Would you trust this?
Discussion
Hi guys and girls,
I'm selling a £20k car privately and have been contacted by a car dealer in Peterborough who have offered to take the car from me on a guaranteed sale agreement. Essentially, they have it and have guaranteed me a price which will be payable either after they've sold it or a maximum of 60 days ie if they haven't sold it by then they effectively buy it off me. The price offered is only just shy of what I was asking privately, but they say that they move stock quickly and make a relatively small profit on cars.
Has anybody heard of this type of arrangement before and what are the risks?
Cheers,
Mark
I'm selling a £20k car privately and have been contacted by a car dealer in Peterborough who have offered to take the car from me on a guaranteed sale agreement. Essentially, they have it and have guaranteed me a price which will be payable either after they've sold it or a maximum of 60 days ie if they haven't sold it by then they effectively buy it off me. The price offered is only just shy of what I was asking privately, but they say that they move stock quickly and make a relatively small profit on cars.
Has anybody heard of this type of arrangement before and what are the risks?
Cheers,
Mark
897sma said:
There are couple of threads about the dangers on here. The main thing to ensure is that you retain title to the vehicle until YOU have recieved the money. There have been (anecdotal?) instances where the dealer has sold the car legitimately, spent the money and gone bust.
I hold the V5 until its sold and I've got funds, otherwise it's a non starter. I'll have a dig to see if I can find the other threads. Cheers 
http://www.motorcyclenews.com/MCN/News/newsresults...
Ok it's not exactly the oracle of investigative journalism the MCN but the story holds that bikes were sold on commission for the registered owners, many of whom did not receive a penny.
I believe the owner eventually committed suicide.
Ok it's not exactly the oracle of investigative journalism the MCN but the story holds that bikes were sold on commission for the registered owners, many of whom did not receive a penny.
I believe the owner eventually committed suicide.
Bincenzo said:
I hold the V5 until its sold and I've got funds, otherwise it's a non starter. I'll have a dig to see if I can find the other threads. Cheers
The V5 doesn't prove ownership unfortunately, make sure you have it in writing that the goods remain your property until paid in full. It would be easy for a new owner to apply for a new V5 and for them to prove ownership if they have a bill of sale from a dealer you've given the car to.Would you give £20k in cash to these people for them to play at the casino on the proviso they would give it you back In 60 days whether they won or lost without some sort of security? I wouldn't.
897sma said:
The V5 doesn't prove ownership unfortunately, make sure you have it in writing that the goods remain your property until paid in full. It would be easy for a new owner to apply for a new V5 and for them to prove ownership if they have a bill of sale from a dealer you've given the car to.
Would you give £20k in cash to these people for them to play at the casino on the proviso they would give it you back In 60 days whether they won or lost without some sort of security? I wouldn't.
Nicely put, this is why you lot are such wise council!Would you give £20k in cash to these people for them to play at the casino on the proviso they would give it you back In 60 days whether they won or lost without some sort of security? I wouldn't.
we sold a car on sale or return a few years back and it worked out great, saved a load of hassle and was all straightforward
However you want a rock solid signed contract up front with them (they should have one if they do this often) and (in our case) they told us to keep the spare key, V5, owners manuals etc until sale was complete and money on its way to us
However you want a rock solid signed contract up front with them (they should have one if they do this often) and (in our case) they told us to keep the spare key, V5, owners manuals etc until sale was complete and money on its way to us
bogie said:
we sold a car on sale or return a few years back and it worked out great, saved a load of hassle and was all straightforward
However you want a rock solid signed contract up front with them (they should have one if they do this often) and (in our case) they told us to keep the spare key, V5, owners manuals etc until sale was complete and money on its way to us
They've provided me with a contract up front and told me I'd be keeping the spare key and V5, but wanted service handbook to assist in sale (proof of service history etc). I'm not committed to this yet by any means, but it's nice to hear of a success story, 'cos the majority of responses on here (predominantly General Gassing) have been to stay well away. I don't suppose yours was in Peterborough was it mate?!However you want a rock solid signed contract up front with them (they should have one if they do this often) and (in our case) they told us to keep the spare key, V5, owners manuals etc until sale was complete and money on its way to us
There's a garage not far from me who do a lot of this, the majority of the stuff they sell was (still is?) on commission. However, some time ago they got done (trading standards??) for ripping off clients.
What they did was if a car was up for sale at £10,000 they might have eventually sold it for £9000 on which their commission was based, the con was the fact that the client thought it had been sold for £9k whereas it was sold for £9500 so they pocket the £500 and the commission on the £9k. This went on for a good number of years and some of the extra differences pocketed was £1000+ per car!
What they did was if a car was up for sale at £10,000 they might have eventually sold it for £9000 on which their commission was based, the con was the fact that the client thought it had been sold for £9k whereas it was sold for £9500 so they pocket the £500 and the commission on the £9k. This went on for a good number of years and some of the extra differences pocketed was £1000+ per car!
Edited by Mr-B on Friday 19th October 20:09
Jockman said:
Nowt tickled your fancy mon ami ?? Been in an Aston recently or is it Fezza in the prediction stakes? 
Well since we last spoke life's challenges have blighted me a little shall we say culminating in getting to know a surgeon a little to well.........That said it has given time for reflection and ponderous calculation regarding the virtues of the Dancing Donkey, something from our friends in Stuttgart or the continuation
of my allegiance to AM.
At this point its in the balance but I would think AM will win the day so I'll continue my game of patience whilst recuperating,so lets hope they have a New Year Sales event.
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