Sold car - faster payment delay

Discussion in 'General Discussion' started by chrisgreen, May 23, 2020.

  1. 23 May 2020 at 1:14 PM #41
    cossie1

    cossie1 Achieved official socks

    Joined:
    Jul 2, 2010
    Messages:
    7,485
    Likes Received:
    2,450
    Trophy Points:
    113
    What're you driving?:
    2015 M4 Coupe
    Colour Combo:
    Mineral White / Black
    When I bought my M4 last year, it had some finance owing on it.

    So I paid 5k via credit card to the finance company.

    Then I did a bank transfer for the remaining amount owed to the finance company.

    Then I had to do another bank transfer for a lower amount to the seller for the difference between the 2.

    3 hours later we have been to the sellers bank to see where funds are, I have rang HSBC (my bank) 3 times to check the payment to the seller has gone through and all 3 times they confirmed it has, and there was no issue there end.

    I asked about if security / fraud team had flagged it, and was told no, nothing stopped by that department and the payment had gone through so the holdup was with Natwest.

    The seller is on the phone to Natwest again, there saying nothing showing on there system.

    Then 30 mins later my phone rings, HSBC Fraud dept, just wanted to check that I made the payment.

    I confirmed it, but then questioned why it had taken them so long to check the payment and why did they stop that payment and not the larger one to the finance company done 5 mins earlier.

    They said because it was to a personal account, that it might have been fraudulent and wouldn't say anything more.

    Then said all security checks were done and the payment would be in his account in 2 hours (so 5.5 hours in total from when the instant transfer was made).

    I put the phone down and said to the seller, they just told me 2 hours for payment to go through from now, but if you check it will be in your account now, and it was.
     
    M3POWERBOY likes this.
  2. 23 May 2020 at 1:15 PM #42
    Mr Burns

    Mr Burns Achieved official socks

    Joined:
    Jan 11, 2020
    Messages:
    1,509
    Likes Received:
    1,455
    Trophy Points:
    113
    What're you driving?:
    2019 F90 M5
    Colour Combo:
    Singapore Grey/Black
    Annoying?

    It’s a service to protect you. If that annoys you, keep it under the bed.
     
    M3POWERBOY likes this.
  3. 23 May 2020 at 1:16 PM #43
    M3POWERBOY

    M3POWERBOY Sponsor

    Joined:
    Aug 25, 2011
    Messages:
    9,780
    Likes Received:
    1,333
    Trophy Points:
    113
    What're you driving?:
    E46 M3 SMG Coupe
    Colour Combo:
    Silver Grey/Black Nappa/Alcantara Custom Recaro CS/CSL
    Fingers crossed OP the funds will show soon
     
  4. 23 May 2020 at 1:17 PM #44
    M3POWERBOY

    M3POWERBOY Sponsor

    Joined:
    Aug 25, 2011
    Messages:
    9,780
    Likes Received:
    1,333
    Trophy Points:
    113
    What're you driving?:
    E46 M3 SMG Coupe
    Colour Combo:
    Silver Grey/Black Nappa/Alcantara Custom Recaro CS/CSL

    Well done mate you can breath and sleep now lol
     
  5. 23 May 2020 at 1:22 PM #45
    Dali

    Dali Achieved official socks

    Joined:
    Jan 18, 2011
    Messages:
    4,257
    Likes Received:
    274
    Trophy Points:
    83
    Location:
    East Midlands
    What're you driving?:
    nothing
    It's the frequency of it mate - hence "fussy".

    Just curious if other banks constantly flag the way NatWest do. They've also introduced sms codes to login - ...again I can see its great security but it adds another dependency. Sometimes an SMS may not come through. Using 2FA would be much better.
     
  6. 23 May 2020 at 1:27 PM #46
    Mr Burns

    Mr Burns Achieved official socks

    Joined:
    Jan 11, 2020
    Messages:
    1,509
    Likes Received:
    1,455
    Trophy Points:
    113
    What're you driving?:
    2019 F90 M5
    Colour Combo:
    Singapore Grey/Black
    Agree, the systems are not perfect, but will be in time.

    Like anything though, if you’re unhappy, move banks - they’re not any different than your energy provider or window cleaner these days.
     
    Dali likes this.
  7. 23 May 2020 at 1:31 PM #47
    cossie1

    cossie1 Achieved official socks

    Joined:
    Jul 2, 2010
    Messages:
    7,485
    Likes Received:
    2,450
    Trophy Points:
    113
    What're you driving?:
    2015 M4 Coupe
    Colour Combo:
    Mineral White / Black
    On another note, the scariest sale I have ever done was when I sold my Evo 6 RS2.

