Payment When Selling A Vehicle

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Thomas_Crown
Thomas_Crown Posts: 887 Forumite
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in Motoring
When selling a vehicle which is worth around £5,000 - £6,000, what method(s) of payment could be considered safe for the seller? Obviously cash is best but expecting someone to turn up with that amount of money in their pocket, may not be realistic. A banker's draft was considered safe at one time but possibly not anymore. What about a bank transfer, can the money be reclaimed by the paying bank? So many fraudsters about these days.
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  • arcon5
    arcon5 Posts: 14,099 Forumite
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    Cash or bank transfer
  • Marvel1
    Marvel1 Posts: 7,172 Forumite
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    edited 24 February 2018 at 10:13AM
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    As a buyer who travelled by 3 trains and a taxi, bank transfer was safer and seller was happy also.

    When they transfer the money, have then a reference to the car reg.
  • knightstyle
    knightstyle Posts: 6,990 Forumite
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    We have sold a couple of cars recently. 1 was paid by bank transfer using our home WiFi, the other by transfer in the bank whilst doing the test drive.
    Both went well.
    Consider Pay Pal gift but not request for payment as well.
  • shaun_from_Africa
    shaun_from_Africa Posts: 12,858 Forumite
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    knightstyle wrote: »
    Consider Pay Pal gift but not request for payment as well.

    Even though a Paypal gift payment is supposedly safe from the buyer opening a Paypal dispute, if the payment was funded via a credit or debit card then the buyer can still contact their card issuer and attempt a chargeback by claiming unauthorised use of the card or by saying that they didn't get what they paid for.
  • arcon5
    arcon5 Posts: 14,099 Forumite
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    Agreed. Avoid any payment type this involves, whether directly or indirectly, the use of a debit or credit card
  • Thomas_Crown
    Thomas_Crown Posts: 887 Forumite
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    Thanks to everyone for your advice. I think that a deposit by PayPal, followed by the balance by bank transfer, would be the safest thing to do.
  • DoaM
    DoaM Posts: 11,863 Forumite
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    Deposit ?
  • jimjames
    jimjames Posts: 17,625 Forumite
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    Thomas_Crown wrote: »
    Thanks to everyone for your advice. I think that a deposit by PayPal, followed by the balance by bank transfer, would be the safest thing to do.

    I'd only take deposit as cash
    Remember the saying: if it looks too good to be true it almost certainly is.
  • Thomas_Crown
    Thomas_Crown Posts: 887 Forumite
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    DoaM wrote: »
    Deposit ?

    The buyer normally puts down a deposit to secure the vehicle, then goes away to arrange insurance and tax, before returning to pay the balance and collect the vehicle. This may/may not apply when selling on ebay.
  • Thomas_Crown
    Thomas_Crown Posts: 887 Forumite
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    jimjames wrote: »
    I'd only take deposit as cash

    If I decide to sell the vehicle on ebay, a cash deposit may not be possible. If the sale is by auction, maybe a deposit by PayPal is the only option?
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