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Selling a car privately

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  • 01-01-2007 12:05am
    #1
    vixen2005
    Closed Accounts Posts: 67 ✭✭


    Hi all,
    Can you help us?
    We are selling our car privately and are wondering what is the best way to do this as regards the transfer of money.
    The buyer has agreed 2 bank drafts one for the finance company and the other is the balance of the car!
    We are a bit cautious of this as we dont want to hand over the car with no funds cleared but also are aware he might be as cautious handing over funds and getting no car!

    any advice you might all have on this matter would be greaty appreciated

    Thanks in advance people ;)


Comments

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    #2
    Seth Brundle
    Moderators, Politics Moderators Posts: 39,729 Mod ✭✭✭✭Seth Brundle


    Johnny Cash is yer only man!
    Drafts, cheques, etc can all be forged so be sure it clears (ask in bank for details).
    Incidentally, does your insurance allow others to drive the car? If not, are you going to let potential buyers drive it? Will you check their licence (get the licence number just in case points arise) and their insurance details?


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    #3
    Tipsy Mac
    Closed Accounts Posts: 2,559 ✭✭✭Tipsy Mac


    Best was is cash, best way to handle the deal is meet with buyer at your bank, get them to deposit the cash into your account, that way dud notes and any other issues are not yours. Once cash is in sign change of ownership form and put in postbox, then hand over keys.


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    #4
    Cal
    Registered Users Posts: 926 ✭✭✭Cal


    Draft is fine, just ring the issuing bank to confirm it is legit before handing over the keys.

    Cal.


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    #5
    vixen2005
    Closed Accounts Posts: 67 ✭✭vixen2005


    Excuse my stupidity here but as regards getting him to clear the finance company first whats best way with that? is it he lodge cash we lodge it in to finance account or whats best there? thanks


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    #6
    eth0_
    Registered Users Posts: 10,846 ✭✭✭✭eth0_


    Lodge all the cash into your account. I wouldn't deal with bank drafts, i've read too many stories of them bouncing _months_ after they've been lodged!


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    #7
    fletch
    Registered Users Posts: 7,398 ✭✭✭fletch


    If both parties use AIB 24hour banking, it's an excellent way of securely transferring money and both parties get to see that the money has actually transferred


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    #8
    Eoin
    Registered Users Posts: 21,256 ✭✭✭✭Eoin


    Cash is the best from the seller's point of view, but the buyer is right to want to make sure that the finance is paid off. If s/he is happy to wait until both checks are cleared, then there shouldn't be any problems.

    If both parties want to be completely sure, then arrange to go to the bank with the buyer and see the drafts being made out.


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    #9
    steeo
    Closed Accounts Posts: 42 ✭steeo


    Lodge the 2 bank drafts into your account and wait for them to clear then pay off the finance company, get a recipt and hand it over with the keys of the car.


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    #10
    irishpartyboy
    Closed Accounts Posts: 330 ✭✭irishpartyboy


    Cash is great but can also be easily faked also. When I sold my car last time, I got the buyer to goto his bank / credit union and get a draft prepared and made out to cash there and then. We both went to the bank and I made sure it was successfully lodged. It worked out for me.

    FYI the car is still the property of the finance company until the last payment is made and/or finance cleared. Technically the seller should be clearing this before any transaction is made.

    Rgds,
    Brian


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