Selling Car private. Safest method of payment?

Aubrey_Thicket

Hi all

We are selling my sons car through the famous car selling magazine/website. So, a guy wants to come and view it after work tonight. If he wants it how do I take the £5,000 without being ripped off?
Can a bank transfer be reversed (once he has taken the car away?).
If it’s cash I have no way of knowing of the notes are fake etc until the car has gone.
Cheque...Surely the worst method?

Thanks all.

glentoran99

bank transfer cant be reversed,


Buy a detector pen if cash.

Aubrey_Thicket

Thank you for your help

Richard53

Cheque is the worst method, unless you can persuade your buyer to hold off collecting until the cheque has cleared (~5 working days). Cheque bounces, car gone, money gone.


I am happy with cash up to about £1k, but above that I get nervous. Even if the cash is genuine (get a detector pen as suggested above), it has been known for cash to be paid after banking hours, the car is taken, and then mysteriously the house is burgled overnight and the cash taken. Coincidence, of course.


Bank transfer is as safe as it gets. If you both do online banking, you can complete the transfer together over a cup of tea in your living room, and you know the money is in your account before releasing the car. I have now done this several times, and all OK so far.

attila_

I!!!8217;m going through this myself. I reckon cash and a baseball bat is the safest option.

onomatopoeia99

Last car I bought I bank transfered the price to the private seller a few days before collecting. No problems.

Arklight

A bank transfer certainly can be reversed if the withdrawal was made due to fraud or suspected fraud (a hacked bank account). The money will then be held while the transaction (and you) are investigated.

You should ask to see the payer's bank card (which will have their name and the account details), and photo ID.

As long as these all tally up and the transfer comes from the right bank you should be fine.

[Deleted User]

Hi,


cash in hand, bought as seen.


No come backs.