As you may have seen in the HJ Classifieds, I'm selling my late father's Ford Fusion.
I've had an offer, for the full asking price from someone who hasn't seen the car and they want to pay cash.
I've stipulated that we'll need to go to the bank together to pay it in, but I'm a concerned.
Should I be?
Any advice would be gratefully received.
Edited by Chips with everything on 15/11/2008 at 10:15
|
You might also feel safer if it were a (regular) member of this forum. Is he?
But, on the whole, be suspicious!
Edited by smokie on 15/11/2008 at 11:27
|
This is one them questions when the quest to sell a car eludes common sense. Why would somebody offer full asking price for a car they haven't even seen? It could be a CAT C write off with miss matching wings for they know!
|
|
They could have done the usual checks and it may be a new car that is still under warranty and has been priced correctly... I sold my old one that way and got within £100 of the aksing price from a guy who paid me the money by bank transfer and then came to collect it without seeing it! I know that there are some horror stories, but there are still plenty of honest buyers and sellers around, Rattle!
|
Funnily enough I sold a car in August, 'unseen' to a cash buyer.
Advertised it on Pistonheads and he really wanted it. Paid me a £50 deposit via PayPal and came to pay and collect about a week later. Paid the asking price (£2800) with no attempt to haggle.
He travelled about 170 miles to collect and only made a cursory inspection - I was stunned! Very pleasant young guy who went away happy.
|
I am always surprised at the big difference in car prices between given areas. Where I live the prices of cars are still ridiculous but go 40 miles up the road and there are substantial reductions. Even a friend who works in a car dealership opted a few weeks ago to travel 40 miles to buy his car rather than in our home town.
Maybe these chaps offering the cash and travelling the distances are coming from places where similar make and model are far more? Perhaps they know they can make a quick profit by putting it for sale in their home town?
My main concern about a cash buyer is whether the cash is genuine or fake.
|
|
|
|
I once advertised a car in Autotrader back in the pre-online days. I was inundated with phone calls from about 6am onwards from people who wanted to immediately buy it over the phone. This surprised me, as the asking price was relatively high.
The penny dropped when one of the callers offered me above the asking price. Instead of 9295 quid, Autotrader had swapped the first 2 digits around and the advert appeared with an asking price of 2995. I asked one of the callers whether he didn't find it suspicious that the price was so low. "No", he said, "I thought it was a write-off repair or cut and shut or something. I was just going to buy it and sell it on". Fine example of integrity in the motor trade.
|
I have twice sold cars for cash at full asking price.
In both cases the buyers had cash from insurance claims so did not haggle.
I understand some people find haggling difficult , demeaning or are just not very clued up..
Can't understand it myself..
But in neither case are we talking £000s only £00s...
|
|
Banker's Drafts can be forged - with such a convincing forgery that it will initially fool the Banks.
|
Banker's Drafts can be forged - with such a convincing forgery that it will initially fool the Banks.
... and likewise Eirin Euros and N Ireland banknotes are pretty unfamiliar to most mainland folk, and therefore you wouldn't know a snide one if it bit you on the bum.
|
In our shops we used detector pens but the local police advised that the latest scam on the run up to xmas is spraying the notes with hairspray as this apparently won't show up a forgery with a pen.
Back to the UV lights again..
Going back to OP, if I was you I would accept everything the buyer is saying but insist that it happens daytime when your bank is open. If he turns up outwith these hours, for whatever reason, there is no deal.
|
Thanks to all for the replies - it looks like I have cause for concern.
To clarify though, the car is a 2007 (57) 1.4 TDCI Fusion Zetec (Climate) with less than 4,000 miles - so I'm not sure how attractive that would be given NowWheels post (thanks!).
Wise words about doing the transaction during opening hours.
Just a thought though, would an online banking transaction using BACS be suitable? My only concern there would be of any potential fraud in the future as he would then have my bank details and address.
|
either cash, at the bank or printed building society cheque and you see his savings book showing the withdrawal.
else no deal. you will sell this car soon enough
|
|
Why can't he just do a direct transfer from his bank to yours - might take a few days but unlike WU if its from one bank to another I don't think it can be reversed.
|
Whenever I hear 'Western Union' I automatically think of African scam artists.
Thing to remember is that there are more decent people out there than crooks. Meet during the day and take the cash to the bank. Get the buyer to pay it directly into your account.
