P1 Enthusiast

What should i be looking for?

Guys are coming round offering cash and they are happy with me driving it for them etc. What should i beware of? How do i handle taking that much cash? How do i check the notes etc? How should i take payment etc?

I can show them the car securely on the military base i work on, have to leave that to test drive it though and then whats best way to take payment? Take them to the bank and they pay it and we exchange docs?

HELP - PANIC MODE : ON

what would scooby do

accept cash only and inspect/count it.

If taking a cheque or bankers draft, wait for it to clear before letting the car go.

Test drive, if you want to let them drive it, and this entails swapping over seats, stop engine, take keys with you, swap seats - put keys back in ignition...

I would also ask for some kind of verifiable ID if your at all worried about the buyers..

RB5320

if you are showing them the car on a military base - will they need a visitor's pass with photo ID to get in? If so, they would have to be pretty dumb to try and steal the car!
As for payment, I would insist on driving them to the bank and paying in the money/bank draft. Once the bank has accepted it, hand over the docs and keys and you're sorted.
Steve

Boro

iTrader: (1)

[paranoia mode on]

Keep as little fuel in it as possible, most petrol stations have cctv, so if they do a runner with your car they wont get far and risk having to fuel up under the eyes of big brother.

[paranoia mode off]

mikeDaBike

What about the other way round? I'm looking at buying privately and don't want to hand over a bankers draft and then see them drive off into the distance.
A bankers draft can be okayed at their bank, so maybe that's the place to get the keys handed over?

chiark

What ChRoMe and I did was... I took him for a drive, then we met up again and he drove the car... agreed to buy...

Then the most secure verifiable way of transferring the cash was for him to draw it out of his bank, and me to walk down the road to my bank and pay it in

Feckin' crazy, but it worked flawlessly. Well, apart from his bank misordering the money and having it all in £20 notes rather than £50. Took quite a while to count that, and it had to be counted in dual control in front of him.

This crazy modern world eh?

Cheers,
Nick.

StevieG

When I sold my Scooby in Dec, I went into town with the guy to his bank & watched as the draft was prepared - this way you know its good & not a copy etc

mikeDaBike

If you take a bankers draft to your bank, they will be able to verify that it's genuine, there's no need to actually see it being written out.

MrDBM

the seller can phone the bank to check the authenticity of the bankers draft, takes about a minute.

chiark

Ask them to guarantee that it will clear and that it isn't forged or cannt be stopped. They won't, because they can't.

Bankers drafts that your bank says look good can still turn out to be forged... or can be stopped. There is no guarantee with bankers draft as I found out. Plus they take time to clear, despite the fact they should be treated as "cash".

I had many comical conversations with my bank about this very subject, hence ending up deciding that cash was the best/only way of making a transfer on the same day. Even CHAPS wasn't instant.

mikeDaBike

I suppose the best way is to phone the issuing bank to certify that it's genuine and when it was issued. I suppose it *could* still be forged, but it's unlikely.

Many dealers are happy to accept a draft.

Jza

Whatever you do don't let them test drive unless they have PROOF OF FC Insurance.

If they are really interested they should sort out a days cover...

Jza

P1 Enthusiast

I dont really want to let them drive cause then they need a cover note etc and the car risks getting damaged etc.

Jay m A

iTrader: (2)

P1

I'd stop the test drive where you started it, ie in your secure site. If the buyer wants to pay cash there and then, invite him inside and do the deal there, nobody likes to count cash in the wind

If he's a private buyer chances are he'll be as nervous as you carrying all that cash around. And count the cash slowly, if you are anything like me the adrenaline was flowing somewhat and things like "yes yes yes I've sold the car" are at the front of your mind rather than "£100, £200, £300" etc.

Also if he turns up with a mate don't be TOO suspicious. If I was walking round with a wad of cash burning a hole I'd like someone to check the car over with me to play devils advocate in case I miss something in my desire to own a fine piece of machinary. However I would inform the seller that I am bringing along a friend beforehand.

Good luck

Justin

Edit for keyboard finger trouble

[Edited by Jay m A - 8/18/2003 4:52:31 PM]

Alas

Most secure way is to arrange to meet them at your bank. Inside the premises he hands over the cash and you hand over V5 etc. Gives them confidence also as less chance of them being conned/mugged.

Test drive is a tricky one though as would you buy a car without test driving it? Up to you there.
Alas