How to take payment when selling a car?

talksalot81

We are selling our car and would expect well in excess of £4k - how would we get someone to pay?

This is the first time I have had to deal with such large amounts - cheque sounds a bad idea, cash is daft - does one just get them to pay cash into your bank and when you can confirm it, you release the car?

Thanks

weebro

I have used bankers draft (banks charge for it) or a check directly from bank. I am not sure about do these but they are way of ensuring money is in account. Cash to you could be quicker than cash into your account.

DesG

Cash is the norm for a small amount like 4k. Just be careful of forged notes, best to drive with the buyer to your branch and lodge the cash.

The alternatives are:-

Bank draft (a _LOT_ of forged ones doing the rounds.)(Do the same as with cash)
BACS payment(causes delay that many buyers will not be happy about)
chaps payment(Costs £25ish and is same day from their bank to yours)(I would suggest splitting the cost as it is both the safest method and relatively quick)

Cheers, Des.

ballyblack

Useful information here;


http://www.honestjohn.co.uk/forum/post/index.htm?f=2&t=53549

ballyblack

Bye the way what is the year, make, model you are selling?

talksalot81

Thanks guys!

The car is a 2005 Peugot 206 sport.

LilMissEmmylou

ive paid 3500 in cash before for a car, so its not a problem for folks to get the cash from their bank. However if they dont mind waiting id accept a bank transfer/cash into the account and give them the car once its there. Good luck

talksalot81

I think my first preference would be to go with the buyer and get the money pair directly into the account.

I guess at the end of the day, cash is pretty safe. Whilst the police may not take enormous interest in a potentially stolen car (if the payment did not work out), they would be exceptionally interested in £4k of counterfeit cash!