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Selling a car to a dealer
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09-20-2011, 09:59 AM | #1 |
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Selling a car to a dealer
I am thinking about selling a car to a used car dealer (independant not franchised), will be around 10-11k ish.
I've never sold to a dealer for cash before, whats the recommended procedure for transferring the money? Thanks Chris |
09-20-2011, 10:01 AM | #2 |
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i sold my car back to bmw westerly and was handed a cheque when i brought the car in,
Last edited by jjbirch; 09-20-2011 at 10:08 AM.. |
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09-20-2011, 10:05 AM | #3 |
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Same here, they will settle finance, if any and write a cheque for the balance. If the dealer hasn't yet seen your car and has given a valuation over the phone, be prepared for their buyer to try and knock you.
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09-20-2011, 10:08 AM | #4 |
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Thanks, its not a BMW dealer though, just a "Joe Blogg's used cars" type of operation.....so a bit wary of taking a cheque.
No finance or anything, just a straight car for cash transaction. |
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09-20-2011, 10:09 AM | #5 |
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u want 11k for your 325d ill give you some cash lol
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09-20-2011, 10:11 AM | #6 |
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Hahahha, jog on!
Its my 2004 E46 M3 |
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09-20-2011, 11:00 AM | #7 |
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I would ask for an electronic transfer as a cheque takes so long to clear. If it must be cheque then insist you hold onto the reg cert and perhaps a key until fully cleared.
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09-20-2011, 11:04 AM | #9 |
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But that stills takes 3-4 days to go through doesn't it?
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09-20-2011, 11:50 AM | #10 |
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09-20-2011, 12:25 PM | #11 |
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Also beware of forged bank drafts. Even the tellers can't tell..and you'll only find out a week or so later that it was a forgery. Saying that i took a draft when i sold the 335D from a guy and son who owned a company that made palettes fr bakeries. All their story and ID checked out. I even called a Glasgow based company that used them. Sounds totally paranoid but better safe than sorry. Maybe i've watched The Real Hustle one too many times (Jess mmmmm)
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09-21-2011, 01:34 AM | #12 |
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I have just done this and done it before. Best way is to ask for a chaps payment, that should happen really quickly. Failing that you can use the faster payment which is limited to £10k per day but it's per account. The dealer I just sold mind to used it and it worked a treat.
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09-21-2011, 02:10 AM | #13 |
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If you don't want to take a cheque, ask the dealer to do a CHAPS transfer, the money transfers immediately.
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09-22-2011, 10:43 AM | #15 |
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CHAPs transfer would be safest I think.
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