Receiving money when selling car

philpp

I received this reply from the Nationwide after asking whether a transfer into my account would be safe when selling my car -

Hello Mr Parmenter,
Thank you for your message.
I do understand what you are asking.
It is possible the person paying the money could ask for this to be sent back, it is not 100% secure.
We are unable to advise on the best way for you to sell your car.

It would seem then that a person buying my car can just ask for their money back when they have received the car!
What's the best way then to safely get the money? I have read that a CHAPS transfer is secure and cannot be returned - is this true?

Many thanks,

alanobrien

Ask them to meet you at your bank with cash then pay the cash into your account and give them the car. Its then a cash deposit so non reversible.

couriervanman

Cash is king

masonic

CHAPS transfers can be refunded if the sender claims they were the victim of fraud, just like Faster Payments. However, they would need to come up with evidence of this.

If you want to be sure of the buyer having no recourse, except through the courts, ask the buyer to meet you in branch with cash to pay for the car in full. Pay it in over the counter, so the notes are checked, then hand over the keys.

philpp

Unfortunately the buyer lives at the other end of the country and is planning on having the car collected so I think some form of transfer is the only option.

bigadaj

So you've two red flags for a dodgy transaction immediately, I wouldn't be confident this will turn out well.

philpp

Many thanks. I'm not confident either - hence my questions.

masonic

I suppose you could always ask the buyer to send cash via Special Delivery a few days ahead of the pick-up if he's really that keen - depending on how much you are selling the car for.

I doubt any genuine buyer would be willing to take that risk, or indeed take the risk of buying a car located halfway across the country that they won't see until after they paid for it, which is what they are currently proposing.

philpp

I've now read that a cheque payment cannot be reversed once 7 days has passed. Could this be a safer way?

YorkshireBoy

philpp wrote: »

I've now read that a cheque payment cannot be reversed once 7 days has passed. Could this be a safer way?

Not sure where you've read that?...

...unless you are a knowing party to a fraud.

https://www.chequeandcredit.co.uk/information-hub/faqs/2-4-6-cheque-clearing-timescales

So that's still not without it's dangers. How would you prove you were not a "knowing party"?

xylophone

Are you willing to drive the car to the buyer and do the cash transfer at a branch of your bank close to the buyer's location?