Paying for a Private sale under lock-down

[Backhill1]

I am considering a change of car mainly as a few have come up of interest recently for what ever reasons.
Generally i always buy my cars down south, less salt / corrosion, better spec and mostly motorway miles.
For all the miles i am doing this is not warranted or justified and who know if i proceed much further.
I can manage the tech element via questions videos etc and even collection via a courier etc.
Where i am now struggling is the payment element?

Whats peoples thoughts as a safe way to transfer the money / transaction when you are not there?

I am an honest person and generally find most people the same (especially Volvo owners) but also transferring a large sum without goods leaves me very exposed.

The best i can think of is nominal deposit to secure the purchase.
Courier booked date / time agreed.
Car collected on back of trailer, courier confirms V5 / Address.
Transfer funds via and seller confirms receipt before allowed to depart?

At this point really im in the hands of the courier and only risk is the deposit?

Any other thoughts ideas to provide protection to me the buyer and also make the seller feel secure about the deal?

All the old rules don't apply at the moment, meet at the home, check there address, have a test drive, negotiate etc and transfer funds and drive away.

I've seen a car i am really keen on by my head is saying this is just not the right time to be taking risks. Bought unseen no warranty or liability and not exactly a bargain compared to what dealers are selling for.
But then i know the D5 with full dealer history is one of the most reliable engines ever made.

It seams crazy that auto trader etc have not thought of providing some sort of service to help the private buyer.

Thanks in advance.

[DaveNP]

You might try looking at Escrow Services, it's a fairly common business practice.

Basically you send the funds to an independent trustable 3rd party - the escrow service, they tell the seller you've put up the money, seller releases car to you, you confirm receipt of car as described, escrow service releases funds. The one I found with a quick google only charges a few pounds per party to the transaction and also included provision for an arbitration service if needed but say most of the transactions go straight through with no complications.

As you say, surprising that the likes of Autotrader haven't got something like this set up.

[XC90Mk1]

Originally Posted by Backhill1

I am considering a change of car mainly as a few have come up of interest recently for what ever reasons.
Generally i always buy my cars down south, less salt / corrosion, better spec and mostly motorway miles.
For all the miles i am doing this is not warranted or justified and who know if i proceed much further.
I can manage the tech element via questions videos etc and even collection via a courier etc.
Where i am now struggling is the payment element?

Whats peoples thoughts as a safe way to transfer the money / transaction when you are not there?

I am an honest person and generally find most people the same (especially Volvo owners) but also transferring a large sum without goods leaves me very exposed.

The best i can think of is nominal deposit to secure the purchase.
Courier booked date / time agreed.
Car collected on back of trailer, courier confirms V5 / Address.
Transfer funds via and seller confirms receipt before allowed to depart?

At this point really im in the hands of the courier and only risk is the deposit?

Any other thoughts ideas to provide protection to me the buyer and also make the seller feel secure about the deal?

All the old rules don't apply at the moment, meet at the home, check there address, have a test drive, negotiate etc and transfer funds and drive away.

I've seen a car i am really keen on by my head is saying this is just not the right time to be taking risks. Bought unseen no warranty or liability and not exactly a bargain compared to what dealers are selling for.
But then i know the D5 with full dealer history is one of the most reliable engines ever made.

It seams crazy that auto trader etc have not thought of providing some sort of service to help the private buyer.

Thanks in advance.

I think in many respects it depends on the sale. I believed a trader would deliver to you then you could pay. Private is different.

Personally as a private seller I wouldn’t get involved with escrow.

How much were you thinking of paying?

There are a great deal of dodgy persons out there.

I bought a car from a dentist once, totally nice and middle class only the car had outstanding finance! I was fortunate to have the finance company discharge the finance but I did have to get a solicitor etc. I think of myself as very smart and yet it is easily done.

Total cost to me was about £90.00 but it could have been much worse!!!!

[Backhill1]

Originally Posted by DaveNP

You might try looking at Escrow Services, it's a fairly common business practice.

Basically you send the funds to an independent trustable 3rd party - the escrow service, they tell the seller you've put up the money, seller releases car to you, you confirm receipt of car as described, escrow service releases funds. The one I found with a quick google only charges a few pounds per party to the transaction and also included provision for an arbitration service if needed but say most of the transactions go straight through with no complications.

As you say, surprising that the likes of Autotrader haven't got something like this set up.

Thanks i will look into this as its making a private sale a bigger risk than normal against a trader.

[Backhill1]

Originally Posted by XC90Mk1

I think in many respects it depends on the sale. I believed a trader would deliver to you then you could pay. Private is different.

