Once at the bank, tell the person who greets you what your intention is, namely that you are selling a vehicle, that you both have an account at the bank, and that you would like to transfer funds from the sellers account to the buyer's account. Phishing emails from so-called car buying and selling websites requesting login and payment details for your card. Bank drafts – are not as good as cash, so treat them in the way you would a personal cheque. Nov 1, 2015 2:07:23 PM. I had been using that car for seven years and the reason for the sale was that it was pretty old and we were spending way too much for the maintenance and repairs needed to keep it running. Do not agree to a payment plan. Cheque payment Some dealers will still take cheques, but regardless whether it’s a bankers draft or personal cheque, you will have to wait for the cheque to clear before taking your car. The buyer finally found the perfect car at the right price and the seller is no doubt enthusiastic to part with car for cash. Hey, I have my car on sale in FInland on nettiauto. Most banks give you two options: You can take the title, or you can let the bank know where to send the title. A few weeks ago, my father sold my car. Under the measure, transactions over the threshold will have to be made through electronic transfer or by cheque, but transactions with financial institutions or between individuals will not be affected. Bank Transfers are common for European sales. If the buyer chooses to pay by money order, follow the same safe-payment guidelines for accepting checks. Then asked me to give him my paypal username & mobile number so that he can transfer the amount & get the car picked up, claiming he's from UK. Instead, they will insist on an electronic transaction via debit/credit card or bank transfer (well, after they have done their best to sell you their car finance offering). I’ve put a deposit on a car this morning with an independent trader. a) Form 29, Form 30 - Sale-Purchase Forms For RC Transfer in name of Buyer b) Form 27, Form 28 - NOC for Inter State Transfer (If applicable for selling car in other state) c) Form 35 - For Removal of Bank HP (to be submitted along with NOC, Original Smart Card & other vehicle documents) d) Form 32 - If Car Purchased in Auction (Applicable only if vehicle is purchased in Auction) And just got an email from a guy wanting to buy it & asking about my best price, I told him thats my best price & he agreed. This is an automatic red flag. Online bank transfer is one of the safest ways to pay as it avoids handling large amounts of cash and the problems associated with cheques. The balance is a significant amount of money and the trader has asked for this via bank transfer. If you fail to complete the transaction within the said period, the deposit is forfeited and the Bank will return the car in the available for sale … I've agreed a sale on my old car with a buyer. How safe is accepting a wire transfer for payment on a car? If I had a local buyer I would, and have been, asking for cash. Today it is possible for anyone to make a very authentic looking cashiers check or money order. But in addition to the extra time and effort involved in advertising and showing your car for sale, you risk getting stiffed by a buyer who pays you with a hot check. I put the vehicle for sale on eBay and I'm not sure the safest way to accept payment. So, I'm a selling a vehicle. Wire transfer the money from your bank if you want an instant payment. There is always risk in any transaction made with funds other than cash. I do nearly all transactions in cash. Obscure the number plates in the photo(s) you use to advertise your car. Selling car - Sight Unseen & Accepting Bank transfer ... 19:07. Because of the detailed nature of this process only large dealerships will usually consider wire transfers. To the OP…. In case you have leased a car from the bank to your name in KSA, you can transfer … Buyer withdraws amount in cash in front of seller, then seller pays … As you will be posting it, you need to make sure you do it with the right level of insurance and tracked, that waythe seller is covered for an item not received claim. In general, accepting cash for your car is by far the safest way to make sure you get the full, exact payment. Payment Plans for Used Cars. Bank transfers can't be reversed, so fine to accept a part payment. I pointed out that a direct transfer was greater than my internet banking would allow and that even if I did it over the counter, why would I transfer all the money to them before I had the car (trust goes both ways). These days, most reputable car dealers will not accept more than a couple of thousand pounds in cash, and some won’t handle it at all on the sale of a car. Escrow Account for Car Sale. Last car I paid £10K with chip+PIN no issue at all. read By Kia Navarro on October 22, 2019. I just sold my Mustang on ebay. Within the U.S., each party to a wire transfer needs a bank account. Transfer the Title. Once the buyer pays for the car and you pay off the loan, the title is free and clear. How safe is accepting a wire transfer for payment on a car? You might want to check with your banking institution about the fees, and to see if they have reciprocal agreements with the bank receiving the transfer. It is to state that I, XYZ of Cityville (s/o or d/o) (insert your father name) ID card holder #7898998776 (insert identity card number), transfer the ownership of my car, ABC, to Mr. GFH (s/o or d/o) (insert buyer’s father name) ID card holder #9898899876 (insert identity card number). An agreement letter for selling a car is a contract made between seller and buyer of the car. Lesson: If a buyer offers a certified cheque, go to the bank with the buyer and explain that you need to confirm the cheque is legitimate, or ensure the bank makes the full transfer of funds. This way you can verify if funds exist. To open an account, federal regulations require that banks verify your identity (among other things) and … They will then transfer the funds from your account to theirs. Someone posing as a car exporter, who asks you to transfer ‘shipping fees’ to overseas ‘buyers’. However, if your buyer phones his bank tomorrow, he can make arrangements to withdraw the full amount from his bank account in cash, and pick it up before he comes to collect. If you both bank with the same bank then following agreed sale, go to said bank branch. A used car transaction is an exciting time for both buyer and seller. Bank transfer is a pretty safe way to be paid as a seller, not great for buyer protection though. Verify the name and amount with the issuing bank, and request a … They still can call and say bank check was lost and can be cancelled but you can stop it happening by proving to the bank the sale This is a safe way of accepting payment, provided you select the service from a legitimate bank or attorney. Transfer car ownership - Step-by-step guide Things to do for the seller and buyer Intra-state transfer and inter-state transfer Documents for car ownership transfer - Form 28 (NOC), 29, 30, 32, 35, CC, RC, PUC certificate, Insurance document, RTO tax papers. 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