Should I only accept cash when selling a car privately?

M

MBoyle

Registered User
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131
Hi all,

I am selling my car privately (nice little Mazda 323FGLX!) and I'm wondering should I insist on cash only when I sell it because a cheque might bounce... Is there any other reliable means of payment?

Thanks Guys.
 
Re: Should I only except cash when selling a car privately?

Certified bank Draft is normal.
 
Be careful that any cash you get is not forged. And also that a test drive doent become a car theft
 
Re: Should I only except cash when selling a car privately?

I'm selling my car tomorrow.

I got details of the draft today, called the bank and checked it's authenticity.

Simple.
 
Re: Should I only except cash when selling a car privately?

jhegarty said:
Be very carful... the country is full of fake bank drafts...
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The only place I've heard of this is in car for sale thread like this one. I've never seen it in the general media. Not that I don't believe that drafts can be forged, anything can be forged.

Whats the difference betweenn a bank draft and a certified one? What happens differently to a certified one.
 
Re: Should I only except cash when selling a car privately?


Is that the general media? :)

Some good advice though. Telephone banking payment seems to be a more secure and trackable method of exchange.
 
dont want to make selling cars anymore confusing,but i recently sold a car to a guy he gave me a draft all ok a legit guy but when i went to the bank the bank said the draft had been stopped/cancelled and they could not say anymore but contact the guy i sold the car to,i did and he said he wasnt happy with the car but yet he could still cancel the draft .first time i ever seen this and was more wary as the car was goin to uk and thats where the draft was from.and thats where my car was ,over the phone he wanted to renogicate the price due to him not been happy with the car.
so i sent my truck over to manchester only to find my car gleaming on the other traders forecourt even traders get swised!!!

so what do you take ???cash drafts i,ll stick with cash and valid id
 
Another option is to go to bank with the buyer to withdraw the money when the deal is done.
 
Re: Should I only except cash when selling a car privately?

RS2K said:
I'm selling my car tomorrow.

I got details of the draft today, called the bank and checked it's authenticity.

Simple.
Click to expand...

Couldn't it be cancelled in the mean time?
 
Re: Should I only except cash when selling a car privately?

Bluetonic said:
Couldn't it be cancelled in the mean time?
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I'm not sure.

The thing is that even it it was I have the guys bank and branch and also his name address and contact details.
 
Bank draft can not be cancelled...
It is as good as cash, it is only issued if the account has the funds available
 
Im in the process of buying a car in the UK. Mechanic is looking at it on Fri and I need to sort out the payment. Both the seller and myself have checked with our banks and a sterling bank draft can be cancelled (for example if I lost the cheque, then its good to know I can cancel it and not be out of funds!).

Im not happy paying the seller cash, so Im thinking of an eletronic payment, issued this Friday to sellers bank account and this would clear three days later.(ie next Wednesday)

The seller hangs on to the car until this is cleared and I will pop over week on Friday( 9 March)and collect the car. Anyone any advice on how to best handle the electronic transaction - i.e I would like some kind of written/email confirmation from seller of the acceptance of the transaction??

Any advice appreciated
 
I thought electronic transfers of money occur instantaneously? You both go to your bank and you execute the electronic transfer. The seller would check by telephone or internet banking that the funds are in his/her account and then the car is yours.
 
brian.mobile said:
Cash is King in a lot of things; and car sales is one of them.​



BM​
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'Cash' in that sense does not refer to notes, but rather the fact that you can buy the car with your own funds (be they borrowed or otherwise) then and there and not have to wait for loan approval (either on your own or through the dealer).
 
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