Selling vehicle to dealer - Payment Question

[Corky]

Hello

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.

[king1]

Can't say if it standard or not but I do think it is probably expecting a bit much for a dealer to pay you at the time, especially the big companies like Turners where the staff probably don't have access to bank accounts...

I think as long as you walk away with the agreement and that agreement says something to the effect of
"we have agreed to buy your car" and
" we have taken possession of your car" and
"we will pay you XXX within XXX days" then

you should be covered and will have some form of redress if it all goes badly. An organisation like Turners though would be far more concerned about their brand image to really consider this being a potential outcome - some of the smaller dealers you would definitely want paperwork

[harm_less]

Hello

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.

That 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.

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.

[Olive]

I think that big dealerships can probably be trusted to pay up because they have a reputation to maintain, but we've had a couple of bad experiences with small car dealers in the provinces and I will never trust a small outfit agaiin.