I'm looking at purchasing a car for 10k and am wondering what's the best/safest way to pay an individual? I can't think of any alternative to handing over a stack. Any one know?
Thanks
Alternative to using cash for $10k purchase
subywagon on 30/12/2014 - 09:32
Comments
A cheque?
EFT?
Gold bullion.
Banker's cheque?
Cheque?
Bank cheque is the most common way of doing it, fit's in your wallet much easier as well.
Common, yes - however the seller would be silly to hand over the keys in exchange for a bank cheque.
For anyone selling a car, a bank cheque is no safer than a regular cheque - even the banks will tell you this. To be safe, you still need to wait for it to clear.
Two quick Bank links:
NAB
Although some people regard bank cheques as equivalent to cash, there are certain circumstances where a bank cheque may not be paid.
- http://www.nab.com.au/personal/help-and-guidance/personal-ba…Commbank
Bank Cheques should not be considered as good as cash.
https://www.commbank.com.au/security-privacy/general-securit…
If using cash, I would meet with the seller inside a bank, withdraw the funds and give it to the seller. It's safer than carrying $10k around.
When I sold my car ($6.500) I watched the buyer transfer the money via online banking on my computer. Then I gave him the keys.
Cheque or a bank cheque ONLY AFTER you've done a REVS check (or whatever the new equivalent is)
REVS check used to be a check for clear title of the car to make sure there are no loans or encumbrances against it.
If you pay the guy and there is a loan on the car, the car can be repossessed, and you're out of pocket 10k. (Nearly bought one with a loan on it. He 'forgot' it was under company finance.'forgot' ???
Yeah. Literally his words. I had the same reaction to you.
He said the business just kept paying the finance and he expected it to have been paid off years ago.Still, initially i was like "that dirty bast*rd", then I was like uhhh, you WHAT? How the hell do you forget?! Then I was like "uhh.. hmm… maybe.. meh.. "
Long story short, the car was financed for about $15k, he was trying to sell for $18k
I took about $15k up to Sydney from Melbourne in a briefcase with the intent to purchase, did the check while driving up.In the end, he wanted a cheque for $3k and a cheque for $15k to his bank.
The idea of paying off his loan for him didn't appeal to me.In the end, he wanted a cheque for $3k and a cheque for $15k to his bank.
The idea of paying off his loan for him didn't appeal to me.There would have been nothing wrong with doing it that way though?
There's nothing inherently BAD with buying a car that is still being paid off. The only risk to the purchaser is that the loan payments would cease and the car subsequently be reposessed.
If you're giving him a cheque for the bank, there's nothing he can do with it other than give it to the bank.
@Geewhizz:
Ended up finding another car locally in better condition for cheaper. Was less of a gamble.
That said, we drove up for the weekend to look at a few cars interstate. If we found one that looked good, I'd drive it back across the border.
The finance company in question wasn't open to discuss the issue.
If you have the same bank as the seller, consider going into the bank together and ask the clerk to transfer it between your accounts and give him the confirmation that the funds have been added to his account…
Stack of hundreds. Its a tiny stack that fits in an envelope. Pfffft.
Yes, just pay cash. Take a friend with you to watch proceedings. Check identity of seller against driver's licence and get a receipt.
i did a 14k deal not too long ago, he wanted $2k cash deposit and rest in bank cheque, worked well :)
I sold a car for cash once long ago just after the banks closed (3pm), and then panicked all night in case it was a set up and they were coming back to steal their money. Never felt so relieved to get to the bank when it opened.
risk. cash can be fake, a chq a fake & the same goes for bullion too. if its worth something (like when bullion was $1500/oz) some sellers were beaten and the money stolen or the house broken into later and the 'safe' nicked. so its all about risk minimisation!
Cash at the bank, checked and deposited is best, then swap keys and give them the just signed paperwork. Online banking can work if outside of hours, but i think i would prefer cash and their licence ID…
And dont think 'brokers' and yards are all honest, you dont know who has a gambling or drug problem, so dont trust them either IMO
NAB 0% for 15 months cc and bank/invest the 10k for 15 months. Minimum payment is 2% I believe, so you'd still save a decent amount over paying cash.
And the best/safest way to pay the individual selling the car is…?
PayPal? :)
Paypal