    The car was sold for 12K cash and I was taking an Evo 5 GSR in px.

    I had 5 lads from Glasgow turn up at 1:30am in an Evo 5, we took both cars to a Shell petrol station so there was some lighting and away from houses, due to noise etc.

    Took both cars for a quick testdrive (the Evo 5 broken down at this point, PAS belt came off).

    So we get back to the petrol station and I say the deal is off.

    They renegotiated and we agreed a new deal, where by they would give me an extra 1K via bank transfer in the morning and in the meantime they would leave me with all the documents to both cars and also there driving licence and passports.

    So reluctantly I agreed.

    We get back to my place, to do the paperwork and sort out some money.

    At this point, there unscrewing the centre console of the Evo 5, and pull out 12k in cash, which was £100 scottish bank notes.

    I didn't even know there were £100 bank notes.

    So there I was at 2:00am counting out 12k in £100 monopoly notes.

    No idea if any of them were legit or fakes, I had 1 of those UV pens and checked every note but still didn't know if they were real or not, the only check I could do was to use google to see if £100 notes really existed.

    I let them leave a 2:30am with my Evo 6 RS2 and I had a heap of crap Evo 5 that could have been stolen, some passports that could have been fake and a couple of driving licences that could have been fake too.

    Got to work at 8:30am (think I slept for about 30 mins tops), walked in, handed the jiffybag of notes to my boss and said, can you put that in the safe please, I don't care what you say at 9:30am I am off to the bank to try and pay that in.

    Shitting myself all the way to the bank, get there and hand over these funny looking notes.

    The women behind the counter looks at them a bit funny, said she's never seen these before and could I wait a minute please whilst she goes to speak to a manager and picks up a handful of the notes to take with her.

    I felt even more sick at this point, can feel myself sweating etc.

    She comes back 5 mins later and says ok, that's fine, counts the money and puts the funds on my account.

    I said is that it, all in my account now then ? She said yep all done the funds are in your account now.

    I never felt so relieved in my life (at this point, I didn't even care if the other 1K that we had agreed on was sent or not).

    The buyer did mess me about all day saying he couldn't transfer the other 1K as his local bank was shut, blah blah blah, but it went through at 10am the following day.

    Don't think I have sold a car for cash since then tbh.
     
    Smuler likes this.
  8. 23 May 2020 at 1:40 PM #48
    grdaniel

    grdaniel Achieved official socks

    Joined:
    Dec 2, 2014
    Messages:
    3,473
    Likes Received:
    2,135
    Trophy Points:
    113
    What're you driving?:
    Megane RS280 Cup

    Belter, scottish notes are legit even though they aren’t actually ‘legal tender’ in the uk. Nice move on the c notes though, cuts the counting in half :muttley:
     
  9. 23 May 2020 at 1:47 PM #49
    sparky26

    sparky26 Wearing official underwear

    Joined:
    Jan 22, 2010
    Messages:
    169
    Likes Received:
    69
    Trophy Points:
    28
    What're you driving?:
    2011 BMW M3
    Colour Combo:
    Interlagos Blue / Black
    True but if you were dealing with someone nasty what's to say they don't come back later and steal the cash? In that case I think I'd prefer to be robbed via bank transfer!
     
  10. 23 May 2020 at 1:47 PM #50
    cossie1

    cossie1 Achieved official socks

    Joined:
    Jul 2, 2010
    Messages:
    7,485
    Likes Received:
    2,450
    Trophy Points:
    113
    What're you driving?:
    2015 M4 Coupe
    Colour Combo:
    Mineral White / Black
    It's hard enough work trying to use a £50 note here, let alone £100 notes :muttley:
     
  11. 23 May 2020 at 2:00 PM #51
    tej

    tej Achieved official socks

    Joined:
    May 17, 2017
    Messages:
    1,054
    Likes Received:
    257
    Trophy Points:
    83
    Location:
    Hornchurch
    What're you driving?:
    TVR Cerbera 4.5
    It's all fun and games with bank transfers.. I've bought a car and transferred the money via bank transfer only to get home to find a text from Santander saying it has detected an anomoly and held the payment, I can either cancel it or confirm it. Obviously I confirmed it, but essentially the seller let the car go on trust alone.

    But on the flip side, I sold a car to a guy who came over from Germany, and despite him paying extra for a guaranteed same day payment and getting confirmation from his bank over the phone I simply couldn't let him take the car without seeing the funds in my account. Which took 3 days! And he ended up having to extend his trip and missed a conference he was giving to some people from Microsoft!

