Safe payment options for buyers

[Mark_]

Hi all. I am looking to buy a GU Patrol wagon very soon, and have my eye on a few around 13k. I am curious and concerned about the method of payment for this. I have the cash in the bank, and need a safe and traceable way to get it into a sellers account, with an official record (not an unofficial receipt) to testify that the payment was for purchase of the vehicle. It should obviously provide both the buyer and seller with the same sense of security. The seller would also need to be agreeable to this.

Now I know that sellers love cash, as there is nothing more secure than having the money in hand. However, as a buyer I am uncomfortable with handing over 13k cash and driving away in a car with nothing but a signature to say that it is now mine. I find it difficult to understand how a scribbled on piece of paper is considered evidence of anything. A signature can be forged, so I don't see this as solid evidence of a transaction. There would seem to be nothing (besides a sense of decency) stopping a seller from reporting a car as stolen immediately after the sale, the buyer potentially losing both the car and the money.

I believe that all payments should be traceable. I am interested to hear how others feel about this. Cash is every bit as untraceable as Western Union, which is all the rage for scammers these days. Paypal seems to be a good option, although the 2.4% fee is quite steep. It is peace of mind at least. I wonder if a Justice of the Peace or similar could/would act as an independent witness for a cash transfer in this regard. Bank transfers tend to be a little too slow for a smooth, worry free transaction, unless the buyer and seller happen to have accounts at the same bank. I have considered signing up to whatever bank the seller is with, simply for this purpose. I have not had experience with bank cheques but I think that they are even slower (I could be wrong here), and sellers tend to worry about whether or not they are genuine.

Any other ideas? Has anyone done this better?

[BigRAWesty]

Simple direct debit his really your only option, Then print out your own receipt. Would take 5 mins to do, but a few days to clear into his account. But he should see money there as uncleared funds.

Bank cheques are ok, but yes, fear of bouncing is a big one.

I wouldn't bother opening another account. Fees charges, time.. etc.. all that messing around and your money will still take 2 days to get from your account into your new account, then another into his..

Quicker, simpler just to direct debit imo

Kallen Westbrook
Owner of
Westy's Accessories (http://www.nissanpatrol.com.au/forums/showthread.php?15134-Westy-s-Accessories.-A-small-back-yard-builder.)

[Mark_]

Thanks Kallen. I should mention that the car I am thinking of is interstate (Victoria, I am in Adelaide), so a few days clearing time would be a major headache if the seller requires the funds cleared before releasing the car. I would need to check out the car beforehand.

[wildgu6]

Just bought a camper from QLD for 7k, I'm in SA, went to my bank and withdrew funds and deposited cash straight into sellers acc, funds cleared straight away so vehicle is released,and receipt printed from bank. Make sure you put a reference name on deposit. Ie Patrol payment & name.


TAPPN OUT

[growler2058]

Bank cheques are ok, but yes, fear of bouncing is a big one.


I've not heard of bank cheques bouncing. I've bout most cars for 10k or more with a bank cheque it's as good as cash from what I've been told. Hell it comes from a bank



Sent from the crapper while on tappa

[BigRAWesty]

I've not heard of bank cheques bouncing. I've bout most cars for 10k or more with a bank cheque it's as good as cash from what I've been told. Hell it comes from a bank



Sent from the crapper while on tappa

True there not like a regular cheque ay. Never really written one, just recived a couple. So the bank won't rite one unless you have the funds I'm guessing..

Kallen Westbrook
Owner of
Westy's Accessories (http://www.nissanpatrol.com.au/forums/showthread.php?15134-Westy-s-Accessories.-A-small-back-yard-builder.)

[growler2058]

Yeah mate the banks gotta fill em out so ya pretty safe and I believe they clear straight away


Sent from the crapper while on tappa

[Winnie]

Bank cheques take a couple days to clear but other than that they are as good as cash. Bank won't write one unless you have the coin in your account.

If you're happy and you know it tap a post!

[NP99]

Bought my Patrol with a bank cheque. It's as good as gold.

