How to accept payment for a car?

flip01

Hi

I want to sell my car privately, for around £4550.

How do I accept payment? I mean, I cant accept a cheque, what if it dosent clear?

Thanks

1jim

bankers draft/building society cheque
or
Cash
Once sale agrred, drive to local bank with the buyer, pay in cash over the counter into your account, the bank takes the cash and should check to make sure not fake and then you give the keys to the buyer and hopefully he/she will give you lift home
hope this helps
jim

Caped_Avenger

Another alternative being to give the buyer your banking details, and tell them to make a BACS or CHAPS transfer into your account. Not the quickest method (BACS will take up to 4 working days, CHAPS up to a whole working day), but a damn site safer than a cheque (anyone accepting payment for anything by cheque is asking for trouble).

Savvy_Sue

Also see what Honest John says on this subject: this is part of his complete guide to How to Buy and Sell Cars.

ukric

Chaps, wait one day after it has hit your account before giving away the keys

Bacs, wait one day after it has hit your account before giving away the keys

Personal cheque - Don't touch with a bargepole as a chq technically never clears (unless you pay for a special presentation and even then there can be problems)

Bankers draft - Ask to witness the draft being drawn up, then it should be fine. Drafts go through the same 'clearing' time and are subject to checks to ensure authenticity

Cash - All a bit dodgy, forged notes etc..

The best type all round to avoid charges and for convenience is BACS and wait a day.

HTH

Ted_Hutchinson

When I last paid cash for a car, both the seller and I had lloyds/tsb accounts. After we had agreed the price we walked to the local Lloyds/TSB branch where I transferred the agreed price to her account and she was able to confirm the money had arrived into her account.
It saved us both having to count actual notes and was quicker, cheaper and easier than any alternative. So it's worth asking if you share bankers.