# Payment for private sale



## 113016 (Jun 5, 2008)

If you were selling your Motorhome, which payment method would you prefer? and what is the safest?
If you take the prospective private buyer to the Building Society of their choice and a cheque is issued there and then by the Building society, is this 100% safe?


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## karlb (Feb 22, 2009)

imo yes....but i would still want cleared funds.


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## Ian_n_Suzy (Feb 15, 2009)

Hello,

I am unsure if a Building Society Cheque can be stopped once issued (though I think not). I am almost certain that a Bankers Draft comes out of the account as soon as it is issued. This is how I received payment when I sold our Lunar 786 a few months ago, and it is how I intend to pay for our new van.

I certainly wouldn't release the van off any Draft or Cheque that I hadn't seen issued. I would wait until the funds had cleared.


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## time-traveller (Apr 23, 2007)

Grath said:


> If you were selling your Motorhome, which payment method would you prefer? and what is the safest?
> If you take the prospective private buyer to the Building Society of their choice and a cheque is issued there and then by the Building society, is this 100% safe?


Yes - I would say so as it will be a Bank Draft, not a cheque - better than cash as it wouldn't - couldn't - be a forgery if you were actually given it by the bank employee in Bank premises. As cast iron as you could get !


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## gnscloz (Oct 4, 2008)

recently sold a car for 20k went with buyer to his bank and watched him get bankers draft and then took him to my bank to deposit it spoke to cashier who said was better than cash as it was like getting a cheque written by the bank not the purchaser


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## billym (Dec 17, 2005)

a CHAPS transfer before 1 pm is as foolproof as you can get and is within 

a couple of hours complete. Take the buyer to the bank and leave someone

from the buyer's side and the seller's side with the motorhome giving them

a last minute tour of how things work. Costs about £ 25 but so what ?

That's what I would do...............


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## CliveMott (Mar 10, 2008)

Bankers drafts are no longer safe as some have been forged.

Go with the purchaser to the local branch of their Bank and get a BACS transfer done direct to your bank acount for immediate clearance. The go into your bank and get them to comfirm that the funds are recieved and have been cleared. Then give them the keys.

C.


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## teemyob (Nov 22, 2005)

*Chaps*



billym said:


> a CHAPS transfer before 1 pm is as foolproof as you can get and is within
> 
> a couple of hours complete. Take the buyer to the bank and leave someone
> 
> ...


Agree,

Done the same recently, buyer gave cheque, Due to having internet account I bottled out and withdrew from sale. He then did a chaps and everything was 100%.

Cash is good but only withing banking hours and meet buyer at bank.

Trev.


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## JohnsCrossMotorHomes (Jul 21, 2007)

Grath said:


> If you were selling your Motorhome, which payment method would you prefer? and what is the safest?
> If you take the prospective private buyer to the Building Society of their choice and a cheque is issued there and then by the Building society, is this 100% safe?


If the cheque/draft is issued in your presence at the branch and is payable to you, then its 100%

_(Just like my cheque, you sold it then Graham!)_

Peter


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## billym (Dec 17, 2005)

If the cheque/draft is issued in your presence at the branch and is payable to you, then its 100%

Peter[/quote]

BUT

......... can be cancelled..............

The trouble is that there is a general reluctance to trust anyone. The Bankers Draft takes time to clear. I would be reluctat to let something
of value go without the money actually in my bank.........cleared

NO system is 100% safe and to say so is ridiculous.


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## 2utopia (Jul 7, 2008)

The only methods of payment which are 'safe' are cash, preferably at your bank, or CHAPS, not BACS which takes 3 days to clear. If taking payment by CHAPS always contact your bank to ensure funds are in your account before handing over keys, it normally takes about 2 hours.


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## 113016 (Jun 5, 2008)

Thanks for the replies folks.
I do have a prospective buyer, however he lives far away in Sussex (we are in Stoke on Trent) and obviously does not want to make the journey twice. He has not seen the M/H but has seen many photographs and seems to want it subject to the condition as per the photo's (which it is)
He wants to view & pay and take away at the same time.
The other problem is that our Hymer is still in use with us & fully loaded with our stuff which would take ages & ages to remove. We would have preferred someone to view and if buying we would then remove our clobber and then give a good clean.
To remove & clean would probably take the best part of a day and he wants it this week and we work.
Maybe I will ask if he can wait until next week, giving us time to remove our bits & clean out.
Don't get me wrong, it is not dirty, but we would like to make sure it is spotless for the next owner.
By the way, I didn't know that Bankers Drafts & Building Society cheques could be stopped!


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## Rapide561 (Oct 1, 2005)

*Sold*

Hi

My thought reference payment for motorhomes - given in good faith based on 11 years working in a bank and changes to the banking system since.

