Selling my car over the weekend. Priced at (13k). The buyer has mentioned he has no access to cash as the banks are closed (Sat pm). Pick up is on Sunday. He has said he will do a bank transfer in front of me at the time of pick up. I have asked for cash still.
What can go wrong here?
Is it worth seeing the car drive off and the cash is in transit?
Any other work around? New tech for transfer this amount (pay ID)?
Can the banks up the limit temporarily to access that much cash from atm ?
Any words of wisdom/advice?
Thanks in advance.
Thanks to everyone for sharing their ideas and thoughts and setting my mind straight. Appreciate it. Hopefully it will be straightforward from here.
Points taken from the helpers below;
- Cash transaction (King of all other options).
- No bank transfer especially during a non-business day as the transaction can be cancelled. It can also be faked to a certain extent.
- Bank transfer if the buyer is genuine and the funds have cleared to seller account before picking up car. Move the funds to a different account just for a peace of mind (I guess).
- Do the transaction on a business day if there is no access to banks (cash/cheque). Bank cheques can also be cancelled so be wary of this and make sure the funds clear.
- Go to bank for transfer of funds if necessary and have witnesses.
- A bill of sale signed and witnessed is legally enforceable. So get something in writing and also get it witnessed an example:
Buyer arrived with cash on Sunday. Few good things learnt. Thanks y'all.