Whats the best way to accept payment for a car??

Princess_G

If a car was sold on ebay....which would be bst option to get payment?
how much would paypal charge??
Hope someone can help.xx

Becles

I would say cash on collection only. Once the car has gone, you have the money in your hand and there is no comeback on you.

If you accept Paypal, the buyer could claim non-delivery and you won't have a tracking number or acceptable proof of delivery so you would lose your claim and money.

fannyadams

What the OP said - COLD HARD CASH on collection
NOTHING else comes close.
Cash doesn't bounce, won't get charged back and you can *usually* tell if it's forged!
HTH

KathrynPenguin

A bankers draft is often used to pay for car transactions. Or you could go for a bank transfer direct into your account - if you have the money and they transferred it they have no way of getting it back. Fee free too! You would have to give them your sort code and account number but hey they are on every cheque you write so most people give them freely anyway.

blue_haddock

Be wary of bankers drafts - the delaership i used to work for gone done with a dodgy one - looked real but when it was banked it bounced. My prefered method is cash on collection.

LULUBELLE_2

If you decide on cash on collection, arrange for pick-up to be in banking hours and go with them to the bank to collect the cash; you can then pay it in immediately, it never leaves the bank. There's no risk due to someone knowing that you have a large sum of cash at home, also, you're certain it's not counterfeit. :beer:

Bossyboots

I'm with Lulubelle on this one.

Moneyfornothing_2

LULUBELLE wrote:

If you decide on cash on collection, arrange for pick-up to be in banking hours and go with them to the bank to collect the cash.

I for one would not allow some stranger to escort me to a bank to get money for them. :mad:
How does the buyer know that once the money has been handed over at the bank the seller will not disappear?

There has got to be some element of trust somewhere in the transaction. :beer:

Ted_Hutchinson

When I have bought/sold cars privately I've always asked who the buyer/seller banks with.

The last time we both had TSB accounts so rather than going to the bank to collect the cash, count it, redeposit it. We went to the bank and I asked for the money to be transferred to her account and the cashier confirmed to the seller that her account had been credited.

I've also done this using TSB PHONE BANKING service as well that time we had to use the sellers mum's TSB account but it's worth asking as it saves a lot of hassle.

scheming_gypsy

i sold what was left of my Celica on Ebay. Took £250 payment within 3 days via Paypal / bank transfer and then the rest cash when they turned up.

buggu

Normally when ive sold a car i normally take cash and make sure i have checked them. If its a large amount of money then best to do the deal at the bank where either he pays the cash into your account if his has it on him or you get the cashier to transfer the money form his account to yours all electronically. I think its has to been done from his bank if yours is differrent( to avoid any charges). If you want to be extra cautious you can write out an agreement on a paper and get him to sign it and vice versa, either that or take a friend along as witness.