Talk Morgan Forums Community Vehicle Talk (non-Morgan) Help Needed.Selling car privately, Payment method?

A few people have clocked that I'm selling my Sebring (Austin Healey Replica). It has been listed on Ebay, but, I've never sold anything of value on there, let alone a car! My question to you all is…

What is the safest payment method to ensure that I am not scammed or ripped off? Electronic bank transfer, Building Society cheque or Bankers draft? Should I ask for a deposit first, or payment in full?

The car will however not leave my ownership until payment/ transfer of monies has been verified by my bank.

Any advice much appreciated…

Kind regards,
Steve

Every method has risk.
Cash can be forged, bankers drafts too.
If this is a serious worry then accompany buyer to their bank while they withdraw cash and trip along to your bank and pay it in together.

Alternatively an electronic bank transfer is good.

In the end as with all transactions deal in trust with the person making the purchase. Remember, if it sounds too good to be true, it is.

Totally ignore any offers with suggestions that a shipping agent or somesuch will collect the car. They are invariably scams.

Thanks for your advice mr tony,

I'm edging towards the "electronic bank transfer", which might as you say be the safest! as the bank can confirm directly/ instantly the money is paid into my account!

Steve

Hi Peter,
already had two scammers suggest what you have described. They have been dismissed instantly and will be reported to Ebay. However, whether Ebay gives a Sxxt, is another matter!

Many thanks,
Steve

Cash paid directly into your account as mr tony suggested is best..as I understand bank transfers can be pulled back after the event if fraudulent however cash can't once accepted by the bank.

Paypal?

If the amount is more than £10K cash isn't an option because of money laundering regulations.

Cash is also not a good idea because of the number of forged £20 and £50 notes about.

The ONLY acceptable method is EFT from a UK bank account: don't accept payment from an overseas bank, even one based in the UK.

If you want to accept a bank draft you must allow 5 days for full clearance and again only from a UK branch of a UK bank.

Why do you think that dealers only accept EFT, preferably via a debit card?

PayPal: easily revoked, the seller protection is poor.

The most efficient is

Money to be transfered in front of you on the day
Passport to be seen/copied for reference (both ways)
You agree the price and details.
You go to his/her bank
You make the transfer there and then to your bank
You fill in and hand over the V5/paperwork/car

His bank is likely to benefit from a phone call in advance to advise them this will happen so they don't reject it depending on price cap for transfers.

The bank to bank transfer will need two three ID entries.
Most recent statement with correct home address
Passwords for iBanking/Phone Banking (ask on setup telephone call day before as people forget these)
Passport/Drivers licence with photo
Utility Bill/Creditcard bill.

If he is not looking for similar from you then be nervous - he needs to have a worried vested interest or he clearly thinks he has nothing to lose.

Bankers drafts can be forged and then you will find your account will be credited, then the draft will be rejected and the credit removed. This is a well known scam and how the 'shipping agent' scam works. Bankers draft for 25% more than car value - you cash, pay the 'agent' then the draft is rejected and you are left out if pocket.

Eft from a uk account is best - or as I said go in partnership to bank to get funds as cash or bankers draft drawn in front of you in a high street branch and then pay in together.

In the end its about trust, doing my due dil on the buyer of the Aeromax I used my network of contacts to verify the buyer as someone known to them who had bought cars before. I spoke to a couple of dealers I knew and they confirmed the person was a real car nut and well known to them. He did the same on me.

Trust is all its about and verify through sources you trust if possible. A passport is easily forged (could you spot a forgery? What are you looking for?) official documents are the last resort and if they are all you have then I'd be worried.

I would utilise linked in, Facebook, talkmorgan profile, pistonheads profile, etc to verify the buyer as a 'real' person as well. What email address are they using? Isit abcd113@yahoo.com or is it bob.jones@abcenterprises.co.uk where he appears on the website as a long standing employee etc. google them. Lots of scammers are lazy - they use the same email address multiple times, if it doesn't come up it doesn't mean its ok, but if you get google hits linked to complaints issues then its pretty obvious you should run a mile. There are thousands more things to look for, none in themselves mean its a scam, the cumulative doubt of multiple signs is what drives a decision for me.

In the end, scams invariably play to greed on the part of the seller. If the buyer is behaving irrationally, overpaying or behaving unusually then ask yourself if you are really that lucky, or have they got something to gain.

The first rule in avoiding scams is
If it sounds too good to be true, it is. Walk away.

My second rule is
If they at any stage want to use an agent then it is a scam.
(Ok if you are selling collector cars to millionaires this is different but its the right rule to run by, and in those circumstances the agents are visible are verifiable themselves).