Selling - payment

Classifieds section for all Macan Owners.
Fairynuff
Posts: 466
Joined: Mon Oct 08, 2018 6:19 pm

Post by Fairynuff »

Hi I've just read through a post by nosmo who sold his GTS on Autotrader. I don't know how much he sold for but suspect it was a substantial sum. The way things are going for me, I can see it likely that I will be selling my Audi Q5 privately on Autotrader. My question is . . . how do you safely do the deal? The number is too large for cash and even if it was cash, how do you sort through thousands of notes to ensure no counterfeits. So how is the deal safely done?

MCDK
Posts: 2499
Joined: Wed Jan 20, 2016 8:54 pm

Post by MCDK »

Definitely not cash! Bank transfer is the only way and check with your bank the funds are there and can't be recalled. There are some electronic methods that can be recalled so just make sure that is not the case.
Bogus
Posts: 163
Joined: Tue Mar 07, 2017 12:40 pm

Post by Bogus »

Yes, bank transfer and ensure the funds are cleared before you sign the V5C. If you have finance outstanding make sure the finance company confirms receipt of payment before you release the cars documents..

Sent from my SM-N960F using Tapatalk

Macan Turbo PP - Collected June 2018
LED PDLS, Pano, Air Susp, ACC, Entry & Drive, 21" Turbo 2 wheels, LDW, Heated front & rear seats, Turbo Interior Packagae, PSE
Panamera 4S (970.2) - Sold May 2018
911 C4S (991.1) - Sold May 2017
rossman999
Posts: 114
Joined: Tue Jan 17, 2017 10:01 pm

Post by rossman999 »

I picked the private buyer for my 911 up at the airport, checked that he had insurance and let him drive the car back to my house. At my house he did the bank transfer and once it was all confirmed he took the keys and started the long drive back down to London.
Tesla 3LR
Macan SD gone :-(
997 C4S gone :-(
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Nosmo
Posts: 2154
Joined: Mon Jan 06, 2014 5:37 am

Post by Nosmo »

Fairynuff wrote: Wed Oct 10, 2018 4:43 pm Hi I've just read through a post by nosmo who sold his GTS on Autotrader. I don't know how much he sold for but suspect it was a substantial sum. The way things are going for me, I can see it likely that I will be selling my Audi Q5 privately on Autotrader. My question is . . . how do you safely do the deal? The number is too large for cash and even if it was cash, how do you sort through thousands of notes to ensure no counterfeits. So how is the deal safely done?
I am no expert seller. Just Joe Blo with a car to sell. In fact I have only ever sold 2 high value cars on-line. I am seriously suspicious by nature. I trust it when I see it.

Selling on-line for me has a couple of rules. Firstly, take quality pictures to compete with the pros. Secondly describe the car and its attributes accurately. Ask reasonable money, bearing in mind that your competition (dealerships and traders) can offer a warranty and in some instances will have to go a health check / replace worn parts.

Next comes patience. No-one (or at least not in my limited experience) is going to part with 50k++ overnight. People in general will do their homework. A realistic target for real discussions to develop is around 5 weeks and more. You WILL get called the days immediately following your on-line post by traders. My pet hate is them telling you that your price is wrong and it would be better for you to sell it to them at 20% or so less than advertised. My response to their question; "do you know what you want to sell it for" is responded to with one word only. "Yes". Be prepared for the silence which follows. The follow up question and answer are also (as it occurs to me) pretty simple. They ask "how much" you respond "the price you see on-line". Then keep your mouth shut again. The reactions will make you laugh. They made me laugh for sure.

Give yourself a floor price. A price below which you won't sell, however tempting it is especially shortly after posting your car. Believe me, after 3 weeks you will curse yourself for not accepting that offer for 25% less than advertised on day 3. Don't. Be patient!!
If you do get a trader who is genuinely interested in your car and makes you an offer below your floor price, bring them well above that floor price by a grand or so, so he can counter bid allowing you still to make your floor. You will feel sh*fted if you let the car go below the floor after the process. That's human nature. Don't be tempted.

Be prepared for great buyers. People who will never make you a money offer but make you drive your own price down. Don't. Let them make the offer. If they won't, and you believe they are genuine, drop by a couple of hundred below the advertised price and keep your mouth shut. Silence is your friend.

