Selling Advice please
Discussion
I am in the process of listing / selling my Gen 2 Cayman S, I know this question comes up occasionally but i am trying to figure out the most secure way to accept payment, cash, wire transfer, same day chaps?
I was thinking cash and then to take any prospective purchaser to the bank so it can be counted / checked / deposited there and then, but i wasnt sure how feasible that was with large amounts (for both parties).
Any advice or tips would be much appreciated?
I was thinking cash and then to take any prospective purchaser to the bank so it can be counted / checked / deposited there and then, but i wasnt sure how feasible that was with large amounts (for both parties).
Any advice or tips would be much appreciated?
It is certainly a tricky one not sure if its the best method but I prefer wire transfers. Took £40k on the last car I sold. Buyer made the transfer. I rang the bank to make sure it had cleared and couldn`t be retracted and then the buyer collected the car a couple of hours later.
It does require a bit of trust on either side but I had done my DD on the buyer.
It does depend on the value. Anything sub £20k then I`d just take the cash and then go with the buyer to the bank for it to be counted and cleared then go back and collect the car. Problem with this is not everyone is happy to carry that amount of cash around with them to go pick up the car.
Guess the other option would be a bankers draft but not sure they are any safer than a std cheque and i`d never accept a cheque.
I`ve always found it easier when buying/selling classics. More modern stuff tends to attract the wrong crowds from the get go so will usually trade those as I can`t be bothered with the potential buyers/tyre kickers.
It does require a bit of trust on either side but I had done my DD on the buyer.
It does depend on the value. Anything sub £20k then I`d just take the cash and then go with the buyer to the bank for it to be counted and cleared then go back and collect the car. Problem with this is not everyone is happy to carry that amount of cash around with them to go pick up the car.
Guess the other option would be a bankers draft but not sure they are any safer than a std cheque and i`d never accept a cheque.
I`ve always found it easier when buying/selling classics. More modern stuff tends to attract the wrong crowds from the get go so will usually trade those as I can`t be bothered with the potential buyers/tyre kickers.
I have a few rules, number 1 no cash.
No bankers draft that I don't know the origin
I prefer to go to the bank with the buyer and pick up a bankers draft that I can see being written out across the counter. That way you have a "real draft" from the branch of the sellers bank local to you.
So many scams you have to be careful
No bankers draft that I don't know the origin
I prefer to go to the bank with the buyer and pick up a bankers draft that I can see being written out across the counter. That way you have a "real draft" from the branch of the sellers bank local to you.
So many scams you have to be careful
Thanks @Magna and @Lyndseymac
Some really good advice - I especially like the tip re going to the buyers bank to get the draft. Though I did hear it was possible to recall a bankers draft?
Re scams - soo many around
, makes PXing the car so much more attractive but the money lost can be very painful.
Some really good advice - I especially like the tip re going to the buyers bank to get the draft. Though I did hear it was possible to recall a bankers draft?
Re scams - soo many around
, makes PXing the car so much more attractive but the money lost can be very painful.hus882 said:
Thanks @Magna and @Lyndseymac
Some really good advice - I especially like the tip re going to the buyers bank to get the draft. Though I did hear it was possible to recall a bankers draft?
Re scams - soo many around, makes PXing the car so much more attractive but the money lost can be very painful.
Just trade it in if you are unsure and don;t want to take on any risk. Some really good advice - I especially like the tip re going to the buyers bank to get the draft. Though I did hear it was possible to recall a bankers draft?
Re scams - soo many around
, makes PXing the car so much more attractive but the money lost can be very painful.For me - I usually sell and receive cash. Alternatively go to the bank with the buyer and ask them to make the wire transfer in front of you, then check your account before releasing.
This is always a nightmare and it amazes me that we still struggle with this in 2012, the banks need to catch up.