    In both cases the sellers received payment though.. As someone has already said, most people are pretty genuine.
     
  12. 23 May 2020 at 2:01 PM #52
    jayukRS

    jayukRS Achieved official socks

    Joined:
    Apr 28, 2012
    Messages:
    16,910
    Likes Received:
    2,955
    Trophy Points:
    113
    Location:
    Leicester
    What're you driving?:
    M4 Austin yellow Comp pack DCT
    Colour Combo:
    Austin/black
    If they were like that mate I think they would just steal the car rather then risk breaking into a house to steal back cash which potentially wouldn’t be there.

    I wouldn’t have that much lying around the house anyway. It would be in the bank
     
  13. 23 May 2020 at 2:32 PM #53
    CarpeDiem

    CarpeDiem Achieved official socks

    Joined:
    May 25, 2012
    Messages:
    4,805
    Likes Received:
    1,657
    Trophy Points:
    113
    Location:
    Nowhere
    What're you driving?:
    Nothing
    Glad you got the money OP - but in future NEVER let the car go until funds are clear!!!
     
  14. 23 May 2020 at 2:33 PM #54
    bighead

    bighead Achieved official socks

    Joined:
    Feb 4, 2011
    Messages:
    2,521
    Likes Received:
    390
    Trophy Points:
    83
    Location:
    Manchester
    What're you driving?:
    F80 M3CP
    Colour Combo:
    Mineral Grey/Black
    not always.....I have transfer 5 figures sums with no problem online but with mobile app the limits is £10K per transaction .
     
  15. 23 May 2020 at 2:34 PM #55
    CarpeDiem

    CarpeDiem Achieved official socks

    Joined:
    May 25, 2012
    Messages:
    4,805
    Likes Received:
    1,657
    Trophy Points:
    113
    Location:
    Nowhere
    What're you driving?:
    Nothing
    this approach used to work, but no longer I’m afraid...
     
  16. 23 May 2020 at 3:10 PM #56
    GolfDuck

    GolfDuck Staff Member Moderator

    Joined:
    Feb 8, 2013
    Messages:
    6,622
    Likes Received:
    2,335
    Trophy Points:
    113
    Location:
    M/cr
    What're you driving?:
    Carless & witless
    It's to protect them (the bank) not you :D it's just dressed up as protecting you.
     
    Dali, Smuler and bighead like this.
  17. 23 May 2020 at 3:14 PM #57
    Mr Burns

    Mr Burns Achieved official socks

    Joined:
    Jan 11, 2020
    Messages:
    1,509
    Likes Received:
    1,455
    Trophy Points:
    113
    What're you driving?:
    2019 F90 M5
    Colour Combo:
    Singapore Grey/Black
    I won’t go into details, but funds transfers are not always protected and you should learn to be self diligent, or lose a lump, with no support from your bank.
     
    CarpeDiem likes this.
  18. 23 May 2020 at 3:21 PM #58
    GolfDuck

    GolfDuck Staff Member Moderator

    Joined:
    Feb 8, 2013
    Messages:
    6,622
    Likes Received:
    2,335
    Trophy Points:
    113
    Location:
    M/cr
    What're you driving?:
    Carless & witless
    I didn't say they were. And I am diligent :)
    That didn't stop Santander holding up my payment for a car even though I informed them that a transaction would likely be taking place for around £10k that day.
    I was stranded in Nottingham and had to book in to a hotel for the night because Santander security had gone home!
    That wasn't protecting me.
    Needless to say I don't bank with Santander any more.
     
    Mr Burns likes this.
  19. 23 May 2020 at 3:25 PM #59
    Mr Burns

    Mr Burns Achieved official socks

    Joined:
    Jan 11, 2020
    Messages:
    1,509
    Likes Received:
    1,455
    Trophy Points:
    113
    What're you driving?:
    2019 F90 M5
    Colour Combo:
    Singapore Grey/Black
    Must have looked dodgy - let me check the members photo thread :D
     
    GolfDuck likes this.
  20. 23 May 2020 at 3:26 PM #60
    GolfDuck

    GolfDuck Staff Member Moderator

    Joined:
    Feb 8, 2013
    Messages:
    6,622
    Likes Received:
    2,335
    Trophy Points:
    113
    Location:
    M/cr
    What're you driving?:
    Carless & witless
    :muttley: Probably!
     
    Mr Burns likes this.

Users Who Are Viewing This Thread (Users: 0, Guests: 1)

Share This Page

  1. This site uses cookies to help personalise content, tailor your experience and to keep you logged in if you register.
    By continuing to use this site, you are consenting to our use of cookies.
    Dismiss Notice