All sellers expect to earn a certain amount of profit from the sale of their vehicle. The pay is something that they look forward to. The money that they get from the sale may be useful for them to purchase a new car or as payment for other expenses. However, there are chances of coming across fraudulent buyers while selling the car. Sellers must be careful while accepting payments from the sale.
Following are some safe ways to accept payments while selling your car:
Payment in Cash
Accepting cash payment is one of the safest ways to get your payment while selling your car. In such a situation, there is no scope for delay in payment and hence, a lesser chance of fraudulent buyers. However, the seller must ensure that they receive the money in a safe and secure place and be careful while handling such a large amount.
Safety precautions while handling checks:
While accepting payments through cheques, there is a chance that the buyers’ check may bounce and leave the car seller at a loss. To ensure that you do not suffer such hardships, you can ask the buyer to make the check payment at their own bank. In this way, the transaction takes place smoothly, without any doubt or fear of the seller being cheated.
Some buyers may want to make the payment for the car through an Escrow account. However, some sellers may not be comfortable with such transactions. It is advisable to inform the buyer about your preference for a particular bank or attorney, if you may have any. You can always choose the method of payment, especially when you are dealing with as large a sum of money, as in this case.
Payment Plans are a big ‘No! No!’
Buyers may suggest a payment plan as a way to pay you for your car. This is one of the warning signals for scammers. Although all buyers who propose for a payment plan are not frauds, it is very risky to accept such payment. Buyers may design the plan in a certain way at the time of purchasing the car, but they may not abide by it later.
Refuse the Offer If Things Seem Fishy
You may have an instinctual feeling that tells you that the buyer may not be completely honest with you. If you observe any odd behavior on the part of the buyer, it may be safe to refuse the deal. Some of the signs might be a failure to provide the necessary paperwork, delaying the date of payment, not choosing more reliable ways of payment and wanting to pay in parts yet asking for quick and fast car removal. If you feel uncomfortable with any of the terms and conditions that the buyer outs forward, you should refuse the deal immediately.
Do not worry about finding another buyer. Many buyers in the market can be considered. The main aim that you have to keep in mind is not the sell your car fast but to sell it such that it profits you.
Also Read This : Thinking About Buying A Used Car
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