(18-11-2022, 08:15 AM)Corky Wrote: HelloThat would seem to be in line with current business practice. Now that cheques no longer exist that method isn't available, and was open to fraud (bouncing) even when it did.
I have agreed on a price to sell a near new vehicle to a Christchurch dealer. I paid cash for the vehicle it is 100% owned by me with no third party interests and it is straight sell not a trade in. When I asked the dealer how payment is made, he said bring in my bank account number and the money will be direct credited the next day.
My question is: is this standard operating procedure - as I would have signed my vehicle over with keys etc and then 100% trust that the dealership will honour the agreement. Or should I at the very least see a transfer receipt that the money has been paid through before I sign the agreement at their dealership with the vehicle onsite?
Cheers.
As an online trader we are often supplied with screenshots of payments for sales which I invariably disregard as it is too easy to manipulate such content. Payment is confirmed once I see the funds in our account and goods are then disatched. The other issue with transfer of funds while you are there is that interbank transfers often take an hour or two at the least, if not delayed until the start of the next business day, due to bank processing procedures. Also if a transfer was made in your presence this can also be reversed by either the bank (insufficient funds) or the payee afterward, as can also be the case for screenshot 'proof' of payment.
A written contract/sales agreement from a reputable dealer is probably the best you can expect, apart from cash but that is rare in commerce these days. That said I currently have a vehicle for sale on Trade Me which will probably realise $2-3,000 and payment by whoever wins the auction will be by way of bank transfer (sighted before the vehicle leaves us) or cash.