How to sell your vehicle privately. A step-by-step guide.

Rouxenator

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But how do you broker the inevitable delay between eft and that payment reflecting, even if you pay for express clearance it's sometimes not so express?
13. Fill out the sales agreement as mentioned above and both parties must sign. This is a binding contract. Question: Does the Consumer Protection Act apply here in terms of a 7 day cooling off period?
This hand written letter worked fine for me when selling my car earlier this year.
IMG_20170326_105021415.jpg
 

ponder

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Just to confirm, the seller does not need to produce the log book / licensing certificate when handing in the yellow form as you would have given it to the buyer upon handing the money over?
 

ahoudet

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Just to confirm, the seller does not need to produce the log book / licensing certificate when handing in the yellow form as you would have given it to the buyer upon handing the money over?
Correct
 

Batista

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Hi guys, Im going to be on both sides of this coin namely selling my vehicle and then buying one privately from a seller.

Any tips besides the ones mentioned in the first couple of pages?
 

Sumen

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cueball

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Of course there are safer ways, but none of them are likely to get you the same price as a face-to-face private sale.
 

The_Mowgs

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If someone buys your vehicle and pay via EFT, is it possible that they can reverse that EFT after some days?

Also, how would I know it was done via EFT? I have a potential buyer but during our first conversation he asked which bank I was and when I replied that Im with SB he said he is with Capitec but he has the full amount in the account which he can EFT tonight after viewing the vehicle.
 

airborne

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If someone buys your vehicle and pay via EFT, is it possible that they can reverse that EFT after some days?

Also, how would I know it was done via EFT? I have a potential buyer but during our first conversation he asked which bank I was and when I replied that Im with SB he said he is with Capitec but he has the full amount in the account which he can EFT tonight after viewing the vehicle.
Very difficult and rare to be able to reverse an eft, I have heard of people saying it has happened though.

Obviously you only release the vehicle once the eft is reflecting under your available balance but still it's a large amount of unsecured(no insurance protection) money.

I'd also think about if the guys dodgy or not but then again some people appear dodgy but it's not anything untoward, just their upbringing etc. The red flags are normally when the buyer gets pushy and wants things done on their timeline, starts using the payment like a carrot to manipulate you. Also a genuine buyer, ie their money is on the line, will also have done due diligence, checked the car out, asked pertinent questions, if a buyer pitches up and just wants to buy with few questions asked and seems dodgy, then be careful.
 

CranialBlaze

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Very difficult and rare to be able to reverse an eft, I have heard of people saying it has happened though.

Obviously you only release the vehicle once the eft is reflecting under your available balance but still it's a large amount of unsecured(no insurance protection) money.

I'd also think about if the guys dodgy or not but then again some people appear dodgy but it's not anything untoward, just their upbringing etc. The red flags are normally when the buyer gets pushy and wants things done on their timeline, starts using the payment like a carrot to manipulate you. Also a genuine buyer, ie their money is on the line, will also have done due diligence, checked the car out, asked pertinent questions, if a buyer pitches up and just wants to buy with few questions asked and seems dodgy, then be careful.
Technically it is not actually possible, an EFT is final, in order to reverse it the sender needs to submit a paid request to his bank, who will contact your bank, who will then request your permission to return the money, so basically you will be EFTing it back, just without manually doing it yourself or seeing his banking details, if you decline, the money is 100% legally yours so your bank and their bank can nor will do nothing about it without a court order.
 

cueball

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Technically it is not actually possible, an EFT is final, in order to reverse it the sender needs to submit a paid request to his bank, who will contact your bank, who will then request your permission to return the money, so basically you will be EFTing it back, just without manually doing it yourself or seeing his banking details, if you decline, the money is 100% legally yours so your bank and their bank can nor will do nothing about it without a court order.
This is my understanding as well, but admittedly I have no personal experience to back it up. I called FNB with this question a while ago and it was explained to me as detailed above. It cannot be simply reversed without the recipient of the money being consulted. If the recipient refuses to return the money then the only way is to go to court. To this end it would seem a wise move to have a contract drawn up, which ought to help if it does end up going to court sometime.
 

airborne

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I have heard of efts from a compromised account that were used to pay for vehicles and then them being reversed by the bank themselves. Obviously that's hearsay but I recall the source being reasonably legit and a few people backing it up.

Those may have also been efts within the same bank, I would imagine it's a lot more complicated to reverse an interbank eft because those are guarantees and have to be honoured.

I would be interested to have conclusively, because if an eft was proven to be fraudulently done, ie using stolen login details technically you would be liable to pay the money back or the bank can be forced by court order to reverse the eft?
 

CranialBlaze

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I have heard of efts from a compromised account that were used to pay for vehicles and then them being reversed by the bank themselves. Obviously that's hearsay but I recall the source being reasonably legit and a few people backing it up.

Those may have also been efts within the same bank, I would imagine it's a lot more complicated to reverse an interbank eft because those are guarantees and have to be honoured.

I would be interested to have conclusively, because if an eft was proven to be fraudulently done, ie using stolen login details technically you would be liable to pay the money back or the bank can be forced by court order to reverse the eft?
Bank accepts ZERO liability if your login details where compromised and a fraudulent EFT done on your account. Unless their systems where hacked, it is 100% jammer om Van jou *** te hooray.

Have you been missing all the news, the sim swap frauds people have been doing to compromise your bank account and transfer money, last guy that made the news lost 230k from ABSA, bank does not care, they are not liable for a fraudster getting his/her hands on your username, password and phone in order to complete an EFT. The onus is on you to make sure you authentication details are known to you and you ALONE and that nobody fraudulently swaps your sim and shelters your money.

If the recipient is apprehended and the funds are still in his/her account, the banks will more than happy to oblige, but if the money is gone or he is not caught, tough tits.
 

Rouxenator

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Pretty hard to reverse an EFT if the seller already EFT'd it to another bank for the purchase of their new car. At least, that is how I played it safe.
 

The_Mowgs

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Pretty hard to reverse an EFT if the seller already EFT'd it to another bank for the purchase of their new car. At least, that is how I played it safe.
Thats what I thought of doing, as soon as the money is transfered I transfer it to another bank
 
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