Advise needed on Private sale

[Type RSA]

Hi Guys,

I am busy selling my car (private sale) and have a few potential buyers. The first guy has been pre-approved for finance but the bank is asking that the deal be done through a dealership. He then has to pay the dealership a 3% handling fee. Can anyone please explain to me how this whole process works? Will I have to go to the dealership and take my car there, I have no idea how this works.

Thanks a lot!

 

[saturnz]

Hi Guys,

I am busy selling my car (private sale) and have a few potential buyers. The first guy has been pre-approved for finance but the bank is asking that the deal be done through a dealership. He then has to pay the dealership a 3% handling fee. Can anyone please explain to me how this whole process works? Will I have to go to the dealership and take my car there, I have no idea how this works.

Thanks a lot!

in principle you are basically selling the car to the dealership and they sell it to the buyer and the 3% is a facilitation fee as such

 

[Dude Crush]

Safer for you too as the dealership buys the car from you... Then they sell on to your "private" seller.

It's a lot safer IMHO.

 

[Dude Crush]

Safer for you too as the dealership buys the car from you... Then they sell on to your "private" seller.

It's a lot safer IMHO.

BTW, most dealerships would charge a fixed rate... Normally R5k. I hope it's a cheap-ish car coz 3% can become a lot very quickly

 

[Type RSA]

BTW, most dealerships would charge a fixed rate... Normally R5k. I hope it's a cheap-ish car coz 3% can become a lot very quickly

The fee that he is paying is R5000 exactly, so I guess you are right. Thanks a lot for all the replies guys, appreciate it a lot! Who chooses the dealer?

 

[Salt]

I just sold my car and bought one privately. The buyer financed through Wesbank and so did I. They use a company called Titleguard to facilitate the whole thing. R3900.00 was the fee.

Some paper work etc. but all safe and secure.

 

[Type RSA]

I just sold my car and bought one privately. The buyer financed through Wesbank and so did I. They use a company called Titleguard to facilitate the whole thing. R3900.00 was the fee.

Some paper work etc. but all safe and secure.

Thanks a lot!

 

[Fazda]

Who chooses the dealer?

- the seller normally finds the dealer but it's not as simple as it sounds - very few of your big dealerships will touch that sort of deal, and you will possibly end up with one of the smaller ones, and that can be dodgy!

 

[Maverick Jester]

I just sold my car and bought one privately. The buyer financed through Wesbank and so did I. They use a company called Titleguard to facilitate the whole thing. R3900.00 was the fee.

Some paper work etc. but all safe and secure.

All Titleguard really do is submit the documentation on your behalf- a waste of money IMO, but that is Wesbank's policy.

 

[Type RSA]

Thanks everyone!

 

[TokoZAR]

You finally selling the Honda for a BMW?

I've purchased and sold vehicles privately, haven't had to pay a third party yet. Seems a bit of a rip-off to me but if that is the only way he can do it so be it.

My latest purchase the car was still owned by BMW and I paid the guy an amount, then settled the outstanding amount with BMW and they gave me the registration papers with no hassles or any fees paid.

If you're buying your new car through a dealership, whatever the brand, try to pressure them into doing the deal for you as a value added service.

 

[Type RSA]

Hello Pella!

Ja finally, but not a BMW I was contacted by Titleguard today. They need some stuff from me. Roadworthy, technical check up, bla bla bla. So going to get this done and then the car is gone. Big change is a coming!

 

[Salt]

All Titleguard really do is submit the documentation on your behalf- a waste of money IMO, but that is Wesbank's policy.

Correct - but they also carry the risk of the sale - so not only submitting the papers. With a sale via a dealer the dealer carries the risk.