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Selling car to dealer - bank transfer?

far2812
far2812 Posts: 919 Forumite
PPI Party Pooper
in Motoring
Hi we have been offered £3k for MIL's car by a dealer.

He wants to do a bank transfer. How does it work please? Im assuming I hang on to the car until the funds are cleared? What can I give him as assurance that he has bought the car?

Any advice greatly appreciated.

Thanks
Total Quidco earnings - £547.98

Everyone is scared of someone or something, everyone loves someone or something, and everyone has lost someone or something! BE NICE!

Comments

  • worried_jim
    worried_jim Posts: 11,631 Forumite
    10,000 Posts Combo Breaker
    Most transfers hit your account instantly these days.
  • bod1467
    bod1467 Posts: 15,214 Forumite
    There would need to be exceptional circumstances for a bank transfer to be reclaimed without the recipients authority. So if they're willing to pay that way, once the funds hit your account then you can (probably) quite safely hand over the keys the next day.
  • burlington6
    burlington6 Posts: 2,111 Forumite
    1,000 Posts Combo Breaker
    Maybe the dealer doesn't trust you either. Why should they transfer the money first then wait for you to show
  • far2812
    far2812 Posts: 919 Forumite
    PPI Party Pooper
    Many thanks for the replies however, the guy owns a garage and he is saying he will do a bank transfer and take the car but the payment will take 4 days to hit our account!
    Total Quidco earnings - £547.98

    Everyone is scared of someone or something, everyone loves someone or something, and everyone has lost someone or something! BE NICE!
  • jimjames
    jimjames Posts: 18,052 Forumite
    Part of the Furniture 10,000 Posts Photogenic Name Dropper
    far2812 wrote: »
    Many thanks for the replies however, the guy owns a garage and he is saying he will do a bank transfer and take the car but the payment will take 4 days to hit our account!

    Sounds like it's going via BACS not Faster Payments
    Remember the saying: if it looks too good to be true it almost certainly is.
  • neilmcl
    neilmcl Posts: 19,460 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    far2812 wrote: »
    Many thanks for the replies however, the guy owns a garage and he is saying he will do a bank transfer and take the car but the payment will take 4 days to hit our account!
    Then don't let them take the car until the funds clear.
This discussion has been closed.
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