What advice when paying off finance

[Californication69]

When selling the Buzz, what would you advise for how to navigate the sale with the buyer paying off the sellers finance?
I think the following is correct.
Buyer pays deposit if they are happy.
I ring finance (VWFS) and get into my finance details, and ask that the buyer is going to be paying off the finance. Hand over phone to buyer
Buyer pays off finance and then we need to wait for confirmation email / letter stating finance is paid off before handing over of vehicle ?
Is this the same as from 20 years ago when I sold ?
Or
Is there an easier / up to date way ?

 

[NLB]

actually should be quicker than that , as long as 'fast payment' is used rather that BACS n CHAPS the transaction is more or less real time .( best check bank limit on debit card ) I had a similar situation with Land Rover Finance recently , they confirmed payment on phone and sent an e mail straight away to say balance zero and effectively the ownership was transferred from Finance company , the actual statement took a week to appear in post .VWFS may operate differently ?

 

[andyinluton]

Last high value sale I did, we used Metro bank, we had phoned ahead to check if it was ok. Parked car outside, met inside with all documents, Bank did ID check on both of us & checked my bank details, did a 1p transaction to confirm.

Bank did the full amount transfer & we filled in the paperwork, bank actually copied the receipt & log book to cover any money laundering issues.

The money showed in my mobile banking app within a few minutes & the cashier confirmed that it could not be reversed.

That was a £70k transaction to a private buyer with both of us somewhat nervous but the bank was incredibly helpful. I think the buyer had to pay something like £20 fee for the instant transfer.

 

[Octobus]

My understanding is that VWFS will accept a maximum payment of £5000 over the telephone. Any balance will need to be paid by bank transfer, which takes around 2 days to show at their end. They will then issue a letter (not an email) around 7-10 days later to confirm that the payment has been applied to the account. They will confirm receipt of payment verbally by telephone, but again only 2 days after payment has been made.

 

[andyinluton]

I forgot to say that of my £70k - £20 went to porsche (same as VW ) finance, I was happy for the senders bank to just confirm that the money had been sent to them & was none reversible. The cashier had filled in the payment details & showed both me & the buyer the details to check.

We were a lot happier having a 3rd party involved just to confirm things like this.