[Bob]

A Bank Cheque can be cancelled by the Purchaser of the Cheque prior to being cleared and therefor is not like Cash.
A Direct Deposit to the Sellers A/c is the best option as Funds are cleared immeadiately

[NP99]

A Bank Cheque can be cancelled by the Purchaser of the Cheque prior to being cleared and therefor is not like Cash.
A Direct Deposit to the Sellers A/c is the best option as Funds are cleared immeadiately

I forgot about that. When I bought my ride on mower privately, we did an electronic funds transfer on the guys computer, he was happy with that.

[jack]

Bank cheques clear immediately BUT as stated they can be cancelled prior to being deposited, I still think this is the safest option. Doing a direct deposit still leaves you open to the seller refusing to hand over the vehicle and getting the money back is very difficult. I made a direct deposit to an account and the person gave me the wrong account number, it took ages to get the money back and the bank were most UN cooperative.
I assume you will be picking up the car in person so I would arrange to pay with a bank cheque, you can wait for the seller to deposit it if you want.
Never had any issues with bank cheques and they are fully traceable, oh and enjoy the Patrol when you decide to get it.

[Lonicus]

If you're doing the changeover in person, on a weekday, go down to the bank, get a bank cheque with him standing next to you, and hand it to him then and there.

[Alitis007]

I flew to brisbane from melbourne handed over 10k in cash, wrote out a receipt with the sellers license number on it and a scribble from him and a transfer paper so i had 2 receipts! Done deal!!

[Winnie]

I flew to brisbane from melbourne handed over 10k in cash, wrote out a receipt with the sellers license number on it and a scribble from him and a transfer paper so i had 2 receipts! Done deal!!

I did the same but without flying to brissy haha.

If you're happy and you know it tap a post!

[Alitis007]

I did the same but without flying to brissy haha.

If you're happy and you know it tap a post!

Thats right you rode your BMX yeh !

And keep the transfer paper in a safe place and write down the time of your transaction, the car i sold when i bought my trol was reported for hooning 4 months after i sold it and copers rocked up to my house to to confiscate it. Well lucky for me i had the transfer paper with me, they said it hadn't been transferred yet by the buyer and he was going to be charged aswell for not putting it into his name within the 2 week leeway thats given.

[Winnie]

Same thing happened to me too there George! Got a phone call asked to come to the station due to hooning 12 months after I sold the car. Bloke hadn't transferred into his name. He got heaps of fines, driving unregistered car etc... Because I still had the transfer form

If you're happy and you know it tap a post!

[jack]

And keep the transfer paper in a safe place and write down the time of your transaction, the car i sold when i bought my trol was reported for hooning 4 months after i sold it and copers rocked up to my house to to confiscate it. Well lucky for me i had the transfer paper with me, they said it hadn't been transferred yet by the buyer and he was going to be charged aswell for not putting it into his name within the 2 week leeway thats given.

Same thing happened to me years ago, received a speeding fine. I had the transfer papers so no problem, expect for some hassle with a stat dec etc.
Now I ring VicRoads after a week to confirm it's been transferred, they will confirm if it's no longer in your name.

[taslucas]

I am driving around in my new run about but haven't transferred the rego yet lol oops, I'm real worried about getting a speeding ticket etc and it going to the previous owner but that's just cause I'm a good bloke lol

FanTapstic!

[Alitis007]

Same thing happened to me too there George! Got a phone call asked to come to the station due to hooning 12 months after I sold the car. Bloke hadn't transferred into his name. He got heaps of fines, driving unregistered car etc... Because I still had the transfer form

If you're happy and you know it tap a post!

Yeh theres 2 papers, one for the RTA and one for you to keep (here in vic its the pink copy i think)

You can get a Receipt type form from the RTA aswell that you just need to fill out if you don't what to write one up.

[NP99]

Thats right you rode your BMX yeh !

And keep the transfer paper in a safe place and write down the time of your transaction, the car i sold when i bought my trol was reported for hooning 4 months after i sold it and copers rocked up to my house to to confiscate it. Well lucky for me i had the transfer paper with me, they said it hadn't been transferred yet by the buyer and he was going to be charged aswell for not putting it into his name within the 2 week leeway thats given.

Yes Officer you can confiscate my car.............some blokes are idiots or just to lazy to do the paper work!