Edited by midlifecrisis on 16/11/2008 at 09:43
|
the dodgy bit here is - he can't come during banking hours. 'Course he can! He's going to drive the car back isn't he? The only way this can go down safely is MEET in the bank so the money is never "on the street".
Amused to see a comment on Irish travellers up there that got past the censors!
|
forgot to say - I've done a few gigs in Dublin lately and even before sterling took a dive I was horrified at the prices - a lot of stuff in the shops was double UK price. I did notice very high car prices too.
I also noted from the papers that Irish politicians make ours look like saints!
|
Thanks again all.
One more quick question though. If we do meet during the day and pay the bankers draft directly into my bank account, can it then be subsequently canceled before it clears?
I'll will call him and state meeting during banking hours is part of the condition of sale though.
Thanks again everyone.
|
I'll will call him and state meeting during banking hours is part of the condition of sale though.
My guess is he will agree to meeting during banking hours then will be held up and arrive at 17.30, hassle and hurang you into accepting whatever payment method he prefers to use, there will be lots of gesticulating and personal space infringement, he will have a friend with him, will talk very quickly.
Pull out now!
CBG
|
one thing's for sure - we all need closure on this story!
I can't figure out the rhyming slang of Nelsons!!
|
|
Nelson Mandella - Pint of Stella. According to a true cockney I know.
|
|
CBG - You should know with an alias like that !
|
There was me wondering when we had ever had a picture of Admiral Lord Nelson on our banknotes! Idiot!
|
Nelson Eddies - readies. He was a crooner in the forties or fifties.
Cheers
Steve
|
Ha ha - neither could I.
My best effort was Nelsons Boats - notes!
|
Or I could be completely wrong, but I doubt it.
Edited by corblimeyguvnar on 16/11/2008 at 10:36
|
|
yes nelson eddys!! I googled it... right that's it, got to scrub kitchen floor & hoover lounge arf arf
|
"got to scrub kitchen floor & hoover lounge arf arf"
What's that mean then ?
|
You don't have too worry too much - just take sensible precautions.
Don't handle any cash yourself, explain your address isn't on the V5 because of the proxy sale & insist (as a sale condition) the transaction takes place at your bank where bona fides can be established.
Prime your bank that you're making a large-ish cash deposit from the sale of goods. If they're keen for cash - as most banks will be during the CC - they'll make a room + cashier available for this.
If the buyer is genuine, he'll not mind meeting in your bank - presumably he'll have made his own checks, e.g. HPI, supplying dealer SH etc. The fact you're meeting in your bank also gives him confidence you're genuine - let's not forget it's a two way transaction - he may also have the wobbles about this.
The bank confirms your bona fides by its mere participation & verifies cash deposits there & then - your purchaser can see monies paid to your account & you can hand over the purchasing documentation simultaneously. I would make the receipt & V5 change in the bank. The bank in this way is legal witness & can be called on in the event of dispute, they'll be very keen to verify the cash is genuine & will be bound to verify your purchasers' presence & transaction details.
The important thing is to inform your bank (and ask for the facility) in good time - they're more used to this sort of thing than you might imagine. I carried out a purchase of a car using the 'good offices' of my business bank - it made the whole thing very safe & controlled.
Edited by woodbines on 16/11/2008 at 10:51
|
Thanks again all.
Excellent advice WB, I hadn't considered the 'legal witness' aspect that the Bank's involvement would add.
|
|
Nelson, Lord - one in the eye?
|
very good gentlemen. Don't forget we need the end to this tale! and to the OP - don't forget, NELSONS only!! (in the bank)
good luck
|
|
Just a quick update, the 'Cash Buyer' never showed.
Once again, thanks to all for the advice.
|
Thats a nuisance! Better than him turning up with a balaclava, baseball bat and pepperspray but not the result you were hoping for! Perhaps he didn't turn up becuase he couldn't meet you at home and the meet at a bank business was not what he was looking for? Still we have all profited from the comments on how to approach a cash buyer.
|
Put it back in the classified section on this site. You may get a bite from someone who at least has a track record.
I cannot recall the details, but thought it was a little overpriced.
|
Thanks will do. I wasn't 100% sure of the Classifieds rules to be honest and was under the impression that it was for 1 week only.
In the current climate, it probably is overpriced - although I've used the CAP clean price and taken a bit off.
The timing of the sale isn't the best, so I'm not sure whether to leave it until next year or go for broke with a more realistic price. The latter sounds the better of the two, I think.
Many thanks again to all, your advice has been invaluable.
Thank you.
|
|
|
|
