Bought a boat on Ebay. How do I pay?

[DeanS]

I won an Ebay bid this evening for a boat...priced over £10000......

What's the normal process of actually making payment. My plan is to phone the seller in the morning, make a visit to the boat, carrying a briefcase full of cash.

 

but doe's Ebay expect payment some other way....

shall I make payment via Internet banking....?

 

I made the decision on the purchase through the information provided in the ebay listing.

I'll be checking those facts in person, ....would like to make the payment, start the boat, and cruise off.

 

thx.

 

 

 

 

[Theo]

eBay usually use Paypal and accept a cut, I suspect. I haven't bought anything worth more than a few pounds but when I sold a caravan and a trailer the buyers brought cash along.

 

£10,000 in cash without a survey (?) You can't be serious, or is there something that you aren't telling us. I wonder if it's that nice boat that East European Lady has been saving for you.

 

Let's see the boat, then. Post a link.

 

Nick

[nbfiresprite]

Drawning large sums (Over £10000) of cash from your account will attract the interest of Police. The best method is to use a Chaps payment or a banker's draft. Before you hand over or tranfer any funds. Get confirmation that the seller owns the boat and that no one else has a interest in boat. Ie Bank, ex wife.

[Tiggs]

Assuming a private seller.

 

(It often says on Ebay what payment method they prefer - this does not mean you have to do this - and the seller won't want to pay Paypal 5%!)

 

If you want to take it immediately then I suspect the seller will only accept cash.

 

If you are prepared to wait a little while I suggest that you look to see if your bank will provide a bankers draft from a branch local to the seller.

 

A bankers draft or cheque cannot be cancelled so is as good as cash in this respect.

 

If you find the boat does not meet the description then you can still refuse to buy it - or reduce your offer. In this case cash would work best too.

 

Do you have a big friend to go with you with the cash?

 

Ensure that the seller at least has paperwork to prove his/her ownership of the boat (as far as is possible). Get him/her to sign a receipt for the money and a confirmation that there is no other person or company with a claim to the boat, also get proof of his / her identity. You need to take a witness for this. Any hesitation and walk away.

 

 

(you also need to check the boat is licensed for the waterway it is on and to obtain at least 3rd party insurance before you move it, and ensure it has a current boat safety cert)

 

So basically, taking it away is not going to happen???

Edited August 30, 2016 by Tiggs

[Tiggs]

Drawning large sums (Over £10000) of cash from your account will attract the interest of Police.

 

No, I think it's when you put more than £10,000 into a bank it attracts interest - not of the police though - just the bank needs proof that you got it from a legit source. This will be a problem for the seller - not the buyer.

[boathunter]

I transferred using my phone when I bought mine.

This would at least leave a trail to their account if something went wrong. Not much help but a start point.

[Arthur Brown]

Caveat Emptor. Be very sure that there is a boat even. Clues about good title would be a help. Otherwise it's a SCAM.Or a stolen boat, or the boat is in Nigeria and the freight will cost millions.

[bigste]

A few tips.

1. Make sure it is his to sell.

2. Make sure he can prove his ID and his iddress.

3. Pay by using a traceable source.

[MtB]

I won an Ebay bid this evening for a boat...priced over £10000......

What's the normal process of actually making payment.

 

 

Ebay will expect you to use whatever method is specified in the listing.

(Assuming you are expecting to benefit from any ebay-provided 'buyer protection'.)

[biggles47]

I won an Ebay bid this evening for a boat...priced over £10000......

What's the normal process of actually making payment. My plan is to phone the seller in the morning, make a visit to the boat, carrying a briefcase full of cash.

 

but doe's Ebay expect payment some other way....

shall I make payment via Internet banking....?

 

I made the decision on the purchase through the information provided in the ebay listing.

I'll be checking those facts in person, ....would like to make the payment, start the boat, and cruise off.

 

thx.

 

 

 

 

Ebay only charges the seller. You can pay which ever way you and the seller agree on.

 

Personally, I'd check the boat and seller out first before even thinking about taking cash with you. Especially as you have announced this all on a public forum!

[zenataomm]

Really?

You have bought a boat you haven't seen.

No survey?

How much do you know about boats and boat builders,engines,gas installations,12V electrics,Boat Safety Certificates,mooring requirements,C&RT licence,insurance et al?