I bought my 997 C2S privately and I initially paid a deposit using a "faster" bank transfer. However, this only works well with certain banks and although my bank (First Direct) processed this very quickly and the funds were transferred almost immediately, the seller's bank too nearly 24 hours to process the incoming payment. Once the car paseed inspection I arranged to pick it up and pay the balance to the seller, but as I was travelling from Reading to Stirling to collect the car I didn't want to hang around as I had a very long drive back home. In the end, the only feasible way to get the funds transferred quickly was to collect them IN CASH from the Stirling HSBC branch and then walk a couple of hundred yards down the road to a local Bank of Scotland and get the funds deposited, the seller and I did this together so there was no funny business. That was one of the scariest short walks of my life, but having to give the HSBC bank my secret code word in order to collect the funds was suitably James Bond, so there was some upside.
I bought my 997 C2S privately and I initially paid a deposit using a "faster" bank transfer. However, this only works well with certain banks and although my bank (First Direct) processed this very quickly and the funds were transferred almost immediately, the seller's bank too nearly 24 hours to process the incoming payment. Once the car paseed inspection I arranged to pick it up and pay the balance to the seller, but as I was travelling from Reading to Stirling to collect the car I didn't want to hang around as I had a very long drive back home. In the end, the only feasible way to get the funds transferred quickly was to collect them IN CASH from the Stirling HSBC branch and then walk a couple of hundred yards down the road to a local Bank of Scotland and get the funds deposited, the seller and I did this together so there was no funny business. That was one of the scariest short walks of my life, but having to give the HSBC bank my secret code word in order to collect the funds was suitably James Bond, so there was some upside.
If you do want to except cash you can go to the bank with the buyer and get them to withdraw the cash, then at the same time hand it back to the cashier and get it put straight in to your own account. Otherwise bank transfer and check with your bank that the funds cannot be taken back and are 100% cleared.
Moosh said:
If you do want to except cash you can go to the bank with the buyer and get them to withdraw the cash, then at the same time hand it back to the cashier and get it put straight in to your own account. Otherwise bank transfer and check with your bank that the funds cannot be taken back and are 100% cleared.
Used both of these methods, one for £12k ish & one for £20k ish. Took £8k in cash once, couldn't bank it until the next day, needless to say I didn't sleep very well that night!Just be aware that CHAPS isn't always instantaneous, my buyers got very hacked off as I made them wait for the funds to appear in my account despite having seen them process it in the bank. They had a long drive back from Exeter to Kent, I made them cups of tea & bored them to tears for several hours while they waited
If they have electronic banking it helps, that or cash straight into the account.Dont accept a bankers draft unless you are 100% sure & even then the issuing bank can only say they handed one over that day. I also think it shows good faith if they bring a passport or photo drivers ID. Make sure they sign a receipt and also take responsibility for road traffic offences from a stated collection time 
If they have electronic banking it helps, that or cash straight into the account.Dont accept a bankers draft unless you are 100% sure & even then the issuing bank can only say they handed one over that day. I also think it shows good faith if they bring a passport or photo drivers ID. Make sure they sign a receipt and also take responsibility for road traffic offences from a stated collection time
LindsayMac said:
I have a few rules, number 1 no cash.
No bankers draft that I don't know the origin
I prefer to go to the bank with the buyer and pick up a bankers draft that I can see being written out across the counter. That way you have a "real draft" from the branch of the sellers bank local to you.
So many scams you have to be careful
+1No bankers draft that I don't know the origin
I prefer to go to the bank with the buyer and pick up a bankers draft that I can see being written out across the counter. That way you have a "real draft" from the branch of the sellers bank local to you.
So many scams you have to be careful
Thanks everyone advice is much appreciated.
Now someone needs to buy the car
Anyone mind casting an eye on this, curious to know if it covers all the necessary info and is well priced?
Its not meant as a shameless plug I can assure you, want to ensure its an "attractive" ad.
ETA
Without the link it's not.
Now someone needs to buy the car
Anyone mind casting an eye on this, curious to know if it covers all the necessary info and is well priced?
Its not meant as a shameless plug I can assure you, want to ensure its an "attractive" ad.
ETA
Without the link it's not.
Edited by Big Al. on Wednesday 12th September 19:13
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