- Published 28/08/2020
How long does it take to be paid when you've scrapped your car?
One of the most common questions regarding scrapping a car is - "I've chosen to scrap my car, how long will it take to be paid?". If you have decided to scrap your vehicle, of course, you want to make sure it's as easy and convenient as possible. That means efficient, reliable collection of the vehicle and timely payment of the quote you were provided.
When you scrap your car with Motorwise and our authorised treatment facilities, that's exactly what you get.
How long until payment is cleared?
There is no simple answer, other than "as quickly as possible". When you're provided with your quote, the vehicle recyclers who contact you will want to see the vehicle first to confirm it's as you said it was. If it's in the described condition and is in a condition and position so it can be easily accessible to the recovery vehicle, the collection will be confirmed.
Once the vehicle has been prepared for transport and the necessary documentation signed, namely the transfer of ownership on the V5 that you will have to confirm with the DVLA, your payment will be authorised by the dealer.
How long it takes for the money to appear in your account depends on a variety of factors. You may find that the money clears immediately and appears in your account. Banking delays and other processing concerns can, however, mean it can be a few days before you see the money in your account. This is perfectly normal and no cause for concern.
Can you be paid cash instead?
The simple answer is no. The Scrap Metal Dealer's Act 2013 forbids scrap traders from paying customers in cash. This is with the aim of trying to minimise fraud and the sale of stolen vehicles. When you deal with Motorwise, none of the authorised treatment facilities we deal with are going to offer you cash for your vehicle. If any trader you do encounter does offer you cash for your vehicle, you're advised to refuse and contact the relevant authorities as this is illegal.
Cash is, of course, quicker and more convenient. But it also leaves the process open to abuse by fraudsters and criminals. Electronic transfers can take a little longer, but they are traceable and much more secure.
Regardless of the ATF that collects your vehicle, they will trigger payment as soon as your vehicle is collected and signed over and you will receive it very shortly after.