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selling car payment method?

celica1994

Hi, ive always dealth with cash when selling cars, im selling a car for about 12k soon, obviously i dont wana be dealing with cash in that scenario, what is the best method for it, i was thinking bank draft, but that seems to carry risks like fradulent cheque itself, or insufiucent funds in account to cover cheque, then theres bank transfer, what way do you work that? do you wait for the ammount to appear in your account before handing the car over? any advise is appreciated

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User1998

Bank transfer can be instant if you’s are both with the same bank and the buyer has set you up as a payee. Revolut is instant too.

Bank drafts can’t bounce like cheques, but they take a few days to show in your account.

celica1994

https://www.boards.ie/discussion/comment/123378538#Comment_123378538

yea just very nerve racking dealing with so much money

User1998

https://www.boards.ie/discussion/comment/123378565#Comment_123378565

Nothing to be nervous about. Just take a bank transfer and you’ll be fine.

Del2005

https://www.boards.ie/discussion/comment/123378576#Comment_123378576

You need to verify the bank draft is real. They are easy to fake and you don't have the money when it appears in your account, it's only when the draft goes back to the issuing bank that the money is confirmed and that's a few days after it's appeared in your account.

What ever way you sell make sure that the money is in your account before handing over the keys

Kaybaykwah

I had to buy a car recently and wanted to pay full amount in Canadian dollars. I asked the bank to unfreeze the said amount for that particular transaction an hour before I effected my Interac payment at a dealership.

Gumbo

cash or Revolut.
€12k is only 240 notes. Easy to count. I’d take either option.

FREDNISMO

Be careful with bank transfers I know of incidents where said buyers have shown screenshot of transfer of funds to an agreed account only to discover money didn't make it into the sellers account and were left without anything

ociarba

Revolut. Did it a few months ago for almost the same amoun when selling. Money in the account instantly and handed over the keys.

User1998

https://www.boards.ie/discussion/comment/123378705#Comment_123378705

Yes I already said it takes a few days. But they can’t bounce like cheques. The money is debited from the buyers account when they take out the draft, you can’t just get one when you have insufficient funds.

Cash or bank transfer is better like I said. No need to over complicate things

Buffman

AFAIK since earlier this year all Irish banks now allow and receive SEPA Instant payment (SEPA Instant Credit Transfer) which completes transfers in 10 seconds, 24/7/365 so there should be no more excuses of waiting for transfers between different banks.

witchgirl26

I sold my car for €17k about 2 years ago & did bank transfer. Could only transfer €10k in one go so he transferred the initial payment to me & then left his work details & home address with me & transferred me the rest the following day.

User1998

https://www.boards.ie/discussion/comment/123379885#Comment_123379885

If you let him leave with the car after only transferring €10k, that would be extremely dumb..

witchgirl26

https://www.boards.ie/discussion/comment/123379897#Comment_123379897

Who said I did? I just said I got his details. I also gave him mine & did the second viewing of the car at my house so he knew where I lived. He transferred me the initial amount of €7k in the evening, left & came back the next morning to transfer the rest (in front of me) & collect the keys, car & log book. But again he probably go told he was stupid transferring me that amount of money & not getting anything. It had to work on a level of trust at that point.

blade1

https://www.boards.ie/discussion/comment/123379936#Comment_123379936

Just a word of wise for future.

Always send the logbook off yourself.

Sometimes new owners can get "lazy" when it comes to them doing it.

beachhead

https://www.boards.ie/discussion/comment/123378781#Comment_123378781

Notes easy to fake as well.The buyer could be "just looking over the car" one last time while you check the notes and gone.

28064212

https://www.boards.ie/discussion/comment/123379863#Comment_123379863

The requirement for January 9th 2025 was that all banks are required to facilitate receipt of Instant Credit Transfers. They aren't required to support sending Instant Payments until October 9th 2025*. So a Revolut customer can currently send an instant transfer to AIB/BOI/PTSB, but an AIB/BOI/PTSB customer can't send one back.

*AIB/BOI scraped into the January deadline, and PTSB missed it by a few weeks, so I wouldn't anticipate them implementing it any time before the last moments

witchgirl26

https://www.boards.ie/discussion/comment/123380009#Comment_123380009

I did actually send it off myself. Mistyped in that he didn't collect the log book but I filled in the details with him there to send it off that day. But yeah that does surprise me as surely it's more in the new owners interest to send it off than the seller at that point.

User1998

https://www.boards.ie/discussion/comment/123380018#Comment_123380018

Easy to fake? Would you stop. I’ve received hundreds of thousands of euros in cash over the past 5 years and have never received a fake note. Always lodged into the bank with no issue. Buying a car with fake notes is ridiculously dumb. A car is one of the only things in life that can be easily traced back to you.

Jim2007

https://www.boards.ie/discussion/2058407085/selling-car-payment-method

A bank draft is the most secure method. Neither your understanding of a bank draft nor a transfer is correct. A bank draft is drawn on a bank not a customer account and can be confirmed by calling the bank. A bank transfer can be recalled in certain circumstances.

beachhead

https://www.boards.ie/discussion/comment/123380147#Comment_123380147

I've seen any number of notes that scream fakes straightaway if eyes are open.Colours,size metal strip not threaded etc

The people accepting them couldn't give a monkeys because it's not their money to lose.

User1998

https://www.boards.ie/discussion/comment/123380266#Comment_123380266

The people accepting them? The bank aren’t going to accept fake notes, and their ATM machines certainly aren’t going to accept them either. When I worked in retail there was a couple of fake notes every now and again, but in all my years selling cars professionally I have never been stung with one

CMOTDibbler

https://www.boards.ie/discussion/comment/123380324#Comment_123380324

I think he means staff in a shop, bar or other retail outlet.

User1998

https://www.boards.ie/discussion/comment/123380341#Comment_123380341

Thanks. I’m unsure how any of those people are in any way related to selling a car for cash. Anyway, since they are so easy to spot, it shouldn’t be an issue then.

jeepcj

https://www.boards.ie/discussion/comment/123380169#Comment_123380169

Bank drafts are easily forged and can look very realistic, but like you said should be easily verified if they are legit or not. Still i don't think i''d risk taking one, you hear of a lot of forged ones out there.

djan

https://www.boards.ie/discussion/comment/123388959#Comment_123388959

Just call the issuing bank to confirm validity. Once it's known to be real it's virtually risk free.

Jim2007

https://www.boards.ie/discussion/comment/123388959#Comment_123388959

On the contrary, they are the most difficult instrument to forge. You can always call the bank and they can immediately tell you if it is one of theirs or not.

monseiur

In fairness €12k is not a big pile of cash - it's just 240 x €50 . If it's in bundles of €1,000 with elastic band it's easily counted…………and recounted😊

josip

https://www.boards.ie/discussion/comment/123380147#Comment_123380147

We sold our last car for €7,000. Cash counted out across the kitchen table. I apologised and said that since I wasn't used to dealing with cash that I'd like to check the wartermarks, etc on few notes. The lads on the other side of the table didn't mind but did point out that, "we'd never use fake money to buy a car". 🙂