Payment When Selling A Vehicle

Thomas_Crown

When selling a vehicle which is worth around £5,000 - £6,000, what method(s) of payment could be considered safe for the seller? Obviously cash is best but expecting someone to turn up with that amount of money in their pocket, may not be realistic. A banker's draft was considered safe at one time but possibly not anymore. What about a bank transfer, can the money be reclaimed by the paying bank? So many fraudsters about these days.

arcon5

Cash or bank transfer

Marvel1

As a buyer who travelled by 3 trains and a taxi, bank transfer was safer and seller was happy also.

When they transfer the money, have then a reference to the car reg.

knightstyle

We have sold a couple of cars recently. 1 was paid by bank transfer using our home WiFi, the other by transfer in the bank whilst doing the test drive.
Both went well.
Consider Pay Pal gift but not request for payment as well.

shaun_from_Africa

knightstyle wrote: »

Consider Pay Pal gift but not request for payment as well.

Even though a Paypal gift payment is supposedly safe from the buyer opening a Paypal dispute, if the payment was funded via a credit or debit card then the buyer can still contact their card issuer and attempt a chargeback by claiming unauthorised use of the card or by saying that they didn't get what they paid for.

arcon5

Agreed. Avoid any payment type this involves, whether directly or indirectly, the use of a debit or credit card

Thomas_Crown

Thanks to everyone for your advice. I think that a deposit by PayPal, followed by the balance by bank transfer, would be the safest thing to do.

DoaM

Deposit ?

jimjames

Thomas_Crown wrote: »

Thanks to everyone for your advice. I think that a deposit by PayPal, followed by the balance by bank transfer, would be the safest thing to do.

I'd only take deposit as cash

Thomas_Crown

DoaM wrote: »

Deposit ?

The buyer normally puts down a deposit to secure the vehicle, then goes away to arrange insurance and tax, before returning to pay the balance and collect the vehicle. This may/may not apply when selling on ebay.

Thomas_Crown

jimjames wrote: »

I'd only take deposit as cash

If I decide to sell the vehicle on ebay, a cash deposit may not be possible. If the sale is by auction, maybe a deposit by PayPal is the only option?