Time to say goodbye

[silversix]

After a fantastic year of ownership, I'm about to put my year old M400 up for sale. it simply doesn't get used enough, and I agreed with the wife when we bought it that we'd keep it for a year, then pay off the mortgage. Has anyone got any advice about the mechanics of actually selling a £50k car? Don't much fancy taking cash or a draft in case of money laundering/fake etc. Any advice greatly recieved.
If anyone wants a very clean well looked after M400, it'll be in the classifieds shortly.

Adrian (actually sort of hoping that it doesn't sell)

[DanH]

Its tricky, but I went to the bank with the buyer and watched him withdraw the draft, which he then gave me and I took it straight to my bank. Unless he's a slight of hand expert then no problems.

[amg merc]

silversix said:

After a fantastic year of ownership, I'm about to put my year old M400 up for sale. it simply doesn't get used enough, and I agreed with the wife when we bought it that we'd keep it for a year, then pay off the mortgage. Has anyone got any advice about the mechanics of actually selling a £50k car? Don't much fancy taking cash or a draft in case of money laundering/fake etc. Any advice greatly recieved. If anyone wants a very clean well looked after M400, it'll be in the classifieds shortly. Adrian (actually sort of hoping that it doesn't sell)

Last time I sold I took the car to meet the buyer at my local branch of his bank - we both went to the counter and I paid his Banker's Draft into my account - the teller having accepted it was a sign that the draft was pukker - we then went outside and I handed the keys over to HIS new car - he then drove me home (most kind!).

[jdh1]

CHAPS payment (direct transfer) works fine.

[amg merc]

jdh1 said:

CHAPS payment (direct transfer) works fine.

Then there is a point in time when the buyer does not have the money or the car!

[jipsom]

I've always called the buyer's bank to confirm that the banker's draft was actually drafted by them. That, apparently, is safe enough...or at least that's what the bank told me.

[DanH]

jipsom said:

I've always called the buyer's bank to confirm that the banker's draft was actually drafted by them. That, apparently, is safe enough...or at least that's what the bank told me.

Some banks refuse to confirm. You also need to find the number yourself, rather than whats printed on the draft or supplied by the buyer as they may have a mate at the end of the line, rather than the bank.

[paulcundy]

Last car I sold I got him to "on line bank" the stuff into my account. When I could "see" it on line in my account I then gave him the keys. The next day it broke down!

[DanH]

paulcundy said:

Last car I sold I got him to "on line bank" the stuff into my account. When I could "see" it on line in my account I then gave him the keys. The next day it broke down!

I tried that when buying the Noble, but there was a 5k limit so we gave up.

[misterx]

DanH said:

I tried that when buying the Noble, but there was a 5k limit so we gave up.

The limit is personal to each account holder. Has anyone tried using escrow services?

[amg merc]

I think you'll find that, due to the rise in electronic fraud, all banks featuring an electronic banking facility now set a cap on the total fund tranfer amount (either account to account or to the outside world) (mine does) and it's not set per customer.

[silversix]

[redacted]

[DanH]

silversix said:

I had a nightmare paying for the M400 with my Switch card, even though I had arranged with the bank beforehand, and they had said that there would be no problem!

Same with my RS. I had to do 2 transactions and speak to idiots in India who then routed me to talking to a private bank in London that had nothing to do with my account.

I love offshoring. It works soooo well.

[silversix]

Ah, but while I was on hold, I said to the wife "they've put me through to B****y India" only to have a very polite girl on the phone say "It's Malaysia actually Sir". I came very close to closing all my accounts with the bank after that little episode. Things were so much easier when you could just go and get YOUR cash out in pound notes.

[DanH]

Dealerships can't take more than 5k cash otherwise they get trampled by the FSA for money laundering. The person handling the transaction is then personally liable and can get a massive jail term...

[CRB1]

Adrian,

What colour is the M400 and what price?

[silversix]

It's in the classifieds now (just uploaded picture, so should appear soon). But to answer your question, Red, £49950. Thanks

[misterx]

amg merc said:

I think you'll find that, due to the rise in electronic fraud, all banks featuring an electronic banking facility now set a cap on the total fund tranfer amount (either account to account or to the outside world) (mine does) and it's not set per customer.

Though there is an ultimate limit, it is set per customer below that. I have personally done a transfer for well in excess of the £5k mentioned only last week. The risk is of course borne by the sender, which is why I mentioned escrow. For example, a big lump of money such as a deposit on a house purchase would go to an intermediary like a solicitor who is less likely to make off with the loot.