Car selling advice (re. Payment)

[D7PNY]

Hi all,

I have sold my caterham to a guy in france and accepted a deposit a couple of weeks ago via international transfer. This was £1000.

Good communication throughout and buyer originally said taking cash for balance when he flies over to drive it home.

However, he is now suggesting 'certified cheque' from his bank. Always scsred of being ripped off ive had a look about online and it appears there is a risk attached to this.

However, when I raised this, he has suggested half cash/half verified cheque as he doesn't want to carry so much cash which is totally understandable I guess.

He has said he will send me the details etc for me to check with my bank prior to him coming over and then once he's happy with the car we would head to my bank to pay in the cash and certified cheque.

Now, having received what I consider to be a decent deposit and good communication throughout (via email, phone and whatsapp) I have no reason to suspect anything but 100% genuine.

However, just looking for others thoughts due to not having any experience with certified cheques. Will obviously be checking with my bank tomorrow once they open.

Cheers,

Dave

[Ructions]

Do not release the car until you have cleared funds in your account. Make the buyer aware of this before he travels.

[D7PNY]

Was going to check tomorrow how long it takes for the certified cheque to clear.

Buyer is aware that I need funds in my account before he gets the car.

Dave

[Trevor555]

D7PNY said:

Was going to check tomorrow how long it takes for the certified cheque to clear.

Buyer is aware that I need funds in my account before he gets the car.

Dave

I took a chq once, it cleared after three days.

10 days later I got a letter from the bank to say it had been returned unpaid.

And yes, I had let the car go.

[Pistom]

You are the seller so if he wants to buy, it's on your terms.

I've bought and sold cars internationally with 100% of funds paid before collection.

[D7PNY]

Trevor555 said:

I took a chq once, it cleared after three days.

10 days later I got a letter from the bank to say it had been returned unpaid.

And yes, I had let the car go.

😲 nightmare!

Hope you got an ok outcome to That?!

He has said he will forward on all details so I can check with bank in advance and then we go to bank with cash and cheque once he sees car.

Sounds reasonable but like I say, very cautious about this sort of thing!

Dave

[D7PNY]

Have just messaged the buyer saying that after researching it, the funds won't clear on the 8th when he comes to see the car.

I can totally appreciate why someone wouldn't want to carry so much cash but because he's from France, same day transfer (how I paid for my camper van recently) isn't an option.

When he paid the deposit it took a couple of days to appear in my account.

Dave

[Trevor555]

D7PNY said:

?? nightmare!

Hope you got an ok outcome to That?!

He has said he will forward on all details so I can check with bank in advance and then we go to bank with cash and cheque once he sees car.

Sounds reasonable but like I say, very cautious about this sort of thing!

Dave

Lucky for me it was a bank mistake and not the customer, I got the money a week later.

But it made me very wary, I went to the bank afterwards and asked what procedures I should have when accepting Chq's.

They said, personal Chq's never, as they can be recalled by the bank for up to 6 months.

And bankers drafts, only if I have stood next to the customer at their bank and watched them draw the draft so you know it's genuine.

In rare cases they said people photo copy the draft, then return the original to their bank saying it wasn't used.

You're chap sounds genuine, and I can understand him not wanting to carry a large amount of cash, if he comes through an airport he will have to explain what the cash is for if they see it on the bag scan.

I'd get him to transfer all the money, I know that's forcing him to trust you, but that's the only 100% safe way.

But I'm sure someone on here works for a bank? Maybe they'll be along to give us their professional view.

[Ructions]

D7PNY said:

When he paid the deposit it took a couple of days to appear in my account.

Dave

Surely he can pay you a few days in advance?

[Angpozzuto]

Preferably I'd want cash I'd possibly take bank transfer but the car wouldn't leave until funds I have verified that the payment has cleared. What about sending funds via PayPal??

[Pistonheader101]

Wire transfer

[tickedon]

Angpozzuto said:

Preferably I'd want cash I'd possibly take bank transfer but the car wouldn't leave until funds I have verified that the payment has cleared. What about sending funds via PayPal??

Paypal can be 'charged back' if they fund it via a credit card. So while instant payment, carries lots of risk.

Given the buyer (and then the car) will be in another country, taking legal action if it all goes wrong will be a real pita. So I'd want cleared funds in my account before releasing the car.

That might mean the buyer has to make two trips over from France, or, has to trust you!

[nickfrog]

Pistonheader101 said:

Wire transfer

It won't be instant though. Obviously the buyer may be happy to send the money a few days early.

OP, whatever you do, forget any form of cheque and manage the buyers' expectations as early as possible.

[anonymous-user]

bank transfers are near instant, just get him to check with his bank. he flies over check car, transfers the money, have a coffee and drive off.

[D7PNY]

The Spruce goose said:

bank transfers are near instant, just get him to check with his bank. he flies over check car, transfers the money, have a coffee and drive off.

That was the problem, the international transfer he made for deposit took 2 days to show up at my end.

Been speaking it through with him to see what we can organise and make the handover pain and trouble free. He's giving me his bank managers details so our bank managers can speak to each other and see what they can organise.

Cheers,

Dave

[anonymous-user]

he paid by SEPA then, they take a few days.

There is SEPA instant payments you pay a bit more, but pretty much instant, up to 15k euro i think.

Edit SEPA insta hasn't gone live in France yet....

Edited by The Spruce goose on Wednesday 27th December 11:36

[SignalGruen]

Did the buyer view the car ? I sold a GT3 to a Belgian chap a couple of years ago and he paid for it by bank transfer. His money had cleared before he arrived to collect the car so a certain amount of trust was involved. I personally wouldn't have accepted a cheque.

[akadk]

A dealer would not release a car without cleared funds

Why should you be any different ?

Tell him in no uncertain terms that is the condition, it’s up to him to meet it else you cannot release the car

[D7PNY]

Thanks for all the help.

Buyer now bringing balance in cash.

Dave