Do I keep the 4k in my wallet while I'm looking at & test driving the car Or while I test driving it do I stop at a bank & get the 4k out Or is there another way that is preferred!
It just seems like a lot of cash to have
I need to take the 2 Change of Ownership forms from a post shop with me, That should be all I need!
Thanks for any info
(And a big thanks to everyone who helped me with choosing a car)
thejazzpianoma,
Aug 16, 6:09pm
It depends on when banks are open, whether its an auction or classified etc.
The thing is though, usually a seller is going to be happy to accept a bank cheque (not a personal cheque) as this is safer for both party's (they have to get to the bank too).
Just talk it through with the seller once you have settled on a price and go from there (you may have to do this earlier if outside banking hours or somewhere rural). In the past I have even done a bank transfer using the sellers computer and also gone to the bank with the seller to transfer in person.
Go with what feels safest and is easiest for you and the seller.
Best of luck with your purhcase, don't forget to bring any maintenance issues up to date and to continue with a proper maintenance regime. (not just oil and filter changes and a bunch of nonsense checks as so many places seem to want to sell you these days)
Happy Motoring.
daniel_c,
Aug 16, 6:12pm
Sweet, I won't get any cash out until I've talked to the seller
No worries there, I'll be getting regular Services & taking good care of it
curlcrown,
Aug 16, 7:43pm
Cash i pocket talks, if you can do a deal on the spot with no messing around you are more likely to get a better price.
kdcentralni,
Aug 16, 10:10pm
People take laptops now and transfer the money by internet banking, then go onto LTSA and change the ownership before the car leaves the property.
trdbzr,
Aug 16, 10:13pm
I wouldn't trust internet banking because the payment can be stopped on the same day. Its a much better idea to do the deal by cash, or by bank cheque, and even then its best to let the car go when the cheque has actually cleared, not when its still being processed.
splinter67,
Aug 16, 10:17pm
Take cash start at 2800 and negotiate from there at lot of car sellers put a higher price than what they will take dont show the seller how much cash you have untill you have agreed on a price
kdcentralni,
Aug 16, 10:48pm
+Point is though the people have to show face, and put the payment through then cancel if they intend to steel your car, not very smart, thieves like to remain anonomous, you get a feeling about people - I've done it and had no problem.
thejazzpianoma,
Aug 16, 10:51pm
As someone who as actually worked for bank in their phone and internet banking department. this is nonsense. Technically you can stop both a bank cheque and an internet banking payment but in both cases the bank will be equally and extremely reluctant to do so. Thorough checks would be done before such a thing was even considered. The only possible exception is if someone setup an automatic payment as opposed to a one off payment but its easy enough to watch that.
Also. bank cheques can usually be cleared immediatly (or near enough to it) on request. A small fee may apply.
Cash can actually cost you more as it can attract a cash handling fee over a certain amount. This vary's bank to bank.
kdcentralni,
Aug 16, 10:54pm
If you intend to do this you have to turn up in a stolen car or by bus arousing suspisions, then have the money in your account, reveal your identity as the seller will want to change ownership etc etc, makes it hard doesn't it. Generally it's safe this method or hop in the car and follow them to town and walk into the bank if your still sceptical.
tigra,
Aug 16, 10:55pm
Why not just take $500 to use as a holding deposit. Its enough to appear serious but not too much to lose if something goes arse up However dont pay over the deposit until you are sure its what you want. Dont get caught with the old line " well somebody else is looking at it tomorrow"they can still sell it anyway even if you have paid a holding deposit. Then you have to fight to get your money back
thejazzpianoma,
Aug 16, 10:56pm
Have done this too and it works well.
trdbzr,
Aug 16, 10:56pm
I worked for a large NZ bank as well for over 4 years. Yes there may be some reluctance, depending on who you are dealing with, but it isn't impossible. At the end of the day, if someone is a good story teller, they can get away with it. The point is - its safer with cash. Putting a suit on a criminal does not make them a saint.
thejazzpianoma,
Aug 16, 11:03pm
Then you should know that banks actually recommend Bank Cheques over cash for large amounts as you have some protection/recourse if it is stolen or lost and you don't incur a cash handling fee. As always you are arguing semantics in an effort to save face.
trdbzr,
Aug 16, 11:06pm
No im just pointing out the flaws in your argument. You said it couldn't happen, I just showed you the ways it can happen. Get over it and stop taking everything so personally.
scuba,
Aug 16, 11:08pm
I have cancelled bank paymentsonline same day no problem.so maybe it varys with banks!
trdbzr,
Aug 16, 11:09pm
Yes and it is these very protection mechanisms that can be exploited by people that know how to.
scuba,
Aug 16, 11:11pm
yeah just remember not everyone works that way-- i used to just walk away if the buyer wanted to start playing games with pricing.and sometimes there is another personwaiting to buy. but. theres no harm in asking
thejazzpianoma,
Aug 16, 11:52pm
This comes back to whether its a scheduled payment (like an Automatic payment) or an instant payment. Unless something has changed since my time with the bank.
kazbanz,
Aug 17, 12:42am
OK Daniel C Heres my tuppenth worth. Theres two ways of dealing with a private seller. IN BOTH CASES do a security check on the car before even leaving home. 1)I'd suggest you withdraw $500 from the bank.On a $4000 car thats the sort of sum that will show the seller you are serious about buying the car. You then go for a test drive. If you like the car then strike a deal IN WRIGHTING with the seller. Give them the $500 to show you are serious. Make all /any deal 100% Subject to a comprehensive prepurchase inspection by a mechanic.So if there are mechanical issues you get your deposit back. 2) If you are confident in the car mechanically then take $4000 with you Make it $3700 in hundreds $200 in $50's and $100 in $20s Put $1000 in your wallet (the 50's and 20s as part of it) Hide the $700 in hundreds in the back part of the wallet.the rest fold and have in a plastic bag in your pocket. Do the test drive and decide if you like the car. Pull the wad of hundreds out of your pocket so the seller can see itand ASK what the seller will take in cash. for the car. If its less than the ammount you have in the wad then unless the car is overpriced peel out the money and get the deal in wrighting. If more then show him the money and see if a roll of cash sways them if not and its still a good deal then open up your wallet and look really worried as you pull out your "rent" money (the 50's and 20's) Ohh ya get the idea
hutchk,
Aug 17, 2:19am
Westpac allows you to cancel any payment made today, so long as you do it by 10PM. A couple of clicks and payment is cancelled.
curlcrown,
Aug 17, 5:07pm
And people think car dealers are dodgey.
ozz1,
Aug 17, 5:49pm
brilliant!
r15,
Aug 17, 6:06pm
safest way i've found is cash.my most expensive cash car so far was 18k
4k in your pocket barely makes a bulge!
sure you could be mugged or whatever- but unless you make it obvious you're carrying wads of cash what are the chances!- just just dont go to a bank in a dodgey area and park your car 6 blocks away in a poorly lit carpark
bitsy_boffin,
Aug 17, 6:32pm
Westpac at least a year or so back when I still used them, an internet banking payment could be simply cancelled by clicking your mouse on the appropriate cancel link, up until the 10pm cut off when it went for processing.
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