safe to sell the Jag?

saffy_sweetie

Thanks for taking the time to respond all.

I'm going to look into this further, and I'm going to explore the following..........

1. Go to a mutal bank.

2. Have him withdraw the cash amount having made prior arrangements for the funds to be present.

3. Be standing next in line and pay the cash directly into my account.

I think I can then safely assume the funds are secure - with no counterfeit notes either! I got this system from an american website, who seem to privately sell high value cars more regularly than the brits. I can't see why it would't work over here too?

As for the test drive, I think you are right that the buyer is genuine if hes travelling that distance, so I will pay the couple of quid for a days fully comp insurance.

I will pay off the finance before the meeting (on my overdraft facillity - some stupid account which we never use which allows us to go overdrawn by the amount we have paid off our mortgage!) with the knowledge that worst case senario we can sell for 25k to the buyers group.

Now the only question is will depositing 26.5k cash into my account in this way trigger the 'money laundering' investigation and what does that mean exactly. (This is not a deal breaker as we have nothing to hide - just wondering if we need to do anything special as a result)

MsHoarder

saffy_sweetie wrote: »

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

Try ringing the garage and telling them that you have had an offer for £26.5k, and hope they to raise their offer. If so, then you can take it to the garage for more than the finance, if not then you'll have to decide if you want to risk it.

Its up to you whether the services of of garage are worth the difference in the value of the car. Which includes insurance and the risk of the buyer having an accident during the test drive. As you're discovering, selling a car is not a risk-free business.

keystone

saffy_sweetie wrote: »

I will pay off the finance before the meeting (on my overdraft facillity - some stupid account which we never use which allows us to go overdrawn by the amount we have paid off our mortgage!) with the knowledge that worst case senario we can sell for 25k to the buyers group.

and IMHO you'll need to have the paperwork cleared too with the car legally yours with no outstanding finance. Have you worked out how much the o'draft charges over a period of time will eat into your £ 1,500?

Now the only question is will depositing 26.5k cash into my account in this way trigger the 'money laundering' investigation and what does that mean exactly. (This is not a deal breaker as we have nothing to hide - just wondering if we need to do anything special as a result)

One reason why I said "cleared funds" earlier.

I do not think this is a 30 minute exercise however much you may want it to be.

Cheers

MsHoarder

saffy_sweetie wrote: »

Thanks for taking the time to respond all.

I'm going to look into this further, and I'm going to explore the following..........

1. Go to a mutal bank.

2. Have him withdraw the cash amount having made prior arrangements for the funds to be present.

3. Be standing next in line and pay the cash directly into my account.

I think I can then safely assume the funds are secure - with no counterfeit notes either! I got this system from an american website, who seem to privately sell high value cars more regularly than the brits. I can't see why it would't work over here too?

As for the test drive, I think you are right that the buyer is genuine if hes travelling that distance, so I will pay the couple of quid for a days fully comp insurance.

I will pay off the finance before the meeting (on my overdraft facillity - some stupid account which we never use which allows us to go overdrawn by the amount we have paid off our mortgage!) with the knowledge that worst case senario we can sell for 25k to the buyers group.

Now the only question is will depositing 26.5k cash into my account in this way trigger the 'money laundering' investigation and what does that mean exactly. (This is not a deal breaker as we have nothing to hide - just wondering if we need to do anything special as a result)

If you are going to the bank, note that you need to notify the bank if you intend to withdraw this much cash. A bankers draft (basically a cheque he can't bounce) is much safer and isn't expensive compared with the amount of money you intend to move around.

Hintza

Why not just get the buyer to send the £21.5 direct to the fianance company and the balance to your account.

One thing though is this should not all be done in carpark in a town you dont know.

If I was the seller I woud be insisting that I met you at home and had your landline number and that I had the proof that the finance company were satisfied and all outstanding monies were paid off.

vikingaero

Easiest way is to find out which bank your buyer banks with. If it's the same bank great. If not, not a problem.

Make a 2 BACS transfers (£25 each transfer) - the first to the finance company for the settlement amount (you need their account details), the second to you for the balance. That way once the money has been transferred, you know that you've been paid, the buyer knows that the finance has been settled.

This way there's no cash to be counted, no bouncy cheques, no forged bank drafts to bite you later on the arris.

As a buyer I would like to do the transaction at your home, so that I can see the V5C tallies with your address as a genuine seller, and then if necessary you can let him use you PC to sign up for a days cover on short term insurance. As to speeding fines, you and the buyer complete respective parts of the V5C. Prepare an invoice template and put the date and time of sale to cover yourselves against speeding fines.

As to the bank - it depends. Doing BACS transfers isn't a pound note reporting transaction (I think the reporting level is £9k in cash). It depends on the cashier. I don't think there is a tax implication because it's a personal vehicle and you've probably lost thousands in depreciation over the year(s).

NeverAgain_2

You have a safe and secure offer of £25,000.

There is a possibility that a transaction fraught with difficulties might yield £1,500 more, but who's to say the private buyer might not offer £1,000 less on the day?

Overdraft interest, fees, train travel etc is going to walk away with a couple of hundred.

Make no mistake, if this guy is a scammer and good at it, you will lose the car and be left responsible for the finance.

The private buyer is just not worth the effort, let alone the risk.

Go back to the dealer who offered the £25,000 and try to get another £500, but if he refuses, accept the £25k.

vikingaero

Blobby8 wrote: »

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

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

No! No! No! If he's doesn't pay off the finance then the OP is screwed - no car and finance still outstanding.

vikingaero

MsHoarder wrote: »

If you are going to the bank, note that you need to notify the bank if you intend to withdraw this much cash. A bankers draft (basically a cheque he can't bounce) is much safer and isn't expensive compared with the amount of money you intend to move around.

There are too many scammers with forged or stolen bank drafts. Never hand over a car unless the draft has cleared for fate or has been expressed.

Wh05apk

I will admit I am no expert on car finance, but personally see no reason to pay it off before, unless the buyer picks up on it and requests it (I would!), if he does not get an HPI check that is his concern, presumably it is your intention to repay the finance as soon as you get the cash?

I would not start repaying ot incase something happens and it does not go ahead.