Selling a car to a dealer

chris_s1 · 09-20-2011, 09:59 AM

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

jjbirch · 09-20-2011, 10:01 AM

i sold my car back to bmw westerly and was handed a cheque when i brought the car in,

creepy coupe · 09-20-2011, 10:05 AM

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.

chris_s1 · 09-20-2011, 10:08 AM

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.

jjbirch · 09-20-2011, 10:09 AM

u want 11k for your 325d ill give you some cash lol

chris_s1 · 09-20-2011, 10:11 AM

Hahahha, jog on!

Its my 2004 E46 M3

davyk31 · 09-20-2011, 11:00 AM

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.

misterS3 · 09-20-2011, 11:03 AM

I wouldn't touch a cheque.

Bank Transfer only

chris_s1 · 09-20-2011, 11:04 AM

But that stills takes 3-4 days to go through doesn't it?

misterS3 · 09-20-2011, 11:50 AM

Quote:

Originally Posted by chris_s1

But that stills takes 3-4 days to go through doesn't it?

Depends on banks involved...but if on fastpay...can be 30mins.

But at least you know when it hits your bank it's there....not like a cheque.

misterS3 · 09-20-2011, 12:25 PM

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)

scottc · 09-21-2011, 01:34 AM

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.

creepy coupe · 09-21-2011, 02:10 AM

If you don't want to take a cheque, ask the dealer to do a CHAPS transfer, the money transfers immediately.

scottc · 09-21-2011, 02:16 AM

Just make sure the request is submitted before 2pm otherwise it wont happen until the next day.

CardinalZeus77 · 09-22-2011, 10:43 AM

CHAPs transfer would be safest I think.

09-20-2011, 09:59 AM	#1
chris_s1 Major 36 Rep 1,113 Posts Drives: M235i 6MT Join Date: Jun 2009 Location: Ontario, Canada iTrader: (0) Garage List 2012 E92 335d [8.66]	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
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09-20-2011, 10:01 AM	#2
jjbirch Banned 75 Rep 2,927 Posts Drives: E60 530D M SPORT Join Date: Feb 2006 Location: england iTrader: (0) Garage List 2006 320d m sport [0.00]	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
creepy coupe Lieutenant General 1867 Rep 13,043 Posts Drives: BMW M340I G20 Join Date: Aug 2007 Location: UK iTrader: (2) Garage List 2015 BMW 435d [0.00] 2009 335i [0.00]	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
chris_s1 Major 36 Rep 1,113 Posts Drives: M235i 6MT Join Date: Jun 2009 Location: Ontario, Canada iTrader: (0) Garage List 2012 E92 335d [8.66]	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
jjbirch Banned 75 Rep 2,927 Posts Drives: E60 530D M SPORT Join Date: Feb 2006 Location: england iTrader: (0) Garage List 2006 320d m sport [0.00]	u want 11k for your 325d ill give you some cash lol
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09-20-2011, 10:11 AM	#6
chris_s1 Major 36 Rep 1,113 Posts Drives: M235i 6MT Join Date: Jun 2009 Location: Ontario, Canada iTrader: (0) Garage List 2012 E92 335d [8.66]	Hahahha, jog on! Its my 2004 E46 M3
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09-20-2011, 11:00 AM	#7
davyk31 Major General 1042 Rep 6,946 Posts Drives: Macan GTS :-) & F40 M135i Join Date: Sep 2009 Location: Northern Ireland iTrader: (0)	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, 11:03 AM	#8
misterS3 Lieutenant Colonel 70 Rep 1,733 Posts Drives: X70 on the way Join Date: Aug 2008 Location: Glasgow iTrader: (0)	I wouldn't touch a cheque. Bank Transfer only
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09-20-2011, 11:04 AM	#9
chris_s1 Major 36 Rep 1,113 Posts Drives: M235i 6MT Join Date: Jun 2009 Location: Ontario, Canada iTrader: (0) Garage List 2012 E92 335d [8.66]	But that stills takes 3-4 days to go through doesn't it?
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09-20-2011, 12:25 PM	#11
misterS3 Lieutenant Colonel 70 Rep 1,733 Posts Drives: X70 on the way Join Date: Aug 2008 Location: Glasgow iTrader: (0)	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
scottc Lieutenant Colonel 699 Rep 1,641 Posts Drives: Mercedes E350 Cpe Join Date: May 2007 Location: UK iTrader: (0)	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
creepy coupe Lieutenant General 1867 Rep 13,043 Posts Drives: BMW M340I G20 Join Date: Aug 2007 Location: UK iTrader: (2) Garage List 2015 BMW 435d [0.00] 2009 335i [0.00]	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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09-21-2011, 02:16 AM	#14
scottc Lieutenant Colonel 699 Rep 1,641 Posts Drives: Mercedes E350 Cpe Join Date: May 2007 Location: UK iTrader: (0)	Just make sure the request is submitted before 2pm otherwise it wont happen until the next day.
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09-22-2011, 10:43 AM	#15
CardinalZeus77 Captain 190 Rep 817 Posts Drives: Porsche 991.2 Carrera S Join Date: Jul 2005 Location: United Kingdom iTrader: (0) Garage List 2019 G20 BMW 320d X ... [0.00] 2014 BMW F80 M3 [10.00]	CHAPs transfer would be safest I think. __________________ Current: 991.2 Carrera S Sold: BMW G20 320d Xdrive M Sport Sold: Porsche Macan GTS Night Blue / Full GTS Interior Sold: F80 M3 Black Sapphire/Sakhir Orange Sold: E92 M3 Jerez Black/Fox Red Leather
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