How to accept payment for a car on autotrader

[b0redom]

Hi All,
I just put my Passat TDI up for sale on autotrader. I suspect it'll sell for somewhere between 4k and 5k. What's the best way of accepting payment? All of the other cars I've had previously have been either driven into the ground, or been worth under £1000 so people have usually paid cash.

How do you guys usually accept payment?

Cheers...

[schmunk]

I took over £3,000 in cash for a car sold on Autotrader.

[nimbu]

Cash or Bankers Draft Issued from a UK bank

[SiM]

Diamonds or untraceable bearer bonds...

Bank transfer or cash paid into account seems most sensible imo

[arbitor]

As said chaps transfer would be the best

[Guy]

For anything over £1k Id say a bankers draft.

[hitman67]

Agree with Bankers Draft, got to be the safest and easiest way.

[muddyfox470]

Just check that it is 100% genuine, don't accept it if there are any mistakes or markings, as when I worked at LTSB we kept on getting warnings about stolen bankers drafts etc.

I tried finding a site that had good descriptions and pictures but couldn't find one, although the sites I looked at said the fraudsters tend to aim at the 15-20k market...

Good luck with the sale, hope it all goes smoothly

Ian

This is the page that keeps on popping up in each of my searches: http://www.norfolk.police.uk/article...=687&bctrail=0

Recommendation from yahoo cars

We've recommended elsewhere that you pay by a banker's draft rather than cash, because anyone who isn't entitled to sell a car won't want to hang around waiting for a draft to clear. However, with the tables turned you have to be prepared to accept a banker's draft - but you can still come unstuck.

Forged drafts are rife, but they're invariably very convincing. They may have watermarks or embossed text, but that doesn't make them worth anything. The scam works by a forged draft being handed over in exchange for your car. You then let the car go and deposit the draft. The problem is that by the time your bank tells you the draft has bounced, your car has disappeared without trace.

The secret is to insist on the draft clearing and asking your bank if the funds are available before letting your car go. By being straight with the buyer and dealing exclusively from your home, the seller should feel able to trust you - especially if you put everything in writing from the point where you are given the draft.

[Dreaming]

You know you should wait until a bankers draft clears too? Because they can have a stop put on them so no funds will be sent.

[Trash Man]

Banker's drafts are prolly the best way, it's up to you I guess. I took over 7k cash when I sold my Audi a few years back. If they insist on paying with cash for whatever reason, get hold of a pen to test the notes to make sure they are not fakes.

[joshwa]

For that amount I'd probably say cash is the quickest and easiest. I've sold for cash that amount of car (that same car in fact) and bought the same way. CHAPs might be better than bankers draft as it's usually done within a couple of hours, but costs £25. If you do get a bankers draft then take it to the bank with the buyer of the car. The buyer should be able to get cash if they're buying the car from you, and I'd expect most buyers will want to pay cash for that. Check the cash with an UV light or marker - also check for raised "Bank of England" font.

More ways to check here: http://www.bankofengland.co.uk/bankn...rity/index.htm

[herulach]

I'd say chaps also, it shouldnt take more than 5-10 mins to reach your bank once its in the system, and although most banks will charge an ungodly amount (i know we do) The buyer will get charged for a draft as well.

[muddyfox470]

If they do bring cash, don't just check the top notes, check every single one of them. From working in bank you manage to check quite quickly, from just the feel and look of them (and also getting your hands very dirty and smelly in the process - I still cannot believe to this day at how dirty my hands got from dealing with money for a whole day). But a UV pen is equally as good but of course very time consuming.

Even if the money is wrapped or has the bands insist that you have to count it, if they are a genuine buyer they wouldn't mind as they should understand your situation.