Selling a car - how to get money

TTC40

I have advertised my car for sale in Autotrader, value £6-£6.5k.

When I have done this before, the buyer paid cash. Just wondering what other safe options there are.

Do bankers drafts still exist?

One person who phoned said if he bought it, he would transfer by paypal. I have heard about chargebacks (or something like that), so I'm not convinced it's safe.

If they do a direct bank transfer, is this safe? Can it be recalled if they drive the car away?

TrickyWicky

Tell them to bring cash and they can pay it in with you at the bank (thus the bank are then responsible for recognising any false notes).

Lomast

Do Not take Paypal for a car you have no protection what so ever, its a common scam

neilmcl

See if they'll do an online bank transfer.

TTC40

Lomast wrote: »

Do Not take Paypal for a car you have no protection what so ever, its a common scam

Can they claim it back the day after or something?

TrickyWicky

Something like that yes and then you've no money and no car. Just don't do it.
Online bank transactions can be a bit iffy too. Personally I'd want the person to turn up with cash. Cash is far harder to fake these days, you get their name and address on the V5 (which you can photocopy before sending off) and if you're really paranoid you can take them to the bank with you so that the bank can check the notes as they're paid in.

jaydeeuk1

For that amount of cash I'd drive them to the bank myself. As said, under no circumstances accept paypal, could be a stolen account, funds could fail to clear there end, so paypal take the cash straight back from you.

neilmcl

TrickyWicky wrote: »

Online bank transactions can be a bit iffy too.

How so? Most transfers occur on the same day now so as long as you can see it hitting your account I can't see an issue. No difference to being actually in the bank itself paying the money in.

steve-L

neilmcl wrote: »

How so? Most transfers occur on the same day now so as long as you can see it hitting your account I can't see an issue. No difference to being actually in the bank itself paying the money in.

Because someone has to trust someone else for the intervening day.

When I bought mine we went to my bank and did all the paperwork and then I drew the money out (having phoned 1st and had 2 forms of ID) handed it over and handed over the relevant V5 bits.

(This was our 2nd go... 1st time I didn't take 2 forms of ID and branch refused claiming they were in a high fraud area (Canary Wharf) Being full of bankers and traders I'm sure they are in a high fraud area just not for thousands!

thenudeone

DO NOT USE an online escrow service.

All or nearly all are scams, even if they claim to be part of a legitimate company and quote its details.

Have a look here for examples: https://forums.moneysavingexpert.com/discussion/3922917

Splott

steve-L wrote: »

Because someone has to trust someone else for the intervening day.

If both banks are part of the fastpay network, and most are, a bank transfer of up to £10k can be done almost instantaneously. Literally minutes after they've done it it'll show up in your account.