Selling high-value car privately

[LayZ]

I know this comes up quite a lot but I haven't found a defnitive solution.

My father is selling one of his [classic] cars that thanks to rarity and recent interest has gone up in value to the point where it is really serious money. He has a guy who has had a lifelong interest in these cars keen to buy. I expect the selling price will be about £50k. He'll be coming to look at the car at the weekend in a couple of weeks.

What would be the safe way to take payment? Given the circumstances (my Dad has known of this bloke for many years) I think any sort of scam is very unlikely but given the amount of money prudence seems the best option. I might be able to sort it on a weekday at a bank if required.

So - Bankers Drafts can be forged, so not good. However I assume if I was to go with the buyer and watch him withdraw a the draft and then go to my bank and pay it in we'd be pretty safe?

Cash for this much seems unwise.

CHAPS - wait for his money to appear and then release the car - I assume this is safe?

[rfn]

Pretty sure CHAPS is safe enough, normally takes a couple of hours?

Other than that, if you're both with the same Bank, you can do an instant transfer in branch there and then from one account to the other.

[J500ANT]

IIRC a genuine Bankers Draft can still be cancelled before AND after it has been paid.

[Simpo Two]

J500ANT said:

IIRC a genuine Bankers Draft can still be cancelled before AND after it has been paid.

Good old banks

(You can also cancel DDs and the recipient can start them again)

[J500ANT]

Open account at same bank/branch. Receive monies. Withdraw in cash. Close account.

[Graham E]

genuine bankers drafts can't be stopped - thats the point!

[Northern Munkee]

I think he might struggle to get, and you be forced to explain, £50k in cash, at the bank, these days what with revenue and proceeds of crime checks, etc

[V8A*ndy]

Call into your local branch and ask what they advise is secure. Trust me they will be very helpfull with £50K coming their way.

[Disco_Biscuit]

CHAPS payment is the only way to go, i paid for my car this way a few weeks ago, cost £35 to tranfer the funds though.

[J500ANT]

Graham E said:

genuine bankers drafts can't be stopped - thats the point!

Thats not what is said via a number of Google searches, including one from HSBC saying they charge for stopping or cancelling a bank draft.

[jamoor]

J500ANT said:

Graham E said:

genuine bankers drafts can't be stopped - thats the point!

Thats not what is said via a number of Google searches, including one from HSBC saying they charge for stopping or cancelling a bank draft.

I think that's before it has been handed to the recipient.

[AndrewW-G]

Chaps, Escro through a solicitor, or Cash are the onl reliable ways to do this unless you have a business you can take a debit card payment through