zuto - selling a car, is it safe?

holsbrown

Hi There

has anyone had any experience with Zuto (the car finance people), but not getting finance through them - instead getting paid by them?

I'm selling a car privately and the buyer and I have agreed a price, he has had a test drive - we are both happy. He is financing the car through Zuto who have contacted me directly. They want a few details from me (copy of the V5 doc, bank statement, copy of my driving licence) and then apparently they will be paying my directly for the car. When the funds are then in my account I can release the car to the buyer.

Although I can't actually find a specific problem with this, something doesn't feel right! Surely this is a system meant for car dealerships and companies and not individuals selling a car privately?

I've done some research online but I can only find reviews for those people taking out finance with Zuto (not the other 'end'). They seem well established and official, and the fact that they have advised me to to release the car until I have the funds in my account I suppose is reassuring.

Just wondered if anyone has any experience with them from the 'selling of a car' side of things, and if anyone has any recommendations on how I can protect myself.

Thanks all

maninthestreet

Why do they need to see your driving licence?

glentoran99

maninthestreet wrote: »

Why do they need to see your driving licence?

to verify his identity i presume

foxy-stoat

No experience, sounds dodgy though.

Ask for cash from the buyer when you collects or look elsewhere.

No way would I be sending off my bank statement and driving licence to a random company....maybe they want your Mothers Maiden name also?

foxy-stoat

glentoran99 wrote: »

to steal his identity i presume

I fixed that for you!

xHannahx

maninthestreet wrote: »

Why do they need to see your driving licence?

Because they are a finance company they will have this obligation to comply with anti money laundering rules probably.

Check them out with the FCA and their registrations there as clearly a finance company,

glentoran99

zuto arent a lender they are a credit broker, sounds dodgy

holsbrown

Apparently they want my driving licence to prove identity, the V5 to prove the car is mine to sell, and my bank statement to prove the bank they pay the funds into.

If they are a broker instead of a lender I assume they don't need to be part of the FCA?

xHannahx

Zuto is acting as a licensed credit broker and not a lender, authorised and regulated by the Financial Conduct Authority, registration number 452589

foxy-stoat

holsbrown wrote: »

Apparently they want my driving licence to prove identity, the V5 to prove the car is mine to sell, and my bank statement to prove the bank they pay the funds into.

If they are a broker instead of a lender I assume they don't need to be part of the FCA?

The V5 is not proof of ownership, only registered keeper. If the buyer gives them his driving licence and bank statements, they can pay the money to him and you take cash.

Personnally I would wait for a cash buyer, sounds like a scam.

holsbrown

Problem is I've been selling this car for a while, and I could really do with the money now... so typical!

Can anyone think of a reason why Zuto can't pay him the money and he pays me via bank transfer?

Thanks again