Safest way to accept payment in a private sale

[charlie Junior Member Find all posts View Profile Close charlie]

Hi

in a couple of months i will be selling my 2007 GXL petrol prado.
I would like to sell privately. it is a given that I would only sell to a buyer I've met in person but...
given that all my previous car sales have been settled in cash, what would you recommend as the safest way to accept payment?

[dannyboy1 Junior Member Find all posts View Profile Close dannyboy1]

Bank Cheque, or attend his bank with him and get him to do a direct deposit into your account, and photocopy the receipt from the bank.

When your selling be prepared for the usual scams, and also the "i have a X Brand of vehicle, would you consider trading it"

Hope that helps

[SWR Banned Find all posts View Profile Close SWR]

Gday charlie

Quote: what would you recommend as the safest way to accept payment?

Answer: Either COD (Cash On Delivery) or a Bankers cheque made out to your account in your name! (As good as cash but is signed to you and useless to anyone else) as these two methods are instant credit to you and can not be cancelled. (Would suck if you just signed over the car to them only to find out there cheque has bounced or been cancelled).

The other way is for them to deposit the money directly into your account and you pay (Approx $30 to $40 to have the bank clear it immediately) that way the money can not be cancelled out of your account as i think a cheque normally takes 3 to 5 working days to clear. (The bank also likes its cut of interest).

The other way is for them to assist you into the your bank branch and have them deposit the cash over the counter into your account.

By having them to assist you at the bank with the cash it makes them responsible for the cash until deposited and not you

Hypothetically they could give you the cash and when they leave you are vulnerable with the cash until YOU get it to the bank!

PayPal is not an option as they will take commission out of it and that's not including eBay's commission on the total sale price if you sell through eBay.

After all that with the different choices i personally would make them assist me to my bank and have them pass the money to the teller, That way i can not get mugged of the cash and if money falls short at the teller they are responsible.

That's my opinion anyway

Cheers

[tassie tiger Advanced Member Find all posts View Profile Close tassie tiger]

Bank Cheque, or attend his bank with him and get him to do a direct deposit into your account, and photocopy the receipt from the bank.

Thats what I do. Bank cheques used to be 100% however blank ones have been stolen and used in the past so be careful.

[Max Member Find all posts View Profile Close Max]

Last time I used a bank cheque I remember there was an option to cancel it if lost or stolen. Don't know what implication this would have to you receiving your money but if it's a concern then get in touch with the bank for clarification.

As others have mentioned, going to the bank with the buyer would be the safest option but not necessarily the most convenient.

A dealer wouldn't hand over a vehicle until the funds have cleared in their account.

Guess it depends how much trust you've got left in you

[JoshF Advanced Member Find all posts View Profile Close JoshF]

talk to your bank manager if there is one

[Snaga Wishing I was lost Find all posts View Profile Close Snaga]

Why do I have images of you standing there with a gun under your coat pointing into his side.

Originally Posted by dannyboy1<br />
Bank Cheque, or attend his bank with him and get him to do a direct deposit into your account, and photocopy the receipt from the bank.

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Thats what I do. Bank cheques used to be 100% however blank ones have been stolen and used in the past so be careful.


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