selling car, how do I make the transaction?

kmb500

Hello,


I am selling my car privately and put adverts on autotrader and ebay. I have had some interest in my car and someone is hoping to buy it - presumably they will come to my house, pay me, and drive off with the car.


How do I actually accept their money? Just bank transfer on their phone? Which might not show up on my bank account immediately and would cause a problem because I would need to be sure I have the money before I give them the keys.


Or do you pay through ebay. I have never sold anything privately before so not really sure how it works.


Thanks

Guest101

Cash? - buy a £3 counterfeit checking pen

kmb500

Guest101 wrote: »

Cash? - buy a £3 counterfeit checking pen

I would assume most people would pay by card, otherwise its quite a lot of cash..

jimjames

Bank transfer is certainly a good option, or they could pay cash directly into your account if you both visit bank - not always possible or convenient.

If they're planning on making payment when they get to you then there could be a delay as many mobile apps won't allow new payees to be added for obvious reasons

Richard53

The last motorbike I sold, the buyer made the transfer on his phone in my living room, then I checked on my laptop that the funds had come through, then he rode away. It was pretty much instant.

BeenThroughItAll

Richard53 wrote: »

The last motorbike I sold, the buyer made the transfer on his phone in my living room, then I checked on my laptop that the funds had come through, then he rode away. It was pretty much instant.

As it is in 99.9% of cases...

But... In January 2015 I bought a Jeep, paid by faster payments transfer (we were both with the same bank, as well) and an hour later and two cups of coffee in the seller's kitchen the funds hadn't arrived in his account.

I set off home (an hour and a half's drive away) with an agreement to pick up the next day; an hour and 10 minutes later he phoned to say the money had arrived and I turned round and went back to get the car.

So OP, just be aware that a direct transfer isn't always instant/quick.

kmb500

Richard53 wrote: »

The last motorbike I sold, the buyer made the transfer on his phone in my living room, then I checked on my laptop that the funds had come through, then he rode away. It was pretty much instant.

BeenThroughItAll wrote: »

As it is in 99.9% of cases...

But... In January 2015 I bought a Jeep, paid by faster payments transfer (we were both with the same bank, as well) and an hour later and two cups of coffee in the seller's kitchen the funds hadn't arrived in his account.

I set off home (an hour and a half's drive away) with an agreement to pick up the next day; an hour and 10 minutes later he phoned to say the money had arrived and I turned round and went back to get the car.

So OP, just be aware that a direct transfer isn't always instant/quick.

This is my concern, I know occasionally it can take some time to go through. The person buying my car is coming a very long way so it's not a case of they can come back the next day if the money doesn't go through instantly. And I do not want to give my keys to the person without having definitely received the payment.

agrinnall

Two options with more certainty:

1) Go to a branch of your bank and get your buyer to make a debit card payment directly into your account over the counter (probably best to check with your bank if this is feasible first).

2) Go to a branch of his bank and get him to make the transfer over the counter, then check that the money has reached your account.

And a third possibility, but would need some advance arranging: got to his bank with him so he can withdraw the cash then go straight to your bank to pay it it.

Stevie_Palimo

BeenThroughItAll wrote: »

As it is in 99.9% of cases...

But... In January 2015 I bought a Jeep, paid by faster payments transfer (we were both with the same bank, as well) and an hour later and two cups of coffee in the seller's kitchen the funds hadn't arrived in his account.

I set off home (an hour and a half's drive away) with an agreement to pick up the next day; an hour and 10 minutes later he phoned to say the money had arrived and I turned round and went back to get the car.

So OP, just be aware that a direct transfer isn't always instant/quick.

You tend to find this happens at busy clearing days during the month whereby people are paid and or normally lots of direct debits traditionally get taken, The other reason for delays I find are from Barclays Bank on a new payee and in some cases HSBC are delayed. The worst banks for it are Citibank and the guaranteed bank accounts that all have delays in moving funds around.

If for any reason you are unsure on clearing times and the person seeking to purchase your car is with you then try and organise in the daytime where you can make a trip to the bank and see a transaction being carried out with a receipt given for it, As per above agrinnall

iolanthe07

Are Bankers' Drafts no longer available? They used to be pretty safe, especially if buyer and seller go to the bank together.

Stevie_Palimo

iolanthe07 wrote: »

Are Bankers' Drafts no longer available? They used to be pretty safe, especially if buyer and seller go to the bank together.

I think they are still on offer but in this day and age could people be bothered to organise them.