of" when they said they'd do a CHAPS transfer for me for a mere £25 fee!
Expired Porsche code PJVNAUH5 Rhodium SD :roll: Agate & Pebble


Bogus
Posts: 138
Joined: Tue Mar 07, 2017 12:40 pm

Re: Selling - payment

Post by Bogus » Wed Oct 10, 2018 8:12 pm

Bigboyrolo wrote:
MCDK wrote:
Wed Oct 10, 2018 4:49 pm
Definitely not cash! Bank transfer is the only way and check with your bank the funds are there and can't be recalled. There are some electronic methods that can be recalled so just make sure that is not the case.
Cash is king, if handled in the proper way.
About 10 years ago I sold a Merc to an insistent buyer for £22,000 cash. Without seeing the car, the caller was certain he would pay my asking price plus £500 extra for my private reg, too good to be true really. I took a friend (Karate black belt) and insisted we meet in a Barclays Bank car park I know (video surveillance), 4 of them came in 2 cars, the sale was agreed, I kept the keys while we went into the bank with a plastic bag full of cash. It was counted by machine, all was good and immediately credited to my account, we completed the V5 in the bank, I gave them both keys, they drove the car away. I saw them about a year later as a prosecution witness in Hemel Hempstead Court, they were charged with theft and money laundering. One of them worked in the accounts dept of a mobile phone company and made occasional cheques out to their 'company', over £3million in all. They were buying quality cars at the asking price and shipping them abroad. They were found guilty at the very end of the court day. Sting in the tail ..... The private security firm had no-one to take them into custody so the Judge released them overnight with instructions to return next day for sentencing - you guessed it, none them turned up.
Not anymore.. too much of money laundering risk. I prefer electronic transfer anyday..

Sent from my SM-N960F using Tapatalk

Macan Turbo PP - Collected June 2018
LED PDLS, Pano, Air Susp, ACC, Entry & Drive, 21" Turbo 2 wheels, LDW, Heated front & rear seats, Turbo Interior Packagae, PSE
Panamera 4S (970.2) - Sold May 2018
911 C4S (991.1) - Sold May 2017


Kasfranks99
Posts: 2367
Joined: Thu Jul 28, 2016 8:38 pm

Re: Selling - payment

Post by Kasfranks99 » Wed Oct 10, 2018 8:48 pm

Nosmo great info 👍. Brilliant write up.

I have sold privately before successfully (some time ago) and it’s always on my terms.
Never had any issues.
GTS 😀


goron59
Posts: 5405
Joined: Sun Aug 09, 2015 10:15 am

Re: Selling - payment

Post by goron59 » Thu Oct 11, 2018 7:16 am

There are cases where a bank transfer can be recalled. My bank outlines the cases where a payment is "made by mistake" or otherwise disputed.

Eg:

Screenshot 2018-10-11 at 07.10.37.png

But also:
If a payment is made into your account as a result of fraud we can deduct it from your account at any time.

They'll treat it as an informal overdraft from you if this leads to you account either:
* going overdrawn and you don't have covering o/d facility or
* going over an existing o/d facility.
Which seems to be a nice catch all.

So moving the money to another account so they "can't take it back" doesn't really work.

Ultimately, if someone is going to try to receive goods by fraud or deception, you're fucked and will have to get the police involved.


Edit: to say that this has actually happened to me. Many moons ago, I was overpaid by bank transfer and the payer raised a recall request due to the mistake. I had already. moved the money away to a savings account, so the first I heard about it was Barclays charging me for the not having enough funds in my account to pay it back. Needless to say I stopped banking with Barclays shortly afterwards, but the above T&Cs is from First Direct.
2016 Macan Turbo PHCKCL70


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Ray G
Posts: 233
Joined: Wed Feb 10, 2016 11:45 am

Re: Selling - payment

Post by Ray G » Thu Oct 11, 2018 7:36 am

Great post Nosmo. 👍
Current: Macan SD Volcano Grey
Previous: Cayenne SD then Cayenne S


User avatar
Nosmo
Posts: 2020
Joined: Mon Jan 06, 2014 5:37 am

Re: Selling - payment

Post by Nosmo » Thu Oct 11, 2018 11:28 am

goron59 wrote:
Thu Oct 11, 2018 7:16 am
There are cases where a bank transfer can be recalled. My bank outlines the cases where a payment is "made by mistake" or otherwise disputed.

Eg:
Screenshot 2018-10-11 at 07.10.37.png

But also:
If a payment is made into your account as a result of fraud we can deduct it from your account at any time.

They'll treat it as an informal overdraft from you if this leads to you account either:
* going overdrawn and you don't have covering o/d facility or
* going over an existing o/d facility.
Which seems to be a nice catch all.

So moving the money to another account so they "can't take it back" doesn't really work.

Ultimately, if someone is going to try to receive goods by fraud or deception, you're fucked and will have to get the police involved.


Edit: to say that this has actually happened to me. Many moons ago, I was overpaid by bank transfer and the payer raised a recall request due to the mistake. I had already. moved the money away to a savings account, so the first I heard about it was Barclays charging me for the not having enough funds in my account to pay it back. Needless to say I stopped banking with Barclays shortly afterwards, but the above T&Cs is from First Direct.

A sales receipt which I had asked him to sign plus the recorded convo at his bank asking for the transfer as well as his affirmative response (during his call to the bank) to the question if he made the payment of his own accord (twice) seems pretty watertight to me. Also, the V5 contained his signature when I sent it back to the DVLA.

Edited to say: Clearly, there will always be chancers. Trying to cover most angles to allow you to show the authorities that you have really sold a car seems logical and wise, especially with the amounts involved. I would also not accept cash, however tempting. Cash, nowadays, seems a way to launder. Anyone with this sort of money to spend has a bank account with all associated technology to move it and should have no (obvious) reason to have this much in cash. There is no right or wrong here, just steps to minimise risk.
Deposit paid 14/12/13 - Picked up on 14/03/15.PF9FZLV2
GTS: PHVVUV96 Picked up on 16/06/16
Cayman GTS on order - due for delivery Nov '18


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