After week 4 or so drop your price a little on line. After week 5 or 6 the private buyers who have been virtually kicking your tyres since day one will contact you. They now believe you are ready to sell and they feel you have negotiated your first step down. It's becoming a "bargain" for them.

If someone wants to see the car arrange a time and date when they can. Don't let them drive without you present etc. Meet on your territory and if you feel so inclined, have a friend with you. If you feel something is fishy trust your instinct and call it off. If you take someone out for a spin, again, take a friend if you want and never, ever let go of the keys. Speeding is a no, stick to the rules and stay on roads you are happy and familiar with. It's your car and it should be respected and driven how you still want to drive it.

If someone wants to see the car and wants to have first refusal, ask for a deposit. I asked (and received) a £500 bank transfer both times I sold a Macan.

Make a note of everyone you spoke to and the numbers they called from / offers they made.

And now to finally answer your question. Sorry I got a little carried away above. Money: Please remember that UK banks allow a maximum of £10k per day transfers through phone banking apps!!! That is only a fifth of a 50k car!!! They will need to pre-arrange a facility with their bank to transfer the full value of the car over the phone when they have made the decision to go ahead. If they fail to pre-arrange this, they will go home without your car. The money reference I told my buyer to use was "sale of Macan xyz number plate". If ever there is a dispute later, the car reg will be on record with the DVLA.

Do not start filling in the V5 with the new details, don't let go of car keys etc until the cash is in your bank. I then transferred the cash out into another account I have with the same bank. It can't be recalled if you don't have the funds.

And some recent learnings - to use an awful expression. If they want to put their own private plate on the car, don't allow them to use the existing V5 reference number. My buyer did. I ended up being the new registered owner for a car I had apparently sold. Nice but not right. It did cost me another month in road tax which I made him pay. It's a financial transaction and should be treated as such.

Feel free to PM me if you want to take this off-line. Always happy to help.
Deposit paid 14/12/13 - Picked up on 14/03/15.PF9FZLV2
GTS: PHVVUV96 Picked up on 16/06/16
Cayman GTS on order - due for delivery Nov '18
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andreas
Posts: 1863
Joined: Sun Apr 30, 2017 3:33 pm
Location: Essex

Post by andreas »

Great post, Nosmo.
Macan S collected 4 Dec 2017 - Jet Black, 20" SportDesign, Agate/Pebble, 18-way, Pano roof, Bi-Xenons with PDLS, Surround View, PASM, PS+, spare wheel, towbar.
2021 Audi TT Roadster Black Edition (hers)
2011 Freelander 2 (workhorse)
Bogus
Posts: 163
Joined: Tue Mar 07, 2017 12:40 pm

Post by Bogus »

Nosmo wrote:
Fairynuff wrote: Wed Oct 10, 2018 4:43 pm Hi I've just read through a post by nosmo who sold his GTS on Autotrader. I don't know how much he sold for but suspect it was a substantial sum. The way things are going for me, I can see it likely that I will be selling my Audi Q5 privately on Autotrader. My question is . . . how do you safely do the deal? The number is too large for cash and even if it was cash, how do you sort through thousands of notes to ensure no counterfeits. So how is the deal safely done?
I am no expert seller. Just Joe Blo with a car to sell. In fact I have only ever sold 2 high value cars on-line. I am seriously suspicious by nature. I trust it when I see it.

Selling on-line for me has a couple of rules. Firstly, take quality pictures to compete with the pros. Secondly describe the car and its attributes accurately. Ask reasonable money, bearing in mind that your competition (dealerships and traders) can offer a warranty and in some instances will have to go a health check / replace worn parts.

Next comes patience. No-one (or at least not in my limited experience) is going to part with 50k++ overnight. People in general will do their homework. A realistic target for real discussions to develop is around 5 weeks and more. You WILL get called the days immediately following your on-line post by traders. My pet hate is them telling you that your price is wrong and it would be better for you to sell it to them at 20% or so less than advertised. My response to their question; "do you know what you want to sell it for" is responded to with one word only. "Yes". Be prepared for the silence which follows. The follow up question and answer are also (as it occurs to me) pretty simple. They ask "how much" you respond "the price you see on-line". Then keep your mouth shut again. The reactions will make you laugh. They made me laugh for sure.

