safest payment form when selling car privately

staceydaisy

Hi all

Wonder if you can help me looking to sell our car privately but wondering on the payment method as quite a large sum of money.

which is the safest way for them to pay...

thanks in advance

mcjordi

could use Bank Transfer or CHAPS

System

mcjordi wrote: »

could use Bank Transfer or CHAPS

Not sure I would want to give my bank account details to a stranger

You could ask the buyer for a bank / building society cheque made out to pay you. (But the bank may charge them for this service)

MX5huggy

Cash is King

kaya

inform them that they will be required to accompany you to your local bank with the cash so the cashier can check the notes and pay them in(your worried as a relative recently got given a bunch of fake notes) where they will be handed the registration documents, easier than them getting their mates to mug you for all that lolly after they pay you

Ebe_Scrooge

kaya wrote: »

inform them that they will be required to accompany you to your local bank with the cash so the cashier can check the notes and pay them in(your worried as a relative recently got given a bunch of fake notes) where they will be handed the registration documents, easier than them getting their mates to mug you for all that lolly after they pay you

This is probably the safest way.

A building society cheque is a good idea as well, unfortunately there have been cases of forged cheques being used, so even that is not a foolproof method.

A personal cheque is an option. The deal being, buyer gives you a cheque, you bank it, but don't hand over the keys until you've phoned your bank a few days later and confirmed that the cheque has cleared. The problem here is the buyer - understandably - may not be too happy with this. He gives you the cheque then you "disappear". I'm not saying you would, but think of it from the buyer's point of view.

So the "cash paid into the bank whilst you wait" is probably easiest.


PS, something's just occurred to me. When we've bought houses in the past, the solicitor has paid the deposit on our behalf by cheque, and used some sort of express clearance whereby the cheque cleared in just a few minutes. Anyone know how this works, and whether it's an option for a mere mortal like us, or is it only solicitors that can do this ? Would save walking the streets with large amount of cash stuffed into a brown envelope.

zappahey

BAA1 wrote: »

Not sure I would want to give my bank account details to a stranger

Have you ever written a cheque to a stranger?

thenudeone

BAA1 wrote: »

Not sure I would want to give my bank account details to a stranger

If you pay by bank transfer, CHAPS, or cheque, the recipient will have your bank details anyway.

Your bank details are printed on every cheque and usually on every debit card too, so they're not exactly secret.

vikingaero

Easiest way is bank transfer if you and the seller bank with the same bank. Cash if it's a reasonable amount. Then CHAPS with the £25 cost. There are too many forged and stolen bank drafts around to be safe.

rfowler

Cash or Bank Transfer

rev_henry

rfowler wrote: »

Cash or Bank Transfer

I agree, unless you bank with Santander who just won't let you have your money as I found out recently when buying a car...