Getting your money!

[Tomo3090]

I am thinking of selling my van privately instead of trading it in for my next one. Because I have added some extras to it and the dealers don't seem to take much notice of these when giving us a price!

 

I was wondering if anyone has any idea how I can make sure the money is in position before handing over the keys. I have a basic understanding of bankers drafts and cheques ect. bu does anyone have a simpler/quicker way of doing the deal?

[skottle]

Hi,

Go with the purchaser to their bank and do a direct transer of funds.

This can not be reversed.Lots of fraudulant bankers drafts about.

[Randonneur]

Be careful with Banker's Drafts, we were told last year that there are a few dealers who will not accept them because some of them have been stolen and they have found a way of removing the payee details.

 

Speak to your Bank and ask them for the safest way that you can ensure that the money is cleared. They should (I emphasise should) know what they are talking about.

[dragonflyer]

Hi

 

As you are well aware, there is an amount of apprehension in obtaining payment for a motorhome sold privately.

 

We sold our old motorhome (I do mean old) in 2006 and insisted that we received cash to be paid into and checked as genuine by a bank. We were astonished to be handed the full amount in cash with nothing other than a hastily drawn up letter by us that we had received such an amount. We duly paid the money in and the vehicle was collected two days later.

 

Whether such a system of buyer and seller going to the bank[building society] to bank the money for a considerable sum in the region of £20,000 cash would work I don't know but it may be worth trying for this as a best solution.

 

Unfortunately bankers drafts are no longer guaranteed as we found out when we bought our brand new motorhome.

 

Best of Luck with sale and money transfer

 

Joyce

[Brian Kirby]

Get the buyer to agree to have a banker's draft issued at the nearest branch of his bank to where you live.  Go with him to the bank while he draws the draft.  Then go to your bank, and pay it straight in.  If you forewarn your bank, you should be able to get an immediate clearance on the draft.  That way you have security and certainty, no one goes wandering around with a stack of cash, and no one can make a mistake counting it all!

[puerto]

the best way is to get a direct transfer into your account. its quick simple and instant!! this is the way i handled the sale of one of ours. the money was sent at 11.00, it was in my account straight away.... although it can be reversed up until 4.pm should they decide to pull out. (close of play in the banks)

 

so.. my advise would be to simply take a cash deposit, have the remaining money transferred into your account and tell the new owner to collect at tea time !! easy !!

[Tomo3090]

Thanks people. The bank transfer seems the easy way to go. I have been told that walking into a bank, even your own branch, with a large dollop of cash these days can result in all sorts of agencies getting involved. Something to do with money laundering post Sept 11.

 

So look out for a bargain on the sales pages after March!

[Brian Kirby]

Direct transfer is fine, though a bit costly, provided the buyer is reasonably local and is prepared to trust you with the money and the van till tea time!  From a buyer's point of view, there is always the risk that the seller is pulling a stunt and may just disappear with the van at the 11th hour.

Overall, in my opinion, the best method under present circumstances for both buyer and seller is to go together to both banks, so that the seller can see the banker's draft (or building society cheque) written out - which guarantees available funds - and for the buyer to see the cheque deposited, which guarantees receipt of same.

There is no need for either party to "trust" the other, so no grounds for embarrassment on either side.