Advise regarding payment security...

[moomin]

Hi everyone,

I need some advise regarding the purchase of a bike on gumtree. I went to look at the bike and ride it, all good. Nice guy and my gut tells me all is kosher.
But you never know...what do you recommend is the best way to proceed. would have paid cash but @ R40k I will be the one not looking kosher.
I cannot expect the seller to accept that I will transfer the money once I collect, nor do I want to transfer and then he might by MIA when I want to collect....

Got to hate the fact that scammers ruined private sales for us all! (Is this why dealers in used vehicles still exist ?)

Any advise will be greatly appreciated.

[silvrav]

What bank are you and what bank is he? I have bought and sold thins cash.

most recently a car. A few things:

1. Contract is a must to handle the condition and e/tolls/fines etc while the car is still in your name.
2. signing of yellow form to remover the vehicle form your name
3. once both agree and if same bank he or you must do an eft. my case it was FNB to FNB and at 40k, even after business hours it will take about 2-4hours to clear.
in this time, have a beer or sit and talk kak till it clears. once cleared you take the vehicle there and then.

Alternatively, cash can also work...pull cash from bank and give it to him and take the vehicle....number 1 and 2 still applies above.

[moomin]

Thanks for the advice, Silvrav.

Different banks, I am with nedbank seller with FNB . I have is an instant payment option, but the limit is quite low. (will inquire about the option to increase it temporarily )
Having a beer sounds like a plan! Can turn out to be a fun time if the money only clears in 48 hours !

I suppose 40k is not that much in cash (especially if you get it in R200 notes).  If the instant payment limit is an issue I will go this route.

[Sardine]

When I bought my DR...

Viewed it. Rode it. Decided I would buy it then and there. Agreed to do EFT. Seller printed a very basic contract, which we both signed.
I EFT'd the from his place, and had proof of payment emailed to him. And while I did that he filled out the necessary paperwork for change of ownership.

If you have an iPad or something with a banking app, use that. Otherwise, if you feel you can trust this guy, ask if you may make use of his internet/computer for the EFT.
As a precaution, I changed passwords etc as soon as I got home.

Congrats and all the best!

[superten]

40K is not that much to handle,take your biggest ugliest friend as a 'heavy'.Pay and go.

[the_BOBNOB]

Take your laptop

Make a wifi hotspot on your phone

Set up the eft

Before you submit get the seller to double check

Then click

Done

[Vlekkie]

Get him to sign something if you pay cash. He may deny you have paid him after (report vehicle stolen at police etc) and you will have no proof...