Procedures when selling a car privately

Bitsie

I am in the process of selling a car to what seems like a very trustworthy woman. Just wondering what people's thoughts are on this. I have taken a family loan to pay of my remaining HP finance before selling the car onto her. She is then going to pay me for the car which in turn will pay back my family. She is giving me some of the money in cash and the remaining bulk with a Credit Union cheque. I will be handing her car while she hands me cheque.
She has given me a letter from the credit union saying that they have indeed granted her this loan and she has given me her full name and address.......Does it sound like she is genuine? I think she is......I hope she is as her cheque is going to pay back my family!! :rolleyes:

Random

Not very experienced but I really don't like the idea of getting a cheque. It could bounce. I could make you a letter from AIB granting you a mortgage of 500k in a couple of mins, as could many others.

Bitsie

I guess i feel more compelled to trust her that it will clear ok as I have met her a few time to talk about it and she had even written an agreement that we both signed and got a copy of saying what each one of us is due.
When I give her Reg Certificate with the car with her change of ownership filled in, I will get a photocopy of it too for my own records so i will be the last owner on it in case she runs off with my car without paying!! Also like i said, i know her second name and address

francish

I have never sold a car privately but I also thought the rule was you should only accept a bank draft.

Bitsie

I was told not to accept a bank draft and that a credit union cheque was safer.

Tipsy Mac

I would verify her identity by checking her driving license or passport if you are taking a cheque. Make sure you hold onto the VLC and send it away, perhaps even don't send it away until the cheque clears. MAKE SURE YOU DON'T GIVE HER THE VLC, it's your responsibility as the seller to send it away, not hers, you could be libel for all fines associated with the car should she decide not to sell it.

Why can't she give you all the money in a cheque or all it in cash?

Bitsie

good advice, I was thinking of holding onto the VLC until cheque clears. She is not giving it all in cheque as she wanted to take out a lower loan which is understandable.

Esel

Tipsy Mac wrote:

Make sure you hold onto the VLC and send it away, perhaps even don't send it away until the cheque clears. MAKE SURE YOU DON'T GIVE HER THE VLC, it's your responsibility as the seller to send it away, not hers, you could be liable for all fines associated with the car should she decide not to send it to Shannon.

Fixed a couple of errors in the above. OP, take this advice on board - you are NOT supposed to hand over the registration document, for the reasons stated above.

Bitsie

Thanks Tipsy Mac & esel..........Thats what ill do then. Makes me feel a bit better about the whole thing!

shabbyalonso

Hi Bitsie. I wouldn't be too keen on a cheque. From personal experience, I got a Credit Union cheque from a guy who wanted to buy my last car when I was selling privately. I knew from the word go it was a scam but was interested to see how lame the scam was so I went along with it for the laugh! I didn't meet the guy, it was all e-mail however to cut a long story short, a Credit Union cheque arrived in the post for me!!! It was a poor looking cheque, however on real credit union paper. I contacted the Credit Union in question and was advised that the cheques that the funds draw on, was hacked into some years ago and cheque books disappeared! Anyway, yours might be fine but I wouldn't be handing over any car before I know funds are in my a/c. A cheque can clear but later bounce. Safety first - as mentioned earlier, anyone could draft up a letter to say they had loan approval.

mikemac

Give me 10 minutes, MS Word and internet access so I can copy the name, address and logo of a credit union and I could get Bitsie a letter from a credit union.

Wait until the cheque clears. It might take 3 working days and it might take longer. Ask the staff.

If you were in business and dealing with a new supplier or customer and they were looking for credit you'd be doing all sort of checks. So don't immediately trust this women.
Cash is king, can she pay cash so she obviously has the money?

zilog_jones

francish wrote: »

I have never sold a car privately but I also thought the rule was you should only accept a bank draft.

+1

That's how I paid for my car, never sold one myself but I've bought a lot of stuff over the internet (eBay etc.) and people always prefer bank drafts or credit transfers over cheques - cheques often aren't accepted at all.

Esel

True enough. The purchaser should have no problem with being asked to get a bank draft for the balance.

jackofalltrades

esel wrote:

True enough. The purchaser should have no problem with being asked to get a bank draft for the balance.

I've read/heard about a lot of forged bank drafts in circulation.

Of the three vehicles I've sold privately all have been paid for with cash. In each case I counted the money and checked it to make sure the notes weren't fake then I got someone else just to recount it before I handed over the keys. You can also get markers that the ink changes colour if the notes are fake.

Obviously if the cars expensive then this mightn't be an option.

As other people said don't give the buyer the VLC, and don't post it until what ever form of payment you choose to accept has cleared/found to be authentic.

Bitsie

Thanks for all your advice guys and I have decided that i will definitely hold onto the VLC until the cheque clears. That way if it bounces then its still legally my car.

wba88

Hey lads, sorry to drag up an old thread but i don't think it will be worth making a new one.

Hopefully selling my car soon, buyer has offered to pay by credit union cheque as they wont give out large cash amounts to customers. Is this the norm? Is this a safe way to take payment? Also taking copies of their passport/licence.

What do I need when selling the car besides the following;
Log Book (Which I will keep after the sale and fill out after cheque has cleared)
2 sets of keys
Service Book
Tax Renewal Form
Car Manuals

Anything I'm missing?

Thanks in advance

sean1141

if ye meet near your local credit union could ye both go in and lodge the cheque?? im sure staff would be able to tell if it was real or not.. in these cases cash is king!! anytime i have ever sold a car i only ever except cash. if they say they cant get it i say sorry but i wont be letting the car go for anything other than cash..

Atlantic Dawn

Yes you should ask him to get a bank draft from the credit union and both you visit the branch who issued it to confirm it's genuine, if seller if legit they won't mind this at all especially with such a large amount of money at stake.

If I was a purchaser I would insist on my name going on the logbook during sale and then let seller post it, otherwise there's a risk of multiple sales for same vehicle. I know you can apply for duplicates but there's a turnaround time for this.

One other thing to do is remove your insurance disc from the car when sale is complete.

dunsandin

Bitsie wrote: »

I guess i feel more compelled to trust her that it will clear ok as I have met her a few time to talk about it and she had even written an agreement that we both signed and got a copy of saying what each one of us is due.
When I give her Reg Certificate with the car with her change of ownership filled in, I will get a photocopy of it too for my own records so i will be the last owner on it in case she runs off with my car without paying!! Also like i said, i know her second name and address

Naaaaaahhhh, you keep the reggo and post it off when the cheque clears, at which point she collects her lovely new car. Nuff said.

Eoin

I think the OP has sold the car by now!

TJJP

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