When going through the process of selling a car or vehicle at some stage you have to accept payment for the vehicle. So what are the options open to yourself and what are the most common ways of accepting payments? The first thing we’ll discuss and my favorite is cash. When a buyer offers to pay by cash then it’s very wise that you meet in your local bank or building society. Ask the buyer to wait with you and pay the cash in together. This will ensure that the cash is all genuine and there are no fake notes. Some crooks have been known to hide counterfeit notes in amongst a bunch of real notes, and some will try to hand over all counterfeit notes. If the buyer refuses to meet you at a bank or building society them politely decline the offer. If you are selling an expensive vehicle then it is unlikely that the buyer will wish to pay cash.
Another way to except payment is by a cheque. If you are willing to accept a check then before you release the keys or log-book make sure that the check is in your bank account. Ask the buyer to give you a deposit to hold whilst the check is clearing. Take the cheque through your bank or building society and pay it in personally.
If you are offered a bankers draft then follow the same procedure as you would with a cheque. A bankers draft is similar to a cheque but is already cleared funds is supposed to having to wait for the money to clear. Be careful is that are many crooks operating with counterfeit bankers draft’s. If you are handed a counterfeit bankers draft then you must report this to the police as soon as possible.
You can also accept money for an online bank transaction. An online bank transaction is an electronic payment. The buyer will need to have your bank details. The only details they need are your sort code and your account number. Never ever give anybody any other details about your bank, especially your bank card number, as fraudsters will be able to buy goods and services online without you knowing or being their.
Most people out there are honest and the majority of transactions that take place when selling a car are fine. This is just a guide to make you aware that there are people out their who will take advantage if they find the opportunity to. Never be embarrassed about acting cautiously as if you donT you may really regret it.