selling vehicle process

[paceman]

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?

[Paddler Ed]

Wait for the bank cheque to clear, and make sure the bank are happy with it first.

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.

[gordo350]

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

[D4D]

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

[TimE]

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

X 3

[glenm64]

I always like cash.
Or go with him to the bank when he draws bank cheque.

Cheers Glen

[paceman]

thanks all for the advice...

have requested the buyer to use EFT, if possible...

[Goshen]

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

[paceman]

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...

[D4D]

we have different banks, but EFT clears quicker than bank cheque, i think...

It will probably take 2-3 days still

[Charlie Brown]

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.

[gordo350]

You are supposed to transfer the rego anyway. That way if he doesn't it's not your problem

[paceman]

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...

[Goshen]

It will probably take 2-3 days still

There 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

[Bird]

Cash never fails. no issues, no complaints.

also cancel any toll tags

[speewa158]

Cash  on the knocker  , As is Where is . Sign the papers   

[Swannie]

Go to the bank with him withdraw the cash then go to your bank and deposit then handover keys

Swannie

[Charlie Brown]

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

[gordo350]

.

[Charlie Brown]

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.

[jwb]

Cash can be dodgee too!
As in counterfeit !

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[Jeepers Creepers]

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.

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.

[3rd time lucky]

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??

[Rumpig]

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.

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.

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.

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.

[kylarama]

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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