selling a car ~10k – best way to take payment

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  • selling a car ~10k – best way to take payment
  • as the title really.
    I have not sold a car privately for years.
    Car is a bi grand – it is a defender 110 & about £10K (hopefully)

    What is the best way(s) to accept payment ?

    cash – do we meet at a bank ?
    bankers draft – again is it meet at a bank ?

    or other options ?

    I usually get them to wire money into my account in front of me, once cleared, it’s theirs! Of course if they bring wads of cash then I’d take them to the bank and pay it all in before it goes anywhere.

    nickjb
    Member

    Best is to meet at the bank. Pay the money into your account and they drive the car away.

    Premier Icon ta11pau1
    Subscriber

    Bank transfer. For most banks these days, the payment is instant.

    Premier Icon Andy
    Subscriber

    Bought a campervan and paid by bank transfer. Payment (more than £10k) was held up for an hour as was blocked by anti-fraud, although the bank didnt bother to tell me. Worth the buyer lining their bank up first.

    Sold previous van for £8k to a guy that paid in cash. From his tips tin as a coach driver so all fivers. Took a while to count 1600 bank notes.

    pjm84
    Member

    Just sold my JCW Mini and had a bank transfer of 16.3k

    djglover
    Member

    Bank transfer, but tell the bank. I also got caught up in a 1 he plus delay sat in a car waiting for payment to clear.

    submarined
    Member

    Bank transfer. But as above, pre inform bank.
    Definitely not bankers draft, as some people still seen to recommend. All that does is prove that the person had the money in the account when it was drawn up. It can be cancelled any time after that.

    I usually do a small transfer to check the details are right, check it, then
    main transfer, wait for money to appear, and release the car.

    TiRed
    Member

    Bank transfer with a test amount of £1 so the details are correct. Then the final amount after pre-informing the bank. Just sold a motorcycle this way. With a signed and dated receipt.

    Premier Icon timbog160
    Subscriber

    Yes bank transfer but +1 for a transferring a tenner first to check all details correct.

    Premier Icon Greybeard
    Subscriber

    As above for the money – and cancel your insurance immediately the sale is done. Tell the buyer in writing that you have no insurance that covers them using it; I made a one page checklist type record of the sale and we both signed it. Somebody sold a motorbike and didn’t cancel the insurance, the new owner didn’t have any and crashed it into somebody else on the way home. The seller’s insurance company paid the third party claim and successfully sued the seller for the whole amount, because he’d allowed the buyer to drive it when they weren’t named on the policy. Sounds incredible but that was the legal interpretation.

    For £5k we went to the bank and queued up. If you’ve seen the transfer done in front of you and the bank teller has given you the receipt hard for the payment to fail and the fraud checks should have been done while you were standing there.

    Depends how local the bank branch is but for £10k worth the effort.

    IHN
    Member

    Definitely not bankers draft, as some people still seen to recommend. All that does is prove that the person had the money in the account when it was drawn up. It can be cancelled any time after that.

    Nope. A Bankers Draft is absolutely guaranteed funds and cannot be cancelled, that’s why there’s typically a fee for them. The money is taken out of the payee’s account at the point at which the draft is drawn up and held by the bank. The draft is payment from the bank itself, not the payee.

    Building Society cheques are different, they, like you say, are drawn on the payee’s account, so can bounce if the funds have been taken out between the cheque being produced and presented for payment.

    submarined
    Member

    Apologies, my mix up! Totally correct IHN.
    However, the advice to refuse bankers draft still stands, due to the fact that most people are unfamiliar with them, so fakes can be hard to spot. (I certainly wouldn’t know the difference between a fake and a real one)

    andrewh
    Member

    I bought my van a few weeks ago for just under half that and paid paypal gift.
    Seller seemed happy with it and it was best for me, linked a new credit card with 0% for two years to the paypal and put it on that.
    He was sat next to me, saw the money arrive in his account and then keys and paperwork were mine.

    Thx again all.

    I popped into the bank.
    They reccomend a bank transfer. Once it’s there it is yours.

    I normally do the £10 test as suggested but always good to be reminded.

    gobuchul
    Member

    I bought a £12k boat with cash. That’s want the seller wanted. So I ordered the money from the bank and we both went to collect it.

    The bank got very twitchy as it needed extra security checks and wouldn’t release the cash as my signature didn’t match the one on record.

    Took an hour, despite having a passport and being able to log in to my account on my phone.

    Next time I would do a bank transfer.

Viewing 19 posts - 1 through 19 (of 19 total)

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