Selling Car to a Dealership

I want to sell my car to a dealership but they said they couldn't pay me in cash and they also insist I hand over the ownership of the car first and then they will transfer money to my account in the following 1-3 days. Seems dodgy to me, what's to stop them just not paying?

Comments

  • +1 vote

    no cash no deal
    how about you tell them to pay you then three days later you will take the car to them
    or
    get them to organize the money then notify you when its ready for handover

  • -2 votes

    Yeah they said all they give me is the contract, and then it's up to "another department" to process the payment but that it could take up to 3 days. What a joke!

    • +7 votes

      You have a signed contract and the dealership is not going to disappear magically once you hand over the car.Its standard business practice.

      •  

        Well Ive not done this before so I don't know what standard business practice is. It still seems silly that they can't just initiate the payment/transfer at the time of me handing over the car and signing the contract. Or at least on the same day. I don't know about you but I wouldn't do a deal with someone where I give them something valuable of mine on the basis that they say they will pay me for it a few days later.

  • +17 votes

    " what's to stop them just not paying?"

    Umm, the contract you both sign?

    • +4 votes

      Umm, the contract you both sign?

      Ugh so much this

  • +4 votes

    Why do you want to sell your car to a dealership? You’ll get a lot more for it privately

    •  

      not roadworthy ?

  •  

    Is it part of a new car trade?

  • +2 votes

    Why would a dealership want/need your car anyway?

    If you don't like their terms, look elsewhere for a cash buyer.

    •  

      Some car dealers cant get anything to fill their yards.

      But you'd sell privately if you can be bothered with 5000 tyre kickers, people not showing up, people working on oil rigs/mines/defense forces who will have someone pick it up for you etc

  •  

    Do they mean they will do an EFT "which may take 1 to 3 days to appear in your account"? They may say that just to cover their bases.

    Otherwise maybe go elsewhere I'd you are not comfortable.

  • +9 votes

    Have done this. Sold a 8 month old car to a dealership as they made an offer after seeing my ad on carsales. It was a bit lower than I expected but after going through a couple of tierkickers I couldn't be bothered any longer. Handed the car over, signed contract and money was in the account in few days. I think this is standard practice.

    Mind you this was a dealer franchise not the dodgy brothers used car yard on the highway. So if the contract clearly stipulates the exact terms and that they owe you the cash I don't see an issue here.

    • +1 vote

      Yes this is pretty much the situation. It is a reputable company so ill probably go ahead with it

    • +1 vote

      I did the same a month back. Sold my car through instant offer for not much less than I would have sold it for privately. I sold it to a reputable dealership, signed over ownership that day and the money was in my account that night.

  •  

    If you don't like the terms, find another buyer. Sell it privately and you might be able to sell it for a higher price. Also, it's a business; it's a car dealership; they wouldn't risk f***ing you over just to save a few thousand. Plus, there would be some sort of paperwork which would go over payments, right?

    •  

      Yes I agree that it is very unlikely. Although I still find it off-putting that they can't even commit to initiating the EFT on the same business day that I give them the car. They say the accounting department handle that and it can be between 1 to 3 business days. And no that's not the time for it to show into my account, that's just the time frame they allow themselves to get around to processing it.

  •  

    What car, what dealership?