Be wary of unknown escrow services. Now he is suggesting a Bank Transfer… ACTION Fraud recommends taking the following advice to stay safe: When making a purchase, be suspicious of any requests to pay by bank transfer or … I think it's possible to reverse or cancel a bank transfer within a small timeframe (I may be wrong), so technically possible to screw you over - but if you have their bank details you can report it to the police and chase them up on it. Unless you're willing to go through every banknote and check them carefully, there is a big risk. You may pay less for a car with an accident, or more for a car without one. I happily gave my bank account number and sort code to someone I had never met to give me money. Bank transfer is safe. Definitely dont release the car til you have the money in your account. Its a good as cash and is guaranteed by the bank. If you read our previous article, How to Get More Money for Your Car in 5 Easy Steps, we explained how selling privately on your own often results in getting the highest price compared to trading it in or selling it to a dealership. Fyi for anyone who does Faster Payment transfers, yes it takes 2 hours to transfer but it is Very difficult to get the funds reversed if sent to the wrong person. Could it later be claimed by the account holder that they were defrauded in some way? That way, you can more quickly verify whatever payment method is used. I am not sure if some banks are different, but at my bank the maximum you can send via faster payment system is £10k. Lesson: If a buyer offers a certified cheque, go to the bank with the buyer and explain that you need to confirm the cheque is legitimate, or ensure the bank makes the full transfer of funds. If the buyer insists, stipulate you will not hand over the title until the check clears. At this time also ensure you give the buyer all relevant paperwork and accessories including: a current safety certificate (and gas certificate if the car is fitted with LPG) a registration transfer form completed by yourself and the buyer (keep the seller’s section) I wouldn't accept a bankers draft these can be falsified, it's only a piece of paper after all. While accepting a bank transfer when selling your car is generally a safe option, we advise you to never allow the sale to happen anywhere but in person. It's my own fault! I am selling one of my cars (15k). I feckin' hate all this fannying around - I should have said cash on collection - end of. Only CARFAX gives you the VIN-specific price for every used car based on its history. I am dealing on a car I found through an online search. When my account was robbed last year, the money was transferred to another UK bank account. Cash, credit card or bank transfer are the preferred methods of payment when buying or selling a used cars. I did this when I bought my last car. I phoned my bank and arranged it a few days before i went to collect the car. If it orders it in advance at a branch in your area, you can take him to the bank on the same day - then you can just hand over the keys. Thing is, his name and the name on the PayPal account the deposit came from don't match - his Emails are from a very British sounding name, and the PayPal deposit account holder is an Arab sounding name. Choosing a direct bank transfer also alleviates the need to carry large amounts of cash, which can be a worry in itself. Compare trusted companies to get the best deal for selling your car. You'd just call the police and report the car as stolen? That's exactly what the guy i bought my car from wanted me to do. If you are considering selling your car, one of the decisions you have to make is how you’re going to go about selling it. Cash is always preferred. He would like to take some cash with him on the day, and then transfer the rest using a bank transfer once he's seen the car - he isn't happy carrying a lot of cash, as he's been mugged before. I wouldn't worry about bank transfer tbh. I nearly ran back to my car afterwards, then hid it all in different places in my house until I needed it! if you're genuinely concerned, phone your bank and get them to clarify. As it's likely to be a large sum of money, I would go into a branch of my own bank to talk through the safest methods with them rather than taking a risk that some scammer has found a way to get the transfer reversed. Now he is suggesting a Bank Transfer. Don’t sell them the car. Something along the lines of a postal order might be safer. If I had a local buyer I would, and have been, asking for cash. Didn't think of any downsides at the time. They can't reverse the payment. Keep it simple - IMO - avoid Paypal - and bank transfer... if your worried about the possibility of the buyer reversing the transaction once hes taken the car, get him to sign a reciept when he comes to collect it. However, you have to provide the buyer with your bank details, which you may not want to do. As with so much in the car-selling process, there are simple steps you can take to keep yourself safe. I went and saw my bank manager first and gave me some reassurance and also said they would monitor my bank account to make sure everything was ok. You can then accept the cash or have a cashiers check made out to you. I'm thinking a Bank Transfer should be safe enough - is there any way this can backfire on me? The chap who has bought my car was going to pay by PayPal, but I have tried to put him off that, unless it's PayPal Gift in his name. How quick it is will depend on how well your respective banks talk to one another electronically. It should be instant, but it depends on the bank you are transferring between (most banks … I know what how you feel Mark, i had this dodgy git come up from brighton to buy my Zender, you know what Brighton lads are like! Alternatively get a bankers draft. Echoing the above really, to put money into an account you only need the account number and sort code, and with that information you can only put money IN.

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