Selling a car, what is the safest payment to accept

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1

Hi.
I am about to sell my car…approx £25,000. What is the safest way to receive the money? Eg faster payment??
Also at what point can I be sure the payment is definitely in my account and cannot be recalled, cancelled or withdrawn?
Thanks

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5

And add in the condition that the £25k needs to come in a briefcase with a money counting machine :laughing:

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6

Fuck trying to get that in at a PayPoint too

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7

Not to mention the limit of £1000 every 180 days

180 X 25 = 4500

So about twelve years…

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Plus you’d have to actually find a pay point that will actually try and pay it in!

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If you sell to dealership they’ll transfer money there and then via bacs so it’ll be instant

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Agree. That’s a serious wedge of cash.

I’d need to count it a thousand times, check for forgeries and all the while it was in my possession I’d be paranoid of being robbed.

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Personally for me if I’m selling through a private sale I’d ask for a CHAPS. That way your guaranteed same day payment. Is a CHAPS reversible? FPS is.
FPS only guarantees by end of next business day. Also quite a few banks have a limit to new payees through app banking.

A dealer is giving you much less as well?

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25k in cash would be risky incase it’s counterfeit as didn’t the police just seize a few million banknotes that was better quality that the Bank of England’s

Or even if it is real then the risk of theft

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Who the heck has 25k in cash? I’d go for bank transfer any day of the week.

Bank transfers are equivalent to paying in cash. It would be very difficult for the buyer to recall the money from you.

Create some paperwork - bill of sale, invoice, whatever you want to call it. Take some ID from the buyer, make a note of their bank details, their address, etc. Copies of the log book also. All the details you’ll need to take them to court in the event they try and recall their payment, essentially.

Or if you really want to be safe, forget about trying to sell the car privately and take it to a dealership instead. They’ll give you a lower price for it because they’ll want to make a profit selling it on. But you’ll have confidence at least that they won’t try and recall any payment they’ve made to you.