selling vehicle process

[3rd time lucky]

Interesting and valid points made. I accepted a bank cheque for my Goldstream last year, albeit i dropped the trailer off at the new owner's house and he seemed legit as a family man...
But duly noted there are rogues and ratbags around every corner.  Incidentally, and on a slightly off topic theme, there was a car thedt recently in SE Qld where a private sale inspection went sour - the seller allowed a viewing at 10pm at night and agreed to a test drive when MULTIPLE young males turned up....some people just cannot be protected from themselves....back to topic I guess same approach > if someone appears shady they probably are....

[Jeepers Creepers]

Nobody drives/rides anything prior to payment either.

I do the driving or in the case of the chopper, I rode it and the guy followed me.

I had one guy on the chopper years ago, was all fine until he insisted he got to ride it.
Didn't happen, his last words to me was I was a big fornicating vagina and I could go and have sex, or words to that effect.

[gordo350]

Heard of a story from Perth where  a guy lost a wad of cash to the car owner when the dude produced a knife,took the cash and left the scene
 

[03GV]

As soon as I sell a car I took the signed paperwork in to the registrar of motor vehicle's (service s.a as its now known) and hand it and say Its no longer mine. That way if the guy gets tickets or does anything wrong before getting the registration changed over Its not my issue.

[OldPaj]

I have only ever sold one vehicle, all others having been traded, which was my late mothers Hyundi Excel, 8000Km, 3 years old. I advertised it at price, only one contact, happy to pay my asking price, accepted a personal cheque. HOWEVER, until that cheque had cleared into my bank account, he did not get the vehicle. He and his newly licenced daughter picked it up the day after I rang him to say it had cleared. She crashed it 3 days later (though Dad was adamant it wasn't her fault).

[Bill]

The biggest issue with cash if its a week-end pick up, is the buyer (and any mates he tells) knows you have X amount of cash on the premises. Lots of dodgy bastards that would be happy to return and burgle ya.

Not sure if insurance covers a largish amount of cash held in a home?

We've just sold the caravan ($22,000) and Jeep ($6.00) and neither left until funds were in our account.

There was a case years back where some bank cheques were stolen and a guy in Brisbane lost a bobcat and tip truck out of it.

Well, that's what the story was...... true or not, i have no idea. I just don't trust them like I would've once, a long long time ago.

Fixed it for ya Kev...
Bill

[Jeepers Creepers]

Maaaate, he was wrapped and happy to pay the $6,000.

But not as much as me.

[trinityalyce]

hi all,

quick question:

i'm not an expert with selling second-hand cars and now i've just taken a deposit for mine...

is there a method of payment that is better than others?  buyer has offered a bank cheque, is that OK?

should i be asking for something else?

also, am i missing something or is it just a case (in QLD) for him to come and provide said cheque, we fill out the transfer of rego form, he takes the buyer part, i keep the seller part and he takes the car then and there?

should i be waiting for the bank cheque to clear?

Have the electronic banking changes come into effect just yet? Where you get funds through instantly? (And is it that simple?) If so that'd be what I'd be looking at now. Have mostly dealt in cash before when selling, payed with bank cheques when I've purchased cars second hand...

[nab]

I've just about sold my car, we negotiated a price and I said until the money clears the car doesn't leave my driveway, he said no probs at all. He did bank transfer and sent me the receipt but I will wait until the money clears before handing over the keys.

[paceman]

I've just about sold my car, we negotiated a price and I said until the money clears the car doesn't leave my driveway, he said no probs at all. He did bank transfer and sent me the receipt but I will wait until the money clears before handing over the keys.

that's about what i will be doing, i think...

[paceman]

Have the electronic banking changes come into effect just yet? Where you get funds through instantly? (And is it that simple?) If so that'd be what I'd be looking at now. Have mostly dealt in cash before when selling, payed with bank cheques when I've purchased cars second hand...

there is a system call 'PayID' that seems to be the way to get this done... i have signed up through my bank and have told the buyer to try this when he goes to his bank... might make things quicker...

https://payid.com.au/

[chester ver2.0]

OK guys lets get really real about this here

1. Cash no one deals in it these days and if you think for a second i am going to turn up to some strangers place with 20k plus in my pocket you are dreaming. Fine for small things but come on are some cars these days can go second hand for 40k plus

2. EFT can work but as a buyer i dont like it once again my money is sitting in a strangers account for up to 48hrs without me being handed the keys so what if it all goes south it is not like i can tell the bank to just take the money back

