Selling car - payment options

boyse7en

vaio wrote: »

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 anyway

I wouldn't be keen to drive to a place I don't know, to meet up with someone I've never met, with £5k in cash in my pocket. How do you know that he/she won't just grab the cash a leg it? Or worse? It's like booking a mugging in advance.

boyse7en

YorkshireBoy wrote: »

Tell her to pre-book a £5K cash withdrawal from her bank at a branch local to you.

If she wants the car, having seen it, you accompany her there and act as 'bodyguard'.

That's how I bought my motorbike. But I didn't need the seller there as bodyguard, because as soon as the cash was in my hands, we sat in the bank and completed all the paperwork. I gave him the cash and then it was his problem not losing it!

flashnazia

Feel bad now for not trusting her. Seems like a nice lady. Unfortunately not coming now as I'm too far and she has found something nearer. She was going to transfer the money via internet banking.

In general, I prefer the bank option but banks are shut on weekends hence the problem. I don't fancy counting 5.5k and looking out for forgeries too!

Thanks for the replies.

scheming_gypsy

boyse7en wrote: »

I wouldn't be keen to drive to a place I don't know, to meet up with someone I've never met, with £5k in cash in my pocket. How do you know that he/she won't just grab the cash a leg it? Or worse? It's like booking a mugging in advance.

well if you've never met them before you've not seen the car before. So only a complete tool would turn up and announce that they've got the money on them. You turn up, make sure the car is ok, tell them you'll take it and then pull out the money.

vikingaero

Telbert wrote: »

[

What about banker's drafts? Are they safe?

?

Yes bankers drafts are as good as cash![/QUOTE]

As Soolin has stated there are lots of stolen or forged bankers drafts about.

When presented they still need to be cleared "for fate". There are so many stolen or forged bank drafts that releasing an £x grand car is foolish. If you take a bank draft and can afford to lose that amount of cash then go for it.

Safest ways are:

(1) Cash (withdrawn from and paid into the same bank)
(2) BACS transfer with both of you present and with the seller covering the £25 fee for peace of mind.

Altarf

vikingaero wrote: »

(2) BACS transfer with both of you present and with the seller covering the £25 fee for peace of mind.

You mean CHAPS, not BACS.