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Selling car - payment options
flashnazia
Posts: 2,168 Forumite
in Motoring
I haven't sold a car for ages so am a little out of step.
Furthermore, haven't sold one for such a large amount before. I was thinking the best way of taking payment was going to the bank with buyer and waiting for funds to clear before hand over etc.
Trouble is, most viewings are over weekend when banks are shut.
What about banker's drafts? Are they safe? The car is about 5k.
Besides cash, what other options are there?
Furthermore, haven't sold one for such a large amount before. I was thinking the best way of taking payment was going to the bank with buyer and waiting for funds to clear before hand over etc.
Trouble is, most viewings are over weekend when banks are shut.
What about banker's drafts? Are they safe? The car is about 5k.
Besides cash, what other options are there?
"fools and fanatics are always so certain of themselves, and wiser people so full of doubts." (Bertrand Russell)
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I have sold 3 cars in ebay, 2 were worth a lot more and I stipulated that payment was to be cash during banking hours. A lot of banks are open on saturday so wasn't a problem & the buyers were quite happy about it. Once the money was paid in, the new owner could drive away0
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Cash paid directly into your bank. Anything else can be claimed back.Censorship Reigns Supreme in Troll City...0
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Just cash.......0
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cash in your paw. you can sit there for 6 years thinking of the best way to accept payment but for a 5 grand car; there's a 95% chance the buyer ill turn up with cash in their pocket, so there's no point even thinking about bank transfers and other ideas.0
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The trouble is, a potential buyer has asked about this.
Says she doesn't want to drive here with that amount of cash and would I accept banker's draft?
Hmmm
She sounded nice enough but didn't ask about the car. Just said she wanted to see it and she was worried about carrying that amount of cash so could she pay with guaranteed cheque?
Having said that. I did put alot of info in the ad."fools and fanatics are always so certain of themselves, and wiser people so full of doubts." (Bertrand Russell)0 -
Can internet/phone transfers be rescinded too?"fools and fanatics are always so certain of themselves, and wiser people so full of doubts." (Bertrand Russell)0
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asking about bank drafts and not the car and presumably hasn't even seen the car would certainly set alarm bells going but on a £5k car I'd only be taking cash anyway0
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What about banker's drafts? Are they safe?
?[/QUOTE]
Yes bankers drafts are as good as cash!0 -
[
What about banker's drafts? Are they safe?
?
Yes bankers drafts are as good as cash![/QUOTE]
No, a bankers draft should not be treated as cash. They used to be guaranteed in the 'good old days' but are now easily faked so treat them as you would any other form of cheque.I’m a Forum Ambassador and I support the Forum Team on the eBay, Auctions, Car Boot & Jumble Sales, Boost Your Income, Praise, Vents & Warnings, Overseas Holidays & Travel Planning , UK Holidays, Days Out & Entertainments boards. If you need any help on these boards, do let me know.. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com.All views are my own and not the official line of MoneySavingExpert.0 -
Tell her to pre-book a £5K cash withdrawal from her bank at a branch local to you.flashnazia wrote: »Says she doesn't want to drive here with that amount of cash
If she wants the car, having seen it, you accompany her there and act as 'bodyguard'.
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