Selling the Noble....

[SimonJW]

I have a question reference taking vast sums of money for your car in a private sale - which is the safest method?

I've only ever sold cars for a 1k - 2k privately before so Bankers Draft has been no problem - does that still come out as favourite?

My thinking is to make sure that the form of payment that I opt for is one in which the buyer cannot recind without my knowledge e.g. do the deal, give him the car he drives away and then cancels the payment - nightmare.

Thanks

Simon

[wessexrfc]

Bankers Draft was always the way I did it, but still not secure. Chaps payment, electronic transfer that day (before 3pm), but with of a charge, (for us) of £25 or Bacs payment that can take 3 days, but no charge, (for us, you would need to check with your bank) and quicker than cheque. I would go with the Chaps payment or cash transfer and take a burly mate with you

[bzguy]

I bought my Noble paying plain cash

A "small" advance (about 2k), then the rest when I fetched my car

[Little Toast]

Yup cash works for me, bought the Tuscan with readies.

[Rob_W]

Hi Simon
Go with the buyer to his bank (or the local branch of his bank)and witness them issuing the draft to him (to avoid fakes). Go to your bank and pay it into your account. Go home and hand over the keys.
Rob

[daddysumo]

Go to the Buyers bank and get them to do a transfer to your account.

[Rob_W]

My bank advised Transfers can be recalled?

[F.C.]

If you want secure ask for a telegraphic transfer.
The teller may squint at you, but for a fee (£25 - £30) they CAN do this, they don't like the paperwork or the responsibilty but if asked they should oblige.

[Blu3R]

I bought mine with cash.

[Lakelord]

Never used it myself but isn't what these people do https://www.escrow.com/index.asp ?

[2.5bluenob]

When buying my car the seller wanted cash. then the bank wouldnt let me take all the money out in one go. so i had to visit a few branches and all they could give me in notes was 20's so i had to take a tesco bag full of money.
The seller used a uv light to check every note. turns out he was in the police

[TuxMan]

Rob_W said:

Hi Simon
Go with the buyer to his bank (or the local branch of his bank)and witness them issuing the draft to him (to avoid fakes). Go to your bank and pay it into your account. Go home and hand over the keys.
Rob

That's what I did with the Ultima , did not want any issues with 40k !!!!!!!!

[Stella Artois]

A friend of mine sold his Porche 911 for 40k ish cash. Buyer paid in cash from a briefcase, all ok.
Three hours after the car had left , a transit full of his mates turned up and did his house over taking the cash, knowing he would not have been able to pay it in, as not many people are familiar with the night safe. So take the cash from them at your bank and deposit it, if it's a cash purchase.

[F.C.]

Lakelord said:

Never used it myself but isn't what these people do https://www.escrow.com/index.asp ?

Possibly the worst single thing you could do with your hard earned.
Hundreds of "Escrow" companies out there waiting to dissapear just as your money clears.

http://www.autotrader.co.uk/advice/2010/07/safety-...

[SimonJW]

Fantastic. Thanks all, exactly the experiences that I thought might be on here.

Simon

[sjc]

Sold a dozen or so cars privately.If it's cash, buyer comes with me to the bank and and we watch the cash counted and banked.The ONLY other way is electronic transfer, if done in the morning it's normally cleared funds by P.M., and I always ask the bank whether there is any way at all the payment can be returned. When I get the all clear, off the car goes.

[Lucozade]

As a failsafe I always transfer the received funds immediately out of the account and into another one. That way any cancellation requests will not get at the money.

Inter bank transfers upto £10k are done immediately in the UK now.

Chaps is your friend for higher sums.

[arabian]

simple rule of thumb - if the purchaser gets shirty about the way that you want it done, you'll be facing a problematic sale anyway so dont deal with them. Bona fide decent purchasers will be more than happy to go to a bank with you to confirm/assist the money being transferred safely. Car dealers dont release a car until the money is firmly in their account and neither should you. Simple.

[mgbond]

Why has no one asked why he is selling? Si, what are doing. Lol thought you were keeping it?

Bondy

[Rob_W]

"As shocking as it may appear I have opted for a Ferrari 355 F1 which I should take delivery of two weeks Saturday. Works for me, the Noble is up in the Classifieds."

From the what are you doing in winter thread.