With all the con merchants around, what's the best way of handling payments for a car these days to get things sorted quickly? Is the only real way of taking secure payment on the day going down to a bank with the buyer and getting them to confirm the cash is good?

What are the other options, if any?

 

Cash only, paid straight into your bank account on the day (while stood next to the buyer).

Everything else can backfire.....

 

Good stuff, cheers.

Pretty much as I suspected then.

 

Yep, even banks have been known to accept fake Bankers Drafts on the day of sale to then contact the account holder 3 days later explaining that the draft was a fake - leaving the account holder out of pocket.

 

****'s sake, just shows there isn't much you can have faith in.

I'm just looking for the route with the least hassle involved and the most protection, so looks like cash paid into the bank is the way to go.

 

A few months ago my missus sold her two Bmw's privately, each time the buyers turned up and paid cash i sat there with a special pen that detects fake notes whilst she sorted out the paper work and reciepts. Sometimes a car sale will occur in the evening and it aint pratical to insist that the sale MUST be done in the bank as a genuine buyer may be put out by this or they cant fit it in with work etc. Using the pen was the best option for me and i could also control the situation being in my own home


HTH

 

Whats wrong with a direct bank a/c transfer? Thats how I bought mine. Seller quite rightly released the car when the funds had been cleared by his bank. Carry 10's of thousands around with you is well, dodgy.

 

True, waiting on funds clearing would be another option, just not instant.

 

Had a nightmare from scammers and time wasters trying to sell my BMW. In the end I traded it against another one. Nice and safe and no hassle.

 

1. Bank Transfer ... you and buyer at Bank whilst transfer is made.

2. Cash, buyer comes with you to Bank - pay in buyer drives you home in 'their' new car.

3. Cash, at home and scan the notes .. mark a random few with a marker to confirm genuine.

4. Get a landline number from the buyer - and call them on it with some excuse to confirm they are there.

5. Never, ever, let the car out of your sight at any point ... on test drive keep keys with you and slide over into passenger seat if buyer wants to drive (do not get out and walk around to the other side leaving the keys in).

6. Relax ... most people are reasonably honest and are just wanting a new car ... but keep your wits about you!

 

For number 5 it is far more practical to take the keys out walk round and then jump back in giving them the keys when you are sitting nice and comfy.

You may think that if you get out they will jump you, well they could still do it when you are in the car sliding over, or even drive you to somewhere quiet and do you over. Their is now safe way really except probably having the money transferred to your account in advance and before the buyer comes to you, all the others leave you open for attack.

 

Fraud is what is wrong with that method. If someone steals money, and that money can be traced, then it can ALWAYS be recovered. So if the money they pay you with, which the bank accept and verify is correct via a bankers draft / direct transfer etc then they can recover the money at any point in the future. There are many cases of people having money taken back from them after a month or so.

With cash there is little paper trail. Its not really possible to prove that you have received fraudulent money, and therefore the chance of them getting any money back from you is limited.

So, cash paid into your bank on the day with the seller next to you (and therefore on camera) is the best option I think

 

Sure there is a small risk that after clearing dodgy money from a xfer that it could be recovered. But I rather take that tiny risk, than lug a large amount of cash around with me. What if someone knew about it either from my side or from the sellers side and then decided to do me over before getting to the bank, all that cash is gone instantly and I would have to recover from the injuries, mental stress or worse Either way is just as risky imo, except I would still be alive with a bank xfer

The only way to be sure would be to handcuff the money to your arm, hire bodyguards n frogmarch the buyer to the bank, but that would be ridiculous

 

you do know that you can get an untraceable landline number in any area code for £2?

 

+1 unless you really know your fake from you genuine notes, even so the above is 100% safe and secure.

 

I use a pen to check notes. Like above while one goes through the paperwork the other checks the notes. Openly thus showing them you wont be had.

 

WTF are you buying for that ? You'll pick up a new Impreza for less than £1k now .. or so I believe from reading here

Oh and its slower than a BMW diesel ..

 

Go with the buyer to his bank and watch him draw the draft .....
or TT the money in to the account ... Its the way ive done it.

Ive just sold my BMW and the guy wanted to pay me in cash !! we are talking over £20k
Not a chance !

 

CHAPS payment - same day service

 

You are well up to all the tricks Pete!

Les

 

When I sold my last car, I insisted on a bankers draught. And i'd only accept it if I went to the bank with him when he requested it.

Payed it straight into mine then handed over the keys.

 

My Last car sold to a mate. altho STILL made sure the money had been transfered before he got the car.

 

silly boy

 

You take a hit, but you cant beat part exchange for ease and peace of mind