It seems that I have sold my car this evening.
The buyer has left me a cheque as a deposit.

I need to take payment, I'm wondering what most people would do in this situation.

If its pertinent, both seller and buyer use the same bank. (not the same branch though)

I also need to get a service on the vehicle and sign the private plate off the car, so I have time to use the safest method the forum recommends.

Your thoughts??? I keep telling myself 'It's a toy'
But I've broken quite a lot of toys in my time.....

Firsty, make sure the deposit cheque has "cleared" into your account for at least 5 days, for the balance I would insist on an electronic transfer being done from the buyers account into yours whilst you are both standing in the bank (your bank) phone them before you go in and let them know YOU need this transaction to be watertight (they will be fine if you explain why), once you have both stood in the bank and done the transfer, you then need YOUR bank to confirm to you that the funds are cleared into your account and they cannot be reversed - at that point give the buyer the keys and logbook.....pls beware i know to my cost this is the best way...hope it helps and a genuine buyer will understand...

When I sold my last car it was cash but when you get higher amounts it's not that practical. The time before that it was over £18K and we were both in the same bank so we went to a branch of that bank and did the transfer at the window. I was assured that this cannot be undone so we swapped the paperwork etc once it was confirmed. The money was showing as available in my online account when I got home.

Another alternative might be to go to the bank with the buyer and watch as a bankers draft is drawn in your name - they can't get one of those without available funds.

repsolman wrote:

Firsty, make sure the deposit cheque has "cleared" into your account for at least 5 days, for the balance I would insist on an electronic transfer being done from the buyers account into yours whilst you are both standing in the bank (your bank) phone them before you go in and let them know YOU need this transaction to be watertight (they will be fine if you explain why), once you have both stood in the bank and done the transfer, you then need YOUR bank to confirm to you that the funds are cleared into your account and they cannot be reversed - at that point give the buyer the keys and logbook.....pls beware i know to my cost this is the best way...hope it helps and a genuine buyer will understand...

+1
And get the service and your plate put on retention (or new car), and original reg on the one you're selling before the sale date.

Don't hand anything over until you are in receipt of confirmed cleared funds

Regarding your plate transfer, you can let them take the car with your plate as long as you have submitted your retention form to retain the plate with dvla. Dvla will then send a letter confirming your plate is on retention and send a new tax disk and amended Mot certificate (if applicable)

Once you receive confirmation from dvla tell the buyer to remove your plate and discard or return the plates and put the new Reg on (typically the previously allocated registration) RR Sport TDV8 09 Santorini Black with all the trimmings

I have transferred cherished plate and sold private many times

Local DVLA advised me I should not let the car go before paperwork in my possession for retention or I could lose ownership of plate

I have accepted electronic transfers then checked with bank that funds were cleared before handing over keys, etc

I have also gone with buyer to his bank and let him draw out cash then walk to my bank with him to deposit funds and see funds paid in/get receipt before hand over

I would not accept bankers draft unless I witnessed it being prepared at his bank and deposited in my bank

Hope this helps - it is a minefield selling private  Wanted a Series 2 LR since childhood but previously owned MY16 Disco Sport HSE TD4 Auto, MY13 RR Sport Black Edition TDV6 Auto, MY10 RR Sport HSE TDV6 Auto, 2007 Freelander 1 Freestyle TD4 Soft Top, 2009 Freelander 2 GS TD4 Auto, 2007 Freelander 2 GS TD4, 2004 Disco 2 Metropolis Auto, 2002 Disco 2 GS, 2000 Freelander 1 SE TD4 SW

Still hoping for a S2 one day!

Note also that if you pay more than £3,000 in cash, the HPI check that you do won't cover you for cloned vehicles. Has to be traceable (ie bank) transfer...

Details in the HPI Terms and Conditions (quite small print) Gone: 10MY L320 RR Sport HSE, Ipanema Sand
Gone: 20MY Jaguar iPace HSE, Silicon Silver
Gone: 17MY RR Evoque SE Tech, Loire Blue
Gone: 08MY Discovery 3 XS, Stornoway Grey
Gone: 07MY FFRR TDV8 Vogue, Stornoway Grey

critical that the funds showing in your account are "cleared funds" as otherwise they can be reversed and you don't have any comeback ============
2010 TDV8 HSE - ooo laa laaaaaaaaa
2007 TDV8 HSE - superb car and very reliable
============
2012 - dearly departed, sadly missed.. to return in late 2013 with a new TDV8!

most banks do instant transfers between different banks from personal accounts these days but some can take up to 5 days to clear if its over 9/10k I've had issues with this in the past.

You can't beat cash, big notes as possible make sure you count it.

You can initiate the plate transfer and Registered keeps change at the same time. If you do it before selling and await the V5 just make sure you set the buyers expectations as it usually takes around 2 weeks to get the V5 back but i expect that will have went up slightly due to the new sep registrations.

It all depends on the buyer in most cases, I've sold a car without the V5 and then completed and sent it away a few weeks later when it arrived and the buyer was fine, I've had other people who want all documentation present in the new registration prior to the sale taking place its a trust thing i suppose.

x5pea wrote:

You can initiate the plate transfer and Registered keeps change at the same time. If you do it before selling and await the V5 just make sure you set the buyers expectations as it usually takes around 2 weeks to get the V5 back but i expect that will have went up slightly due to the new sep registrations.

It all depends on the buyer in most cases, I've sold a car without the V5 and then completed and sent it away a few weeks later when it arrived and the buyer was fine, I've had other people who want all documentation present in the new registration prior to the sale taking place its a trust thing i suppose.

I always sell cars for cash and keep it simple, then go to bank with the buyer to pay it in so they can weigh/count it and confirm its genuiine, once they have accepted it into my account I am happy.

what best advice for selling to a car trader with a little used car lot, offer a few hundred pounds more than the garage who we have bought from

he said normally provides a business cheque , but since he banks at the same bank as my wife i said a direct transfer to her account, i assume this will be cleared funds straight away, but i am checking with the bank today.

Should I do any letter with VIN, car details, sold as seen, time, date etc to protect myself from any future parking/speeding tickets

never sold to a trader, normal just traded cars in, does he have any time to change his mind, don't want him to be asking for his money back the day after when we have paid it out to the other dealer

exactly just be super careful with the 'cleared' aspect of the funds. They can actually appear on your screen but still not be cleared. ============
2010 TDV8 HSE - ooo laa laaaaaaaaa
2007 TDV8 HSE - superb car and very reliable
============
2012 - dearly departed, sadly missed.. to return in late 2013 with a new TDV8!