You don't need to be an 'investor' to invest in Singletrack: 6 days left: 95% of target - Find out more
I will be selling my car privately shortly via Autotrader for around the £2k mark. What's the best way to handle the money transaction to ensure I don't get diddled?
In the past I have done cash on collection and checked the notes with a detector pen but £2k is a relatively big ask for someone to withdraw and also a big reliance on my fake cash identification skills.
I've heard that Bank Cheques (the ones that are guaranteed, can't remember what they're called) can be withdrawn post transaction and PayPal is open to disputes for up to 30 days after the transaction.
Bank transfer possibly? Can buyer send the money and I receive it while we wait?
PP Gift 🙂
Did cash for the last 2 £750 & £3k (they had to go and get more twice) the bank didn't check the notes when I paid it in.
Cash, Cash or Cash.
Cash, at the bank.
Get the buyer to meet you at your bank with the cash, you can pay it in there and then and the bank will tell you if there's any dodgy notes.
notmyrealname - not a bad idea
Bank draft was what I was thinking of. Now I've just read this...
If you intend to make a large purchase such as a car, the seller may ask for the purchase price to be paid by bank draft. This can be useful because the person to whom it is made out has the advantage of knowing that it will [b]almost certainly be paid.[/b]
Knowing you will almost certainly be paid and not definitely is a disadvantage in my opinion!
[url= http://www.bba.org.uk/customer/article/understanding-a-bank-draft ]http://www.bba.org.uk/customer/article/understanding-a-bank-draft[/url]
PP Gift
That's supposed to be a joke? But why not? As discussed elsewhere, PP gift is much the same as cash - I suppose the only risk is being paid from a stolen account.
I took cash for my car, but that was only £400. I did pay £3000 cash for a car once. Have to admit dodgy notes hasn't ever occurred to me.
Definitely get them to pay it in at the bank. Saves you having to count it in front of them and also getting any funny money. A friend of mine has done this twice and its been painless both times. Especially if you cleverly arrange the pickup near a branch of your bank... 😉
I've met prospective buyers in the reception of a police station, followed by a trip to the bank using notmyrealnames method.
I took the buyer to the bank to pay the cash in, but when I asked the bank teller she replied they dont check for fakes. 💡
As has been said...Drive the guy to the bank in your (soon to be his) car, pay the cash in over the counter, do the paperwork, give him the keys.
Oh and hope he gives you a lift home..!
Cash directly into the bank then hand over the keys it is then 🙂
2k is not a lot in cash really - it's easy enough to withdraw over a counter. I sold a car for 7k once and the buyer had no problems handing it over in cash. I just got the other half to count it whilst we talked about the car.
Did a bank transfer recently, whilst stood in the sellers house. Money transferred instantly. What would the risk there be, that I had hacked a bank account?
the bank didn't check the notes when I paid it in.
They must at least have counted them?
(the reason I say that is that an experienced cashier will generally spot a fake note by feel as they count through them)
I thought they were counted by machine, which also weighed them?
When I used to work in a job handling lots of money, there was no substitute for hand counting. Machines were just a backup for verifying already-counted stacks of money.
Took £9k in cash to buy a car once. To say I was nervous that day is an understatement.
i always meet buyers ine taken almost 60k the police station car park..amounts over 2/3 k i go with someone else as muscle.. i v taken as much as 60k this way..always check a random handful of notes with a pen.. always count slow and in hundreds..