Post by: paceman on February 17, 2018, 02:46:50 PM
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?
Post by: Paddler Ed on February 17, 2018, 02:49:41 PM
Last car I bought was paid for with folding pineapples... 110 of them... one before that was a direct deposit.
Last car I sold was bankers cheque - not sure I'd do it again.
Post by: gordo350 on February 17, 2018, 02:51:27 PM
Post by: D4D on February 17, 2018, 03:34:32 PM
Yes you should wait for a bank cheque to clear. They are no longer guaranteed money. They can bounce. Best method is EFT. When the money is in your account, let the car go. There are NO friends when it comes to money and cars
x2
Post by: TimE on February 17, 2018, 03:37:20 PM
Yes you should wait for a bank cheque to clear. They are no longer guaranteed money. They can bounce. Best method is EFT. When the money is in your account, let the car go. There are NO friends when it comes to money and carsX 3
Post by: glenm64 on February 17, 2018, 03:38:07 PM
Or go with him to the bank when he draws bank cheque.
Cheers Glen
Post by: paceman on February 17, 2018, 03:41:40 PM
have requested the buyer to use EFT, if possible...
Post by: Goshen on February 17, 2018, 05:06:35 PM
The last one I sold the buyer used the same bank as myself , we went together to the local branch and he did a transfer to my account. The money was there straight away.
It might be worth looking into that method.....
Cheers
G
Post by: paceman on February 17, 2018, 05:13:05 PM
Hi ,
The last one I sold the buyer used the same bank as myself , we went together to the local branch and he did a transfer to my account. The money was there straight away.
It might be worth looking into that method.....
Cheers
G
that's essentially what i am looking to get done... just give him my details and instead of his bank drawing a bank cheque, just transfer into my account...
we have different banks, but EFT clears quicker than bank cheque, i think...
Post by: D4D on February 17, 2018, 05:17:43 PM
we have different banks, but EFT clears quicker than bank cheque, i think...
It will probably take 2-3 days still
Post by: Charlie Brown on February 17, 2018, 05:19:19 PM
Post by: gordo350 on February 17, 2018, 05:35:43 PM
Post by: paceman on February 17, 2018, 06:34:19 PM
And don’t forget to check the buyer actually transfers the rego. Give it two weeks and follow up. Do it yourself after that if he hasn’t. With tolls, parking fines and cameras these days, just not worth it.
i'll be doing a paper form for him to take, and then doing it online after he takes it...
Post by: Goshen on February 17, 2018, 06:48:42 PM
It will probably take 2-3 days stillThere is now the facility for instant transfer between banking institutions.
Have a look here https://payid.com.au
Most of the big banks seem to be involved .... Ive never used it but it might be worth a look.
Cheers
G
Post by: Bird on February 17, 2018, 07:00:54 PM
also cancel any toll tags
Post by: speewa158 on February 17, 2018, 08:24:23 PM
Post by: Swannie on February 17, 2018, 08:34:35 PM
Swannie
Post by: Charlie Brown on February 17, 2018, 08:36:18 PM
You are supposed to transfer the rego anyway. That way if he doesn't it's not your problem
It is the buyer’s responsibility in the first instance.
https://www.qld.gov.au/transport/registration/transfer/rego (https://www.qld.gov.au/transport/registration/transfer/rego)
Post by: gordo350 on February 17, 2018, 08:41:53 PM
Post by: Charlie Brown on February 17, 2018, 08:43:16 PM
i'll be doing a paper form for him to take, and then doing it online after he takes it...
Better add the registration transfer fees and duties to the sale price then.
Post by: jwb on February 18, 2018, 05:28:45 AM
As in counterfeit !
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Post by: Jeepers Creepers on February 18, 2018, 06:20:05 AM
Not sure if insurance covers a largish amount of cash held in a home?
We've just sold the caravan ($22,000) and Jeep ($6,000) 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.
Post by: 3rd time lucky on February 18, 2018, 06:42:53 AM
Post by: Rumpig on February 18, 2018, 06:49:36 AM
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.X2.....the idea of having tens of thousands of dollars sitting around your house all weekend is not appealing to me at all, i have done it before and was worried big time about having there. In saying that, i have a mate that used to have around $80K in cash in a cupboard under his house, and it didn't bother him.....these days I'm lucky to have any cash in my wallet let alone having any at home.
Not sure if insurance covers a largish amount of cash held in a home?
We've just sold the caravan ($22,000) and Jeep ($6,000) and neither left until funds were in our account.
There was a case years back where some bank cheques were stolen atvnd 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.
I'm picking up a new van this week and Jayco said preferred method of payment was bank cheque....they're obviously less concerned than most on here. Maybe they can just afford better lawyers if the situation calls for debt collection??they can afford it if the van i s never seen again (not that it makes a differance), and most thieves don't order a product and give all their details to the owner and wait months for said product to get built.
