I've bought a nearly new car (8 months old, 2,300 miles) in a private sale, left a cash deposit, and need to pay the balance of £15,800 when I pick the car up on Saturday.
My initial plan (which the seller is happy with) was to get to their house, use their pc to go online and make a transfer into their bank a/c from mine through Faster Payments. They then log on to their bank a/c, see funds are there, we take car: happy days.
However, my bank has a £10k limit for Faster Payments, and though one of the seller's a/c's accepts them, the other may not. There is also the fact that the payments are not neccesarily instant, but make take 2-4 hours (according to my bank).
One option (which involves a lot of trust on my part though having spent some time at the seller's house with them - older couple - I'm reasonably comfortable with) is to transfer £10k to them on Friday which will definately be in their a/c on Saturday, and pay them the balance in cash (I did suggest cash in full but they are wary about false notes - fair enough).
So, just linked my bank a/c with the funds in to my Paypal a/c, will be verified in 2-3 days. My plan is that I get there Saturday, transfer the funds online from my Paypal a/c to theirs as a gift (I realise that removes some security but the car will be in front of me) which should hit their a/c immediately.
Do I have this right, or are there any reasons why this is a bad idea?
