Private sale - payment options and scams

[harvin1975]

Hi all - for those that have experience selling motors privately, what is the safest way to receive money from a private sale?
1. Cheques
2. Bank transfer
3. Cash
4. Other?

Also, any scams I need to be aware of?

Cheers

 

[gIzzE]

1. Cheque. Can clear and then be pulled back up to 6 months later if fraudulent.
2. Bank Transfer. Can be pulled back if done from a hacked account.
3. Cash, the only real safe way, and it has to be paid into your bank and accepted.
4. There is no real safe other.

 

[The _Don]

Simple - cash or bank transfer at the bank.

 

[harvin1975]

Simple - cash or bank transfer at the bank.

For bank transfer you would need to give buyer your sort code and bank account number, right? Does this pose any risks?

 

[harvin1975]

Ok, sounds like safest option would be for them to accompany to my bank and pay the cash direct into my account then.

 

[Deleted member 37751]

Best way is cash then pay into the bank with the buyer present; anything else can cause headaches.

 

[Deane x]

I have always been payed with cash ( which I check with pen ) or PayPal alway been ok for me

 

[The _Don]

I have always been payed with cash ( which I check with pen ) or PayPal alway been ok for me

Bloomberg tv now - Inside PayPal.

 

[gIzzE]

I would never accept Paypal!!!!!

All rights with buyer.

 

[Major774]

Cash - Only downside is when you have a large figure to count.

Bank transfer - Much easier, no visit to the bank and the buyer can instantly transfer the money into your account. I did that when I bought my car (HSBC to HSBC) and off I went in my new car within minutes of the transfer

The seller even let me use his internet connection.

 

[Nero]

Cash - Only downside is when you have a large figure to count.

Bank transfer - Much easier, no visit to the bank and the buyer can instantly transfer the money into your account. I did that when I bought my car (HSBC to HSBC) and off I went in my car within minutes of the transfer

+1

Cash or bank transfer.
Just bought a z4 as a cheap run around, £1k cash, £2.5k bank transfer (Barclays to Barclays), instant clearance.

 

[KennyN]

Cash , no question.

Once received pay it directly into your account with the purchaser present, if they aren`t prepared to do that, after prior notification, then question their reason for not doing so.

Kenny

 

[Deleted member 6183]

I'd be cautious about accepting cash these days due to the possibility it is forged.

 

[KennyN]

I'd be cautious about accepting cash these days due to the possibility it is forged.

Even more reason for paying it into the bank directly and let the teller check the cash.

Kenny

 

[Giantvanman]

Even more reason for paying it into the bank directly and let the teller check the cash.

Kenny

That. The buyer brings the money to your bank, the teller counts it and checks it. Easy and secure.

 

[gIzzE]

Cash - Only downside is when you have a large figure to count.

But pay direct into bank while both there.
I took £14000 cash for my A6 and £400 of it was snide.
Luckily the guy was genuine, he was a landlord and lived locally, he said he had been collecting the cash for a year and often got the fake, so he came back over and sorted me out.

Bank transfer - Much easier, no visit to the bank and the buyer can instantly transfer the money into your account. I did that when I bought my car (HSBC to HSBC) and off I went in my new car within minutes of the transfer

The seller even let me use his internet connection.

Only problem with that is if they have paid you from a hacked account it will be recalled at some point in the future.

The only genuinely safe way is cash at counter with both present.

But you tend to get a feel for the buyer, so use common sense.


The biggest worry these days is for the buyer, logbook loans are the killer, nothing you can do and no way to see if the car has one on it.

 

[cazyp]

Cash in my hand - fake notes are easy to spot.
Bank Transfer with a quick online check to see the money in my account.
Gold. At a scrap value weight and liquid tested.

I wouldn't use any other methods.

 

[gIzzE]

One thing to bare in mind, it is a lot of hassle and risk for someone to 'steal' a car, so most will be genuine.

I think cash is the biggest risk personally, and I would never take a bankers draft, used to know someone who sold them for £50 a pop, so if you do make sure you can call the issuing branch to verify it.

 

[bob6600]

Best way is cash then pay into the bank with the buyer present; anything else can cause headaches.

Agreed. Haven't sold a car in a while but this was the way I did it. Helps check against fake notes too, although i do have a pen to check with

 

[automaniaman]

Cash