How to get payment when selling a car?

[Time Waster]

We've got a buyer for our camper and agreed a price. How do we do the transfer of money and vat ownership?

So we're a new payee for him so app and online banking might not have enough payment limit.

Also, he's looking to visit, test drive and probably pay tomorrow. Not a banking day. So I'm guessing it won't clear until Monday. I think he should then expect to only pick the van up on Monday once payment has been cleared.

The timeline in my head is this. Sunday test drive (we're getting temp insurance cover for that). He confirms the agreed selling price and I guess the ceremonial shaking of hands. Sunday or even Monday he arranges payment into our account. Monday we check our account has the money in it. For added piece of mind we transfer to a second account. Then we contact the buyer to hand over the van, keys, and v5 new owner slip. We then watch the van being driven away. We then fill in the rest of the v5 log book and send it off to DVLA or whatever the org is now called. We then relax as the deal has been done.

Then in a week or two we go out looking for a new main vehicle.

Does that sound like the way to go about it? My partner is getting hung up on the payment limits. IMHO that's not our issue but theirs. We only hand the van and new owner v5 slip over once we have the money.

 

[glasgowcyclist]

My partner is getting hung up on the payment limits

Limits vary between banks. Virgin Money allows £30,000, Bank of Scotland is £25,000. As you say, that’s the buyer’s problem and he won’t get the vehicle until you get paid.

 

[slowmotion]

I think that First Direct's limit for electronic transfers is a little under £50k.

I might be wrong.

Edit: I just checked and it's true. You can send another £50k the next day, I think.

 

[Moodyman]

Larger payments to a new payee are likely to trigger security checks by the bank. It might be prudent for the sender to send you a couple of small payments on Sunday. Say, £2 and £8 a few hours apart. Then on Monday to send the larger amount.

 

[Time Waster]

Larger payments to a new payee are likely to trigger security checks by the bank. It might be prudent for the sender to send you a couple of small payments on Sunday. Say, £2 and £8 a few hours apart. Then on Monday to send the larger amount.

I did think about that. I mean mobile networks do that when you first sign up with them, but probably for other or additional reasons.

 

[Regular.Cyclist]

Larger payments to a new payee are likely to trigger security checks by the bank. It might be prudent for the sender to send you a couple of small payments on Sunday. Say, £2 and £8 a few hours apart. Then on Monday to send the larger amount.

This can trigger the suspicious payments system too. My wive recently sent a holding deposit for a car she was buying, only a couple of hundred pounds. That sailed through without an issue. The balance payment got flagged and she had to jump through a lot of hoops to get it released.

Seems ne’er do wells use test payments before moving to larger amounts.

 

[presta]

How much simpler it all was when you just go and look at a car advertised in the local paper, take it for a run, then go back a day or two later with a cheque from the building society. There's progress for you.

 

[vickster]

Cash 👍

 

[BigSid]

Cash 👍

Gold!

 

[CXRAndy]

My old boss sold his Rolls Royce under a bridge in Leeds city centre at 8 pm at night.

£40k in pounds notes exchanged 😲🤣

 

[stephec]

My old boss sold his Rolls Royce under a bridge in Leeds city centre at 8 pm at night.

£40k in pounds notes exchanged 😲🤣

Jesus!

Are we likely to see a film about his life starring either Bill Murray or Craig Fairbrass?

 

[Psamathe]

My old boss sold his Rolls Royce under a bridge in Leeds city centre at 8 pm at night.

£40k in pounds notes exchanged 😲🤣

Jesus!

Are we likely to see a film about his life starring either Bill Murray or Craig Fairbrass?

When I moved to France I quit my job but they asked me to keep working but from France, no meetings, no need to return to UK just do hours as and when it suited me. But I got a French accountant to do my French income tax (ISR & ISF) and he highlighted that my "arrangement" was not legal under law and that the UK company must "normalise" it (and he was obligated to report it or lose his license to practice).

So I negotiated with UK company and finally another non-exec board member said he visited France several times a year and we could meet-up and he'd give me a briefcase of cash and UK authorities don't question anything cash if it's below £20k (he seemed to have experience of this). So we'd meet in a car park somehwere, he'd give me a briefcase full of cash, then wait for next visit in a few months, etc.

I declined the offer.

Ian

 

[Drago]

I personally never turn down briefcases full of cash.

 

[ClichéGuevara]

When I moved to France I quit my job but they asked me to keep working but from France, no meetings, no need to return to UK just do hours as and when it suited me. But I got a French accountant to do my French income tax (ISR & ISF) and he highlighted that my "arrangement" was not legal under law and that the UK company must "normalise" it (and he was obligated to report it or lose his license to practice).

So I negotiated with UK company and finally another non-exec board member said he visited France several times a year and we could meet-up and he'd give me a briefcase of cash and UK authorities don't question anything cash if it's below £20k (he seemed to have experience of this). So we'd meet in a car park somehwere, he'd give me a briefcase full of cash, then wait for next visit in a few months, etc.

I declined the offer.

Ian

I always find it intriguing that the briefcases always seem to be exactly the right size so they are full of cash, never half or three quarts.

 

[Regular.Cyclist]

Many years ago I had to move just under £55k that had come into one bank account to another account to pay parts bills. The bands were opposite each other on a main street in town. Online banking wasn’t a thing and telephone banking wouldn’t let me do the transfer on the phone.

I popped into the branch to, again, be told that they wouldn’t do the transfer, at least in a single transaction, but I could do it over several days. Somewhat bizarrely, when I chanced my arm, they were perfectly happy to hand me £55k in cash to walk across the street and pay it in there. I expected the Spanish inquisition when try to pay the cash in but the receiving bank’s staff where baffled by the decisions of the bank opposite and took it without question.