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Selling a car
Best method of payment


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#1 Gumbette

Posted 14 November 2012 - 09:27 AM

I'm getting down to the nitty gritty end of selling my car now.  I have a problem though, as both potential buyers are from interstate and would like to take the car with them immediately upon payment.  I have heard there is potential for a bank cheque to be fake, so they offered to give me cash on the spot.  It will be a weekend so how would I count out $45K in cash  ffear.gif and then there's the problem of having that much money in the house and having someone external know this.  However... I feel bad asking these people to drive back again in 3 days time to pick up the car, especially as they have young children.

#2 SeaPrincess

Posted 14 November 2012 - 09:30 AM

You could ask them to do a bank transfer ahead of time, allowing time for it to show up in your account.  This is what we did when we sold our camper.  The buyer paid a $10,000 deposit, then the balance a couple of days before pick-up.

R

#3 PrincessPeach

Posted 14 November 2012 - 09:35 AM

I know this sounds silly & very over the top, but if I were you I would be arranging to do the sale at your transport department (on a Saturday morning) & then go in with them & lodge the transfer of ownership papers then & there.

A friend of my brother got burned badly when he sold a car privately & the new owner didn't bother to lodge the transfer papers. (the new driver was done for speeding). It took him quite a bit to prove he has onsold the car & this is the advice the transport department gave him.

As for the cash problem - check to see if your bank have a branch that opens on saturdays - do the transfer & head over to the bank & deposit the cash!

Edited by PrincessPeach, 14 November 2012 - 09:36 AM.


#4 tothebeach

Posted 14 November 2012 - 09:49 AM

QUOTE
I have heard there is potential for a bank cheque to be fake, so they offered to give me cash on the spot.

Where did you hear about fake bank cheques?  We paid for a camper (35K) and our car (40K) both with bank cheques and took them straight away.   Maybe we just look trust worthy!  There is absolutely no way that I would hand over either cash or a bank cheque and not walk away with the car.   And I would not transfer money to a bank account in advance either.

We also sold a car but only for $15K and the seller paid us cash.  We just took it to the bank on the Monday.

#5 Gumbette

Posted 14 November 2012 - 10:14 AM

QUOTE (tothebeach @ 14/11/2012, 10:49 AM) <{POST_SNAPBACK}>
Where did you hear about fake bank cheques?

Police told us this when I sold my last car - from memory they weren't fake, but stolen (it was on the news I think),  so the buyers were happy to wait until the cheque cleared, they didn't bat an eyelid when I suggested it.  

I have found a bank near us that is open on Saturday's so have suggested to the buyer he can meet us there, look at the car and take it straight away - thanks PrincessPeach.

#6 unicorn

Posted 14 November 2012 - 10:16 AM

Do they do postal money orders for that much? They have to have the dollars to pay for them and you can ring Aust Post and confirm that it's legit.

#7 Phascogale

Posted 14 November 2012 - 10:39 AM

QUOTE
A friend of my brother got burned badly when he sold a car privately & the new owner didn't bother to lodge the transfer papers. (the new driver was done for speeding). It took him quite a bit to prove he has onsold the car & this is the advice the transport department gave him.
I'm pretty sure you can still lodge your half of the paperwork that indicate that you have sold the car.  You just need to make sure that you have the details of the new owner.  I don't think everyone does this and it may also depend on your state.

#8 *LucyE*

Posted 14 November 2012 - 10:42 AM

I would do the meet and handover at the Transport Department.

Then, if they were willing to hand over cash, I would go directly to a bank branch that was open on a Sat or enquire about the night deposit system at your bank.

Personally, I don't see a buyer willing to have that much cash on hand or be willing to direct deposit ahead of time. I know I wouldn't. I'd go with the bank cheque and only if it was made out to me.

#9 Gembac8019

Posted 14 November 2012 - 10:52 AM

QUOTE (unicorn @ 14/11/2012, 10:16 AM) <{POST_SNAPBACK}>
Do they do postal money orders for that much? They have to have the dollars to pay for them and you can ring Aust Post and confirm that it's legit.



Aust post don't do it for that high of an amount.

#10 Isolabella

Posted 14 November 2012 - 10:58 AM

Cash will require extra forms and paperwork at the bank. Any cash over $10k needs to be logged (anti money laundering).



#11 qak

Posted 14 November 2012 - 11:02 AM

Are the buyers willing to carry that much cash around with them  ffear.gif

#12 FizzlingFireboxes

Posted 14 November 2012 - 11:37 AM

I would ask them to do a bank transfer a few days before so it clears first.

We sold a car not  wasnt keen on a bank cheque, because they can be cancelled. The bank said most people wont cancel the cheque because they have to pay for them first but you never know.

Ours buyers ended up bringing cash.




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