Selling my old car privately

A_Geordie

There's no guarantee that any of these are safe, the question really should be how comfortably safe do you want to be.

Cheques = They can bounce, be altered or cancelled.

Bank Transfer = Probably safest method of transfer as it can't generally be reversed. There's a risk the buyer may claim unauthorised payment has been made or some other unscrupulous way to get a refund and keep the car.

Bankers draft = guaranteed funds but can be forged and comes with a fee of £15-£20. Not as safe as they used to be.

Belts and braces super safe way would be to either go to the bank to deposit the cash directly into your account or go the buyer's bank and watch the bank issue a bankers draft which is then handed over to you. Failing that, bank transfer.

pinkshoes

https://forums.moneysavingexpert.com/discussion/comment/81928733#Comment_81928733

Bank transfer is MUCH safer than cash, unless you can guarantee the notes are genuine! I'd be far more wary of someone handing over a load of £20s and find out some were fake notes.

With a bank transfer you just use your OWN app and can see when the money comes through. No need to be wary at all.

The only scam is a buyer showing you their own (fake) app and showing you that the money has gone through, but it is a complete lack of common sense and due diligence not to then check your own app to verify this, and never to hand over the goods until your own bank account/app says the money is there.

We have sold cars, motorbikes and instruments all using bank transfer and never had any problems.

spurdog1

good advice all, many thanks

mta999

Isn't the problem with bank transfer not the fact that you can check that the money has arrived but that the buyer at some point claiming it was a fraudulent transfer and your current account is then frozen by your bank.

Or the bank account the money is transferred from is under investigation for things such as money muleing etc

I would never under any circumstances allow a total stranger to bank transfer money into my current account

MyRealNameToo

The more common risk with bank transfers is that it doesnt show up in your account as whilst FasterPayments are normally instant they can take longer and so they show your "their bank" and convince you to give them the keys anyway. Obviously what they've shown you is not their bank but a mock up and no money has actually left.

Whilst if the account owner was not the person who purchased the car and didnt authorise the payment they may be able to get a refund from their bank it doesnt automatically mean it will be clawed back from the recipient. There arent clear and current guidelines on what the situation is especially when there is no allegation against the receiver of the funds.

Woodstok2000

https://forums.moneysavingexpert.com/discussion/comment/81930940#Comment_81930940

Those risks are also present (and maybe more relevant) with cash transactions...

born_again

https://forums.moneysavingexpert.com/discussion/comment/81930940#Comment_81930940

You make sure they have proof of ID, so you know who they are. Should be part of transferring ownership of car. Which you will do online while they are there so you get no nasty surprises after selling car.

Any buyer claiming fraud, would be in for a big shock when it is proved a genuine transaction & their bank revokes their account & adds a CIFAS fraud marker against them for a false claim.

spurdog1

https://forums.moneysavingexpert.com/discussion/comment/81931283#Comment_81931283

oooh i like that comment. thanks