selling car, how do I make the transaction?

AnotherJoe

iolanthe07 wrote: »

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

Its also not unknown for them to be faked.
A friend of mine sold his car using the "transfer within a bank branch" option.

onomatopoeia99

AnotherJoe wrote: »

Its also not unknown for them to be faked.

Indeed, but there are steps that can be taken to reduce the risk, such as going to the bank with the buyer when they get the draft, as the post you quoted suggested.

beaker141

How about getting him to BACS £1 now so the payee is set up and on a sample transaction you get an idea if its instant or not ?

If he changes his mind and doesnt buy, give him a £1 coin back on the day?

Gravedigger

Also give him a receipt detailing the sale of the car "Sold as seen". :cool:

kmb500

I don't live in a town and don't think my bank in the nearby town is open at the weekends anyway.

kmb500

beaker141 wrote: »

How about getting him to BACS £1 now so the payee is set up and on a sample transaction you get an idea if its instant or not ?

If he changes his mind and doesnt buy, give him a £1 coin back on the day?

Hey that's a very good idea.

agrinnall

kmb500 wrote: »

Hey that's a very good idea.

Sadly there is no guarantee that any Faster Payment will go through quickly, just because one has doesn't mean that the next will - there are example threads on here where people have found that a first test transaction goes through no problem but the second one is delayed. What it will do is ensure that your buyer has entered your bank details correctly so that when the real payment is made you can be sure that the payment is going to the right place. Unfortunately with a weekend payment it could be as long as the end of day on Monday before it reaches you.

kmb500

agrinnall wrote: »

Sadly there is no guarantee that any Faster Payment will go through quickly, just because one has doesn't mean that the next will - there are example threads on here where people have found that a first test transaction goes through no problem but the second one is delayed. What it will do is ensure that your buyer has entered your bank details correctly so that when the real payment is made you can be sure that the payment is going to the right place. Unfortunately with a weekend payment it could be as long as the end of day on Monday before it reaches you.

That's what happened when my dad sold his car a few weeks ago - it was very slow but he made sure the bloke entered the right bank details, then the payment came through the next day.


But we knew who he was already whereas this is a stranger.


If I make sure they enter the bank details correctly -- once they send the payment, and if the payment doesn't appear in my accoutn straight away; are they able to call their bank to stop the transaction? I don't know if that's something you can do or not.

agrinnall

kmb500 wrote: »

If I make sure they enter the bank details correctly -- once they send the payment, and if the payment doesn't appear in my accoutn straight away; are they able to call their bank to stop the transaction? I don't know if that's something you can do or not.

No, they can't. But there is a well known scam where a fraudster gets hold of an innocent person's online banking and transfers the money from their account, and if this happened the bank would take the money back from you. It's pretty unlikely to happen, but as I understand it high value items such as cars are where it could be done.

If it was me I would take a day off work and do it in a bank branch as described previously.

stator

All options carry a risk so ask the buyer to bring their driving licence and write down their name and driving licence number. Then if something goes wrong you can identify them to the police.