Safe payment options for buyers

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?

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

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.

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

Quote:

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Originally Posted by Westy's Accessories

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

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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

Quote:

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Originally Posted by growler2058

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

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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

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

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!

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

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