Personally as a private seller I wouldn’t get involved with escrow.

How much were you thinking of paying?

There are a great deal of dodgy persons out there.

I bought a car from a dentist once, totally nice and middle class only the car had outstanding finance! I was fortunate to have the finance company discharge the finance but I did have to get a solicitor etc. I think of myself as very smart and yet it is easily done.

Total cost to me was about £90.00 but it could have been much worse!!!!

You have hit the nail on head as i tend to trust people a bit much.
Im fortunate where i stay that most people are honest and genuine but its just that rouge element that mess it up.

Why would you not use escrow?

I always hpi check any car i buy which should protect against finance etc but never had to use it in earnest.

Im looking at something in the 10k region.

[Laird Scooby]

Originally Posted by Backhill1

Why would you not use escrow?

I always hpi check any car i buy which should protect against finance etc but never had to use it in earnest.

Im looking at something in the 10k region.

Escrow isn't that well known compared to Paypal for example but i don't believe even Paypal offer something along the lines of the services you need.

Do you perhaps have a trusted friend near the locaation of the prospective purchase that firstly you could trust with the money and secondly trust to inspect the car? If so, said friend could inspect the car (abiding by Covid guidelines of course) and if approved, pay the seller. If you timed it right, the courier would be on stand-by to collect the next/day after or at least soon after.
If you didn't trust your friend with £10k but trusted them enough to inspect the car, you could then pay by bank transfer to the seller who would then hand over keys and documents to your friend who would then pass them on to the courier.

I know this is a contorted series of events but as the old saying goes, desperate times call for desperate measures.

If this idea doesn't work for you, maybe it will spawn an idea of your own that could work - if you're a member of the AA/RAC etc, they usually offer vehicle inspections for a nominal sum, that might be another option for the inspection.

[DSK]

I'm old fashioned and do cash, or bank transfer/bank draft at the bank only. Bit a of a pain for the sort who tap their phones everywhere to pay for stuff but, I've never had any seller object to this.

A few points to note.

1. sadly the world and people are becoming more corrupt by the day, so its down to you to satisfy your money's security, no anyone else. Don't trust anyone.

2. Recent bank transfers I've done, they now state that they won't be able to recover/insure funds if it all goes wrong.

I have sold a couple of my properties down south and moved back to the midlands. Similar to you, I want to add another car to the fleet anything like a CLS55/63 bi turbo or 997 Turbo. Due to restrictions, a couple of potential contenders have cropped up and I always happily travel the breadth and width of the country for the right car but, due to the current situations, I'm simply not rushing it. I won't buy anything without a viewing and test drive and the payment methods stated above as ones persons example of mint differs from another's.

Vehicles will always come up, just buy at your own pace and level of comfort, its only your money at risk!.

[ITSv40]

As a private seller I would only be interested in dealing with someone who either paid in cash on collection or bank transfer - prefer bank transfer as fake notes can be an issue with cash.

I assume the car in question is a long way from Aberdeen and therefor a desirable spec/exceptional condition/bargain price. As such the seller will be able to sell without much difficulty so will not be too keen to get involved with a scenario he is not familiar with.

What you are proposing is basically buying blind from a private seller - with all the associated risks. The only practical way of proceeding as far as I can see is that you satisfy yourself that the car is as described and what you want - photos, conversation with the seller, mot history etc. You agree the purchase and send 10% deposit by bank transfer, arrange collection by transporter and when the driver arrives he confirms the car exists You then transfer the balance by bank transfer and the car is loaded and delivered to you.

As it is a private sale all risk is with you, unless it is not as described - engine missing or some such.

I bought my V40 blind off ebay. It was listed on a buy it now and accompanied by very high quality photos and full Volvo service history in the colour and spec that I wanted. I bought it and then travelled to Twickenham by train to collect a week later - that was the earliest I could arrange. Everything went perfect, but then again it was only £800 so prepared to take a risk. In the £10,000 bracket I would definitely want to inspect first.

[XC90Mk1]

Originally Posted by Backhill1

You have hit the nail on head as i tend to trust people a bit much.
Im fortunate where i stay that most people are honest and genuine but its just that rouge element that mess it up.

Why would you not use escrow?

I always hpi check any car i buy which should protect against finance etc but never had to use it in earnest.

Im looking at something in the 10k region.

I would not use escrow as I would not want third parties involved.

For me it would be bankers draft or cash on collection or cleared funds via cheque etc.

[morwenna240]

Why not do a video call with the seller? He/she can take you all round the car, test drive, make sure volume on devices is up, and seller gets in shot the vin an reg no. You can ask for specific views, close ups, etc.