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Car Forum / UK Car Forums / 4x4 Cars (UK group) / March 2005Best method for paying private seller cash or draft?
What is the best method for paying a private seller for a used car? Cash, bank draft or some other method? Cash seems good idea but cant be traced and no proof. With bankers drafts how do the sellers make sure its genuine before they let you have the car? Also with a draft how do you allow for the possibility of haggling for a lower price? Can you get some kind of variable draft where you can alter the amount up to a set limit? Do they have to sign something to say they have received the money, or is there some forms to fill in to confirm the sale/purchase? > What is the best method for paying a private seller for a used car? > Cash, bank draft or some other method? Cash seems good idea but cant [quoted text clipped - 4 lines] > possibility of haggling for a lower price? Can you get some kind of > variable draft where you can alter the amount up to a set limit? Do the haggling before getting the draft made out...... > Do they have to sign something to say they have received the money, or > is there some forms to fill in to confirm the sale/purchase? You're within your rights to get them to sign a receipt. <SNIP> >>Do they have to sign something to say they have received the money, or >>is there some forms to fill in to confirm the sale/purchase? > > You're within your rights to get them to sign a receipt. Not only that but, if your talking in the UK then, the seller has to complete part of the V5 document notifying DVLA that the vehicle has been sold. Personally I'd go armed with a wad of cash and use it's visual power to haggle the price a bit and, as DougP says, get a signed receipt. Whenever I've bought a car privately I've always prepared my own receipt with blank spaces for the seller to fill in the date, his/her name and address plus the agreed amount (in words and figures). The receipt always has a paragraph along the lines of "I am the legal owner of the vehicle and have have the right to sell it" unless you can get an HPI check done before handing over the money. You need two copies of the receipt; one for the seller and one for yourself. Regards Steve G depends on the amount but it is surprising what a wad of cash waved in the face does for the price if "thats all I have" > What is the best method for paying a private seller for a used car? > Cash, bank draft or some other method? Cash seems good idea but cant [quoted text clipped - 7 lines] > Do they have to sign something to say they have received the money, or > is there some forms to fill in to confirm the sale/purchase? Also (when taking cash), take only what you want to pay, taking slightly less than the asking price. That way you won't be inclined to spend 'that little bit more' ;) Last car I bought was 17k and I took 16k draft and 1k in cash. He'd already come down quite a bit to 17k so the grand was the haggle money. Best of luck C |
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