Advice on selling car

janiceb966

Hi

This is my first post, although I have been lurking for a few weeks, so please be gentle

I have a 2.5year old car to sell and I would like to know which type of payment would be the safest to ask any potential buyer for? I've never sold a car privately before (all mine have been old bangers that were scrapped!) so all advice welcome.

Thanks

KillerWatt

Cash always works for me.
If they pay you by kite, do NOT hand over anything until it has cleared.

NeverAgain_2

...If they pay you by kite...

Were you an extra on Minder?

janice,

By 'kite' he means cheque.

To be serious, taking several thousand pounds off a private citizen is fraught with difficulties.

Neither party is keen to trust the other, so a method of completing the transaction within an hour or two is best.

One thing you could look at is the bank's faster payment scheme, it has a limit, but you may be under it.

Under the scheme you give the other party your bank details - no more than what appears on one of your cheques - and they can transfer the money to your account almost instantly.

janiceb966

Thanks for that - I wouldn't be comfortable with that much cash and I won't be releasing the car until a cheque is cleared. Bank transfer or maybe a banker's draft would be the way to go I think. Cheers

forgotmyname

Goto your local branch of their bank and watch the bankers draft get issued or direct funds transfer.

Mate sold a camper & had a couple of dodgy notes in the cash payment.

Kilty_2

If you take cash buy one of those pens to run over each note.

harveybobbles

Cash is handy.

However a Bankers Draft is probbaly safe. You can always phone up the issuing bank to check that they did indeed issue said Draft.

Kilty_2

harveybobbles wrote: »

However a Bankers Draft is probbaly safe. You can always phone up the issuing bank to check that they did indeed issue said Draft.

Don't use the number on the draft itself though - a main dealer salesman told me about a fraudulent draft they got once complete with a false 0845 number for the issuing bank. Buyer did a runner which was the only reason it was discovered :eek:

harveybobbles

We always google the phone number for this reason.

We only ever phone the bank if its a customer who has flew in from Southern Ireland and wanting to pay in Stirling from a bank whose logo's etc we aint familiar with.