[davyk31]

I know plenty of you guys have done so want some advice

I'm selling my Golf and am in N Ireland. Have a guy from England keen to fly over and view and he will buy as we have already talked price and the car is perfect.

How do I protect myself. He is likely to pay deposit now, problem is the Autotrader site do not email someone bank details but I can't really see a problem with this.

Then on the day he comes he will view, pay and drive away. Likely to pay by bank transfer, what's the most reliable method.

I am very financially savvy so think I can cover myself but any hints or advice are welcome. Thanks.

[badgerbrock72]

Originally Posted by Lobb

Bank to bank transfer. The last car I sold guy left a couple of hundred cash deposit at viewing. Couple of days later came back to collect.
Watched him log on and transfer to my bank. Within thirty seconds I had the money in my back account.

Job done.

As above. I sold an s3 once to a chap who flew over from Dublin, I met him in the car at the airport, he drove it to mine and we used my laptop to pay the balance bank-bank.

You'll be fine as he's already paid deposit plus shelled out for the plane ride so should all be fine 👍

[JD6]

Transfers are generally fine, but in case of account misuse, could be reversible. So I ask for a banker's draft BUT I accompany the buyer to a branch of his bank while it is drawn up. The advantages:

1. The draft is real and irreversible
2. His identity will be checked by the bank
3. The buyer will be recorded on a high quality CCTV system.

[davyk31]

Yes the fear is that some transfers are reversible. Having said I have another local guy coming to view this afternoon. Still needs money transfer of course but seems easier locally.

If it does go to the English guy there aren't any issues with giving him my account details for a deposit is there before he comes to view.

[JD6]

Originally Posted by davyk31

Yes the fear is that some transfers are reversible. Having said I have another local guy coming to view this afternoon. Still needs money transfer of course but seems easier locally.

The point about the draft (which you see being drawn up) is you are not exposed to any fraudulent activity by the buyer. It is a cheque directly from the bank to you. If the bank happen to have wrongly identified him, or the money in his account was there fraudulently, that isn't your problem. The draft is a simple and enforceable contract between you and the bank.

The CCTV element is a further level of security, and if a dodgy buyer knows in advance that you insist on accompanying him to the bank, he'll choose another car/victim.

[AlanYoro35i]

When i sold my 335i i went to the branch with the guy and he sorted out a bank tranfer once the staff verifield his identity.

When i sold the 435i i just waited for the money to transfer in, reading what others said now it was a big risk.

Uncle sold previuos cars and always ask for bankers cheque. Never had a problem.

But to avoid any risk, i would request the guy to go branch and get staff to transfer the money over once he has verifield the account is his.

[Nobby Clark]

How is a bank transfer a risk?
Millions of businesses use them every day. Isn’t just the same as using a debit a card which is what your dealer would accept? If identity is a problem ask for a copy of passport or licence. A genuine buyer would have no issues with this.

[davyk31]

Yes was thinking a copy of licence would be in order. Going to his bank likely won't work as most banks here are local ones and not branches of whichever English based bank he uses.

Reckon he is genuine enough and seeng the money go in by transfer should be pretty secure but still need to be cautious.

[JD6]

Originally Posted by Nobby Clark

How is a bank transfer a risk?
Millions of businesses use them every day. Isn’t just the same as using a debit a card which is what your dealer would accept? If identity is a problem ask for a copy of passport or licence. A genuine buyer would have no issues with this.

They are used millions of times a day, but a small proportion of these are fraudulent.

The risk is that the car buyer is using the account fraudulently, and in that case I believe it can be reversed. There is a similar process for 'fat finger' reversals, where a wrong account number is typed in.

The difference with the draft is that the buyer is not part of the draft transaction - it is simply between you and the bank, and is a binding contract. Any fraudulent activity is a matter between the bank and the buyer.

[Ajs_435d]

I'm pretty sure you can't reverse a personal bank transfer via Internet or bank!

[JD6]

Originally Posted by Ajs_435d

I'm pretty sure you can't reverse a personal bank transfer via Internet or bank!

You can't routinely reverse them, but in the case of fraud or a mistake then I believe that you can.

This confirms the mistake part: http://www.thisismoney.co.uk/money/s...-accident.html

It must be possible for fraud too.

[kzg1969]

ask him what banks he uses. if you have the same bank - both of you go in person to the bank and do it there. it will be instant.

if not, it is as above. just make sure its in your account before you let him leave. I had an issue once where the guy paid a small deposit via bank transfer and then when he came to collect the car, the bank transfer went out his account but never arrived in mine. He went home without the car (unhappy as he flew from bristol to aberdeen on a one way ticket!).

[davyk31]

What's the best way to handle test drives as insurance is obviously the issue. I'm happy to drive any buyers on a test drive but what if they want to drive?

[kzg1969]

i'd say "no insurance, no drive"

but then if i were turning up to buy id say "no drive, no buy"

some say i am inconsistent!!!!


(if it were someone who had just flown the lentgh of the country, then maybe - some bloke from round the corner, NO)

[Nobby Clark]

Originally Posted by davyk31

What's the best way to handle test drives as insurance is obviously the issue. I'm happy to drive any buyers on a test drive but what if they want to drive?

Then they must have fully comp insurance for the vehicle. End of.

[davyk31]

And does the buyer normally arrange cover for a test drive or do I add him to my policy? Would much prefer the former as don't want some other idiot causing a claim on my policy and ruining my perfect record.

[Chompers]

Originally Posted by Nobby Clark

Then they must have fully comp insurance for the vehicle. End of.

Exactly this, and be sure to see the temporary insurance certificate/confirmation. It will also confirm the buyer is genuine if he has no issue with doing this.

[davyk31]

You don't know anyone locally Chompers who wants to buy a mint GTD? Getting a local buyer may be easier although open to whoever.

[Kal101]

Bank transfer and then transfer money to another account yourself to confirm.

Always taken prospective purchasers on a drive myself after explaining insurance would be an issue. You can usually tell genuine buyers vs test pilots fairly easily.

[Chompers]

Originally Posted by davyk31

You don't know anyone locally Chompers who wants to buy a mint GTD? Getting a local buyer may be easier although open to whoever.

I don't sadly. If I hear of anyone I'll drop you a line.

[5557223]

Bank transfer is the most convenient, however, in the past on weekends sometimes it can take a few hours to clear through to your account. Once in the account, I tend to transfer to another account, leaving no chance of a reversal.

[davyk31]

Cheers guys, yes was thinking I would transfer the money out immediately to another account. Still imagine if the payment was fraudulent that there could be an issue but gotta remember there are many genuine buyers out there.