Selling Car Question

[Ezy03]

hey guys im selling the car tomorrow and getting payment, now question is which is the best way and method to do so?

instant transfer of funds from buyer to seller and then sign paper work?

cheque?

what about proof of sale or receipts?

im totally lost obviously its my first time selling a car and im not quite sure what goes on.

any info would be great.

[GODZ1LLA]

Bankers cheque is good cash is better...

Either way its in your banl..

[Ezy03]

is there any waiting period for the bankers cheque to clear?

also when money is in my account, what do i have to sign or do afterwards?

also " banker cheque will issue only if u have sufficient fund and just after issue of banker cheque cheque amount will be deducted from ur account."

that true? ie if I have 10000 and want a bankers cheque of 9500 and get it therefore instantly ill have 500 left in acc and say if i want 20000 and only have 10000 it wont be possible?

noob questions i know but i don't want to be out of pocket and out of a car.

as i said i never done this before

Edited May 4, 2011 by Ezy03

[GODZ1LLA]

Nope once it shows up it is yours

What do you mean sign??

[Ezy03]

a good so a bankers cheque is instant

i mean like sign any specific paperwork to say buyer has paid and its there's now etc.. do i take any ID or driver licence details etc or do they from me etc or provide a receipt?

[GODZ1LLA]

Yeah get there details for the paperwork, ie drivers license etc but as long as them funds show up as cleared and i ams ure your bank will comfirm this if you ring. you can provide a reciept but tbh its not worth the paper it is printed on...

But it does make people feel better

[Ezy03]

ok thanks, ill be going with the buyer tommorow to the bank and doing it there so its just a bit more safe and better i guess

[GODZ1LLA]

That is exactly what i would be doing

You know its legit when you are at the bank

[Ezy03]

thanks for the help. the rta should put up some sort of guide on this really it would be helpful to a lot of people because i know im not the only one who doesn't know all about it.

anyway thanks again.

[GTR-N1]

I don't know what state you're in (-no not mental state), but...

If in NSW...

Buyer's responsibility

* ask for receipts

* ask for bill of sale

* ask for VIN/Chassis # + Rego # + Engine # > to do a REVS check within 1 day of (*Edit thanks to gregor) BEFORE pickup (to see if seller's car is encumbered)

* to have the car insured before pickup

Seller's responsibility

* safe currency in the form of Bank Chq or Cash

* obtain the buyer's drivers licence #

* fill out the rest of the back of the rego

* on back of rego, tear off the slip that needs to be sent off to the RTA and keep it for mailing/presenting

* and on that torn off slip, don't just fill in the date of sale: also insert the time of that date, in case the buyer goes through a speed camera on the way home etc.

* cancel insurance or transfer it to your next car (by discussing it with your insurance co.)

[GTRRKT]

Bank cheque takes 3 business days to clear and is safe. As soon as you cash it the funds show up on your account but you have to wait till cleared.

[gregor]

Only suggestion to what terry said would be to do a revs check before handing over any payment.

[.:: GimpS-R34 ::.]

A bank cheque ensures that the money is yours.. It is printed off by the bank and doesnt have hand written info on it.. If it's hand written then it isnt a bank cheque.. Get them to sign something to say they paid $xxx.xx on (insert date & time) so that you are covered that the car was transferred at such a time.. get a witness and their licence no..

The buyer cannot get a bank chque unless the money they want is in their account.. And once the bank cheque is drawn up and handed over the money comes outta the buyers account so they can't spend it..

[jet.26r]

i have sold a few cars in the past and even with a bank cheque i would not let car go until you see the $$$ in my account. Just one extra little thing to save a huge hassle IF something did happen probaly highly unlikely somethiong would but theres always a but.

[Ezy03]

would it be a good idea since im going with the buyer to the bank branch, just to withdraw the amount in cash from the buyers account and then deposit the amount in cash into my account?

[oweban]

If you go with them to the bank, then it should be good. Works out even better if you're both with the same bank, BAM transfer money, and you hand him the keys. S'how I got my car, anyway; he drove it over there cause it was still his until I gave him the moolah.

[Touge Kyousou]

A bank cheque is NOT 100% safe.

People have been scammed by it before (or so i've read).

Scammer will get bank cheque, and just before handing it to the buyer, the drawer of the bank cheque will call the issuing bank and report it stolen, and the bank cheque then gets cancelled.

There's a few other ways/reasons for the bank cheque to be cancelled.

Last time i sold my car, went for cold hard cash, walking through hurstville with almost 30k lol Luckily it was only from westpac to st.george being 50metres apart on the same main street.

Be sure you provide him/yourself with a bill of sale with both signatures and date/time/kms/rego/car/owner details etc. So if he decides to speed past a camera at 200 kmh/s straight after you give him the keys, he can't say it was you that did it.

Good idea to get a photocopy of their licence etc too.

Don't forget to cancel your insurance and get some money back.

[Ezy03]

any idea where to get a good bill of sale template?

also ill be going to the bank tomorrow for a different thing so ill just ask them for the best and fastest way possible and some tips too.

Edited May 5, 2011 by Ezy03

[bored33]

considering i am asian... i always deal cash

if not.. ask for a bank cheque and wait for it to clear as there is now a waiting period. this used to be the safest method as funds would be instant. mind you it is hard for the payer to cancel a bank cheque but it is still possible make no doubt about it. a bank person could clear this but i think they can only give you a bank cheque if they actually have the money, and the bank "holds" the money so it is kind of in limbo - just a basic lamens explanation.. it is more complex than that.

if you go the bank cheque method, you can actually get it verified at your bank so you will have to finalise your deal at a bank.

[Ezy03]

hi guys just would like to say thanks for the help, in the end apparently the banker just did an instant transfer from buyer to seller account which there was no waiting period or anything and money could be used straight away. the back of the rego papers filled out and i also photocopied both drivers licence and stated car was sold at xxxxxkms and time and date and that buyer accepted and paid, signed and 2 copies made one for me and on for buyer. also 2 copies of bank receipt were made too.