Everything I hope. Otherwise,unless this is a joke I expect we'll hear quite a bit from you.

Still I do admire your optimism and pioneering approach and hope all pans out well for you.

[Dyad]

I bought my car from an ebay ad, I went to see it first, agreed a price and did a bank transfer. When he confirmed the money was in his account I collected he car.

 

If you are going the bank transfer method send £1 first to make sure the bank details are correct, then send the balance. Your bank's fraud dept may get in touch with the big amount before clearing it.

Edited August 31, 2016 by Dyad

[MtB]

Really?

You have bought a boat you haven't seen.

No survey?

How much do you know about boats and boat builders,engines,gas installations,12V electrics,Boat Safety Certificates,mooring requirements,C&RT licence,insurance et al?

Everything I hope. Otherwise,unless this is a joke I expect we'll hear quite a bit from you.

Still I do admire your optimism and pioneering approach and hope all pans out well for you.

 

You realise this is the DeanS who used to be a mod here, and bought and fitted out a new widebeam shell from scratch a few years ago?

[zenataomm]

No, but I won't hold anything against him.

[Charles]

Reported to HMRC

[gazza]

Reported to HMRC

Ah they part of the cwdf mod team?

[Sea Dog]

Even bankers drafts are a bit discredited by the large number of forgeries Dean. Probably the usual payment of such sums to, say, a car dealer, is by debit card now. For private purchases where the buyer's protection is significantly less and the seller will be worried about fraud, a 'faster payment' bank transfer takes moments and the vendor can see he has the money using online banking before handing over the goods. Check your bank's faster payment limit though - many are 10k. Good luck with the boat!

[Neil Smith]

How did you agree to pay, I would do a fast track bank transfer if all is as advertised then take it away so he can't take any goodies off, but if you don't like it for some other reason and walk away you will be black listed by eBay and could be banned.

 

Neil

[rustydiver]

When I sold my van the man paid via internet faster payments, we are talking about the same amount.

He put in £10 the day before to check and when he picked it up transferred the rest.

It was in there before I could get to the computer to check.

[Murflynn]

I seem to remember that there is a ceiling on ebay selling fees. I may be mistaken but £250 comes to mind.

[The Bagdad Boatman (waits)]

I sold and bought boats by waiting for cheques to clear.

[Jrtm]

This is how we did it fast payment all you have to do it go to your bank internet or in store and you can find out if both bank accounts do fast payment if they do its 2 hours normally at worst case as long as its by 6pm i beleive.

 

Transfer £1 check they got it go see the boat check it. If happy send the rest go to the pub come back and it should be done

[alan_fincher]

When I sold my van the man paid via internet faster payments, we are talking about the same amount.

He put in £10 the day before to check and when he picked it up transferred the rest.

It was in there before I could get to the computer to check.

 

Yes,

 

If both banks are part of the "Faster Payments" scheme, (and nearly all mainstream banks are), this by far the easiest way.

 

For it to be more or less instant though it needs to be at a suitable time. For example a transaction you initiate at a weekend will probably not get actioned until the Monday.

 

Some banks limit the largest online payment you can make, for example NatWest used to be £10K, but is now £20K. OK to buy a £10K boat, but not a £50K boat unless you pay over several days, which is no use for a single payment then immediate hand over of goods.

 

Personally I hate CHAPS payments, which only guarantee to happen that day if the bank initiates them by a certain time (13:00 with our bank I think). There is no guarantee about how many hours it will take to arrive, and even though it should be "that day" we have been involved in cases where it has not been. And they charge something like £25 to use an archaic batch based system that would have seemed outdated 20 years ago.

[nbfiresprite]

 

No, I think it's when you put more than £10,000 into a bank it attracts interest - not of the police though - just the bank needs proof that you got it from a legit source. This will be a problem for the seller - not the buyer.

It works both ways, The police do take a interest, as in their view the only reason for using large sums of cash (untraceable) is for a criminal enterprise. Try walking in to car dealership with a large wad of cash. Some dealers refuse to take any cash at all, while others have very strict limits on how much they will accept (usually less than £1000).

[boathunter]

I sold a car for £8k, was paid cash, took to the bank who initially refused to take it! Their reason being "it's too much to count". Now they aren't hiding behind bullet proof glass they are twitchy. Eventually they were persuaded to take it into a back office to count it, but wouldn't do so in front of me.