safe to sell the Jag?

saffy_sweetie

Hi
We are trying to sell our car at the moment and have it advertised on autotrader. Consequently, we have been approached by several scammers, which has made us ultra wary! Anyway, we now have someone we believe to be a genuine buyer and we arranging a viewing of the car.

The problem is we live at the ar5e end of the universe, and in order not to deter him with a 5hr train journey (which he did seem willing to make) we suggested we could meet him somewhere up the line – this was our suggestion – not his. Anyway having suggested this we now don’t really know how to accept payment of this very large sum (26.5k) to enable him to drive away with the car on the same day – obviously he won’t want to make the trip a second time if it can be avoided – so what should we do?

It will be in business hours so going to his bank will be ok – should we get a transfer, a bankers draft, cash or something else? I don’t know which bank he is with yet, but we have accounts at 3 different banks, so could well be able to get a same bank transfer?
Additionally, what should we do about the outstanding finance? Should we pay the settlement figure before the transaction (technically possible – but will leave us up 5hit creek if the sale doesn’t go ahead) or can it wait until afterwards?

Also what should we do about insurance? Do you think its reasonable to ask him to pay for a days insurance? I’m not happy for it to be driven on his 3rd party insurance just in case anything happens. Should I get him to sign something in case of speeding fines too? I don’t want to deter the sale but I’m also loathe to pay for him to have a joy ride if he turns out to be a timewaster.

Lastly, will this sum be reported by the bank? And if so what are the implications of this? ie will we need to submit evidence of the sale to someone, or do a tax return or something?

Thanks in advance

Saff

[Deleted User]

For selling a car with a 26.5K value, I'd feel a lot safer selling it to a garage. Or you could get a garage to sell it on your behalf for a commission fee. I have heard of this done before on really expensive cars.

bigjl

You need to settle the finance before you sell the car as it will show up on the buyers HPI check.

I assume you have told the buyer that the car is on finance?

The money from the sale shoul dreally go to the finance company and then any balance from the sale will be forwarded onto you.

I wouldn't let anybody drive a car of that value without proof of fully comp insurance, hence why cars of that value tend to be sold in the dealer network. it is easier in all ways.

To be honest you seem concerned that the buyer is genuine, but I would be more concerned if I was the buyer, travelling for hours to see a car and then hand over £26.5k for a car that has unsettled finance.

Get written ermission fron the finance company to sell, and if you have the money then settle the finance.

For all the complications involved I would just try and be firm on my trade in price, as I assume you are trading on for a new car?

spiro

Deleted_User wrote: »

For selling a car with a 26.5K value, I'd feel a lot safer selling it to a garage.

I have to agree with this.

NeverAgain_2

There's a great deal that could go wrong here, even assuming the other party is an honest buyer.

I have used the 'faster payments' facility at the bank which sends the money across instantly.

But it was for nowhere near this sum, so I would contact the bank in advance to see what the options are.

It's asking a lot to get the whole transaction done from viewing to payment in a few hours miles from each of your homes.

saffy_sweetie

well I realise that trading the car in would be easier, but they are only offering 21.5k - which just so happens to be the settlement figure .......... with Jaguar finance! Additional, they aren't as flexible on the price of the new car when there is a part exchange.

A jaguar buyers group have offered 25k, but thats still losing 1500 and who can afford to give that away these days? (jaguar would market this car at around 28k) Surely there must be a safe way of doing this?

We are able to pay off the finance first I suppose if this is necessary and I could always say that on reflection meeting at the house would be better.

The only reason I'm wary is because of being contacted by several scammers. This bloke sounds kosha but obviously we don't want to get ripped off (either by him or the garages).

General consensus so far seems to be we are at the mercy of the garages .......... no wonder they get away with such low trade in figures!

Does anyone have any other suggestions?

Saff

Wh05apk

When you say insurance are you referring to him driving home or test driving it? If he is driving it home, that's his responsibility, whilst on a test drive, unless he has arranged specific insurance, he will only have 3rd party. Can't see him being a time wasyer out for a joyride, if he is prepared to spend 5hrs each way + the expense?

The funds side is difficult, even if you go to his bank, and get the funds transferred to you at the same bank, I still think his bank could reclaim the funds if he is either fraudulent, or exceeded his o/d limit with other entries on the day. I think the only option could be cash, but banks do not hold this level of cash these days, would you also be happy walking around with that amount of cash?

You have a difficult choice, risk £26.5k or take a certain hit?

keystone

I would agree that you must settle the finance first and get that issue cleared. You can't sell something that doesn't belong to you and the car currently belongs to the finance co.

Your safest transaction is to take Jaguar's offer. You are not "losing" £ 1500 by doing that. You can't lose something you haven't actually got already and, anyway, they have a business to run so am not at all sure how you expect them to offer the same amount as a private buyer.

It is extremely unsafe, however kosher the purchaser seems to be, to hand over the keys BEFORE the full amount in cleared funds is in your back account. You'd be mad to consider any other approach apart from folding stuff placed in your hand at the time.

Sorry if this is not what you want to hear.

Cheers

Blobby8_2

Have you considered selling it to him for £5k cash and letting him pay off the finance ?

https://forums.moneysavingexpert.com/discussion/3064776

keystone

Blobby8 wrote: »

Have you considered selling it to him for £5k cash and letting him pay off the finance ?

I would have thought that selling something you do not own would be fraudulent conversion.

Cheers

Strider590

Problem with Jag's is that the people who can afford to run them (or usually just have credit cards up to their eyeballs), don't normally buy them second hand.
(wouldn't look good at the Golf club wat wat)

Who does buy them second hand? well.... mainly (but not always) a certain group of people to whom car insurance is against (literally) their religion.

You want to be extremely careful, make sure you get the money and make sure they can't recall the payment and make sure you/they fill out the V5 correctly in THEIR name and not some alias (or you'll have the Police knocking on your door).
Whether they're insured or not is their problem once payment has been completed.