Selling Query

[jimmyV8]

I am currently in the process of selling my car. It is currently financed and I have made the potential new owner fully aware of the situation and I am looking to clear the finance with the proceeds of the sale. He is based 250miles away from me and hopes to make a single journey down to view and take it away if happy. For obvious reasons he doesnt want to pay me in advance and I am hesitant to release the car without the finance cleared. The guy has said he will give me a bankers draft made out to the finance company which will clear the outstanding balance. If I am present when the draft is drawn from the account, so I know it is genuine, should I be happy with this? Or do I need to wait until it has cleared before releasing the car?

[ritch]

get the chap to pay the finance company direct before collecting the car.
Make sure you have somesort of proof (letter? or fax?) from the finance company to say the outstanding finance is cleared and they have no outstanding interest in the car.

get an HPI or similar check done for further assurance

Then arrange for the chap to come with the balance and release the car.