Due to the amount, I thought they would have taken me into a back room or something to hand it over, but they didn't. You need to be a member in order to leave a comment. The fact that the above scenario can easily be carried out, means that IT IS NOT SAFE to sell a car in this manner. What messed it up for me, is that they only do CHAPS on weekdays; I was driving 160 miles to pay for and pick up a car on a Saturday. Its not like a cheque, it can't be cancelled. Calypso-E34, April 18, 2011 in General Discussion. If a potential buyer asks why, explain how plates can be … He would fax the paperwork, I would sign, and return. Alternatively - he doesn't have to carry the cash around. Cash is always preferred. A bank transfer is fast, easy and safe. I always say cash on collection or that the car will only be released when the funds have cleared... No cash in hand equals no car.. Best of luck mate.. Buying or selling cars privately can be a tense time!! Cash definitely cannot be revered either though! If he makes excuses I'd consider pulling out of the sale. That's exactly what the guy i bought my car from wanted me to do. An online bank transfer is one of the safest ways to pay, as it avoids having to handle large amounts of cash and the problems associated with cheques What to do if you think you’re a victim of fraud If you think you’ve been targeted by a fraudster, contact Auto Trader immediately by emailing scam@autotrader.co.uk or calling 0330 303 9001. I don't want to make life difficult for the buyer, who is coming all the way up here from the South of England for the car. Immediate bank transfer using the CHAPS system. Is a bank to bank wire transfer safe? Online bank transfers are the best way to get paid, and these can be done quickly via the ‘Faster Payments’ or CHAPS systems. Only CARFAX gives you the VIN-specific price for every used car based on its history. The #1 subreddit for Brits and non-Brits to ask questions about all kinds of UK topics. I know all about these scams where buyers say I'll pay with a bankers draft and add shipping fees and the seller has to sort it out with the shippers. Also different banks allow different limits and I know ltsb allow 2000 to 2500 to be transferred on this method. Verify checks before you transfer the title. By So if they send it on this means then they can't get it back without your banking getting involved etc. I'm thinking a Bank Transfer should be safe enough - is there any way this can backfire on me? You may have to register before you can post: click the register link above to proceed. It's easy! If the buyer insists, stipulate you will not hand over the title until the check clears. The fraudster will suggest sending you a cheque, pay via bank transfer or send you money online, but “by mistake” overpay you. I am selling one of my cars (15k). Keep possession of your car until the funds have transferred. Something along the lines of a postal order might be safer. There have been issues with banker's drafts not being honoured though. If you read our previous article, How to Get More Money for Your Car in 5 Easy Steps, we explained how selling privately on your own often results in getting the highest price compared to trading it in or selling it to a dealership. I would then wire the money. Definitely dont release the car til you have the money in your account. Compare prices. Verify the customer name and amount of the money order with the issuing bank, and request the payment be with a money order from a local institution whenever possible. If it is over £10k, then you can transfer it via CHAPS (by phoning or going into your bank), but they will usually charge you to do this and it only guarantees that the money will reach the recipient the same day if it is requested before a certain time on that day. E28 520i, Benz W211, BMW R100 Cafe racer. Financial Controller, Company Secretary, Company Director. What do the majority use? So, I'm a selling a vehicle. E28 M535, E30 320 cabby, E23 732 manual and the pocket rocket '02 conversion. If possible, complete the transaction at the buyer’s bank to be sure the funds are available. Now he is suggesting a Bank Transfer. I phoned my bank and arranged it a few days before i went to collect the car. I went and saw my bank manager first and gave me some reassurance and also said they would monitor my bank account to make sure everything was ok. They can't reverse the payment. The site may not work properly if you don't, If you do not update your browser, we suggest you visit, Press J to jump to the feed. I think it's possible to reverse or cancel a bank transfer within a small timeframe (I may be wrong), so technically possible to screw you over - but if you have their bank details you can report it to the police and chase them up on it. You may pay less for a car with an accident, or more for a car without one. At this time also ensure you give the buyer all relevant paperwork and accessories including: a current safety certificate (and gas certificate if the car is fitted with LPG) a registration transfer form completed by yourself and the buyer (keep the seller’s section) Didn't think of any downsides at the time. Once its in your account. If I watch him log onto his internet banking,see that he has the funds and watch him transfer the … That was reversed pretty quickly, I can tell you! The balance is a significant amount of money and the trader has asked for this via bank transfer. In fact, most payments are … Sold my car - Is a Bank Transfer 100% safe? It went very smoothly though, bank transfer went through quickly and he only gave me the keys when he was happy the money had gone through. Because I accommodate people's wishes too much and end up making things complicated. Could it later be claimed by the account holder that they were defrauded in some way? If you are considering selling your car, one of the decisions you have to make is how you’re going to go about selling it. More articles. Saying this, obviously cash in my hand would be preferred. I've bought cars and bikes before using a bank transfer as means of payment without problem but I was paying and not receiving! I have asked him to clarify that. I like the idea of taking him to a branch of his bank and having him withdraw the cash there and then. Both scams can be overcome by insisting on watching the buyer draw the cash out of the bank and then letting them see you pay it straight back into yours. When it comes to selling your car in San Diego, the phrase “Cash is king!” has never been truer. Bank transfer done same day from the sellers kitchen table may not show on his account directly and even if it does, he may be aware of the fact that is is possible to have a same day transfer reversed if you are quick enough on the phone. Maybe the chap doesn't like carrying that much cash around - some people don't - although the chances of gettin mugged here are zero!! It’s true if you deposit more than $10,000 in cash your bank has to report the transaction, but this shouldn’t be a concern as long as you keep the paperwork from the sale. As it's likely to be a large sum of money, I would go into a branch of my own bank to talk through the safest methods with them rather than taking a risk that some scammer has found a way to get the transfer reversed. Cash or have a cashiers check made out to you like the idea of taking him to a branch his... Trusted companies to get professional scammers they will have fake ID I gave. 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