Best way to accept payment when selling

F

fluffy47

Registered User
Messages
137
Can someone suggest the safest way possible to accept payment for a car I'm selling privately?

Thanks in advance
 
I would have thought cash. Do not accept a bank draft, far too many fraudulent ones out there
 
I paid for a car two weeks ago with a bank draft, and have done so before too. In either case, you could ensure you accept payment during banking hours and actually lodge the cash/draft with the buyer present.
 
There is lots of good advice on the AAM Key Posts on cars.
[broken link removed]:

Payment
If you are buying privately and not from a dealer, the seller will not be able to arrange finance for you so make sure you have thought about your finances first.

Whether you are buying or selling a car privately, you should be very careful about how you make or accept payment as almost any method can be forged. The safest way of accepting payment is probably to accompany the buyer to their bank where they can have a draft made out in your name. The bank will not give the buyer a draft unless there is sufficient cash in their account. Once the bank issues the draft, neither the bank nor the buyer can cancel it. If you are willing to accept a bank draft, you should only do so within normal banking hours when you can ring the bank to check if the draft is valid.

- See more at: [broken link removed]
 
In a previous role I worked in payments processing and I doubt if a day went by when I didn't see a fraudulent bank draft crossing my desk. Indeed, at one stage, we were almost able to guess the town the next fraudulent one would come from as a fraudster gang travelled the country buying cars. Hence I am very wary of them since. I also know of at least 2 people who have been burned by fraudulent bank drafts in the last 12 months

Ringing the bank will be of very limited use. When you ring you will have to quote the serial number of the bank draft (and I presume the amount). I am aware of cases where someone rang a bank and got such a confirmation but when the draft was processed it was still bounced because it was a direct and fraudulent copy of a real draft which had not been processed previously.
 
I was speaking to a reputable mechanic who buys a few cars and services them before selling them. He explained to me how difficult it is to be sure of payment citing this example. Agreed a price with a "purchaser". "Purchaser" asked how he wanted payment and mechanic stated cash. Both went to a local bank and mechanic stayed at the back of the bank reception area while "purchaser" goes up to the cashier. "Purchaser" meets mechanic at the back of reception area in bank and money counted out and keys and documentation exchanged. Mechanic goes up the cashier to lodge proceeds only to find that it is all forged. Cashier is able to tell mechanic that the "purchaser" just changed a €50 note into smaller denominations. Car located about 10 days later crashed.
 
Last edited:
Dermot said:
I was speaking to a reputable mechanic who buys a few cars and services them before selling them. He explained to me how difficult it is to be sure of payment citing this example. Agreed a price with a "purchaser". "Purchaser" asked how he wanted payment and mechanic stated cash. Both went to a local bank and mechanic stayed at the back of the bank reception area while "purchaser" goes up to the cashier. "Purchaser" meets mechanic at the back of reception area in bank and money counted out and keys and documentation exchanged. Mechanic goes up the cashier to lodge proceeds only to find that it is all forged. Cashier is able to tell mechanic that the "purchaser" just changed a €50 note into smaller denominations. Car located about 10 days later crashed.
Click to expand...

I'm aware of similar stories except the buyer got a "draft" at the counter and brought it back, seller banked at another bank and only found out he had an issue after he tried to lodge it at his bank
 
You must log in or register to reply here.
Back
Top