Selling Cars - Stress

[Mr Senna]

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.

[Vocal Minority]

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.

[Mr Senna]

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.

[moronic]

Mr Senna said:

Agreed, but the point is that I found myself under pressure to let the car go without cleared funds.

Selling cars is horrible. In fairness buying them isn't much more pleasurable as well. That said, you didn't have to let him take the car, although I can see why you felt like you should.

[Deva Link]

Mr Senna said:

... he could also have cancelled the transfer.

Could he? I don't know in this case, but you often can't stop these kind of tranfers - it's a right pain if one is done in error as you have to ask the receiver to send the money back.

[anonymous-user]

seemed pretty stress free to me, I think the fact everyone bleets on about frauds, cons etc but in reality these make up a tiny percentage of all sales, I would say it was a sales anxiety.

[MJK 24]

I had a rather bizarre sale a couple of years ago but for other reasons. Had my old Alfa advertised for 3,500. I thought I'd be dealing with enthusiasts and not time wasters but unfortunately I had a good few of the latter.

Anyway, chap from Northern Ireland emails asking is it for sale. I confirm and he asks for half a dozen specific photos. I oblige and email them across. He agrees to buy at the asking price and within a few days I have a cheque for the full amount. Remeber this is a near 30 year old Alfa he's never seen. Cheque clears and I transfer it to my ISA. Chap said he would arrange collection ASAP. Took him nearly three months! I was amazed he was so trusting.

I told this story to a fellow Ph'er who had an almost identical tale. Except the cheque was for nearly 40,000 (Ferrari 328) and the collection timeframe after the cheque was cashed was getting on for a year.

It's great that there's some people out there who can be trusted IMO.

[moronic]

MJK 24 said:

I had a rather bizarre sale a couple of years ago but for other reasons. Had my old Alfa advertised for 3,500. I thought I'd be dealing with enthusiasts and not time wasters but unfortunately I had a good few of the latter.

Anyway, chap from Northern Ireland emails asking is it for sale. I confirm and he asks for half a dozen specific photos. I oblige and email them across. He agrees to buy at the asking price and within a few days I have a cheque for the full amount. Remeber this is a near 30 year old Alfa he's never seen. Cheque clears and I transfer it to my ISA. Chap said he would arrange collection ASAP. Took him nearly three months! I was amazed he was so trusting.

I told this story to a fellow Ph'er who had an almost identical tale. Except the cheque was for nearly 40,000 (Ferrari 328) and the collection timeframe after the cheque was cashed was getting on for a year.

It's great that there's some people out there who can be trusted IMO.

To be honest, I'd be fuming if I were you or the ferrari seller. When I sell cars (admittedly crap ones) I want them gone. If I'm happy to keep the car I wouldn't be selling it. I'd certainly have been chasing up saying that they would have to pay storage fees! Sorry, if that sounds knobbish but not everyone is able to have cars waiting around on the driveway.

[Chicane-UK]

I sold a car several years ago and the chap paid with a cheque. To be honest I'm not sure what I was thinking.. I waved him off and sat down looking at the cheque and realised I had absolutely no guarantee it would clear.

Mercifully I paid it in the next day and it cleared absolutely fine - and obviously the guy was genuine. But I guess you only learn through these experiences about how you'll proceed with a sale in the future!

[Wafflesmk2]

I once let a car go after selling it on ebay. A 'driver' came and picked it up on his behalf, with assurances 8000 would be paid via bank transfer.

I spoke to the bank who assured me that the transfer was in mid air, but hadnt landed in my account.

Either way, i let the car go and two days later i had the 8k safely in the bank.

I just had a good feeling about him, and ebay feedback is sometimes worth its weight in gold.

[MJK 24]

moronic said:

To be honest, I'd be fuming if I were you or the ferrari seller. When I sell cars (admittedly crap ones) I want them gone. If I'm happy to keep the car I wouldn't be selling it. I'd certainly have been chasing up saying that they would have to pay storage fees! Sorry, if that sounds knobbish but not everyone is able to have cars waiting around on the driveway.

I did have the space - the car was parked in a barn on a farm. The thing that was a worry was that the insurance expired in the three months and I didn't renew as the car was always being collected 'soon'. The car was hidden and I'd never had any troubles but it did cause me to worry if it was stolen!

[moronic]

MJK 24 said:

I did have the space - the car was parked in a barn on a farm. The thing that was a worry was that the insurance expired in the three months and I didn't renew as the car was always being collected 'soon'. The car was hidden and I'd never had any troubles but it did cause me to worry if it was stolen!

In that case, I can see it being slightly easier on you. Although again, what if the barn was burnt out? I don't think its acceptable to make someone else babysit your property for that sort of time.

[Deva Link]

moronic said:

In that case, I can see it being slightly easier on you. Although again, what if the barn was burnt out? I don't think its acceptable to make someone else babysit your property for that sort of time.

Arguably, once someone pays for it they should insure it - you have to insure a house on exchange.

[moronic]

Deva Link said:

Arguably, once someone pays for it they should insure it - you have to insure a house on exchange.

Agreed. But what a stty situation to leave someone in... Presumably you are still the registered owner as well. Meaning NOW the dvla will be chasing you for not insuring it. I wouldn't stand for it.