Best and safest way to accept payment from a used car sale in the UK private sale?

Question

I have been asked to sell my son's car when he leaves home to emigrate to the USA.

What is the safest way to accept payment, selling car as private sale from private house.

May sell in auto trader or local evening paper.

I ask this question because we sold my sons tv through a private add in the paper a man came and gave us some "FORGED" money.

We are on our guard this time, would a bankers draft or B/Soc cheque be the safest.

If it has to be cash should we check every note with a pen, extreme measures but there are a lot of "bad" people out there!

Answer 1

As above, cash is the best way if you either check the money or take the buyer to your bank to pay it in, and ask the branch to check as it's paid in.

I would also accept bank transfer, it's quick & can't be reversed once started.

The problem with drafts & building society cheques, is that whereas once they were considered very secure, they are now regularly stolen. It's a little known fact, but any cheque can also be stopped even after the clearing period, meaning the money can be recovered from your bank.

Paypal isn't an option, as Paypal is designed to be used for posted items, anything paid for this way & collected may also be subject to the payment being recovered after purchase.

The best thing to say, is that the buyer shouldn't have any issues with how & why you want to accept a certain payment method - If they have, and start changing things, alarm bells should ring - just walk away.

On a final note, be careful they don't just pinch it on a test drive - get photo ID, and have someone else who can stay at home whilst you go with them; Don't take them leaving 'their' car as deposit as good enough. Take the full amount of cash & check it before they go for a spin.

Answer 2

Hello Russell,

Although it is very unlikely that you would be paid with dud money again when selling your sons car, as things like you have experienced are very rare, I can see your point about being once bitten, twice shy.

My personal advice would be to tell anyone who expresses an interest in buying the car that you have been cheated in the past and don't want to take the risk of it happening again.

Ask them to agree that if they decide they want to buy the car, that you would like them to agree to go with you to the bank they bank with, draw the money out and pay you that way.

If they are happy to do that, this should safeguard you against being cheated.

If the person buying your sons car really wants it and is trustworthy, I feel sure they would agree to pay you in this way.

I know that if it was me and you had explained to me what had happened in the past, I would be more than happy to go to my bank with you, draw the money out in front of you and pay you.

The only other way to be perfectly safe is to accept payment for the car by cheque or other method with the proviso that the buyer would not receive the keys or documents until the cheque, or money, etc had been safely deposited and accepted into your bank account.

Good luck

Poseidon

Answer 3

Cash, but ask the buyer to bring along ID (passport, driving licence etc) if you ask them to do this and they are up to no good they will not turn up, the way I used to do it was to take a photo of buyer/seller as it saves getting forged money or a stolen car. Dont accept bankers drafts as it is a well known fact that scammers use batches of stolen ones and it will only come to light after about a week and by then they have sold your car and its too late.

Answer 4

Cash is the best way to do it. The buyer should have no objection to you going to their bank with them to withdraw the cash.

Answer 5

By credit transfer from their bank to yours. No forgery risk and you are not having to handle cash.

There are also fake B Soc cheques out there and an ordinary cheque is never cleared

Answer 6

Cash.

Answer 7

I know that I wouldn't be offended if you checked my notes if i was buying a car off you so that would be my best plan - you can get those money checking pens pretty cheap nowadays. good luck :)

Answer 8

cash and check it, be careful with checks too even if there fake they might clear in your bank long enough to let them have the car. then you get a letter from the bank saying its a fake and you owe them x amount. this happened to my manager at work when he sold the car on e-bay, as well as loosing the money he had is bank accounts frozen by the bank pending a fraud investigation which lasted over a month.

Answer 9

Cash - easily forged.

Cheque - easily forged.

Bankers draft - easily forged.

Building society cheque - easily forged.

Bank transfer - 24-hours after it hits your account, it is 100%, irreversibly yours.

I know which I'd go for...

Answer 10

Cash - and check it with a ultra violet pen.  

Bankers drafts and BS cheques are rarely counterfeit, but it can happen.