Bank Transfer safe car payment?

elop_htuos

Hey,

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...;)

agrinnall

Perhaps you could tell them that once the driver has confirmed the purchase can go ahead, and the money has arrived in your account, you will only hand over the keys and documentation after you have transferred the money to another account to prevent any type of reversal from taking place.

elop_htuos

Yes, I did consider this perhaps transferring all the funds into either another savings account I have or into my partners account. But wasn't sure if then they called for the monies and it would cause some kind of bank charge? I feel stupid not knowing more about this stuff!

Buzby

I would suggest doing this makes you look suspicious! If they transfer the money to your nominated bank account, since they are a dealer they will not sign your V5C, as they will not be the new keeper.

Make sure the paperwork is correct but f you insist on successfully transferring the money again all his proves is you've little or no money in that account and do not trust them, and the sale will fall through.

elop_htuos

Buzby wrote: »

I would suggest doing this makes you look suspicious! If they transfer the money to your nominated bank account, since they are a dealer they will not sign your V5C, as they will not be the new keeper.

Make sure the paperwork is correct but f you insist on successfully transferring the money again all his proves is you've little or no money in that account and do not trust them, and the sale will fall through.

What does it prove if I've little or no money in the account? They're buying the car off me? Sorry in advance if I've misunderstood?

ca55ie

Whenever I or my friends have a sold a car privately we either
1) insist on bakers draft made out whilst we go to the bank with the account holder (too many stolen drafts to be sure otherwise)
or
2) insist on cash and take to the bank (along with the buyer) to make sure bank accept the notes

A bank transfer gives you no rights at all if things go wrong