(UK) If i sell my car privately, how can i ensure i dont get conned when it comes to payments?

Question

obviously there is an escrow thing but im not sure how that works or how much it would cost. There must be another straightfoward way that protects buyer and seller?

is it safe to give your account number and sort code to a buyer???

I didnt want to accept cash in case it wasnt all legit.

Answer 1

Don't hand over the registration forms until payment is complete - by cash or bank transfer ideally.

I would be inclined to draw up a brief agreement - pretty much a receipt to state that Mr Buyer paid you, Ms Seller £X for the car registration XXXX and that you are due to exchange documents and keys on X date. Both sign and both retain a copy.

Paypal is another option, but of course there are associated fees (check these at ppcalc) which you may wish to take into consideration.

Good luck with your sale.

ETA: yes, you can give out your account number and sort code to the buyer, there's nothing they can do without your security information, and your account number is written on all your cheques and paying in slips anyway.

Answer 2

Not only do you want cash up front , or at least don't part with anything until the cheque has cleared, you also need a bit of paper that the buyer must sign , use it as a receipt, saying 'sold as seen'!
If the buyer then tries to con you for money back, he hasn't got a leg to stand on, it means the buyer has bought it because he has seen and checked it to his satisfaction.
This will cost you nothing , just keep your copy.

Answer 3

Once you have entered into an agreement to sell to a specific person, don't hand over keys or documents until you have CLEARED funds. Depending on how much you are selling for, the buyer could either arrange a bank transfer, bankers draft, cash or if the buyer wants to pay by cheque don't release the vehicle until the funds have cleared into your account.

Answer 4

Whatever you do DO NOT HAND OVER ANY OF THE VEHICLE DOCUMENTS OR KEYS until the payment has been received in full and the cheque/bank transfer has cleared into your bank account. If they are a true buyer they will accept this.

Answer 5

'Is it safe to give your bank account and sort code to a buyer?'

Take a look at your cheque book - you give those details to complete strangers every time you write a cheque (along with your signature, which you don't give for a bank transfer...).

Answer 6

full payment up front

Answer 7

paypal, or cheque?