Payment for car

Twinny99

Hi - I have my car up for sale at the moment and was wondering what is the best way to request payment Ive had all sorts of advice and am now just plain confused

1) Cheque - takes 7 days or so to clear? Wouldn't they want to take the car straightaway or are people generally OK with waiting for cq clearance?

2) Bankers Draft - I have been told that these are not secure and are easy to forge?

3) Cash - Dont really fancy having £6k ish worth of cash given to me and it could also be forged?

4) Telegraphic Transfer - is it safe to give your bank details to a stranger?

Any advise please?

littleoldme_2

i would say cash on collection.

i understand you dont fancy having 6grand handed to you , but if i was the buyer i wouldnt give over the money unless i was getting car and docs at same time.

motorguy

Twinny99 wrote: »

Hi - I have my car up for sale at the moment and was wondering what is the best way to request payment Ive had all sorts of advice and am now just plain confused

1) Cheque - takes 7 days or so to clear? Wouldn't they want to take the car straightaway or are people generally OK with waiting for cq clearance?

2) Bankers Draft - I have been told that these are not secure and are easy to forge?

3) Cash - Dont really fancy having £6k ish worth of cash given to me and it could also be forged?

4) Telegraphic Transfer - is it safe to give your bank details to a stranger?

Any advise please?

Cash on collection. Make that clear before they come out otherwise they might turn up with a chequebook. Also make it clear the price they bid is the price they will pay, its non negotiable

Sugar_Coated_Owl

Cash on collection.

Twinny99

Cash on collection it is then!! Thanks :j

pinkgem

i advertised my car for sale last year, it was quite expensive at nearly £25,000

i had a foreign guy from london offer to pay just under asking price with a bankers draft cheque, he said he would get the train from london to south wales but messed us about a bit with when he could do it

i said ok about accepting a bankers draft but only if i can verify with bank that bankers draft was genuine, although myself and my partner were still concerned

we then had somebody local come to see it and agreed a price for cash, although he was unable to leave a deposit. we notified the foreign buyer that we had a higher offer in cash and he agreed to better the offer.

we decided to take the cash offer from the local buyer as we still had concerns about the foreign guy with the bankers draft cheque

local buyer came the next day and paid the full amount in cash

a few months later i was reading on a forum that somebody had accepted a bankers draft cheque from a foreign guy from london for the same car as we were selling. the draft was fake, although it had initially been confirmed as genuine by his bank and the foreign guy had taken the car!

i contacted the seller who had been ripped off and we confirmed that it had been the same person who had attempted to buy our car as he had also given him the same name and also the same mobile number!

i am not sure of the outcome but myself and my partner tried to help him as much as possible, we gave him a contact number for his local police to contact us and gave him and the police as much information as we could.

i will never consider accepting a bankers draft again and i believe we had a very lucky escape as we could easily have lost nearly £25,000 and our car!

Twinny99

pinkgem wrote: »

i advertised my car for sale last year, it was quite expensive at nearly £25,000

i had a foreign guy from london offer to pay just under asking price with a bankers draft cheque, he said he would get the train from london to south wales but messed us about a bit with when he could do it

i said ok about accepting a bankers draft but only if i can verify with bank that bankers draft was genuine, although myself and my partner were still concerned

we then had somebody local come to see it and agreed a price for cash, although he was unable to leave a deposit. we notified the foreign buyer that we had a higher offer in cash and he agreed to better the offer.

we decided to take the cash offer from the local buyer as we still had concerns about the foreign guy with the bankers draft cheque

local buyer came the next day and paid the full amount in cash

a few months later i was reading on a forum that somebody had accepted a bankers draft cheque from a foreign guy from london for the same car as we were selling. the draft was fake, although it had initially been confirmed as genuine by his bank and the foreign guy had taken the car!

i contacted the seller who had been ripped off and we confirmed that it had been the same person who had attempted to buy our car as he had also given him the same name and also the same mobile number!

i am not sure of the outcome but myself and my partner tried to help him as much as possible, we gave him a contact number for his local police to contact us and gave him and the police as much information as we could.

i will never consider accepting a bankers draft again and i believe we had a very lucky escape as we could easily have lost nearly £25,000 and our car!

OMG!!! :eek: :eek: :eek: :eek: :eek:

You were so lucky....

LULUBELLE_2

If you agree to accept cash, ask the buyer to make arrangements to withdraw the cash at a bank local to you; go with him when he draws it out and then pay it straight back in. That way you know it's not forged notes and you're not at risk by having £6K cash at home, or in your pocket on the street!

pinkgem

Twinny99 wrote: »

OMG!!! :eek: :eek: :eek: :eek: :eek:

You were so lucky....

yeah i know! it was scary. i was completely shocked and felt sick when i realised it could have been us and felt so sorry for the person it happened to.

nads

You could consider telling him to go to the bank with you with the bankers draft?
Cash on collect is the best option though - check every note!

zappahey

nads wrote: »

Cash on collect is the best option though - check every note!

Probably better to take the buyer to the bank while you pay it in, that way the notes are checked by an expert and they're no longer the seller's problem