Advice on selling a car in Dubai
Discussion
Hi guys
I've just put my car up for sale and was looking for some advice on the logistics.
I sold a car a couple of months ago and it was pretty straight-forward. However, it was only 25k so was a cash deal and pretty easy.
The car I have for sale now will probably sell for closer to 70k so is a cash transaction still the best way to go? Maybe I'm paranoid but I'm slightly concerned about counterfeit cash on a deal of that size.
A few people have asked if it's ok to buy the car with a bank loan. Does that mean something different here than it does in the UK? Would the bank have to give me the cash directly in that case?
Basically, I want to keep it simple and protect myself against scammers. Any advice would be appreciated.
I've just put my car up for sale and was looking for some advice on the logistics.
I sold a car a couple of months ago and it was pretty straight-forward. However, it was only 25k so was a cash deal and pretty easy.
The car I have for sale now will probably sell for closer to 70k so is a cash transaction still the best way to go? Maybe I'm paranoid but I'm slightly concerned about counterfeit cash on a deal of that size.
A few people have asked if it's ok to buy the car with a bank loan. Does that mean something different here than it does in the UK? Would the bank have to give me the cash directly in that case?
Basically, I want to keep it simple and protect myself against scammers. Any advice would be appreciated.
I'm thinking about selling soon for around the 60k mark and I think I will do cash only deals. Counterfiet is a worry, but I'll probably ask them to meet me at the bank so put cash straignt in.
It's all the other parts that worry me, as I haven't sold here before! I guess you just meet at Tasjeel and bring as many documents as you have!
What are you selling out of interest?
Rich
It's all the other parts that worry me, as I haven't sold here before! I guess you just meet at Tasjeel and bring as many documents as you have!
What are you selling out of interest?
Rich
I had thought about the bank thing but you really need to exchange the cash at the Tasjeel counter (buyer wouldn't do it before, seller wouldn't wait until later). Suppose you could ask them to come to the bank with you afterwards and ask for a passport copy or something.
I'm selling a Golf R32.
I'm selling a Golf R32.
Someone seriously needs to setup an escrow service in Dubai for car sales - too much is done on trust in this town, especially if you've got an outstanding loan on a car that you need to clear before doing the transfer.
I'd recommend getting passport copies of the buyer - and checking it against the original too before you go down any route.
I sold my last car for cash and a reasonably large amount at that. But then I knew where the guy lived and worked (friend of a friend).
Best solution would be to speak to the buyer first and tell them you'll only hand over the keys to the car once the cash has been paid into the bank. Either do the cash first then go to RTA and deal with the paperwork, or vice versa.
If the buyer is concerned about the car passing, you can always take the car in for a test the day before and get the passing paper. As far as I remember, the paper is valid for 14 days, so you could do that first, then do the cash the next day, then drive back to Tasjeel to do the transfer. When you go back to tasjeel ignore the testing queue of cars, park up outside and walk up to the first counter with your pass certificate (and all the other papers from the typing desk etc), you'll then be given a number to go through to the back section to do the transfer.
I'd recommend getting passport copies of the buyer - and checking it against the original too before you go down any route.
I sold my last car for cash and a reasonably large amount at that. But then I knew where the guy lived and worked (friend of a friend).
Best solution would be to speak to the buyer first and tell them you'll only hand over the keys to the car once the cash has been paid into the bank. Either do the cash first then go to RTA and deal with the paperwork, or vice versa.
If the buyer is concerned about the car passing, you can always take the car in for a test the day before and get the passing paper. As far as I remember, the paper is valid for 14 days, so you could do that first, then do the cash the next day, then drive back to Tasjeel to do the transfer. When you go back to tasjeel ignore the testing queue of cars, park up outside and walk up to the first counter with your pass certificate (and all the other papers from the typing desk etc), you'll then be given a number to go through to the back section to do the transfer.
Its the sellers responsibility to take the car through the Tasjeel Inspection. Once the car has passed, then you can do the transfer and hand over the cash, but not until it has passed.
For bank loans - this can be tricky and my experience has only been with HSBC as a buyer, but here you go.
You take the seller and yourself to HSBC, the bank will require certain documentation from you as the buyer and the seller. The seller will have to give their Bank Account details etc and then the Bank will give them a letter of undertaking that once the car has been transferred into the buyers name, the bank will then transfer the cash to the seller.
The seller can be left a bit "hung out to dry here" but once the transfer of ownership has been made, then the new owner should go straight back to the Bank with the Registration Card to let them see that the car has in fact been transferred to them - the Bank will then transfer the cash (1-2 days).
As i said, you do have a letter of undertaking from the Bank that they will transfer the cash to you on the proviso that they get proof that the car is in your name.
For bank loans - this can be tricky and my experience has only been with HSBC as a buyer, but here you go.
You take the seller and yourself to HSBC, the bank will require certain documentation from you as the buyer and the seller. The seller will have to give their Bank Account details etc and then the Bank will give them a letter of undertaking that once the car has been transferred into the buyers name, the bank will then transfer the cash to the seller.
The seller can be left a bit "hung out to dry here" but once the transfer of ownership has been made, then the new owner should go straight back to the Bank with the Registration Card to let them see that the car has in fact been transferred to them - the Bank will then transfer the cash (1-2 days).
As i said, you do have a letter of undertaking from the Bank that they will transfer the cash to you on the proviso that they get proof that the car is in your name.
Thanks for the comments, guys.
A deal has been done (after only 2 days on Dubizzle!) and I think I've come to an arrangement that limits risks. It's a cash deal so pretty simple - I'm going to go to the bank with him when he takes out the money so have some comfort that's it kosher.
Will be sad to see her go.
A deal has been done (after only 2 days on Dubizzle!) and I think I've come to an arrangement that limits risks. It's a cash deal so pretty simple - I'm going to go to the bank with him when he takes out the money so have some comfort that's it kosher.
Will be sad to see her go.
Well done on doing the deal.
As a side note I imagine if you have a passport copy (verified against original) and then it did turn out to be fake cash the police would come down on them like a tonne of bricks. Doing a dodgy deal on a car to some expat they might not care to much over but passing fake currency I imagine they would go ballistic.
As a side note I imagine if you have a passport copy (verified against original) and then it did turn out to be fake cash the police would come down on them like a tonne of bricks. Doing a dodgy deal on a car to some expat they might not care to much over but passing fake currency I imagine they would go ballistic.
mcbook said:
Thanks for the comments, guys.
A deal has been done (after only 2 days on Dubizzle!) and I think I've come to an arrangement that limits risks. It's a cash deal so pretty simple - I'm going to go to the bank with him when he takes out the money so have some comfort that's it kosher.
Will be sad to see her go.
..and swaps it for funny munny when he gets home... A deal has been done (after only 2 days on Dubizzle!) and I think I've come to an arrangement that limits risks. It's a cash deal so pretty simple - I'm going to go to the bank with him when he takes out the money so have some comfort that's it kosher.
Will be sad to see her go.
It's such a ballache selling cars here.
Gassing Station | Middle East | Top of Page | What's New | My Stuff