Give yourself a floor price. A price below which you won't sell, however tempting it is especially shortly after posting your car. Believe me, after 3 weeks you will curse yourself for not accepting that offer for 25% less than advertised on day 3. Don't. Be patient!!
If you do get a trader who is genuinely interested in your car and makes you an offer below your floor price, bring them well above that floor price by a grand or so, so he can counter bid allowing you still to make your floor. You will feel sh*fted if you let the car go below the floor after the process. That's human nature. Don't be tempted.

Be prepared for great buyers. People who will never make you a money offer but make you drive your own price down. Don't. Let them make the offer. If they won't, and you believe they are genuine, drop by a couple of hundred below the advertised price and keep your mouth shut. Silence is your friend.

After week 4 or so drop your price a little on line. After week 5 or 6 the private buyers who have been virtually kicking your tyres since day one will contact you. They now believe you are ready to sell and they feel you have negotiated your first step down. It's becoming a "bargain" for them.

If someone wants to see the car arrange a time and date when they can. Don't let them drive without you present etc. Meet on your territory and if you feel so inclined, have a friend with you. If you feel something is fishy trust your instinct and call it off. If you take someone out for a spin, again, take a friend if you want and never, ever let go of the keys. Speeding is a no, stick to the rules and stay on roads you are happy and familiar with. It's your car and it should be respected and driven how you still want to drive it.

If someone wants to see the car and wants to have first refusal, ask for a deposit. I asked (and received) a £500 bank transfer both times I sold a Macan.

Make a note of everyone you spoke to and the numbers they called from / offers they made.

And now to finally answer your question. Sorry I got a little carried away above. Money: Please remember that UK banks allow a maximum of £10k per day transfers through phone banking apps!!! That is only a fifth of a 50k car!!! They will need to pre-arrange a facility with their bank to transfer the full value of the car over the phone when they have made the decision to go ahead. If they fail to pre-arrange this, they will go home without your car. The money reference I told my buyer to use was "sale of Macan xyz number plate". If ever there is a dispute later, the car reg will be on record with the DVLA.

Do not start filling in the V5 with the new details, don't let go of car keys etc until the cash is in your bank. I then transferred the cash out into another account I have with the same bank. It can't be recalled if you don't have the funds.

And some recent learnings - to use an awful expression. If they want to put their own private plate on the car, don't allow them to use the existing V5 reference number. My buyer did. I ended up being the new registered owner for a car I had apparently sold. Nice but not right. It did cost me another month in road tax which I made him pay. It's a financial transaction and should be treated as such.

Feel free to PM me if you want to take this off-line. Always happy to help.
Spot on and well written note. Only one more to add or amend. The limit per day transaction is no longer at 10k. It caries depending on the type of account, the bank etc. But definitely not 50k. Should be possible over 2 days but no car until all monies recd. The same day option in the UK is called CHAPS (any amount)and is a paid transfer usually.

Sent from my SM-N960F using Tapatalk

Macan Turbo PP - Collected June 2018
LED PDLS, Pano, Air Susp, ACC, Entry & Drive, 21" Turbo 2 wheels, LDW, Heated front & rear seats, Turbo Interior Packagae, PSE
Panamera 4S (970.2) - Sold May 2018
911 C4S (991.1) - Sold May 2017
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Nosmo
Posts: 2154
Joined: Mon Jan 06, 2014 5:37 am

Post by Nosmo »

Good point on Chaps - Bogus. Thanks
Deposit paid 14/12/13 - Picked up on 14/03/15.PF9FZLV2
GTS: PHVVUV96 Picked up on 16/06/16
Cayman GTS on order - due for delivery Nov '18
Fairynuff
Posts: 466
Joined: Mon Oct 08, 2018 6:19 pm

Post by Fairynuff »

Nosmo wrote: Wed Oct 10, 2018 5:54 pm Feel free to PM me if you want to take this off-line. Always happy to help.
Thanks for the comprehensive reply, lots of very helpful tips.
I am waiting until the configurator includes the 3 litre engine before I make my final choice. I have been told that if I go for the 3 litre engine it will be March next year which is probably a better time to sell than over Christmas/winter.
Thanks again
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Nosmo
Posts: 2154
Joined: Mon Jan 06, 2014 5:37 am

Post by Nosmo »

Good luck and welcome to the waiting club which seems to be Porsche
Deposit paid 14/12/13 - Picked up on 14/03/15.PF9FZLV2
GTS: PHVVUV96 Picked up on 16/06/16
Cayman GTS on order - due for delivery Nov '18
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