3. Bank Cheque contrary to the popular BS sprouted on page 1 a bank cheque cannot bounce. Once you go to the bank and get the cheque written the bank then holds the amount in escrow until the cheque is cashed at the other end. The amount you had the cheque made out for disapears off your balance the minute the cheque hits your pretty little hand

So as compared to the risk of being mugged at the sellers house if you have cash Point 1 or being told buy the seller that the money never turned up and you cant have the keys, using EFT point 2. I will go bank cheque every time with about the only risk being a small one that the cheque is counterfeit and if that worries you go down with the guy while you deposit the thing

[paceman]

OK guys lets get really real about this here

1. Cash no one deals in it these days and if you think for a second i am going to turn up to some strangers place with 20k plus in my pocket you are dreaming. Fine for small things but come on are some cars these days can go second hand for 40k plus

2. EFT can work but as a buyer i dont like it once again my money is sitting in a strangers account for up to 48hrs without me being handed the keys so what if it all goes south it is not like i can tell the bank to just take the money back

3. Bank Cheque contrary to the popular BS sprouted on page 1 a bank cheque cannot bounce. Once you go to the bank and get the cheque written the bank then holds the amount in escrow until the cheque is cashed at the other end. The amount you had the cheque made out for disapears off your balance the minute the cheque hits your pretty little hand

So as compared to the risk of being mugged at the sellers house if you have cash Point 1 or being told buy the seller that the money never turned up and you cant have the keys, using EFT point 2. I will go bank cheque every time with about the only risk being a small one that the cheque is counterfeit and if that worries you go down with the guy while you deposit the thing

interesting points raised...

you would still advocate waiting for the bank cheque to clear (as a seller) before handing over the keys?  or you would be confident handing over keys after receiving the cheque, but before it clears... ?

[Bunyip]

OK guys lets get really real about this here

3. Bank Cheque contrary to the popular BS sprouted on page 1 a bank cheque cannot bounce. Once you go to the bank and get the cheque written the bank then holds the amount in escrow until the cheque is cashed at the other end. The amount you had the cheque made out for disapears off your balance the minute the cheque hits your pretty little hand

So as compared to the risk of being mugged at the sellers house if you have cash Point 1 or being told buy the seller that the money never turned up and you cant have the keys, using EFT point 2. I will go bank cheque every time with about the only risk being a small one that the cheque is counterfeit and if that worries you go down with the guy while you deposit the thing

The issue I have with Bank cheques is that they can be cancelled, sure it is a lot more difficult to cancel than a personal cheque but it can be done.

We went through this recently when selling our Kamper and decided to take small amount of cash and a bank cheque for the balance.

I would suggest if you are seriously concerned go to the buyers bank with the buyer and they can get authorisation in branch for a one time large transfer. Have the teller do the transfer in front of you and get the receipt. You may not see the cash for a couple of days but you know that it has been done, and done correctly.

[chester ver2.0]

interesting points raised...

you would still advocate waiting for the bank cheque to clear (as a seller) before handing over the keys?  or you would be confident handing over keys after receiving the cheque, but before it clears... ?

No i handed over the keys when i got the cheque.

[Swannie]

OK guys lets get really real about this here

1. Cash no one deals in it these days and if you think for a second i am going to turn up to some strangers place with 20k plus in my pocket you are dreaming. Fine for small things but come on are some cars these days can go second hand for 40k plus

2. EFT can work but as a buyer i dont like it once again my money is sitting in a strangers account for up to 48hrs without me being handed the keys so what if it all goes south it is not like i can tell the bank to just take the money back

3. Bank Cheque contrary to the popular BS sprouted on page 1 a bank cheque cannot bounce. Once you go to the bank and get the cheque written the bank then holds the amount in escrow until the cheque is cashed at the other end. The amount you had the cheque made out for disapears off your balance the minute the cheque hits your pretty little hand

So as compared to the risk of being mugged at the sellers house if you have cash Point 1 or being told buy the seller that the money never turned up and you cant have the keys, using EFT point 2. I will go bank cheque every time with about the only risk being a small one that the cheque is counterfeit and if that worries you go down with the guy while you deposit the thing

You would be surprised especially in the muscle car scene how much is done by cash mate. Cash is king and when I’ve bought cars in the past and sold for substantial amounts it’s always cash. And I’m talking the $100k figures. I’ve seen it first hand many many times
Swannie

[achjimmy]

Yep agree Swannie have used cash to buy the last three cars so I could pick up straight away.

A bank Cheque can be cancelled need a good reason but it can be .

