Fried Rice

I am going to get rid of my car, nothing wrong with it as i write, but cars are cars. I have had my beauty a while now, but i am moving states for a while, i need the cash, will down size to something cheaper. So i am going to sell it, now things are very slow where i am in Australia, cars are not shifting at all, so i am going to sell it to a trader. He has offered me $1500.00 less than i paid for it, and it had no rego when i bought it, now it has eleven months.

What i want to know is what are the laws in Australia regarding buying and selling second hand cars privately? Is it sold as seen, once you have signed the car over, what ever happens to the car is the new owners responsibility, like in the UK?

I ask, because, he has offered me a bankers cheque, which takes three days to clear, should anything go wrong in those three days, can he cancel the cheque, so i am left with no car and no money?

Sorry its just i do not trust second hand car dealers, you know Arthur Daly types. He refuses to pay cash, any thoughts?

Miss Rice

ozhappy981

I am not sure if he can cancel a bank cheque. But more importantly: A bank cheque can be faked (how do you know what a Westpac/ ANZ/ CBA/ etc bank checque looks like - therefore how will you know it's the genuine article).

Also: He can give you a bank cheque. He then empties his account (just transfers the money into another account). The bank then won't honour the cheque - and you will again be left with nothing.

Suggest to him that you will meet at a branch of his bank. He will transfer the money into your bank account there and then - and then you give him the keys and registration document.

LouiseR

Take the cheque and tell him he gets the car when the cheque clears. Anyone who hands over a car without either cash and having the money cleared in their account needs their head testing.

IndieG

No worries with a bank cheque (as in a Bank Draft/Managers' cheque)- as good as cash, cannot be cancelled/returned for lack of funds. If in doubt you could ask for a copy of the cheque and enquire with the bank whether it has been issued by them?

If it is a personal cheque then I'd be wary for the reasons mentioned above...

ozhappy981

Not correct. A bank cheque still takes three days to clear - and quite a number of things can go wrong in those three days.

Deancm

But when the bank issues the bank cheque the funds are taken out immediately even though it take 3 days to clear into your account (it used to be 24 hours a few years ago!).

IndieG

That's what happened in the banks I worked in, so assumed the same here. Clearing is still in the dark ages here - can't believe local clearing takes 5 working days

Fried Rice

Thanks for the replies, sent you all some Karma?

Still non the wiser really, about bank cheques and selling second hand cars.

The Bloke

Deancm is correct with the bank cheque issue.
With the other, consult your local motoring club ie NRMA, RACQ, RACV etc etc, and see if they can advise you if the dealer is legite and/or give you correct advice on the disposal of your vehicle.

GaryVFR8

HI,
Just a quick one on bank cheques, They can be stopped!!! Also if you do need to verify one you can call the bank and they can confirm it is genuine.
Hope this helps, if you have any more questions about bank cheques feel free to PM me.
Gary