car sale

poh75

Hi

I am about to sell my car for around £11k. Once I sell, my plan was for the buyer to pay in cash and then go to my bank and pay it in. That way the buyer would be on CCTV and the money would be checked for fakes. However is there some limit before the bank asks questions about that amount of cash due to money laundering ?

Also, anyone had any bad experiences from autotrader? with a nice car a bit paranoid about getting car jacked or something. Sold a car before but only for like £2k.

Thanks

neilmcl

I think it's £10,000 in most banks. If you've both got online accounts then it may be easier/safer to do a bank transfer.

harveybobbles

£9000 is the limit I think before customs have to be notified.

Or get paid by Bank Draft?

vaio

I thought bank drafts could be forged and bounce back after the event, can you check with issuing back to see if it’s genuine?

For 11k I’d not be parting with the car until I had guaranteed clear funds in my bank, as a buyer I’d not be handing money over before I got the car so that rules out cheques given the clearing time.

Cash is simple and I think once accepted by your bank is definitely clear and yours. Pretty sure electronic transfers are safe too.

harveybobbles

Yes you can check with the issuing bank, not a problem. Just one phone call.

mrscb

I wouldnt want 11 grand in cash...(Well i would IYKWIM:))
I would go down the bakers draft route and confirming its genuine and in your account before you release the car..Get the purchasers to go with you when its paid in and verified.
Dont forget the deal will have to be done during banking hours though ,some people get caught out by evening deals etc..take a deposit if its later on and finish the deal the next day.

Inactive

mrscb wrote: »

I wouldnt want 11 grand in cash...(Well i would IYKWIM:))
I would go down the bakers draft route and confirming its genuine and in your account before you release the car..Get the purchasers to go with you when its paid in and verified.
Dont forget the deal will have to be done during banking hours though ,some people get caught out by evening deals etc..take a deposit if its later on and finish the deal the next day.

That takes the biscuit..

leanneq

I just sold a car for just over 8k. I went with them when the bankers draft was drawn. If you see it being done then that's your safest bet

mrscb

Inactive wrote: »

That takes the biscuit..

Oooops...Well everyone knows what i meant..
HMMMM 11 grands worth of cakes!!:rotfl::rotfl::rotfl::rotfl: