How is it normally done - by cash or internet banking! Does payment usually car before car can be collected! How does that work if you are driving out of town to see a car - is a another trip made once payment has cleared!
hydroman08,
May 27, 1:26am
Take cash or bank check. Change ownership before taking/giving the car.
haydennaomi,
May 27, 1:29am
+1 bank check is safe and easy
purple666,
May 27, 2:03am
I wouldn't accept a bank cheque.
hydroman08,
May 27, 2:14am
Why not exactly!
ringo2,
May 27, 2:14am
Why not!
purple666,
May 27, 2:21am
They aren't as safe as you may think.
hydroman08,
May 27, 2:24am
are you going to provide an example! its just a cash note.As long as you dont lose it i dont see the problem!
saffa2,
May 27, 2:24am
cash.
cowboy110,
May 27, 2:27am
Put the boot on the other foot. You would want cash or any cheques/internet payment cleared before you let the car go.So if it requires a second trip to pick up the car, so be it.Don't forget the change of ownership before the buyer heads off into the wide blue yonder either.
matthew111,
May 27, 2:42am
why not. If the major rental companies selling vehicles over $150,000 take them you can.
spongefrisk,
May 27, 3:36am
A bank cheque can still be cancelled if I recall. So someone could hand over the cheque on Saturday, take the car, ring and cancel the cheque. By the time you get to the bank Monday it's dead. I stand to be corrected on this.
trader1292,
May 27, 5:05am
I sold a car once and the guy wanted to pay with a bank check so I rang the bank to see what the deal was and they said bank checks can be cancelled up to 48hours latter.
shelleigh,
May 27, 4:56pm
I sold my car recently to someone from out of town and they paid cash and we did the change of registration online. That is disgusting that bank cheques can be cancelled - why would the bank issue them in the first place!
tigra,
May 27, 6:34pm
Yes it seems in some instances the bank cheque has been issuedbut a short time later there were insufficient funds to cover the bank cheque so the bank cancelled it. Not a common occurrence but worth being wary about if transaction is happening over a weekend.
illusion_,
May 27, 6:41pm
safest and best way to do it.
tonyrockyhorror,
May 27, 7:16pm
No correction required.
They have in the past been altered too.
kazbanz,
May 27, 7:25pm
I take a few payments for cars Payment by internet transfer but funds must be in my account Cash Bank cheque -but if they seem dodgy I nip up to my bank and ask for it to be cleared funds right away. keeping in mind that most banks are open 7 days nowadays
carmedic,
May 27, 10:36pm
Maybe they are up there in the big smoke!
wellystretch,
May 27, 10:54pm
You're full of it, the money gets taken out of your account and put into a holding account, then they issue you with the bank cheque. Also you cannot cancel a bank cheque without bringing the cheque back to the bank. If you lose it you won't get your money back straight away, and not at all if you didn't keep track of the serial no.
supernova2,
May 28, 4:06am
Without speaking toa banker who knowswhat the story is but what I do know is that in some circumstances bank cheques can be dishonoured.Cash is the answer, after all if the purchaser has $X to get the bank cheque he can just as easily draw out $X in cash and hand it over on pickup
mantagsi,
May 28, 5:00am
Cash is king, and get those ownership papers sorted out immediately, not later - you dont want to get burnt :)
ginks,
May 28, 5:16am
Make sure no finance owing on car also.
omega12,
May 28, 7:50am
Of course bank chqs can be cancelled. What if you lose it! What if you feel you have to buy (stand over tactics on the sellers behalf), I'm sure you'd like to be able to cancel the deal, ergo cancel the cheque. There are a number of reasons why a bank chq may need to be cancelled (I've cancelled one myself for very good reason). As I understand it, if you get a bank chq issued those funds are no longer available (so you can't spend the funds earmarked for the cheque). We have purchased 6 cars off Trade Me over the years (still own 4) and had no trouble with payment at all and all paymenst were by personal chq. A bank chq is quite acceptable and gives you a measure of protection that cash doesn't.
wellystretch,
May 28, 10:11pm
Nope, money is taken out of your account. The holding account and the serial no. of the cheque are linked.
Wiki: A certified check or certified cheque is a form of check for which the bank verifies that sufficient funds exist in the account to cover the check, and so certifies, at the time the check is written. Those funds are then set aside in the bank's internal account until the check is cashed or returned by the payee. Thus, a certified check cannot "bounce", and, in this manner, its liquidity is similar to cash, absent failure of the bank. The liquidity and certainty of payment of a certified cheque explains the fact that it is sometimes considered equivalent to cash
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