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selling my car - whats the safest way of transfering money

denandyas Avatar
7y, 5m agoPosted 7 years, 5 months ago
Hi my car , and would like to know what is the best way to transfer the money , so that I get the money quickly , safely and securely?

Also , any other tips when selling my car ?

Its an SLK 200 2005 REG IF ANYONE INTRESTED 17.5 k milage and price ono
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denandyas Avatar
7y, 5m agoPosted 7 years, 5 months ago
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#1
what's the price on it mate?

Ebay might be a good option, as you can arrange for the winner to make payment into your account before you hand over the keys. I sold a car not so long ago, and the winner agreed to make payment into my bank account once he had checked the car out.
#2
Ask for cold hard cash when they pick it up.....can't get more instant than that!
#4
Western Union...only to Nigerian buyers though...:whistling:
[mod]#5
Kermit2004
Western Union...only to Nigerian buyers though...:whistling:


http://www.shinyshiny.tv/fonejacker-thumb-240x168.jpg

and i would say hard cash aswell
banned#6
If you're doing cash make sure you check ALL the notes, mate sold a car for £700 on ebay and half the notes were fake.
#7
lumoruk
If you're doing cash make sure you check ALL the notes, mate sold a car for £700 on ebay and half the notes were fake.


Hence why you should agree with the winner (on ebay) to put money into your account, because then both will have proof of payment, and less chance of any notes being fake.
#8
dcx_badass
If you'll be getting like £15,000 (based on that autotrader link) please don't get it in cash, I recon the best way is go into a bank together.


Agreed.
banned#9
Western Union = safest, no chance of dodgy notes, chargebacks or anything.

However £15k? Think the buyer would prefer bank transfer/draft. Both pretty safe. If you get a draft ring the issuing bank to check its not fake/stolen
#10
dcx_badass
If you'll be getting like £15,000 (based on that autotrader link) please don't get it in cash, I recon the best way is go into a bank together.


I did just that what I sold my Land Rover Defender from an advertisement on eBay.

The buyer went to his bank & drew out the funds (almost £10,000) in the form of a banker's draft & then we walked to my bank & deposited it straight into my account.

I made sure we were both seen on the security cameras in each bank too.

We then went to where I had parked the vehicle & I handed the buyer the keys & all the paperwork & he drove off. I caught the train home.

(Up until that point he hadn't seen the vehicle other than photos!... But he was probably good for the money... he offered to fly his plane to the nearest airport & get a taxi to me with a bundle of cash. It was tempting, but I'd sooner inconvenience myself & not lose any of the money with a dodgy deal)

BFN,

fp.

(PS. The Land Rover I bought from an advertisement on eBay a few years before I sold it. I paid by PayPal & collected from the buyer the same day. I wouldn't do that again after the hassle I have subsequently had with PayPal & their ability to never listen to reason during disputes when buyers try to fraudulently claim against a seller. They've taken far too much commission off me in the past 8 years [£9,000 I paid via PayPal for the vehicle; I think the take by them was £175] & showed no customer loyalty towards me later... But that's another issue entirely!)
#11
colinsunderland
Western Union = safest, no chance of dodgy notes, chargebacks or anything.

However £15k? Think the buyer would prefer bank transfer/draft. Both pretty safe. If you get a draft ring the issuing bank to check its not fake/stolen


In my example above, the elapsed time between withdrawal of the banker's draft & deposit into my account was around 3 or 4 minutes.

Once the draft is raised from an account the funds are not cleared; they remain in the source account until the cheque is presented elsewhere.

A deal can turn sour if in the intervening period before the draft is presented somebody (else) contacts the bank & asks for the draft to be cancelled (say a joint account holder of the source account, or somebody pretending to be the account holder).

I would advise ensuring the funds related to the draft are physically in your account before exchanging the goods or services associated with the payment, especially for such a high value as being discussed here.

I would say, however, that such an occurrence as I described is probably fairly rare, but not outside the boundaries of possibility.

As I mentioned, I would sooner be safe than sorry.

BFN,

fp.
banned#12
fanpages
In my example above, the elapsed time between withdrawal of the banker's draft & deposit into my account was around 3 or 4 minutes.

Once the draft is raised from an account the funds are not cleared; they remain in the source account until the cheque is presented elsewhere.

A deal can turn sour if in the intervening period before the draft is presented somebody (else) contacts the bank & asks for the draft to be cancelled (say a joint account holder of the source account, or somebody pretending to be the account holder).
.


When a bankers draft is issued the funds are taken out the account and placed into a suspense account. As far as I know, a draft cannot be stopped or cancelled once issued, unless it has been lost or stolen, and even then its not easy to cancel it.
If you go to the bank with him and get it drawn while you are there there should be no problems.
#13
colinsunderland
When a bankers draft is issued the funds are taken out the account and placed into a suspense account. As far as I know, a draft cannot be stopped or cancelled once issued, unless it has been lost or stolen, and even then its not easy to cancel it.
If you go to the bank with him and get it drawn while you are there there should be no problems.


Probably going off-topic slightly, but once in the suspense account do the funds not revert back to the source account after a given number of days?

And yes, that is what I meant... somebody could report the draft lost or stolen whilst it was in transit to the destination account (whether this be by hand/foot, or post, or because the seller had not visited his/her bank & deposited the draft).

Either way... I think we are all agreed that a typical seller could not detect fake notes with ease, and so cash (of such a large quantity) is probably a poor choice of payment method.

Secure (electronic) transfers bank-to-bank with a period to ensure the funds have cleared is another option. But only deal with bank accounts in the UK so that different laws in different regions do not come into play in the event of fraud.

BFN,

fp.

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