Private Sale - Payment

TheBazman

Whats the best method of payment when selling a car privately - I presume (outside of cash) its bank draft? Any risks with this?

Also generally should you make a copy of peoples licences/ take their details before letting them test drive?

Cheers

Our man in Havana

Bank drafts are no safer than a cheque. Too many fake ones around. Unless you witness him getting the draft you can't trust it. Other option is to ring the bank concerned to verify the draft, this is impossible to do on the weekend.

As regards a test drive, never let them go without you.

parsi

Also after payment _you_ should fill out the change of ownership form and send it off. Don't rely on the buyer to do it - they mightn't be in too much of a hurry to register the car in their name.

edit: what I did was to accept a cheque from the buyer who was happy to give me the cheque on a Saturday and collect the car the following week. I then got the cheque cashed in the branch where the buyers account was and that was money in my hand which was totally un-retractable. So for a few days I had the money and the car

ninty9er

wait till a cheque or draft clears befor handing over the car or else cash

Interceptor

I bring prospective buyers into my house for a mug of tea and I suss them out first - scammers rarely want to talk about their kids or nice places to eat nearby.

If I'm in any doubt I insist on cash and if someone doesn't want to carry cash, I take a deposit and meet them at their bank, then hand over the vehicle. Use your phone to take a picture of anyone who wants to test drive a vehicle and never let someone go on their own.


'cptr

fletch

If you're both AIB and have 24 hour banking, use that...both parties can make sure the money has transferred correctly. Fool proof method really

Supercell

fletch wrote:

If you're both AIB and have 24 hour banking, use that...both parties can make sure the money has transferred correctly. Fool proof method really

Would be careful with that, I once paid 5000 euro to the esb instead of 50 euro, and only realised a day later, rang them up and they sorted it out no problems.

Cash in hand or in account is best imho.

Interceptor - thats a great idea about the phone, if someone crashes or just bumps the car on a test drive, having pictorial evidance of the driver is probably a good idea.

bazz26

Another tip when letting a potential buyer test drive your car is to have a friend accompany both of you on the test drive. Less chance of someone trying to over power you and run away with the car.

Another thing to do is when you are getting into the car, you unlock the car but don't give them the keys until you are seated in the passenger seat. Then give them the key to start the car.

Don't allow them to test drive the car on their own, even if they offer you to hold the keys of their own car. You may find that could take off in your car and then find out the keys you have are not belong to the car they pulled up in.

I know alot of this sounds over paranoid but better safe than sorry as there are alot of conmen and oppertunists out there these days.

TheBazman

Cheers folks

One problem is that I hope to get around 40k for mine so cash isnt really an option. Also I'm not sure the potential buyer would be willing to leave me having the car and bank draft for the few days it takes to clear

Maybe a cash deposit, a copy of licence and and a photo may be the best bet. Its so much easier trading in a car, unfortunately you get screwed that way