I'm selling my car and it's quite a bit of dollars so I was just wondering what the best way to get payment is?

Can I request they transfer the money into my bank account, then once I check it, give them the keys, fill out the paperwork etc? Or is that too paranoid?

Anyone recommendations and/or things to be careful of?

If its quite a lot of coin i'd assume most people would have gotten a personal loan. Usually the bank gives you a couple of free bank cheques which is as good as cash :D.

I don't think you're being paranoid at wanting the money to be cleared first either. My old man is selling his car to some dude in WA and I told him specifically that the car does not get on that truck until the money is cleared in his bank!

Bank cheque, that way you know that they're clear funds. Essentially the cheque is coming from the bank, not the person's account. They transfer $X into their bank, their bank then writes a cheque out into your name that says take $X from the bank's funds.

i usually would ask for a bank cheque & give them a receipt. ive never done an electronic money xfer for private vehicle sale before but i spose it would be secure enough.

Make sure the receipt includes make (toyota), model (corola), year (92), colour (white), type (hatchback) and VIN. Otherwise things can get difficult for them when they go to register.

Bank Cheque.

So can u ring up and check that it's not a fake?

Last time I bought a car, bank cheque was the way to do it.

cash, hundred dollar bills y'all

If the other party seems dodgy, why not just go into the bank, he gets the cash out, you turn around to the teller and deposit it?

I have seen some people say they dont trust bank cheques when this topic comes up, i.e. they can be reversed? Havent really looked into it though.
Also probably a good idea that you know what a bankcheque looks like if you go that route so you dont get a fake.

last edited by Bah at 17:48:52 29/Jan/07

cash, hundred dollar bills y'all

Unmarked, non-sequential and in a brown paper bag.

soly my car last week, bank cheque, however note that they still take 3-4 business days to clear.

however in general they will never bounce. but you would not be able to tell a fake until 3-4 days later (unless you are both with the same banking insitution)

Doesn't matter what type of cheque it is, it will take 3-4 days. You get some people that say because its a cash cheque it will clear straight away, its all bs.

Make sure the receipt includes make (toyota), model (corola), year (92), colour (white), type (hatchback) and VIN. Otherwise things can get difficult for them when they go to register.

they're generaly alright, Name and make will be fine.

get cash, then make a video of yourself showing how bling you are by showing off your cash and going around and randomly beating up any minority you can find, THEN post it on youtube showing your face as well as your tough friends' faces then sit back and enjoy the ensuing media frenzy.

unmarked fives and 10's in a suitcase

Doesn't matter what type of cheque it is, it will take 3-4 days. You get some people that say because its a cash cheque it will clear straight away, its all bs.

If it's a bank check ask to withdraw on the balance of the check. If the slut at the front counter refuses you, talk to the manager.

bank cheque + 1

bank cheques aren't 100% safe for the seller

the money is still in their account until it clears so they can still transfer it and bounce it

Escrow Australia

lolol

Are you sure the monies can be transferred away?

Any time I get a bank cheque drawn the available balance is immediately shown as reduced by the amount of the bank cheque. I always understood it as you buying the cheque, and the bank then becomes the drawer.

bank cheques aren't 100% safe for the seller

the money is still in their account until it clears so they can still transfer it and bounce it

you are getting personal cheques and bank cheques mixed up.

on a bank cheque, the drawer is the bank. when you ask for one from the bank, you transfer the money to the bank and the bank then provides you with the cheque.

the money isn't in your account anymore, so you can't transfer money to bounce it.

http://www.abc.net.au/7.30/content/2002/s510503.htm

What we can make out is that this customer has gone into the bank, he's requested a bank cheque, he's handed across his funds for the payment of the cheque, had it issued to us, gone back out of the bank, come back in an hour or two later and said to the teller, "I've lost that bank cheque. Cancel it", and the teller has given him back his money.

...

As far as the industry is concerned, a bank cheque is worthless until it's cleared and therefore there's no need to transport them under high security.

...

But according to the banks, until they're cleared, bank cheques are just pieces of paper.

You're posting just certain lines out of context though, and it's from an article that's 5 years old.

The whole context of the article is that bank cheques arent 100% secure as some people might assume, so i dont think the lines are out of context?
As for it being 5 years old, yeah sorry my google is weak :/ Do you have any recent info that these loopholes have been fixed, or how to avoid them? (besides waiting for the cheque to clear as nf suggested)

Well the context of the article is 'stolen bank cheques', but also appears to go into this situation - however on each occasion, the payee trusted the cheque wasn't suspect and didn't contact the bank to verify it wasn't cancelled.

I would never assume a bank cheque is 100% safe, but they have a much lower chance of having issues than a personal cheque.

ah i see so i had it around the wrong way, still i knew that they weren't 100% safe

problem with phoning the bank to verify its genuine is if you do the deal on the weekend i'm guessing

Okay, well I guess I'll say if you want the car, I want to see the money in my bank account before I hand over the keys, no exceptions?

If they want the car, they will do as I say?

I don't like cheques, and with internet banking etc these days, makes it easy enough to do.

thats it baby, thats the sexy way bigzub does it. no money no car.

I don't like cheques, and with internet banking etc these days, makes it easy enough to do.

no dice, you can't transfer those sort of funds via the internet