Selling Cars - Stress
Discussion
I thought I would tell the story of my recent sale of my car. Over the years fate throws up some amazing moments during a transaction that in essence should be straightforward. This one was a classic!
Vehicle advertised, within 24 hours a keen buyer from Gurnsey likes the car.
100 deposit taken via BACS.
Vehicle was to be collected a week later, once his flight booked etc. We discuss how the balance of funds would be paid and agree that we can go to his Bank (one of the big 6 in the UK) in my home town and do a live transfer.
I pick the chap up from my local station (the airport was 30 mins away) and he views the vehicle and we agree the price. All fine so far.
We walk in to the Bank and go to a booth, "sorry Sir, you bank with XYZ Bank International, not the UK side" then the girl says "we can't help you".
Slightly confused with the situation, I take control and ask to talk to someone more senior and get them to talk to me.
In the end the bank agree to fax the Gurnsey branch an instruction to transfer the funds to my UK bank, which they do.
Then I realise after my buyer hands me the fax (which is stamped by the bank as an original document and has a copy of his passport and is signed accordingly) that I actually now have to hand over the V5 and documents and keys and say goodbye to my car. The guy had a ferry to catch after all...
There I am walking to the bus stop, thinking I have had a 100 deposit and now have no keys, no documents and just a fax.
For the first time in my life I felt like an idiot. My mind told me "it will be fine" but what if it was a con, a very very good con. I check the passport, it was fine and showed Gurnsey as the chaps place of birth.
Anyway, the transfer took two days. The chap did communicate to me and did call his bank to make sure the funds went asap.
I will never ever let a car sale go through until 100% of funds are cleared, even if it means the buyer misses a ferry (for example).
I thought had the guy been a con man, it was a very clever process....
I was an idiot, but maybe this story will help others. Had he had an issue/crash or anything he could also have cancelled the transfer.
Vehicle advertised, within 24 hours a keen buyer from Gurnsey likes the car.
100 deposit taken via BACS.
Vehicle was to be collected a week later, once his flight booked etc. We discuss how the balance of funds would be paid and agree that we can go to his Bank (one of the big 6 in the UK) in my home town and do a live transfer.
I pick the chap up from my local station (the airport was 30 mins away) and he views the vehicle and we agree the price. All fine so far.
We walk in to the Bank and go to a booth, "sorry Sir, you bank with XYZ Bank International, not the UK side" then the girl says "we can't help you".
Slightly confused with the situation, I take control and ask to talk to someone more senior and get them to talk to me.
In the end the bank agree to fax the Gurnsey branch an instruction to transfer the funds to my UK bank, which they do.
Then I realise after my buyer hands me the fax (which is stamped by the bank as an original document and has a copy of his passport and is signed accordingly) that I actually now have to hand over the V5 and documents and keys and say goodbye to my car. The guy had a ferry to catch after all...
There I am walking to the bus stop, thinking I have had a 100 deposit and now have no keys, no documents and just a fax.
For the first time in my life I felt like an idiot. My mind told me "it will be fine" but what if it was a con, a very very good con. I check the passport, it was fine and showed Gurnsey as the chaps place of birth.
Anyway, the transfer took two days. The chap did communicate to me and did call his bank to make sure the funds went asap.
I will never ever let a car sale go through until 100% of funds are cleared, even if it means the buyer misses a ferry (for example).
I thought had the guy been a con man, it was a very clever process....
I was an idiot, but maybe this story will help others. Had he had an issue/crash or anything he could also have cancelled the transfer.
Vocal Minority said:
Looking at this from a (admitedly non-pistonheads) positive stand point.
You sold your car, he was honest and paid you his money.
I see where you are coming from, but this was all done fairly and above board.
Agreed, but the point is that I found myself under pressure to let the car go without cleared funds. You sold your car, he was honest and paid you his money.
I see where you are coming from, but this was all done fairly and above board.
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