Selling car

[Mpower]

Hi,

Its been a while since I've sold a car privately and wanted to know how the method of money transaction have moved on?

Give account details for money to transfer into my account and wait till it clears was my ideal method but is it safe?

[X5Sport]

Can you get a CHAPS payment organised by the seller?  Have a word with your bank to see what transaction is safest and does not allow a reverse charge.  I know Bank drafts are regarded as no good these days as too many dodgy ones have been used.

Richard

[Mpower]

Good idea Richard did sell a Wrx Sti8 years ago but made the seller transfer money 2 working days before collection and only released it after bank accepted the transfer has reached my account.
Will look into the CHAPS method

[Mpower]

Had a look its what banks use if one doesn't have faster payments  systems in place.

[redz]

faster payments are limited to 1k in most cases.

Chaps or Bacs or by far the safest way of ensuring you have the money. Normally cleared in a few hours.

its the same way house payments are made by the solicitor.

[Nat]

Hi,

Call me old fashioned, but I only accept 2 methods.

1 .CASH ( prefered )

2. Bank draught. This one involves going to the bank with the seller and watching him draw the draught from the bank, then we walk accross the road and pay it in to my bank.

Of course there are others, like direct transfer/cheque etc etc, but I wouldn't let the car or paperwork go untill the bank confirms cleared funds. I regret to say that I don't trust anyone, especially these days.

Regards,
Nat.

[Mpower]

Been in the bank and asked and was told faster payments are fine non returnable,transaction can be done on Sunday but may register as a Monday being a business working day.

[shadrack]

cash is king and if its to expensive for you to dare take cash the px and loose abit of money just so you stay away from been scammed

[Cockneyjanner]

I've bought & sold quite a few cars and bikes and I always stick with cash. One time the cash amount was a bit higher than I was totally happy with so I asked a mate to be at my house when the buyer came, just for some reassurance.

Some people will tell you that cash is the riskiest method of all due to fake notes being circulated but I've never had a problem in 25+ transactions.

[Mpower]

Spoke to buyer we're going into bank to do the transaction so all my worries/fears of getting scammed or chances of getting fake notes are eradicated.
Slightly off topic but the precaution you take when you sell/buy a car that has some value,here's one of my experiences.
Some years ago I sold my Subaru Sti8 (11 months old and 3500 miles on clock)to a royal marine who had just got off his ship at Plymouth onto a train and headed my way,as a precaution/backup my copper mate of mine accompanied me to meet this Royal marine at the train station.

To my surprise contrary to my image of a Royal marine I was met by a 5ft 3 inch all in uniform boots and beret at the station,he looked around the car and within 10 minutes we were in the bank doing the transfers of monies.

[babylon x5]

Yeah but, your taxes paying his (marine's) wages - so you just getting your money back ! 
Like a tax rebate !

[Mpower]

[quote="babylon x5"]

Yeah but, your taxes paying his (marine's) wages - so you just getting your money back ! 
Like a tax rebate !
[/quote]

If you put it in that perspective then yes,all respect to the guy & gals who put their lives in danger for mere mortals like myself!