Can I just check a few things re selling privately?

[Heathwood]

Hi folks,

I've got a chap coming to view a car I have for sale later today. There's a couple of things I wanted to check (apologies, the (google) search function isn't helping).

Insurance - Although the car's inexpensive, Ive stated in my ad that test drives will only be offer on proof of at least TP insurance. Is this reasonable? Also, what's the best way to check that the potentially buyer is suitably covered (a lot of companies don't even issue certs / schedules now, as so much is online).

Payment - Banks will be closed by the time he arrives. What do I need to be aware of regarding payment? I'm reasonably comfortable accepting cash and I certainly won't be releasing the car until a personal cheque is confirmed cleared. However, I'm never quite sure where I stand with bankers drafts or online transfers. The potential seller is coming a long way, so is likely to want to take the car today if he's happy with the car.

Thanks for any help and advice.

[marshalla]

Insurance - you need to see a certificate and schedule which confirms TP cover. No paper with the right words = no test drive other one where you do the driving. If you suspect the piece of paper may be fake, a little white lie on askmid can assist you in checking that it at least seems to relate to a real car.

Treat bank drafts like person cheques unless you see it issued in the bank yourself. There are still a lot of forgeries around. Never accept one for more than the amount agreed for the sale - classic scam.

Online transfer - wait until you see the money in your account before you release the car. As long as it isn't above the sending bank's threshold it should go through the faster payment system and arrive the same day.

[interloper]

Bankers drafts can be faked and apparently online transactions can be reversed, cash is king. Just make sure its real.

As for the TP insurance, no harm in asking for proof, although I must admit I have mostly trusted buyers to be honest about that in the past.

[a311]

Heathwood said:

Hi folks,

I've got a chap coming to view a car I have for sale later today. There's a couple of things I wanted to check (apologies, the (google) search function isn't helping).

Insurance - Although the car's inexpensive, Ive stated in my ad that test drives will only be offer on proof of at least TP insurance. Is this reasonable? Also, what's the best way to check that the potentially buyer is suitably covered (a lot of companies don't even issue certs / schedules now, as so much is online).

Payment - Banks will be closed by the time he arrives. What do I need to be aware of regarding payment? I'm reasonably comfortable accepting cash and I certainly won't be releasing the car until a personal cheque is confirmed cleared. However, I'm never quite sure where I stand with bankers drafts or online transfers. The potential seller is coming a long way, so is likely to want to take the car today if he's happy with the car.

Thanks for any help and advice.

All my docs are online but I can print the cert out anytime so shouldn't be an issue. I'm not sure of the legalities when it comes to test drives, when I've sold bikes I've taken the full asking price as a deposit beofre a test ride, cars I've just sat in with them. Transfers can be reversed so beware, bankers draft should be cleared by your bank straight away but it's been a while since I've used one, depending on how far they're travelling you'd expect them to want it there and then if it checks out so waiting for a cheque to clear may put them off.

Depends on how much you're wanting for it, the way you approach selling a 1k and 10k car should techniclaly be the same but in reality I'd be easier going if it's not allot of money.

I guess even in this day and age my approach may be too trusting....

[marshalla]

a311 said:

Transfers can be reversed so beware, bankers draft should be cleared by your bank straight away but it's been a while since I've used one, depending on how far they're travelling you'd expect them to want it there and then if it checks out so waiting for a cheque to clear may put them off.

Online transfers through the FPS are difficult to reverse - most banks actually state that they are not reversible during the transfer authorisation stage.

Bank drafts do not clear instantly (they are just bank to bank cheques and there are known forgery problems with them) - they can take several months (or longer) to be fully completed, and can be reversed as soon as the fraud is detected.

[a311]

marshalla said:

a311 said:

Transfers can be reversed so beware, bankers draft should be cleared by your bank straight away but it's been a while since I've used one, depending on how far they're travelling you'd expect them to want it there and then if it checks out so waiting for a cheque to clear may put them off.

Online transfers through the FPS are difficult to reverse - most banks actually state that they are not reversible during the transfer authorisation stage.

Bank drafts do not clear instantly (they are just bank to bank cheques and there are known forgery problems with them) - they can take several months (or longer) to be fully completed, and can be reversed as soon as the fraud is detected.

I had a summer job in a bank all be it over 10 years ago. We used to pay drafts in as a cleared item, i.e. where the funds went in straight off. You could also get a counter cheque where the funds went out straight away but took 3 days to clear. I guess things have changed.

[marshalla]

a311 said:

I had a summer job in a bank all be it over 10 years ago. We used to pay drafts in as a cleared item, i.e. where the funds went in straight off. You could also get a counter cheque where the funds went out straight away but took 3 days to clear. I guess things have changed.

The funds would appear, but the draft wasn't fully cleared at that stage. There are lots of stories around of people who've been caught out by this and found that the funds disappear a month or two after they first appeared.

That's why it's one of the scammers' favourite methods is to offer an overpayment using a fraudaulent draft - the seller refunds the difference and loses the goods and the excess payment eventually.