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What is the safest way of taking payment for a private car sale? is a bankers draft safe or electronic tranfer? any ideas the sum is around £7000.
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I would not release a car until my bank had confirmed that the funds were in my account, whatever method of payment was used.
Bankers Drafts have been known to be forged.
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>>>>>>>Bankers' Drafts have been known to be forged.
Not usually a problem if you call the issuing bank to check the draft is genuine. Naturally don't let anything go without proof.
Otherwise just demand cash. If buyer has the funds to generate a banker's draft he can just as easily come up with the moolah itself.
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Cash can be forged and also used a result of money laundering. The best way is a bank draft or a personal cheque with the buyer aware that he cannot collect the car until the money clears into your account.
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Espada III - well if you have a family and need a Lamborghini, what else do you drive?
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Cheques are not ideal. I sold a car a couple of weeks ago, the buyer gave me a cheque. After about 3 days, he came round demanding why i hadn't called him, as the money had gone out of his account. It hadn't, however, gone into my account - it didn't actually exist in either account overnight. He was not happy, as he thought i was trying to pull a fast one, i was not happy because i had someone harassing me to release a car i didn't have the money for!
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Owen,
You have my sympathy. The guys a muppet if he doesn't know the banks make billions pulling this trick but that doesn't help when he's yelling at you.
But cheques to me seem the only way to go.
Bankers drafts cost money and take time to produce plus only a fool would release a car before it has cleared so they take the same time/longer than cheques anyway and cost more.
Building society cheques are not copper bottomed as building societies have refused to honour them under some circumstances.
Large lumps of cash may be forged notes and even if not do you really want to be wandering around with cash these days?
No cheque and wait is the only way.
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The easiest transaction i have experienced was an internet transfer, which the buyer did at my house. If you are both with the same bank then the transfer is instant, and you can check straight away that the money is in your account. Obviously if you are not with the same bank then this doesn't work, as they transfer takes three days.
And yes, the bloke with the cheque most certainly was a muppet!
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Not always practical though HJ, especially on weekends when most people have the time to go and look at cars.
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And some people here get a bit aggressive/irritated with me when I say I take the easy route - part exchange!
Yes, it costs. I don't fancy doing this cheque/cash stuff for £20k+. What price peace of mind?
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Why not either a CHAPS (sameday transfer - usually costs about £20) or failing that a BACS - both simpler and safer than a cheque.
Make sure the reference put on the payment is either the reg number of the car or the chassis number and, ideally, the name of the account is the same as the reg document and there can be little room to argument by either party afterwards.
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As the wife works in retail and can seem to spot a forged note at 20 paces, I find that cash has worked well for me in the past.
I once accepted a bankers draft but I made it clear to the buyer after agreeing the price on the phone that I would need the transaction to take place within banking hours so I could check the draft number, both with the main office and with the branch he drew it from. I asked him which branch he would be drawing it from before we put the phone down.
I made sure I found out the phone numbers for both for myself well before he arrived so no contact details would be provided by him.
When he arrived, within banking hours he offered me the phone numbers but I politely thanked him and declined, telling his I had already got them. His were the same though!
All went OK
H
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Can she spot laundered money as well?
So many other avenues have been closed to the launderers that cars are seen as a possible option. Try paying a dealer in notes for a car over £10k or so - there will be a polite 'no'.
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Can she spot laundered money as well?
Don't know, there is usually so much laundery around the house to compare it with though:)
Swiftly exits and hides
Hugo
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Always paid with cash in over 20 transactions over the years. Never had problem, pay by cash and sale is over.. finished.. Chances of being mugged? lets be realistic it's virtually nil isn't it?
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