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What are the best ways of buying a vehicle privately without involving cash?
When buying vehicles from private sellers, there are two methods of payment not involving cash that I have used. Both require the seller to accompany me to a branch of my bank or building society. One method requires the cashier to make out a bankers draft to the seller, in his presence, which I then present to him. The other requires the cashier to enact a CHAPS payment to the seller's account, once again, in his presence. Whilst the cost of the latter may be £20-£35, this has never been a "deal-breaker". Are there any pitfalls with either method that a buyer or seller should be aware of?
Asked on 5 March 2011 by PD, Potters Bar
Answered by
Honest John
That makes sense. It prevents revocation gets around the security problem, and also gets around the problem of the bank not allowing large cash transactions.
Tags:
buying
private sellers
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