Selling car - dilemma - advice required.

peterg1965

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Looks promising that I have sold my Jaguar. Chap called me late on Monday night, very interested and in a short space of time we agreed a price on the car. He said he wanted it, provided it was as I described, which it is (it comes with 11 months Jaguar Approved warranty too). He said he would call back today.

He did call back, still very keen and he is coming up to buy it at the agreed price late AM saturday, he is travelling by train up from Peterborough. I asked how he intended paying, he asked me what I prefered. There is only one option at that time on a weekend, that is cash. There is no way of banking/checking bank drafts so no choice but cash. He sounded as nervous as I did when I raised the prospect of having £7400 cash to deal with.

Anyway, I asked him to email me his address, which he has. I now have his name/address and mobile number. I tried to find his land line number on the BT online phonebook, no joy but he might be ex directory. I am going to meet him at the station and bring him to my house late AM saturday. I live in close proximity to many other houses.

I am not used to selling cars privately (done it once before but it was a banger) and dealing with this much cash and I am slightly nervous of
going ahead with this (no other choice I know!). Are there any other precautions I should/can make to ensure that I reduce the probability of being 'done over'/swindled/ given counterfeit money or whatever. Or am I being paranoid?
 

C240Sport97

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whenever I sell a car privately:

1. call the bank which issued the banker's draft to confirm that it is legitimate

2. the number for the bank is obtained from the internet (not the buyer)

3. buyer is asked to bring passport and utility bill
 

timskemp

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Counterfeit money is reasonably easy to detect, grab a detection pen or lamp, or both - it's a fraction of the cost of the car!

If you have a friend who works in a bank have them around to count the money...

Don't forget to make at least a handwritten bill of sale, as it's likely your bank will ask where you got 7400 quid from in readies. Also be prepared for the buyer to haggle, if I were coming with 7400 quid for a car I'd expect to be taking 400 of that home with me at least, in fact 400 would be in my wallet and 7k flat in an envelope.
 

Beetnik

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whenever I sell a car privately:

1. call the bank which issued the banker's draft to confirm that it is legitimate

2. the number for the bank is obtained from the internet (not the buyer)

3. buyer is asked to bring passport and utility bill
See this done and also seen the draft bounce. £5k and fortunately not payable to me.
 

crockers

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I sold a car on a saturday - we went to a Building Society where he withdrew a building society cheque in my favour....

They are open on a saturday...If he only has a bank account - then why not do as c240sport97 says.

Paying in a large amount of cash may also cause you some difficulties.....money laundering etc
 
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peterg1965

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whenever I sell a car privately:

1. call the bank which issued the banker's draft to confirm that it is legitimate

2. the number for the bank is obtained from the internet (not the buyer)

3. buyer is asked to bring passport and utility bill
It's cash so no issue with calling the bank. The only risk with cash is counterfeit I suppose. Good call on the ID though, I will ask him for passport/driving licence as proof.

BTW am hopefully seeing/driving driving the Jaspar Blue CLK55 on Saturday/Sunday. I must remember to leave the cash at home though, otherwise heart will rule head and I could be tempted to make hasty decision AGAIN!
 
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peterg1965

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Counterfeit money is reasonably easy to detect, grab a detection pen or lamp, or both - it's a fraction of the cost of the car!

If you have a friend who works in a bank have them around to count the money...

Don't forget to make at least a handwritten bill of sale, as it's likely your bank will ask where you got 7400 quid from in readies. Also be prepared for the buyer to haggle, if I were coming with 7400 quid for a car I'd expect to be taking 400 of that home with me at least, in fact 400 would be in my wallet and 7k flat in an envelope.
Although I want to sell it, I was advertising it for £7895 and agreed to lower it to £7400 (after a bit of haggling). If he plays hard ball I will keep it and he can then walk back to the station and catch the train home!
 

timwood2000

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Cash is fine - if he is getting the money out of his bank, then it should still be wrapped with the paper tape around it etc.

Take your time to count it - it might take a while and don't feel under pressure.

Have a receipt printed ready for him and you to sign (2 copies) saying that the car is bought as seen, no warranty or guarantee is given etc.

Ask him to bring some firm of ID to enable you to complete the V5 accuratley

Always useful to have someone else there - even if only to keep them talking whilst you count the money.

In the end, go with your gut feel - if when he turns up he looks dodgy, then take more time and care. If you've agreed a price, don't entertain any further haggling on the day (unless you really want rid of the car, which IRC you do!)

Good luck.
 

buccal

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that's strange .. a banker's draft is supposed to be like cash, and cannot "bounce"
My uncle has been in the trade for 30+ years and assures me (surprisingly) that a banker's draft can be a problem too.
 
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buccal

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Thanks for the warning, I am certainly NOT selling for any less. As I said he can take a hike and get the train back from where he came from if he tries that. Any less than the agreed price starts to eat into the 'CLK fund'.
don't you mean the petrol fund?;)
 

timskemp

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Although I want to sell it, I was advertising it for £7895 and agreed to lower it to £7400 (after a bit of haggling). If he plays hard ball I will keep it and he can then walk back to the station and catch the train home!
That's perfectly fair, it's just the way I normally play it when buying. I'd always have the agreed money to hand!
 
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peterg1965

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When it comes to the cash, should I tell him no £50 notes? I recall that many shops refuse to take them - why I am not sure.
 

timskemp

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When it comes to the cash, should I tell him no £50 notes? I recall that many shops refuse to take them - why I am not sure.
Take the fifties - less hassle to count, less common to counterfeit as harder to get rid of, and great fun in petrol stations (the only place where legal tender is an actual issue on the high street).
 

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