1) Cash - note however - your bank or building society may want to see "proof" of the transaction. Also, the cash could be fake notes. Could you tell? You could also be fiven the twenty grand and a mugger be waiting to nobble you. Therefore, if you do settle with cash.....

a) Check with your bank that they are willing to accept such a large deposit over the counter

b) Take the motorhome buyer with you to your bank, pay the cash in and wait until every note has been checked.

c) Do not leave the motorhome unattended.

2) Bank draft - THIS IS NOT CLEARED FUNDS. NORMAL CLEARING TIMES APPLY. A bank draft is technically the bank's money as they have "sold" the draft to their customer. If you take a bank draft, insist on a clearance time with your bank. Also, the cheque book may have been stolen. You can however go with your buyer to their bank, watch them collect the draft from the counter staff etc.

3) BACS - avoid - this takes three working days and CAN be recalled. RECALLED means the senders bank can do just that - RECALL it, leaving you without money. (There are limited timscales for recalling - not three weeks on Tuesday etc)

4) Fasterpayments - avoid - this can be recalled like a BACS. Payment is received the same day but AS FAR AS I KNOW, it can be recalled upto 12.00 lunch time the next day (I am checking this today as last time I enquired, no bank knew he answer)

5) CHAPS - use this method as used by solicitors in property deals. This payment can be recalled but only when proved that a fraud was involved. There is a time scale though. The senders bank may need the full instruction by 11.00 (example only - and varies from bank to bank). The funds may leave his account at 11.05 and not land with you until 16.45. Do not accept a receipt saying funds are on the way.

This is not advice - but my experiences. Talk to your bank for advice.

DO NOT CONFUSE THE NEW FASTER PAYMENTS SERVICE WITH A CHAPS.

Russell


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## 113016 (Jun 5, 2008)

Yes, I did think about the cash route and as said, would I recognize dud notes?? I doubt it!
Another thought that I have had is to open up an account in the same Building Society/Bank as the prospective buyer. Then the money would go straight to me with maybe the same cashier. Cash would be ok with this route, but maybe the buyer would not like it.
Would this be advantageous?
off to work now, speak later and thanks again for replies.


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## catzontour (Mar 28, 2007)

Morning all

I'm not sure but isn't there a limit these days on the amount of cash anyone is allowed to accept in payment for anything (around £8,000 - to do with money laundering), or does that rule just apply to business accounts? 

Sue


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## rft (May 4, 2006)

*Re: Sold*



Rapide561 said:


> 3) BACS - avoid - this takes three working days and CAN be recalled. RECALLED means the senders bank can do just that - RECALL it, leaving you without money. (There are limited timscales for recalling - not three weeks on Tuesday etc)


I processed a Bacs payment yesterday which will not arrive in recipients account until tomorrow. I want to cancel but my bank says that this is not possible!


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## Ian_n_Suzy (Feb 15, 2009)

Some of you seem to be taking for granted that the Buyer MUST trust you with his money AND the item - yet no trust is coming the other way.

i.e - Pay me with a Draft, and when it clears x amount of days later you can have the item - sod that, how does the buyer know it isn't the seller that is pulling the scam? Isn't the saying "Buyer Beware "?

It cuts both ways and is sure to result in lost deals - I think alot of commoin sense needs to be used and if somehting seems to good to be true or looks dodgy then it probably is.


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## oilslick (Oct 3, 2007)

*one point...*

Many of the replies here state "and then go to your bank and cheque it has cleared..."

I personally would only accept that it had, if the bank were prepared to confirm this in writing.

Numerous times I have asked the Halifax things like "what interest rate if I open an ISA" only to find later that they have given me a lower interest rate, and "as I dont have it in writing" they arent interested. This sort of thing has happened a number of times now and I trust nothing that they say.

I sure wouldnt want to risk motorhome sort of figures to a verbal "yes it has cleared"!!


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## JohnsCrossMotorHomes (Jul 21, 2007)

Grath said:


> Yes, I did think about the cash route and as said, would I recognize dud notes?? I doubt it!
> Another thought that I have had is to open up an account in the same Building Society/Bank as the prospective buyer. Then the money would go straight to me with maybe the same cashier. Cash would be ok with this route, but maybe the buyer would not like it.
> Would this be advantageous?
> off to work now, speak later and thanks again for replies.


Hi Graham,

Easy answer, sit in our office and actually watch Gill transfer the money into your account whilst you drink your coffee  instant payment!

I am still actively looking to buy good MH's for no hassle cash.

Peter


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## davesport (Nov 12, 2006)

Perhaps a dullard reply from a non banking savvy person, but here goes.

What if you took the buyer to your bank & had them "switch" the money from their account into yours :idea: Is this possible & or safe :?: 

I paid for my MH at the dealer & neither he nor the bank had any problems with this. It raised a few security questions but I was done & dusted in less than ten minutes & there were no bank charges for doing things this way.

D.


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## foll-de-roll (Oct 29, 2007)

Hi Over the past few years I have used different methods of paying for and being paid for Caravans/Campervans and there is no obvious best method. I bought a Caravan in Holland took cash, owner and I went to his Bank and the Bank Teller counted and checked the money. No problems, other than walking around with a fair lump money you. 

