What are the perfect ways to receive payment when selling a automotive?

There are few times in our lives where we’ll we put a lot trust in a complete stranger than when selling a automotive.

You’ve written an incredible ad, taken some amazing photos, and someone has come to take a look at the automotive – and agreed to purchase. It’s an incredible feeling, especially when you’re getting an incredible price. The Milky Bars are well and truly on you.

But how do you have to accept payment – especially once we’re taking potentially tens of hundreds of dollars?

In this text, we’ll explore the 4 safest and most secure methods for accepting payment for a vehicle from a buyer – and a number of recommendations on what to not do.

It’s good buying and selling practice to maintain written and signed evidence at every step along the way in which, especially when any sum of cash has been exchanged. When you’ve struck a take care of a buyer, put the agreement in writing. This helps protect you, and could possibly be so simple as this:

• Date of agreement: 15/01/2023
• Name: JOSEPHINE BLOGGS
• Address: 123 Holden Street, Toranaville VIC 3210
• Contact phone: 0401 234 567
• Contact email: josephinebloggs@hotmail.com
• Agreed price: $32,600
• Description of car: 2017 Holden Commodore SS-V Redline manual sedan (red)
• VIN number: ABCD0123456789012 (available on rego papers)
• Registration number: UBEWDY
• Deposit amount (if any): $3260
• Payment method: Bank transfer
• Date of transaction: 17/01/2023
• List of inclusions: real floor mats, real towing kit
• Agreed items to be repaired prior to buy: chipped windscreen, rear tyres
• Signed by buyer: J Bloggs

When you’ve got the commitment, you may agree with the client on the perfect approach to receive the funds.

Listed below are the perfect 4 options for receiving payment when selling your used automotive:

Online bank transfer

The customer transfers the agreed amount to your account, after which picks up the automotive when you’ve seen the funds clear into your account.

This takes some trust on the client’s part, they usually might prefer something else like a bank cheque (below). But when you proceed with a bank transfer, you must never hand over a automotive before funds have cleared – a standard scam is the client transfers to you, shows you their phone with their banking app and details of the finished transfer, only to cancel the transfer later before the funds have cleared. After they have your automotive.

Quick bank transfer, in-branch

This only works when you and the client use the identical bank. Meet at a branch and ask the teller to transfer the funds from their accounts to yours, immediately. Done, and with the added safety of a public environment and CCTV cameras.

Should you and the client have different banks, you might even consider opening an account with the identical bank as them to enable this excellent, protected and foolproof option.

Often it’s quick to open an account with a brand new bank, easily done online, and free. And just as easy to shut the account afterwards.

Money

It doesn’t get more quick or clear-cut than money, nevertheless it starts to get somewhat impractical for greater purchases.

Large sums of money mean that each you and the client will find yourself going to a bank (them to withdraw, you to deposit later), so you could as well go together with them and do the direct transfer as mentioned above – or consider a bank cheque (below).

Doing so also saves the dodgy counting of enormous sums of money in a parking lot somewhere; after which having an enormous amount of money in your person afterwards.

Bank cheque

The vendor asks the client to go to their bank and get a cheque drawn up for the required amount. Cheque and keys are exchanged and the deed is completed.

Note that bank cheques, while generally secure, will be cancelled – and it takes up to a few days for a bank cheque to clear.

A bank cheque is different from a private cheque, which might bounce. Don’t accept a private cheque.

Listed below are six other things to have in mind when selling a automotive

1. Ask for a money deposit of 10 percent. If a prospective buyer is keen after the automotive, ask for a ten percent money deposit with a view to hold the vehicle for them until you’ve received the complete amount. This also guarantees that they’re real. Provide a basic receipt to the client for his or her deposit, and expect to refund it to them – in money, ideally – if things go awry.
2. Don’t use PayPal. It’s not secure enough for something like selling a automotive, and PayPal doesn’t offer its Seller Protection for people selling vehicles. Also, it’s been a favoured tool of scammers preying on people selling cars. On top of that, PayPal charges a 2.6 per cent fee for the privilege – when you’re selling a $50,000 automotive, who’s going to pay the $1300 fee? You or the client? A bank cheque is far more secure and safer, and may cost a little $5.
3. Don’t use cryptocurrency. The early adopters reading it will staunchly disagree, but for most of the people, we are saying don’t risk large sums of cash which are yours, just so you may tell your mates you sold your Hilux for Bitcoin. It is perhaps a viable option someday, but not quite yet.
4. Avoid other online services. There are web sites that provide to carry the client’s money after which clear it to you once they’ve received the automotive. Nevertheless, the prices are exorbitant – and never value it.
5. Don’t accept a payment plan. Never hand over your automotive until you’ve received the complete amount.
6. Never transfer money to a possible buyer. Scammers like to give you creative ways to get you to transfer them money (that you simply’ll never see again).

   One scam doing the rounds is a prospective buyer contacts someone selling a automotive, by email, and claims they’re at sea and may’t call.

   They need the vehicle delivered to their house before they get back – nevertheless, the freight company desires to be paid its $1300 and only accepts Western Union. The would-be buyer says they will’t access Western Union at sea, so would you mind paying the $1300 on their behalf they usually’ll add it on top of their online transfer?

   They send a fake online transfer receipt, just for the funds to never reach your account – and also you’ve just learned an expensive lesson. The one time a seller might give a buyer money is in the event that they’re returning a deposit. And remember if a suggestion looks too good to be true, it probably is.