selling car, safest way to transfer $?

hey guys just wondering when you guys sell your car, what way to go about it to ensure that you get the money?

when I sell a car I usually ask for cash, I never trusted cheques before because I have always heard stories about cheques bouncing

go with the person to their bank , witness them to print out an official bank-cheque for you. This (unless the bank is in on it too lol) is good as cash. (bank cheque is X funds held exactly for that )

If somebody gives you a cheque, tell them you'll hold the car till the cheque clears.. they should understand, if it doesn't clear, you still have the car. if it does, hand them the keys.
if they get angry at this, tell them it's either cash or no car. :D

That's what i'd do, anyway :3

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Originally Posted by Drifter995

If somebody gives you a cheque, tell them you'll hold the car till the cheque clears.. they should understand, if it doesn't clear, you still have the car. if it does, hand them the keys.
if they get angry at this, tell them it's either cash or no car. :D

That's what i'd do, anyway :3

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that's what I do....when I tell them they have to wait till the cheque clears they get all upset and they go on about it being a bank cheque and this and that and I tell them it takes like 2 days for a cheque to clear....

You do not need to wait for the back cheque to clear, if it's a BANK CHEQUE, money is taken from the account and already placed on that cheque and you are entitled to the money. IF it is a personal cheque, then you need to wait for it to clear. When I purchased my car I did it via bank cheque. the seller requested BANK CHEQUE. when it's a bank cheque it's pretty fail safe exactly like how bennjamin said.

Unless the bank is in on it. You will not lose the money.

1 rule I have learnt when selling anything. Money written on anything that is not cash is not cash. ALL cheques, money orders etc etc take time to clear, Paypal is not even safe, i.e. if you allow the buyer to take possesion because you get a receipt from paypal, they can cancel the payment and you lose both item and money.

DO NOT allow possesion until the cash is in your hand or it has definitely cleared into your a/cc and is AVAILABLE FOR WITHDRAWAL.

I'm not trying to fight with you, but I hope you know the processes of obtaining a bank cheque. If it's any other form if payment. E.g. internet banking, credit card, paypal, telephone wire. It can be canceled. But the process of canceling a bank cheque isn't as easy. Hence it is one of the best forms of payments when buying and selling cars. When I went and got a bank check recently, I witnessed the money being withdrawn from my account and placed into the bank cheque (commonwealth bank's account?). And there is only 1 copy/check. And that gets handed to the seller. for you to go back to the bank to cancel it WITHOUT the cheque in your hand. I'm sure you would be going through a heap of work, to cancel a 15-20 grand bank cheque.

The bank will not just cancel it on the spot..

Paypal FTW ... lol

yeh as others said ... go with the buyer at the bank ...and ensure its a bank cheque and not personal check.

otherwise if hes a baller - then cash for keys ftw!

I bought mine with bank cheque, exchanged the car on transfer of cheque

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Originally Posted by khanguskhan

I'm not trying to fight with you, but I hope you know the processes of obtaining a bank cheque. If it's any other form if payment. E.g. internet banking, credit card, paypal, telephone wire. It can be canceled. But the process of canceling a bank cheque isn't as easy. Hence it is one of the best forms of payments when buying and selling cars. When I went and got a bank check recently, I witnessed the money being withdrawn from my account and placed into the bank cheque (commonwealth bank's account?). And there is only 1 copy/check. And that gets handed to the seller. for you to go back to the bank to cancel it WITHOUT the cheque in your hand. I'm sure you would be going through a heap of work, to cancel a 15-20 grand bank cheque.

The bank will not just cancel it on the spot..

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I wasn't fighting. The OP (as a seller, not a buyer as you were in the example you've given) still has to deposit that cheque to his A/cc and it must then go through the system and be cleared. I wouldn't argue that it's probably the safest way for you as a buyer to transport the money to the seller, but the seller is still at the disadvantage of having to wait for those funds to clear. It would be simpler for the buyer to just deposit the money straight to the sellers A/cc and then the seller notify him/her when the funds have cleared.

I stand by my rule.

I know of false bank cheques (genuine looking) that have cost people thousands.

Just wait til it clears, so simple...

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Originally Posted by hondapop

I wasn't fighting. The OP (as a seller, not a buyer as you were in the example you've given) still has to deposit that cheque to his A/cc and it must then go through the system and be cleared. I wouldn't argue that it's probably the safest way for you as a buyer to transport the money to the seller, but the seller is still at the disadvantage of having to wait for those funds to clear. It would be simpler for the buyer to just deposit the money straight to the sellers A/cc and then the seller notify him/her when the funds have cleared.

I stand by my rule.

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I see where you're getting at, I too suffered from this issue when I sold my car. (Buyer not trusting to netwire me the money, before her uncle picks it up.)

If only the world wasn't so dodgy lol