Over the last few weeks I have bought and sold a Motorhome. The one I bought, we used the the Single Payment method, but you need the sellers Sort and Account number, it is fairly fast (2days) and free but, is limited to £9500. We sold through PAYPAL. Big mistake expensive and very slow (has taken over NINE DAY!!) Paypal is GOOD for buyers BAD if selling. 


You "Pays your Money" and takes you chance(sometimes a big chance)

Andy


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## twinky (Aug 11, 2008)

NEVER agree to paypal for selling expensive items. I think the fees are 3.9% and paypal can still withdraw the money back from you if the buyer enters a dispute against you. You could end up waiting months for your money.

On a £20k motorhome thats £780 8O


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## teal (Feb 23, 2009)

I paid the dealer by debit card and had no problem, bank/card asked me a few questions and it cleared.


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## 113016 (Jun 5, 2008)

I have been into my local bank today and I have been told that Chaps can be immediate or end of day but many banks & building society's have a limit on the amount.
Bacs takes 3 days to clear.
Bankers drafts can go wrong if not enough funds in the account later in the day.
Building society cheques can also fail for the same reason.
Then I spoke to a different branch and I was told that Building Society cheques cannot be stopped.
Bankers drafts cannot as the funds are removed from the buyers account when the draft is issued and goes into the sellers account at end of day.

Both confirmed that cash is the safest and best to go to the sellers bank and be there when the funds are withdrawn and either pay it straight into the same bank but in your account or both the seller & buyer go to the sellers bank and deposit the cash.
Then and only then, hand over the keys.
Gets more confusing by the minute but cash is definitely king, but this could put any prospective buyer off.

I would accept these terms if I was buying however as a buyer I would not be happy to pay in full and wait for clearance in a few days time.
Cash is best


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## Rapide561 (Oct 1, 2005)

*Re: Sold*



rft said:


> Rapide561 said:
> 
> 
> > 3) BACS - avoid - this takes three working days and CAN be recalled. RECALLED means the senders bank can do just that - RECALL it, leaving you without money. (There are limited timscales for recalling - not three weeks on Tuesday etc)
> ...


Hi

The bank can recall the payment, you cannot. For example, you have a £1000 overdraft limit and are bang on your limit. A £50 standing order sneaks through and pushes you ober your limit. This happens on Monday morning. As far as I am aware, this can be recalled by your bank up until lunchtime the following day.

R


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## Rainbow-Chasers (Sep 2, 2008)

Just pay for express clearing, that way the bank call and confirm with the issuer, and from there it is guaranteed - still takes 3 days! But what i would suggest is, if they do wish to pay by that method, they collect when the funds have cleared! No -one would expect anything else really! I certainly wouldn't expect to give someone a draft or cheque and take the vehicle away like cash.

Cheques and drafts CAN be refunded up to three months - despite them clearing - but when you get secure/guaranteed clearance, then the fee you pay insures you against the amount!

I was given a forged bankers draft once! Luckily i secure cleared it as i found out that it was perfect in every way except that they had the sort code wrong for the bank that is was 'issued' at! Needless to say that was the last i saw of them, and had insisted on waiting until cleared before they collected the vehicle. Don't let that put you off, as these cases are rare, but fairly common if purchasing online.


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## CliveMott (Mar 10, 2008)

Perhaps I meant CHAPS and not BACS!

I understand that there is a good market for clean low mileage relatively youthfull motorhomes at the moment. "This is where the money is" said one dealer. "Not a lot of money to be made with new vans at the moment".

So, if someone wants to buy your van make sure you get a price you are happy with.

C.


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## r6demon (Aug 18, 2008)

Rainbow-Chasers said:


> I was given a forged bankers draft once! Luckily i secure cleared it as i found out that it was perfect in every way except that they had the sort code wrong for the bank that is was 'issued' at! Needless to say that was the last i saw of them, and had insisted on waiting until cleared before they collected the vehicle. Don't let that put you off, as these cases are rare, but fairly common if purchasing online.


I had the same thing, took the bankers draft to the bank and they checked it out as i thought it might be forged. they told me everything was 100%, it then cleared but 6 days later they pulled the money back saying it was a fraudulent draft! Fortunatly i did not release the item!


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## Mrplodd (Mar 4, 2008)

Cash or bank confirmed cleared funds BEFORE parting company with anything !!!!


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## raynipper (Aug 4, 2008)

Hello Grath,
I am in a 'scam' group in the states and it's not unknown for a bankers draft or building society check to be proved false SIX WEEKS after you being informed the funds have cleared.!!!

Some of these bogus drafts end up bouncing all the way back to Africa.

But then sometimes we have to trust people. I sent a cheque to the seller of my Hobby in Sunderland having only seen photos. He duly delivered it to Poole docks for me.

Ray.


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