Plus how many could pick up a fake Cheque the way digital reproduction goes today! That goes for cash too, but harder to fake.

[Mikbro]

Sold my ute a few months ago, I arranged it with the buyer to have a bank cheque we met at my bank, while he was finishing off the paper work I went in deposited the cheque which cleared straight away. I checked my account that the money had been deposited  before walking out the bank. Handed him the keys and both went our way.

[chester ver2.0]

it really depends on the level of trust when i sold the goldstream the guy turned up with a bank cheque gave me all his details for rego transfer, let me take a photo of his license and car rego, gave me a bank cheque that had all the correct markings on it.

He took the camper i went straight down and deposited the cheque no problems

[chester ver2.0]

Why i dont like cash is when i sold the Jet Ski
The guy looked dodgy
The cash was in a paper bag all 16k of it
Insisted he could not get around till late in the arvo so i could not go to the bank till next morning
Was most interested in knowing my dogs name and being friendly to him

So here i am on a Friday night with 16k in a house given to me by a stranger that knew where i lived. Lets just say i spent 2 hours stashing it in the most epic hiding spot ever gong to bed at 2am waking up at every noise and making sure the dog was not fed so he was cranky as

[Bird]

Why i dont like cash is when i sold the Jet Ski
The guy looked dodgy
The cash was in a paper bag all 16k of it
Insisted he could not get around till late in the arvo so i could not go to the bank till next morning
Was most interested in knowing my dogs name and being friendly to him

So here i am on a Friday night with 16k in a house given to me by a stranger that knew where i lived. Lets just say i spent 2 hours stashing it in the most epic hiding spot ever gong to bed at 2am waking up at every noise and making sure the dog was not fed so he was cranky as

https://au.news.yahoo.com/nsw/a/39230035/500-000-stolen-from-man-outside-his-sydney-home-in-lidcombe/

but something doesn't add up.. nobody.. NOBODY would walk anywhere within 30klm radius of Lebcombe, let alone with $5.00 in your pocket.

[trinityalyce]

it really depends on the level of trust when i sold the goldstream the guy turned up with a bank cheque gave me all his details for rego transfer, let me take a photo of his license and car rego, gave me a bank cheque that had all the correct markings on it.

He took the camper i went straight down and deposited the cheque no problems

^^ This. Trust comes into it. And also the amount of money I'm actually selling something for...

Also re: holding large volumes of cash... Some banks have after-hours deposits at ATM's. My local bank does.

[paceman]

just to update... 

buyer did a direct deposit and three hours later (differect banks), the money was available in my account.

ute was picked up that night and buyer transferred rego the next day, confirmed by department of transport (by me over the phone).

now to get the new wheels...

[Fizzie]

Why i dont like cash is when i sold the Jet Ski
The guy looked dodgy
The cash was in a paper bag all 16k of it
Insisted he could not get around till late in the arvo so i could not go to the bank till next morning
Was most interested in knowing my dogs name and being friendly to him

So here i am on a Friday night with 16k in a house given to me by a stranger that knew where i lived. Lets just say i spent 2 hours stashing it in the most epic hiding spot ever gong to bed at 2am waking up at every noise and making sure the dog was not fed so he was cranky as

I think I'd let pup wander free around the yard all night, pack myself & family up & move to a motel for the night, with the $ in their safe!

[rotare]

I always thought cash was king, however....

Had a dude rock up to buy a car I was selling, said he liked it and wanted it so put down a $2K cash deposit there and then, then came back a couple of hours later with another $15K in cash, in a literal brown paper bag.  I thought great.  We exchanged all details for the transfer of ownership and registration.  He drove away with the car, I walked away with the cash.

Following day I rock up to a car yard to buy a new set of wheels.  My payment method was going to be a combination of transfer of funds from my nominated bank account and the $17K of cash I received from the sale of my old vehicle.

When I signed the paperwork for the new wheels and placed the brown paper bag on the counter with $17K of cash, car sales guy freaked out and didn't want to know me.  From memory he mentioned there's some limit now ($5K?) for cash transactions due to people laundering money.  I was like WTF, it's cash mate, surely I can pay for a purchase how I like?  The sales manager got involved, made some calls and eventually produced some document from the ATO I had to complete and sign with details of where the $17K had come from.  I was also advised I may be questioned or interviewed by the ATO at a later date if the story didn't match up.

Never heard anymore, don't know whether the guy who gave me the cash was investigated, but at the end of the day dealing with cash sales and transactions is no longer what it used to be.