Hi all..
Looking at selling a car worth close to $20k.
What would be the safest way to receive payment for this sale?
Bank transfer than transfer the money straight away to another account??
Any advice would be great. Cheers
Best Way to Receive payment for Selling a Car?
Pinchy on 13/09/2021 - 13:07
Last edited 13/09/2021 - 13:07
Last edited 13/09/2021 - 13:07
Comments
I agree; less risky that carrying around that amount of cash, plus explaining where it came from when you deposit it.
I am assuming that you will have a copy / photo of the buyers drivers license, so that you can fill out the change of registration details, and also have a signed and dated receipt for the sale signed by both parties.Is there any security implications from people having photo of your drivers license?
At the very least, sighting the license to verify / complete the change of ownership papers, and to complete a sale receipt, is extremely reasonable and prudent.
@GG57: I understand
Just curious on the sale receipt do you just say " Name bought car on 15 september 2021 for $" and sign and date it and thats all?
@GG57: I understand but just wondering can they do things with the photo of your drivers license? like stealing your ID?
@ATTS: I don't know what 'they' can do.
I have seen that happen in movies. That is why photos and other security features on the licenses were introduced.
Totally agree here. $20k, use a bank cheque.
InB4: Bank cheques can bounce or can be cancelled… Yeah, nah they cant, and yeah nah, not that easily.
So much bullshit information on these forums coming from numpties about how bank cheques work. Every thread that asks this question is a plethora of misinformation from guys, who know a guy, who knew this guy who had a mate selling his car and got scammed with a bank cheque… again… yeah, nah, not how they work.
the only thing worrying about the 1st comment.
forged
Bank chequeIn the extreme, it could be a possibility. However, as long as OP does the other stuff re ID of the purchaser and supporting paperwork, it is extremely unlikely.
Easy fix. Take the buyer to their bank. Get them to take out a bank cheque in your name. You give your details to the teller and they make the bank cheque payable to you. You take the bank cheque directly from the teller. Walk down to your own bank and deposit the cheque.
It cant be a fake if done that way and it's going to be impossible to cancel because the buyer doesn't even touch the cheque and the teller made it out to you on the spot and as the named recipient on the cheque, it was deposited into your named account.
+1 for bank cheque.
cash
Bitcoin or similar
Cash?
Do a search. This has been brought up and answered many times.
PayPal
Once bitten twice not shy mate??
Cash inside of the bank, then get the notes checked.
If you like, then walk out with a bag of money, put it into your account, or head to the Casion (if its open). Really up to you.
I sold my last car for cash. Less than $15k. Hard to do now in covid times.
Perhaps set up PayID. Ask for a deposit and when you get the rest transfer out straight away.
Or bank cheque as others have suggested but I'm not familiar with those.
Online transfer. Just make sure your bank has an instant version. I’ve used Osko transfer to both buy and sell in excess of $20k. Just make sure the bank can handle that amount in one transaction.
Both times, virtually instant transfer. On selling, by he time my screen refreshed the seller had cash. On buying it took about a minute to confirm.
Crypto
gift cards
Bank cheque, costs a couple of dollars but for peace of mind well worth it
Meet at the bank and have them deposit the cash with you at the teller.
Meet at the bank and have them deposit the cash with you at the teller.
Good idea.100% safe.PayID is the quickest and possibly safest way. Bought/sold a few cars this way. It's practically instant, no need for either person to travel to a bank and need to wait days for anything to clear or need to carry cash around. I was buying a car last year and the guy insisted on going to the back as I didn't want to carry so much cash and in the end the teller got us to do PayID.
Bank cheque - money is removed from account when receiving the cheque, and it (generally) can't be cancelled once issued.