Selling My Car for over 20k, What's The Best Way to Receive Payment?

Selling my car, hoping to get 20-22k, what is the best way to receive payment from a buyer? I've only sold for up to 10k and always did cash.

1- Demand cash only - may be too inconvenient to most buyers?

2- Go with buyer to their bank, they transfer money into my account, go with them to RTA and transfer car into their name?

3- Prepaid bank cheque or money order

4- Other - please suggest.

Poll Options

  • 39
    3- Money order/bank cheque
  • 38
    1- Cash
  • 17
    2- Go to a bank together
  • 7
    4- Other

Comments

  • +6

    Cash or Bank Cheque.
    Best way regardless of how much money etc

  • +2

    Other - go with buyer to their bank. Transfer money to your account. ONCE YOU SEE THE MONEY AS CLEARED FUNDS IN YOUR ACCOUNT, give keys and transfer car to them.

    • +5

      May as well do an Osko transfer and not need to go to the bank.

      • Doesn't osko have a limit?

        • I'm not sure. Might depend on your bank? I think Osko is part of BPay so perhaps it uses your daily BPay limit. The largest I've done is $16k and TBH never even thought of there being a limit.

  • +1

    Pineapples all the way!
    Cash is KING!

    Perhaps get netbank deposit and then when they return a couple days later do the balance in cash

    • +1

      I prefer green smiths,half the counting

      • Anyone carrying around avocados is a bit suss IMO - only the cass and in branch tellers dish them out

      • Have to request the bank in 1-2 days in advance for avocados! But they are nicer to handle :)

  • Either meet at bank with cash or Bank cheque, when money is banked, sign the paperwork and hand over the keys.

  • It depends on the buyer, but I've sold cars for Cash (most preferred method, but then again I don't look like the type someone would consider mugging) and bank cheque (met buyer at bank branch so as to have the bank validate the cheque.).

    Prices ranged from ~15k - $75k.

    Once I had an old lady (60+) bring $28K in cash, that smelled like it had been dug up from the back yard.

  • Bank cheques can still be stopped after it's handed over…

    • +1

      As likely as the cash being counterfeit.

      • +4

        MUCH more likely that the cheque is counterfeit

    • How can that happen if it is already "prepaid" and I have the cheque in hand?

      • +2

        They report it as a stolen cheque

        • +3

          I have cancelled a bank cheque. Real estate misplaced it and asked me to redraw. It was much too easy.

        • Aha…..no bank cheque then.
          This is going around and coming back to cash only by the looks of it.
          Well, if I sell the car I mean.

          • @BestofOZB: You can cancel a bank cheque by reporting it lost/stolen, but its replacement will only be made out to the name of the same person/entity, of the original cheque.

  • +1

    The best way to receive it would probably be Gal Galdot saying to you "your cheque is somewhere in my one-piece bikini and I desperately want you to reach in and find out where it is".

    • I thonk you're on to something.

    • +1

      I just want to sell a car mate, but wouldn't mind a happy ending…

    • Isn't a bikini two piece?

      • I dunno, I'm gay, what would I know about women's bikinis.

  • +1

    Perhaps go to their bank and do a transfer while you both stand at the counter with the teller. In advance setup an account at their bank so the transfer is quick.

    • +1

      This is the safest way. You need to set up an account at their bank either prior to the deal or when you both get there. I once bought a car interstate for $50K and the seller insisted on this method, concerned that bank cheque can be cancelled (pretty easy to do). I then took possession of the car at the bank. Osko wasn’t around then though.

      If you use Osko, I would ask the buyer to transfer <$1 to your account 24 hours prior so the new account is “cleared” and subsequent transfers become instantaneous. As a buyer, I wouldn’t want to be waiting 24 hours before I got the keys and transfer papers - no different to the seller not wanting to take the risk.

      It’s quite unbelievable the risks people will take though. A few ago I sold a vehicle to an interstate buyer sight unseen and we agreed I’d drop it off at the car transport depot. He’d spoken to me once on the phone and I’d sent photos, then he transferred $25K into my account. I obviously did the right thing, but was surprised how trusting people are

  • +1

    Sold a car for $18,000 - buyer did bank transfer OSKO on the spot. Got held by sending bank (CommBank) as was a new payee. Commbank advised up to 24 hours so buyer left to wait to clear and I got a text from ANZ 30 mins later confirming funds had been fully received.

  • +1

    Recently purchased my new Corolla in excess of $20,000. Paid with Osko and the dealership received the funds within 24 hours.

    • -1

      U bought a car with no boot space?

  • +1

    Osko instant transfer. Just make sure they adjust their payment limit before hand and you have good phone service where you do the deal.

    Just bought a caravan using this, seller had the money by the time I’d refreshed my screen. Just sold a caravan, buyer gave me deposit value in cash, rest transferred in under a minute.

    I’d pay or receive cash up to $10k, but more than that is just a hassle.

  • Go to the buyers bank with them and get a bank check made out to you .

  • Is a simple bank transfer possible? A lot of banks have instant transfers. As soon as the money is transferred, you thrn transfer it to another one of your accounts?
    Ive done that a couple of times, and haven't had an issue…… or have i just been lucky?

    • A simple bank transfer to a new payee is delayed for 24-48hrs for security reasons and payer can reverse it in that time frame.

      • Are you sure this is still the case? I have done two osko transfers in the last month and both were new, previously unknown persons and both transactions were done in minutes. This was online, so surely a bank transfer can be instant too.

  • I'll take it off your hands for free so you don't have to worry about being scammed ;)

    • I can ship it to your mine town if you want?

  • -1

    Safest method that people trust is bank cheque. You can choose other ways but this one fits all and is not going to stress most people who are not up with all the new instant transfer processes. It slows down the stress genes.

  • When I sold my car, I happened to have the same bank as them (CBA) so we did a transfer. I would have thought that most Oz Bargainers would have a whole collection of bank accounts at various institutions lying around anyway. By CBA was an old account that had $5 in it.

    • Company car, money has to go in a specific CBA account :)

  • It's not much money… the way the world is… and they should understand… that you want CASH… no if or buts or screen shots of bank transfers.

    The only way with a private sale at this price is CASH.

    You complete the transfer papers… and you notify the Motor Registry. It is put to them to do their part…. no need to go into any Registry and hold hands.

    • Will have to wait and see who buys it first, I may not mind the holding hands bit.

    • Not anymore. Screenshots of transfers are a bit of an issue, but if both parties log into online banking you can check an instant transfer in your own account and not rely on their screenshot and hope the transaction completes.

  • 10c coins
    Or
    Cash in an Aldi bag
    Or
    Paypal

  • type a small letter with the sale agreement. ask t buyer to sign and verify their identiy. ask for a small payments before hand (~5-10%). wait transfer to fully cash in, then ask for the fully amounting on the day or the hand over.

  • +2

    Jokes aside, meet at the bank
    Transfer the money
    Sign the transfer paper
    Have a friend/family member to witness
    Done

    Old school style

    • This. Old school is best. What I have done in the past:
      Ask for cash
      After receiving cash, invite in for a drink/sign the papers and during this time count the money ( have family/friend count the money/check if legit notes)
      Give keys

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