Receiving money when selling car

jaybeetoo

What car is it and how much are you selling it for?

masonic

philpp wrote: »

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

It can be reversed for the same reasons that a bank transfer can be reversed, so no safer and much less convenient.

If you are determined to offer something that doesn't have the buyer sending you cash, and that cannot be reversed, then you could consider accepting payment in bitcoin, but you run the risk of the bitcoin being worth less when you convert it back to pounds. No sensible buyer should accept such a proposition, because they would have no comeback if it turned out you were trying to scam them.

DanRM

philpp wrote: »

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.

I've previously sold 2 cars to people who lived too far away to want to collect the car personally, nor even want to view it first (chance I wouldn't want to take myself). But both buyers used the companies collecting the car on their behalf as the middle man in regards to payement. Obviously I dont know how much the sale is for, so we might be talking about a lot of cash to hand over, but his may be an option if the buyer uses a reputable company to transport it and they're happy to do the exchange for them.

chineplate

According to Nat west, BACS payments can't be recalled, see link.



https://help.bankline.natwest.com/help/account_info/BACS_Faster_Payment_Cleared

18cc

Any form of electronic payments into your account or cheque can, if the other person makes a claim be frozen and investigated by the bank

this is particularly so these days when there are so many scams about

i personally would not sell anything of high value other than for cash

If you do decide to go ahead then definitely check the credentials of the person collecting it as the buyer could say they did not receive the car and demand their money back make sure they are a proper courier company and not just some 'man and a trailer'!

traineepensioner

philpp wrote: »

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.

I would get the person collecting the car to bring cash and would pay this into my branch before releasing the car.

The person (agent) collecting the car could sign the sales receipt on behalf of the new owner and the new owners details could be added to the receipt.

Reaper

It used to be common to use building society cheques or bank drafts when buying cars. Unlike normal cheques these can only be drawn on cleared funds and cannot be stopped by the customer. Therefore handing one over when collecting the car was considered reasonably safe.

However nothing is certain. You still have no certainty it is not a fake draft/cheque or comes from a book stolen from a bank and therefore invalid.

masonic

Reaper wrote: »

It used to be common to use building society cheques or bank drafts when buying cars. Unlike normal cheques these can only be drawn on cleared funds and cannot be stopped by the customer. Therefore handing one over when collecting the car was considered reasonably safe.

However nothing is certain. You still have no certainty it is not a fake draft/cheque or comes from a book stolen from a bank and therefore invalid.

Yes, in that respect BS cheques and banker drafts are similar to cash, except easier to forge. So fine if paid in and cleared prior to handing over the keys, but not as quick as paying cash over the counter.

Terry_Towelling

Red flags galore here.

Buyer prepared to fork out (purchase price and collection cost) without seeing or driving the car. Buyer not willing to be seen by you or hand over cash to you directly. Buyer claims to be from the other end of the country. Do you have the buyer's address and landline number? You will need the address in order to fill out the V5 document for a change of owner and you should be prepared to check it is his address. Technically, it is also your responsibility (as the registered keeper) to send the V5 to DVLA with both your signature and that of the new keeper on it. You can't do that here and you will be relying on the buyer to do it for you.

On the subject of the buyer asking for the funds back after making the transfer, it may not be that straightforward. If he is a fraudster, he may be tricking someone else into transferring the funds to you from their account. It will be that innocent person who asks for the money back.

We must be talking about a pretty special car here for there not to be another comparably priced one nearer to where the buyer claims to live. Although not guaranteed to reveal anything, I'd be checking the buyer's social media and zooming in on his alleged address with Google Street-view for any kind of clues. Beyond that, buy yourself a bargepole and use it.

jimjames

Terry_Towelling wrote: »

Technically, it is also your responsibility (as the registered keeper) to send the V5 to DVLA with both your signature and that of the new keeper on it. You can't do that here and you will be relying on the buyer to do it for you.

Not directly related to the payment side but no requirement to send anything to DVLA with signatures on it, all can be done online now.

I'd echo all the previous comments about warning signs, how many people are prepared to pay a significant sum of money for a car they've never seen?