Best method of payment as a Seller

Soldato
Joined
19 Jan 2003
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17,578
Location
Bristol, UK
Hi all,

I currently have my mondeo up for sale at £7.5k.
The most expensive car I've sold in the past was £3k. This was to an old fella, who gave me bank notes banded with the paper sleeves. I trusted him and all was fine.

I am not sure I'd like to trust anybody with over £7k when I come to actually selling the Mondeo.

I guess the most secure means is to do the deal at the bank counter and have the cash paid into my account and checked by the clerk?

Do you think insisting this would put a potential buyer off? I know it's inconvenient but I know that most other means are not secure and my bank is 2 minutes from my house.

TIA.
 
This is how I sold the 335i. Went perfectly as he had the same bank as I did. The bank faffed around making phone calls because of the amount but it only took 20 minutes in the end.
 
Just a bank transfer is the best way or have the buyer pay in the cash at your bank

I would even be wary of bankers drafts as these can be faked and it can take a while for this to be picked up
 
How did the seller react to your suggestion? Did he view and then complete the deal at a later date or do everything in one visit?

I thought bank transfer (BACS) isn't secure? Can be reversed?
 
How did the seller react to your suggestion? Did he view and then complete the deal at a later date or do everything in one visit?

I thought bank transfer (BACS) isn't secure? Can be reversed?

He actually suggested it so it wasn't a problem.

He only visited once - he hadn't viewed the car when he agreed to buy and paid deposit.
 
There is a scheme that most banks now operate called "fast-pay" for transactions under £10k. The money should be transferred within the hour and it is non-reversible (both parties have to be present at a bank with their ID).
 
There is a scheme that most banks now operate called "fast-pay" for transactions under £10k. The money should be transferred within the hour and it is non-reversible (both parties have to be present at a bank with their ID).

I did this tuesday when the guy collected my Evo, worked fine. All other occasions i have just taken cash and then either bought another car with it or deposited it in the bank.

Cheers

Sam
 
[TW]Fox;20413698 said:
This is how I sold the 335i. Went perfectly as he had the same bank as I did. The bank faffed around making phone calls because of the amount but it only took 20 minutes in the end.

Wait, you sold the 335i?
 
I bought the 330d for £11k cash. Guy checked a few bundles and then left. Easy :0

I'm fairly used to counting large sums of cash so I'd probably be able to spot the odd fake.
 
I'd rather pay cash in hand and be paid cash in hand, but then again my car history is old VW's so not much money involved. However if I was selling an expensive car, or buying one, bank is the way forward for me.
 
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