Selling my car

[Eels]

First time seller here - I was wondering, assuming somone writes me a cheque for the car, I have to hold onto the vehicle until the cheque clears into my bank account, yes?  What's to stop a seller keeping hold of the car once the cheque has cleared?!  I have no intention of doing this, just don't want to look like an idiot by witholding keys until I have the cash.

[JackDanielsU]

I see the problem. You could lose out if the cheque bounces, and you could as you say keep the car, and the money.

I guess the best bet is to ask for cash, or an actual bank cheque.(drawn on the banks account, and they have taken the funds from their customers a/c)

 That way all bases are covered

[KJN]

Sorry to be a party pooper but if someone wants your car and is dishonest enough they can obtain a fraudelent bank draft.  If I was to sell my car I would ask that the money be transferred straight into my bank acount by means of a credit transfer or chaps payment this may costs them �20 but this is the best and safest way and fastest (two days).     As far as keeping hold of the car once the cheque has been cleared (If I was to pay be cheque)  I would ask the seller for a signed and dated receipt once the cheque was handed over stating that this is in full payment of car registration number ?????? This would stand well in court at  a later date should the car not be handed over, Hope this helps

[qapmoc]

Be aware that you must be very careful with any payment by cheque before handing the goods over, the banks will clear a cheque in lets say three days OK,  the money appears in your account as credit.  But that is a preliminary credit subject to final clearance and if there is a problem the credit can be taken back by the bank weeks later.  I strongly suggest that everybody who sees this post reads this http://news.bbc.co.uk/1/hi/programmes/moneybox/3727162.s tm

[furrycheeky]

As KJN be very careful regarding Bank drafts/building society cheques they can be easily faked. Bank transfer is always best. Cash as a last resort but check it all carefully, and never change the car for cash alone.

[monkeylovin]

I buy and sell cars and we accept bankers draft/building socity, but what we do is phone the issuing bank to check its real! Bank tranfers are good, but even they take 24hours to clear now. Cash is king!!! depending on the value of the car. if it was 20k not many people would want to carry that about on them. Good luck with the sale.