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Selling a Car privately

Discussion in 'United Kingdom' started by 360stimo, Apr 3, 2008.

  1. 360stimo

    360stimo Formula 3
    BANNED

    Aug 23, 2005
    1,284
    Whats the best way to do the exchange when selling a car to an individual? I've been told Bankers Drafts are not 100%. Guy has seen the ad on another site and sent me a few e-mails, offered just under the asking price subject to seeing the car, which i have agreed to. Not sure but he didn't negotiate much and pretty much went with what i said. Seemed to easy.

    Not wanting to get scammed, i've told him that we need to arrange a time for the hand over, he needs to instruct his bank to tranfer the money for that time. We have a beer and when my bank confirms the money is in, its a done deal.

    That about right? Never sold to an individual before.

    Thanks
     
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  3. BANANA

    BANANA Formula Junior

    Apr 21, 2007
    347
    what ever method you choose make it clear that you will only release the car once the funds have cleared.
     
  4. ChrisPM

    ChrisPM Karting

    May 29, 2007
    65
    Bankers Drafts are not safe for a variety of reasons. Money transfer is much better. Check where the money is coming from with your bank (I.e. make it is from the vendors account - to ensure he is not transfering money from someone else) and take a copy of his passport/picture driving licence to confirm he is who is says he is, and that it matches the bank transfer.

    Never release car before funds have cleared into your account. Draft a couple of receipts (one for each of you).

    You can never be too careful when dealing with car sales - there are far too many dodgy people out there ready to rip you off!
     
  5. 360stimo

    360stimo Formula 3
    BANNED

    Aug 23, 2005
    1,284
    Thanks for the info guys, but been offered a good deal from the Audi group buyer for the Midlands and accepted it.

    So no issues with private sale
     
  6. mattymouse33

    mattymouse33 F1 Rookie

    Oct 25, 2004
    4,579
    We'll set aboot ye!
    Full Name:
    Matthew
    Sometimes they seem too easy I know what you mean. Last chap i sold my car too gave me £16k in cash and the balance by bankers draft (2 - 3 days to clear - I wasnt happy), ALL THIS BEFORE EVEN DRIVING THE CAR. We went to the bank and deposted everything. He took the car and I suspected he was a trader which he was.

    I suggest speaking to your bank and finding out an instantaneous method of transfer/draft. That is the only way you will know what gives you confidence and what does not. Find out what bank he uses etc, that may be critical. Tranfers can definitely have their hiccups!
     
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  8. mattymouse33

    mattymouse33 F1 Rookie

    Oct 25, 2004
    4,579
    We'll set aboot ye!
    Full Name:
    Matthew

    Was it an Audi?
     
  9. 360stimo

    360stimo Formula 3
    BANNED

    Aug 23, 2005
    1,284
    Yep, an S5
     

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