Advice on selling my car

[Blue62]

I have a guy coming to buy my car tomorrow and he has suggested going to his bank where he will transfer the funds to me by CHAPS, it won't show in my account immediately but according to him it is foolproof in so far as he can't reverse the transaction and the funds will have to be in place for the transfer to go ahead. I will check this out with my bank but thought I'd ask the great and good on here first.

[bigdom]

Normally hits the account within an hour, send him off for coffee etc, and give him a call once in your account.

[Transiter]

Is it an expensive car?

If it's not too high, would it not be possible to withdraw the money then for you to deposit into your account.

But as far I know Chaps can't be reversed until the transaction is fraudulent.

[Troubleatmill]

Then you go to your bank.... and you wait until it clears.

I wouldn't be letting any car go without evidence the money is in my account.

[Jasandjules]

Why not go with him to his bank, he draws out the cash and you take it to your bank and pay it in?!

[PositronicRay]

I did this it was fine, gave my buyer a lift to the bank, transferred the funds. By the time we got back to my house the money was in.

[Blue62]

It is over £30k, he is suggesting that CHAPS is 100% safe, I will pop in and ask the bank tomorrow. Thanks for the comments.

[Magic919]

A genuine CHAPS transfer is fine. It's just a potential problem when someone fakes the transfer.

[Transiter]

Magic919 said:

A genuine CHAPS transfer is fine. It's just a potential problem when someone fakes the transfer.

This.

CHAPS is safe, and is used by banks for high value transfers such as mortgages. Problems only arise when scams exist.