Post by: kylarama on February 18, 2018, 07:37:56 AM
I'm picking up a new van this week and Jayco said preferred method of payment was bank cheque....they're obviously less concerned than most on here. Maybe they can just afford better lawyers if the situation calls for debt collection??
They could be like me who until last year didn't realise bank cheques aren't what they used to be. I used to always use and accept bank cheques for buying and selling.
also cancel any toll tags
More to the point. Cancel the registration attached to your account.
Learnt that one the hard way......
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Post by: 3rd time lucky on February 18, 2018, 11:12:43 AM
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....
Post by: Jeepers Creepers on February 18, 2018, 02:04:47 PM
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.
Post by: gordo350 on February 18, 2018, 02:17:17 PM
Post by: 03GV on February 18, 2018, 04:11:43 PM
Post by: OldPaj on February 18, 2018, 06:55:59 PM
Post by: Bill on February 19, 2018, 07:22:01 AM
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.Fixed it for ya Kev...
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.
Bill
Post by: Jeepers Creepers on February 19, 2018, 03:40:49 PM
But not as much as me.
Post by: trinityalyce on February 19, 2018, 06:53:42 PM
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...
Post by: nab on February 19, 2018, 09:46:34 PM
Post by: paceman on February 20, 2018, 06:09:34 AM
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...
Post by: paceman on February 20, 2018, 06:12:13 AM
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/
Post by: chester ver2.0 on February 20, 2018, 07:49:19 AM
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
Post by: paceman on February 20, 2018, 08:12:21 AM
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... ?
Post by: Bunyip on February 20, 2018, 10:05:07 AM
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.
Post by: chester ver2.0 on February 20, 2018, 11:25:56 AM
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.
Post by: Swannie on February 20, 2018, 05:16:59 PM
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
Post by: achjimmy on February 20, 2018, 05:23:39 PM
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.
Post by: Mikbro on February 21, 2018, 02:36:00 PM
Post by: chester ver2.0 on February 21, 2018, 02:42:22 PM
He took the camper i went straight down and deposited the cheque no problems
Post by: chester ver2.0 on February 21, 2018, 02:45:58 PM
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
Post by: Bird on February 21, 2018, 03:00:32 PM
Why i dont like cash is when i sold the Jet Skihttps://au.news.yahoo.com/nsw/a/39230035/500-000-stolen-from-man-outside-his-sydney-home-in-lidcombe/
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
but something doesn't add up.. nobody.. NOBODY would walk anywhere within 30klm radius of Lebcombe, let alone with $5.00 in your pocket.
Post by: trinityalyce on February 22, 2018, 08:24:57 AM
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.
Post by: paceman on February 22, 2018, 08:50:05 AM
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... :)
Post by: Fizzie on February 22, 2018, 09:25:52 AM
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!
Post by: rotare on February 22, 2018, 10:29:35 AM
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.
Post by: Moggy on February 22, 2018, 11:08:14 AM
I sold a motorbike a few years back & at the time I was in Brisbane, purchaser was also from Brisbane & we negotiated the deal over the phone, site unseen.
He agreed to buy & said he would fly in on Saturday to make the deal. We were flying home on the Saturday, on different flights, so met at airport in Mackay.
I arranged for son to collect us all from airport.
Now my son is a mean looking dude (think tats, big & muscled) & as we're driving home he looks across & "I'm trusting, in a car with people I don't know, carrying a large some of cash, in a town I don't live in & going past cane paddocks with little or no phone reception"
I just looked across & said "don't worry, it'll be painless"
The look on his face
........... Sent from my F8331 using Tapatalk
Post by: Swannie on February 22, 2018, 12:28:38 PM
Post by: achjimmy on February 22, 2018, 12:49:07 PM
Won’t have to worry soon, we will be able to trade in bitcoin ;D there’ll be nothing dodgy then :laugh:
Post by: tryagain on February 22, 2018, 04:12:32 PM
My biggest issue with bank cheques is that whilst I know exactly what cash should look like, I have no idea what every bank/credit unions individual bank cheques should look like, and even if I did I suspect they would be far easier to counterfeit than cash would.
Post by: Bunyip on February 23, 2018, 09:47:02 AM
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 arranged to drop the cash at a mates place (one I could trust with $40K), and made sure I let the buyer know the cash wouldn't be at my place through casual conversation. As it turns out didn't need to do it as he turned up with bank cheque but no way would I keep that amount of cash in the house with some random knowing about it.
Post by: nab on February 23, 2018, 10:42:21 PM
My biggest issue with bank cheques is that whilst I know exactly what cash should look like, I have no idea what every bank/credit unions individual bank cheques should look like, and even if I did I suspect they would be far easier to counterfeit than cash would.
That's my issue with bank cheques. Just sold my car and the buyer did a bank transfer on Monday, once it cleared I let him know and he picked it up last night. Nice, easy and safe.
Post by: Garfish on February 24, 2018, 06:42:15 AM
You don't give someone your confidential bank details and is instant move money from my account to sons different banks using payid and was instant not the overnight delay it was for EFT but i like that you don't give your BSB and account details out
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