Selling car privately - bank transfer?

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Hi,

I'm selling my car via a private sale and the car is worth around 8.5k. I have a buyer who is interested, has been for a test drive and wants to make the payment via bank transfer.

I'm just wondering how safe this is? He came to view on Sunday, has to go back and sort insurance out and now wishes to collect this Sunday (15 May). He says he will transfer the money on Thursday (12 Mayl) so they should be cleared by the time he collects.

I'm just a bit cautious about this as I've only ever done cash sales when selling my car. I'm wary about whether the transaction could be reversed at all at a later date or whether he could request a refund for whatever reason say 6 months down the line... I'm just a bit worried because I've never done a bank transfer before.

Any advice would be welcome.
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  • Richard53
    Richard53 Posts: 3,173 Forumite
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    I've had payment by bank transfer before and it was fine. The guy had mobile banking and did the transfer sitting in my kitchen. I then went online and checked my balance. All good, car sold, no comebacks. Certainly a lot safer than cash, where the buyer gives you 8 grand in cash after banking hours, takes the car, and comes back in the early hours with some mates to take the cash back as well.


    If there is a risk of the buyer reversing the transaction, I am not aware of it.
    If someone is nice to you but rude to the waiter, they are not a nice person.
  • neilmcl
    neilmcl Posts: 19,460 Forumite
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    AFAIK bank transfers using the faster payments service (pretty much all banks) cannot be reversed.

    I prefer this method myself.
  • maninthestreet
    maninthestreet Posts: 16,127 Forumite
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    Make sure it is an actual bank transfer, and not the deposit of a cheque into your account by the seller.
    "You were only supposed to blow the bl**dy doors off!!"
  • loskie
    loskie Posts: 1,761 Forumite
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    its not like you dont have time between payment and the car going . Speak to the bank for reassurance.
    What you describe will be fine.
  • agrinnall
    agrinnall Posts: 23,344 Forumite
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    The risk is that the transfer is done from a hacked account that is not owned by the buyer, in which case the actual account owner will have the transaction reversed and you'd end up with no car and no money. It's a very small risk but it has happened I believe. I'm not sure that there is any totally risk-free way, cash could be dodgy notes.

    Personally I would go with the buyer to a branch of his bank so that he can do an over the counter transfer to you while you are present, which would at least demonstrate that he had a valid card and PIN for that account in his possession.
  • Stevie_Palimo
    Stevie_Palimo Posts: 3,306 Forumite
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    agrinnall wrote: »
    The risk is that the transfer is done from a hacked account that is not owned by the buyer, in which case the actual account owner will have the transaction reversed and you'd end up with no car and no money. It's a very small risk but it has happened I believe. I'm not sure that there is any totally risk-free way, cash could be dodgy notes.

    Personally I would go with the buyer to a branch of his bank so that he can do an over the counter transfer to you while you are present, which would at least demonstrate that he had a valid card and PIN for that account in his possession.

    100% the safest way to do any transaction of a largish amount, I have sold cars ranging from a few hundred in the past up to several thousand and did exactly the above, Transfer in the bank that they are with into my account and job done log book signed off they went.
  • bearcat16
    bearcat16 Posts: 339 Forumite
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    agrinnall wrote: »
    The risk is that the transfer is done from a hacked account that is not owned by the buyer, in which case the actual account owner will have the transaction reversed and you'd end up with no car and no money. It's a very small risk but it has happened I believe. I'm not sure that there is any totally risk-free way, cash could be dodgy notes.

    Personally I would go with the buyer to a branch of his bank so that he can do an over the counter transfer to you while you are present, which would at least demonstrate that he had a valid card and PIN for that account in his possession.

    If I was buying a car and the seller suggested doing this instead of a simple faster payment, I'd walk away.

    Who needs the hassle of that?
  • Stevie_Palimo
    Stevie_Palimo Posts: 3,306 Forumite
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    bearcat16 wrote: »
    If I was buying a car and the seller suggested doing this instead of a simple faster payment, I'd walk away.

    Who needs the hassle of that?

    Genuine buyer against genuine seller and a decent car worth several thousand pounds with the transaction carried out in branch = as covered as you can be money wise that it is legit.

    Access can be made from other peoples accounts to do a transfer and you are trusting that person to be genuine but in branch caught on the CCTV is by sure the safest way you can go on larger amounts.
  • Silver-Surfer_2
    Silver-Surfer_2 Posts: 1,850 Forumite
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    Genuine buyer against genuine seller and a decent car worth several thousand pounds with the transaction carried out in branch = as covered as you can be money wise that it is legit.

    Access can be made from other peoples accounts to do a transfer and you are trusting that person to be genuine but in branch caught on the CCTV is by sure the safest way you can go on larger amounts.

    I don't see what protection the cctv would give you against fraud. It might help with identification but you'd still be down a car.
  • Stevie_Palimo
    Stevie_Palimo Posts: 3,306 Forumite
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    I don't see what protection the cctv would give you against fraud. It might help with identification but you'd still be down a car.

    You will sleep safely knowing as well as you can that the funds are coming from the persons bank that is buying the car simple really isn't it, You are just knit picking over my posts to try and be smart.
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