Safest way to receive money when selling a car?

[JulianHJ]

My parents are about to sell their car, and will be getting in excess of £10k for it. I've heard all sorts of fraud horror stories, including bankers drafts being accepted and then rejected by banks. What's the safest way to conduct the transaction? The added complication is that one potential buyer wants to travel a great distance to see the car, and if he's satisfied buy it on the spot. As this is likely to take place on Saturday afternoon I'm guessing all the banks will be closed?

[Jasandjules]

Cash. Taken to your branch and paid in.

[welshbikerduck]

Jasandjules said:

Cash. Taken to your branch and paid in.

Agreed, but i would add make it clear that the car has not been paid for until you have the counter foil in your possesion with the full amount paid into your account. If he gets "mugged" on the way to the bank he may make out it was your money that was taken, and the "mugger" may just be his mate.

[Mars]

This gets covered every few weeks and my response is always to receive a CHEQUE but not to let the car go for 6 working days, after which the cheque can NEVER UNDER ANY CIRCUMSTANCES be returned.

Evidence:

http://news.bbc.co.uk/1/hi/business/7112829.stm

http://www.timesonline.co.uk/tol/money/savings/art...

TheTimesOnline said:

Under the new rules, you can also be sure that at the end of six working days the money has safely cleared meaning you will be protected from any loss if the cheque subsequently bounces

[Lordbenny]

I just sold a car for £10,500 to a guy from Copenhagen, he bought £10,000 in £50 notes And I mean so new that they really did look like they'd just been printed! and £500 in £5 notes. Even the woman at the Abbey was shocked when she saw them.

[Graham E]

CHAPS payments can be done in an hour, and are irreversable (unlike BACS, which is 3 days and CAN be reversed).

OR, present a bankers draft to your branch - pre warn them of your arrival first. if they accept and OK it, it's good and irreversable i beleive.

[Jeffmaniac]

Cash or go with them to their bank and see the bankers draft being given to them.