Am I being scammed by a buyer for my car?

elop_htuos

Hey,

Not sure if I've posted this in the correct space (sorry if its not!)

I've had my car listed on Auto Trader for about one week now. This morning I received a phone call from a guy from a company who said he wanted to purchase the vehicle. It was just slightly below the asking price, but I am fine with what he offered. He said he worked for a company 247 Finance and was a sub company Motor mart who wanted to send a driver to view and buy the car tomorrow. He did say payment would be completed with a bank transfer, which as far as I am aware that is a safe option and the money cannot be recalled once the money has been transferred and I see it in my online banking account?

Apparently, these guys buy cars for individuals with poor credit ratings who cant get loans and want to buy vehicles. I've checked out reviews online and they all seem 4/5 star etc...However most of the reviews seem to be from individuals who've received the finance as appose to the people who sell the cars.. (you can't be too careful with reviews as I am confident some where imputed from the company themselves?!)

I am aware of online scams etc and I really don't want to be a victim so I was just wondering if anyone else had dealt with anything like this before? Or if anyone knew anything about bank transfers and if it would be a safe option for selling a car? I know people ask to purchase cars through PayPal etc... That is something I would NEVER do... But obviously this is through a bank transfer.

I'd be grateful for any advice...;)

fivetide

If it walks like a duck...

I'd want cash but my gut instinct is not to touch this with the proverbial stick. You might find it is PayPal or something which certianyl can be reversed.

I'd want to speak with their bank etc at the minimum if you do plan to go ahead.

Guest101

What's wrong with a banker's draft??

agrinnall

See my answer in your other thread (and next time pick a place and post it once, multiple postings are frowned on).

elop_htuos

Yes, I did confirm with them that it wouldn't be a PayPal payment. I did ask them to call me back initially because I wanted to do some research before going ahead and he agreed saying it was fine etc.

I've read that a bank transfer is the same as a cash payment and therefore cannot be reversed once in my account. But then you can't be too sure I guess... Just confused!

mchale

Guest101 wrote: »

What's wrong with a banker's draft??

It's not guaranteed, I bank with nat west & was advised by 1 of their staff a bank draft is like a cheque and can be revoked, surprised me i always thought the were as good as cash

elop_htuos

A bank draft is different to a bank transfer?
If they do a bank transfer & I can see this on my account online then that means the money is in my account?

Weird_Nev

A bankers draft or "cashiers cheque" is a cheque made out by the bank and drawn on funds in it. The main risk with them is that they are forged or altered. The money may be deposited only to disappear later when reconcilliation between banks revels the discrepancy. The only "safe" way is to watch the buyer get the bankers draft drawn, then walk to your bank and pay it straight in.

Selling or buying a car involves some level of trust. If you won't trust anyone, then you shouldn't buy or sell a car. You cannot conduct a car sale like a drug deal.
However, this does sound a bit "fishy". Why would an organisation like that not seek to maximise their profit by sourcing cars from industry auctions or within the trade? Is your car particularly rare or hard to find?

I've been messed around by people claiming to be traders when I've sold cars in the past. It's hassle. If someone want to come and see the car, then fine. They'll only leave with it once money is in my account.

Check with your bank on the status of bank transfers. I am of the understanding that they are very hard to recall once made, and I have "trusted" people before in that I've seen funds in my account and handed over the keys. However, I've always ensured that I know where that person lives and works.

elop_htuos

Weird_Nev wrote: »

A bankers draft or "cashiers cheque" is a cheque made out by the bank and drawn on funds in it. The main risk with them is that they are forged or altered. The money may be deposited only to disappear later when reconcilliation between banks revels the discrepancy. The only "safe" way is to watch the buyer get the bankers draft drawn, then walk to your bank and pay it straight in.

Selling or buying a car involves some level of trust. If you won't trust anyone, then you shouldn't buy or sell a car. You cannot conduct a car sale like a drug deal.
However, this does sound a bit "fishy". Why would an organisation like that not seek to maximise their profit by sourcing cars from industry auctions or within the trade? Is your car particularly rare or hard to find?

I've been messed around by people claiming to be traders when I've sold cars in the past. It's hassle. If someone want to come and see the car, then fine. They'll only leave with it once money is in my account.

Check with your bank on the status of bank transfers. I am of the understanding that they are very hard to recall once made, and I have "trusted" people before in that I've seen funds in my account and handed over the keys. However, I've always ensured that I know where that person lives and works.

Thanks for your extensive response Nev.. My car is just a convertible, red mini.. I don't think its too rare to be honest! They also asked if I could pick up the delivery guy from the train station who has come to pick up the car? Doesn't sound too professional, but then I like to give people a chance & wonder if I am being too paranoid here! I've researched today and I cannot seem to find anything but reviews of people who've obtained finance from the company 247 Finance Via Motor Mart.

It is stressful you're right!:eek:

Toxicity

I'm pretty sure a bank transfer is perfectly safe and cannot be recalled/reversed.

Just make sure you can see the funds have gone in via online banking BEFORE handing over any keys, paperwork etc. Perhaps a quick call to your bank to confirm it has gone in also.

Even if that means the guy is waiting around for a while, tough.

eddddy

Hi Elop

Just some thoughts...

Are you sure that the caller really was from 247 finance? (As opposed to a scammer using their name.)

'Genuine' bank transfers are safe, but if you are dealing with a scammer, they could have stolen somebody's online banking password (e.g. using a phishing email), and use it to transfer money to you.

If this is the case, once the genuine account holder realises what has happened, I believe the his/her bank will be able to initiate a reversal of the transfer.

Also, make sure that what you see on your online banking really is a bank transfer, and not some other kind of credit. E.g. somebody could pay a fake/stolen stolen cheque into your account over the bank counter. It would show up as a credit on your account for a few days, until clearing fails.

Having said this, scammers do not usually want to end up with a car - they want to end up with cash. So the alarm bells should really start ringing if they say something like:

"We've changed our mind - can you return the money in cash or via western union" or "We've accidentally transferred too much money - can you return some of it in cash or via western union"