Advice on selling vehicle

[FordFan1]

Ok I just sold a my car and the buyer is coming down from interstate with a bank cheque on the Sunday to pick the car up. Now obviously I don't want to see my $30k car drive off without knowing funds are good, what should I do? The person has a very important job from what I can tell and cannot get away until the weekend. Should I insist that funds be placed in my account before pickup of vehicle?? I know as a buyer I would be wary of this. Any ideas?

[ratter]

apparantly bank cheques can be denied when you go to cash them in, be careful.

[Kryton]

Until the money is in your account and cleared, you shouldnt let the car go anywhere.
Bank cheques can be forged, has been done before, will be done again.
Do you even know what a legitimate bank cheque looks like?
Id either be asking for the money to be transferred into your account BEFORE he arrives or he's going to have to hang around till Monday when the banks open and the cheque is cashed (with him present).

If you let that car go before the cash is cleared in your account - your asking for trouble.
Dont buy into any of the sob stories, the "i have to go now" or whatever reason he may come up with.

Its your car, your selling on YOUR terms.
If he doesnt like it and wants to walk away - let him.
Would you rather lose a sale or lose your car?

[Peter B - CV8]

To get the Bank Cheque , your purchaser has to (obviously) go into a Bank Branch . Surely he can get a branch supervisors name & phone number -and pass them onto you for confirmation that the cheque has been issued legitimately.

[Yellow_Festiva]

As already been mentioned.....

DO NOT release the car till you have cleared funds. A cheque isn't money, it's a promise of money.

I have sold a few cars and made this clear in the add. The car sits where it's parked with the keys in my possession till money clears. If they want the car that day, cash is king.

Ask them for a transfer prior, or cash on the day. Simple as that. No compromises and no excuses.

[FgNewbie]

Originally Posted by Peter B - CV8

To get the Bank Cheque , your purchaser has to (obviously) go into a Bank Branch . Surely he can get a branch supervisors name & phone number -and pass them onto you for confirmation that the cheque has been issued legitimately.

Peter, when it matters, I always look up the phone number. If you ring the phone number given you never know who you are really calling.

For 30k on a piece of paper, I wouldn't be relying on a person on the other end of the telephone either.

[FordFan1]

Thanks for the advice guys, I will not let the car go unless money is in my account. I haven't felt right about selling the car on a Sunday with just a cheque in my hand. So there is no way I will accept it. He will have to transfer it earlier.

[svo supporter]

Originally Posted by FordFan1

Thanks for the advice guys, I will not let the car go unless money is in my account. I haven't felt right about selling the car on a Sunday with just a cheque in my hand. So there is no way I will accept it. He will have to transfer it earlier.

Anything to do with the word "Cheque" treat it like a rubber ball against a wall. They can bounce.

Cash in hand before keys in hand. So smart move on your behalf.

IMA. If someone else walks up to you with the cash, take it. Otherwise, you could be waiting years for this "interstate" buyer to turn up.

[FordFan1]

Im starting to think that as well as I have already knocked back a few other interested buyers. The car needs to go quickly as I've just put a deposit on a nice XB Fairmont!!

[Charliewool]

If you buy a new car from a dealer and give them a bank cheque, they will not hand over the keys until bank cheque is cleared (usually 3 working days)
Treat your transaction the same!
Nowadays, with ease of internet transfers, he'd be crazy not to simply direct debit. (last car I bought, I transferred funds via iphone at the dealership) Really, bank cheques are a thing of the past... And it saves on the $15 bank cheque fee!

[Jim Goose]

I have given a bank cheque over to dealer and got the car right away.

While we all go on about how easy it is to make a fake cheque, how do YOU as the seller reassure the buyer that the details you gave him are real and that you actually have a car for sale if you insist on a bank transfer?

You just said he is coming from interstate so i would assume he hasnt sighted the car?

I would almost kiss your sale goodbye if you insist on the bank transfer before he gets there, particularly if he is coming from interstate.

If he baulks at a direct deposit of the full amount ask for a minimum of 10% as a bank transfer and then when he comes to get car, you go to bank with him first to hand over cheque and ask your bank to call his bank to make sure there are funds available (if they will do it).
Or he can do the bank transfer while he is there.
Give him a lift to the bank he goes to if there is a branch locally.

[peaterj]

Originally Posted by Charliewool

If you buy a new car from a dealer and give them a bank cheque, they will not hand over the keys until bank cheque is cleared (usually 3 working days)
Treat your transaction the same!
Nowadays, with ease of internet transfers, he'd be crazy not to simply direct debit. (last car I bought, I transferred funds via iphone at the dealership) Really, bank cheques are a thing of the past... And it saves on the $15 bank cheque fee!

When i bought my gs recently i had the car for 3 days before i went in and paid for it with a bank cheque.

In the OP's case i would be wary of the whole deal, have read some horror stories of late of people getting scammed out of their car.

Guys taking the car for a test drive and swap drivers with the supposed buyer who drives off with the owner half in the car.

Guy late last year in SA having his Clubsport bought with counterfeit money.