Best way of getting payment when selling privately

A

ang1170

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I'm currently thinking of selling my car privately, something I last did many years ago.

What are people's opinions on the best way of getting paid are, given the number of scams, frauds etc. that are around these days?

The problem I see with some of the advice (e.g. waiting until funds have cleared before parting company with the car) are things I wouldn’t accept myself if I was the one doing the buying.

What's a good way of handling this that is reasonable to both sides?
 
You might also want to be wary of forged Euro notes, and take precautions around that too.Maybe you could ask for proof of I.D and a bill, which means you have some security in knowing who you're dealing with. Can't see that as being unreasonable if you explain that to a potential buyer.
 
If its cash, then arrange for payment at your bank and you can lodge the money there and then. upon completion, hand over the keys+documents/service history BUT you make sure the VLC is signed and you send that to shannon, even by registered post to be sure..

S
 
Leo said:
Plenty of tips and advice in the Key Post!
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There is, but the bit about payment is not practical I think. If I were buying a car I don't think I'd be prepared to wait until funds had fully cleared before getting it: how would you know the seller wouldn't just disappear?

On the other hand, how do you protect yourself as a seller from forged drafts or even forged cash for that matter?
 
Meet the buyer in his bank, have him withdraw the cash and hand it to you, you lodge it to your account (if same bank) or go to the counter and buy a draft (if different bank). Then go outside and post off the change of ownership docs.
 
Mrs Vimes said:
Meet the buyer in his bank, have him withdraw the cash and hand it to you, you lodge it to your account (if same bank) or go to the counter and buy a draft (if different bank). Then go outside and post off the change of ownership docs.
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Thanks for the suggestion: it sounds a reasonable thing to ask, and any genuine buyer should have no problem with it.
 
Mrs Vimes said:
Meet the buyer in his bank, have him withdraw the cash and hand it to you, you lodge it to your account (if same bank) or go to the counter and buy a draft (if different bank). Then go outside and post off the change of ownership docs.
Click to expand...

to be honest that might put a lot of buyers off! just an opinion........
 
When I sold my car this year I met the buyer at the bank where he got a draft and handed it over to me. I then gave him the car and keys and filled out the change of ownership and posted it. I found this method suited both the seller and buyer.
 
I sold car a year ago. Purchaser came into his bank with me, did a transfer to an account in same bank and cashier confirmed it. All done quickly - he gave me a lift back close to home and off he went.

My wife or I didn't have an account in the bank though my young daughter did (c/o my wife) so she was breifly wealthy till my wife transferred it out to me.

Point being it had to be same bank to be certain they were cleared funds.

When I bought a car I went into bank with the vendor - gave him draft which he lodged there and gave me receipt as well as confirmation that the finance (which was with the Bank) was paid off on the car also. Neither of us minded and as purchaser I wanted to be certain he paid off finance.
 
Carocon said:
Point being it had to be same bank to be certain they were cleared funds.
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Hence my suggestion that he hand you the cash inside the bank and you can then choose whether to put it in your account or your pocket or buy a draft.

You get paid cash so no risk of fraud but no-one has to walk around meeting strangers with a load of cash on them.
 
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