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      01-24-2008, 05:32 AM   #1
c-hri-s
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Selling my car - accepting payment

Hi,

I'm looking to sell my car, I'll probably throw it up on eBay in the next week or two and see if I can get more than my trade-in offer.

Having never sold a car worth anything before, what's the best and safest way to accept payment for it - assuming it sells? I really don't want to be left 19K worse off.

Related, would you let someone test-drive it if they wanted? I'm tempted to insist they have fully-comp insurance covering my vehicle, as again I'm not going to be very happy if someone takes it for a spin and dumps it into a wall. Thought of offering that they could sit alongside me while I drove it, if they were that insistent to see it running.

Ta
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      01-24-2008, 05:34 AM   #2
dxb335d
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Yes insist insurance. Or you take them out in the car. Take cash or a bank transfer. Ask your bank for advice etc.


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      01-24-2008, 05:36 AM   #3
c-hri-s
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You hear all these strange stories of money going into your account then mysteriously out again. Perhaps you're right and I'll check with my bank that the cash is "really" there, cheers.
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      01-24-2008, 07:58 AM   #4
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If they buy your car then they can accompany you to your local bank and deposit the cash/bankers cheque there and then. Bank staff can check the validity of the cash/cheque in front of you.

Also make sure you are not on your own..

Do you know of any 'gorillas' you could borrow during test drive time?

Chris
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      01-24-2008, 07:59 AM   #5
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With your name ('Dodgy') i think it's more likely the buyer will be worried!!!LOL
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      01-24-2008, 11:20 AM   #6
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Like Jambo says

Take them to the bank and ask them to put the cash/draft in.
Don't accept any cash on your door or any cheques.
Done this with one of my cars - If they are desperate at the weekend try to get them to come early sat as you can go to main branch of bank on sat morning and do the deal.

Give them the V5 once they have stuck the funds in.

Sold my last car on ebay - I had to get the cash off the guy at his house.

Asked him for passport (proved who he was)
Council tax bill (proved that he lived there)
Utility Bill (Proves he lives there)
Driving Licence - (proves again who he was - and his address)
His Building society book (proves cash has come from legit source)

The guy was really honest and had them all layed out for me. He didn't even drive the car as he wasn't insured. I drove it from Manchester to Barnsley and he dropped me back to my home in his van.

Cash went in next day.
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      01-24-2008, 01:31 PM   #7
Scoot
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If they are going to buy it go to their bank and watch the cashier draft the bankers draft in front of you. It's the only way you know its not dodgy
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      01-24-2008, 03:10 PM   #8
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Hi Dodgy,

As soon as paper money gets involved (cash, cheque and bankers drafts) there is a real possibility, especially with large amounts, of fraud and counterfeits. I would insist on a CHAPS or BACS transfer. Both are electronic interbank payment systems and in the case of a CHAPS transfer, the funds are wired and cleared on the same day as requested. In contrasted, a BACS transfer typically takes 3 days. Both payments are guaranteed, clear into your account immediately (unlike a cheque) and cannot be reversed. I would not except cash, cheque or bankers draft.

Test driving? The others can answer, my knowledge of insurance isnt too great apart knowing it costs too much!!
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      01-24-2008, 03:53 PM   #9
c-hri-s
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Mmm, thanks for the tips. Looks like BACS/CHAPS or collection of a bankers draft or building society cheque in person is the way to go.
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      01-24-2008, 03:56 PM   #10
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Just remember that a building society cheque can still be cancelled - it is not technically viewed as cleared funds like a bankers draft is.
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      01-25-2008, 08:59 AM   #11
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There are a lot of dodgy people out there Dodgy...

Bankers draft is as good as cash but cash it before handing over the V5
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      01-25-2008, 09:37 AM   #12
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Quote:
Originally Posted by Scoot View Post
If they are going to buy it go to their bank and watch the cashier draft the bankers draft in front of you. It's the only way you know its not dodgy
This is a really good suggestion. Once a bankers draft is accepted as legitimate by the bank there is no risk.

On a related question. What do you do if your car has outstanding finance and you need to funds from the sale to pay that off?

I suppose I could pay in the bankers draft and then let the purchaser watch as I arranged a CHAPS tranfer to BMW finance.

That way they would have confidence that I had paid off the finance as soon as they had passed over the funds.
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      01-25-2008, 09:56 AM   #13
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Quote:
Originally Posted by needforspeed View Post
On a related question. What do you do if your car has outstanding finance and you need to funds from the sale to pay that off?
Good question. Would like to hear people's views on this
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      01-25-2008, 02:52 PM   #14
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The purchaser could pay you the balance and pay the finance off at the same time, at a bank of course.

Regards

Chris
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      01-25-2008, 03:26 PM   #15
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Quote:
Originally Posted by ChrisMWard View Post
The purchaser could pay you the balance and pay the finance off at the same time, at a bank of course.

Regards

Chris
Yep, this is the easiest arrangement. Similarly, the purchaser can pay the balance, and watch you pay the finance off by electronic transfer and then keep a CHAPS reciept.
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