Recommended payment method for selling a car privately

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Borrels

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I'm selling my car privately and as I haven't done this before I am not sure about the payment method to insist on. I assume an EFT is the safest but proof of payment confirmations can be manipulated quite easily.

If the payment is done by EFT and the amount is reflected in my account, is there anyway the buyer can reverse the transaction (similar to the fake cheque scam)?

I see the FNB website allows you to verify EFT payments from their customers. I've never used this, so not sure how solid it is. I can't find something similar for the other banks.
 
Cash is first prize, get the buyer to meet you at the bank, then you can deposit it into your account at the same time.

Otherwise Bank guaranteed cheque?
 
chrisc4290 said:
CASH
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Seriously? You gonna walk around with +- R100 000 cash? Sure....

The best solution is to have a bank account at the same bank as the buyer so you can see the EFT clear immediately into your account. And generally no, you can't reverse an EFT transaction.
 
deweyzeph said:
Seriously? You gonna walk around with +- R100 000 cash? Sure....

The best solution is to have a bank account at the same bank as the buyer so you can see the EFT clear immediately into your account. And generally no, you can't reverse an EFT transaction.
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Only 500 R200 notes ;P
 
deweyzeph said:
Seriously? You gonna walk around with +- R100 000 cash? Sure....

The best solution is to have a bank account at the same bank as the buyer so you can see the EFT clear immediately into your account. And generally no, you can't reverse an EFT transaction.
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Not to mention that insane bank charges you will incur once you actually cash the money. Best if either immediate EFT or a bank guaranteed cheque.
 
Borrels said:
My thoughts exactly. Besides, then I'm paying the deposit fee.
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And the withdrawl fee for the buyer unless he has that kind of cash lying around in which case would you want to sell your car to someone who keeps that sort of cash around?
 
Here's how the scam works :

Say you bank at Nedbank, you give your account number to the buyer who must deposit R100000 into your account, he then takes a stolen cheque for R100000 and deposits that into your account you check online and get an sms stating deposit R100000 received. He inturn takes the deposit receipt he gets, which states cheque deposit, and changes that to read cash deposit. The SMS and online shows the deposit, and the receipt he's given you states cash, he drives away with your car, 3 days latter the R100000 is reversed as it was a fraudulent transaction.

Basically, I'd suggest the following 1. he must do the EFT in front of you ideally on your PC/Laptop, 2. he must bank at the same bank as you. 3. You verify with the bank that the money has cleared your account get them to confirm in writing/email, then release the car.
 
warwickw said:
Here's how the scam works :

Say you bank at Nedbank, you give your account number to the buyer who must deposit R100000 into your account, he then takes a stolen cheque for R100000 and deposits that into your account you check online and get an sms stating deposit R100000 received. He inturn takes the deposit receipt he gets, which states cheque deposit, and changes that to read cash deposit. The SMS and online shows the deposit, and the receipt he's given you states cash, he drives away with your car, 3 days latter the R100000 is reversed as it was a fraudulent transaction.

Basically, I'd suggest the following 1. he must do the EFT in front of you ideally on your PC/Laptop, 2. he must bank at the same bank as you. 3. You verify with the bank that the money has cleared your account get them to confirm in writing/email, then release the car.
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+1. Personally I would walk away from any transaction that involves a cheque or cash. It's either EFT from an account at the same bank as you or nothing.
 
deweyzeph said:
+1. Personally I would walk away from any transaction that involves a cheque or cash. It's either EFT from an account at the same bank as you or nothing.
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So you're limiting your sale to a person who banks with the same bank as yours. Hopefully you have an item which is in huge demand then.
 
deweyzeph said:
+1. Personally I would walk away from any transaction that involves a cheque or cash. It's either EFT from an account at the same bank as you or nothing.
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While I agree that cheque or cash is no-no, I also don't want to reject any potential buyers just because they happen to use a different bank. But will insist on the EFT being completed and the money in my account before releasing the car.

Thanks for all the advice.
 
Borrels said:
While I agree that cheque or cash is no-no, I also don't want to reject any potential buyers just because they happen to use a different bank. But will insist on the EFT being completed and the money in my account before releasing the car.

Thanks for all the advice.
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One thing I forgot to mention, is that it doesn't necessarily have to be your account that the guy deposits the money into. For example if you're with Standard Bank and the buyer is with FNB, then if you've got a relative or trusted friend who banks with FNB then you could always get the buyer to do an EFT to your relative or friend's bank account and ask them to verify that the EFT has gone through. I've done this a few times.
 
When I bought my bike privately I went to the guys's house and did an EFT there after he had produced all the necessary docs. There is an option where you do an immediate clearance between banks, think it cost R38 extra. Also the sms/email that followed from both banks sealed the deal.

I would not touch a cheque or cash(large amounts), just too risky for either fraud or a convenient robbery when you leave the place.
 
deweyzeph said:
One thing I forgot to mention, is that it doesn't necessarily have to be your account that the guy deposits the money into. For example if you're with Standard Bank and the buyer is with FNB, then if you've got a relative or trusted friend who banks with FNB then you could always get the buyer to do an EFT to your relative or friend's bank account and ask them to verify that the EFT has gone through. I've done this a few times.
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That is just as dodgy - I have heard many a tale where close friends / relatives are even more crooked than the average stranger.
 
Very good question, I still don't think there's a satisfactory answer. What I did with my motorbike was sell it on the offroad forum I belong to, and made sure that a frequent poster was the buyer. Then he did an EFT at my place. I let him take the bike, but kept the paperwork until the bank cleared it. It was a different bank.
 
I just sold some tech for a sizeable amount, we did the payment via the FNB Geo payments on the FNB app, it's freaking awesome, this will be from now on my number 1 way of doing in person payments.
 
Don't let go of the car unless the funds have been cleared, a deposit is not good enough.
 
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