Private Car Sales – Advice Needed

Discussion in 'Finance, Property, Law' started by Ned_Seagoon, Dec 1, 2006.

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  1. I admit it, I am a novice and don’t even have an e-bay account. I need to sell my 1 year old tax-free import (4 wheels that represent a deposit on my house). Dealers are not interested – “too much stock on hand”, so I accept that I will have to go for a private sale. In the past I have only ever px’d or passed on old sheds to members of the family. What is the best way of going about a private sale? How do I avoid being ripped of with the payment? ….. ARRsers advice welcomed, preferably of the constructive type but I acknowledge that ritual abuse is inevitable.
     
  2. The only sure fire guarantee on payment is CASH, if you get paid cash as long as it isn't a forgery it is OK.

    Peter
     
  3. Assuming this is a fairly valuable type of car, you need to get it advertised nationally.
    Do not allow anyone to test drive it without you in it and without their own insurance. Accept only cash or a bankers draft, and even then, only part with the motor once the payment has been accepted by the bank (to avoid forgery issues).

    Do not give out your home address or meet prospective buyers at your house. they may be car thieves who will return later to steal it.

    Do be very cautious and suspicious. Take a big friend with you!

    Get the buyers details. (Driving licence is a good bet) even if you are perfectly happy at the time.
     
  4. Don't accept a bankers draft - they can bounce.

    If accepting cash arrange to meet at your bank and have the buyer pay the cash into your account. That way the bank will check the cash for forgeries and can't quibble that the money is credited to your account (even if it turns out to be forged at a later stage).
     
  5. Further to Keyboardwarriors advice.
    Bankers drafts (as well as every other type of money transaction)must be allowed to clear first. Had a mate stung by a gang who were handing out forged Drafts (Bank knew 'bout them but didnt advertise due to losing 'Good name')
    So was left minus car and dosh.
    If in cash, note counter and forgery checker well worth the borrow from a friend say in a pub etc. Honest people dont mind the wait.
    Hope it goes well.
     
  6. Thanks for the sound advice so far folks.

    Bumped to catch the lunchtime browsers.
     
  7. I have always preferred cash when selling a car privately. Have been almost taken to the cleaners once with a 'suspect' banker's draft.

    I also propare a bill of sale that indicates 'sold as seen' to avoid all of the after sale problems. Docs are noted on the bill of sale together with VIN, MOT, V5 and service info.

    Also transfer detail on the tear off slip there and then. have had two buyers wishing to leave it blank. Silly boys :p

    Best of luck in selling your motor.



    fastmedic
     
  8. ViroBono

    ViroBono LE Moderator

    Don't listen to anyone who phones offering to sell the car for you through a car-brokering website. These canvassers are a pain in the arrse. Their usual ploy is to say they have people looking for just the car you have. They rarely sell and you will be lumbered with an advertising bill.

    Usual Ebay scams are tried with cars - 'I want to buy it for my brother in Nigeria, and will send a draft for more than asking price, and the shippers will collect' the scam is that the draft is forged (but this will only become apparent when it's too late), and you lose both car and money.

    I'd only accept cash - forged drafts will often appear to clear the bank, and then bounce later.

    I sold my car on Ebay twice, but each time the buyer failed to turn up. Both times I was plagued by canvassers and moron questions. Autotrader is definitely better.
     
  9. Speak to some intelligent form of life at your bank about CHAPS transfers. Much better than Drafts or a BACS transfer.

    There is a fee (about 20 squids)

    CHAPS Transfers (Clearing House Automated Payments System)

    CHAPS is an electronic bank-to-bank same-day value payment made within the UK in either Sterling or Euro. The main benefit of CHAPS is that it is fast, secure and efficient and the money is transferred the same day. Unlike other forms of payment such as cheques, CHAPS payments are irrevocable.

    If your purchaser will not do this tell them to get lost.

    Otherwise cash and on the day meet up at your bank so it can be checked on the spot and paid in to your account.
     
  10. Agree with much of above.

    Autotrader is really good!

    Cash can be challenging if the car is worth several grand.

    I think blogg's thoughts about CHAPS are spot on. Suggest that the sale take place mid week so that the money is in the bank next morning.
     
  11. If it's worth a fair bit, then the ad in Autotrader will automatically go into Top Marques which is national. Not everyone buys on the net - plenty of people like to retire to Trap 2 with the 'Trader, a biro, and dream...

    100% agree about drafts - even if the branch 'accepts' it, they can recall the funds if the draft is stolen, forged or otherwise non-kosher. Nice people, banks. In the showroom, I now prefer debit card with PIN: not something open to a private seller, unfortunately.

    Take them to the bank! There are too many naughty £20s around but once the bank has accepted them (they should but don't UV check) then you're sorted.

    Make sure 100% that any billy is insured to test drive. Ask for proof. Don't go out alone with prospect and his big mate Gaz!

    Not revealing your home address might be sensible if you think they may return later and nick it but is also one of the signs of YOU being a rogue trader that the customer will have been told about by AUtotrader!

    Dealers won't be buying a lot as we are waiting for a bucketload of part exchanges turning up in January and it costs a bleddy fortune in stocking charges. If they are, they'll be offering January prices, and the bookdrop will be substantial. Make sure you're priced right or the phone won't ring!If you want a CAP/Glass' valuation done, pm me.

    And finally, make sure above all else that you send off the correct bit off the V5 to DVLA because YOU ARE STILL LIABLE FOR THAT VEHICLE until that lickle bit of paper gets to Swansea. I'm practically on first name terms with the boss of the enforcement section over logbook 'discrepancies'.
     
  12. Also don't meet prospective buyer in a layby as guy from Brighton had car and money taken.




    Diane
     
  13. It's been said already - Autotrader. I sold my car in 40 minutes on Autotrader earlier this year.
    If you are concerned just about payment, most people know the score and if they pay by cash - great. By cheque? Wait until it has cleared before you sign the paperwork and hand the keys over.
     
  14. Gremlin

    Gremlin LE Good Egg (charities)