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Thread: Safest way to make payment for a car

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    Default Safest way to make payment for a car

    Is Pay Order the safest way for making payment for a car or is there any other better way? Can I demand the custody of the car and its original documents after handing over the pay order as it's guaranteed to be paid by the bank?


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    Quote Originally Posted by shaanpk View Post
    Is Pay Order the safest way for making payment for a car or is there any other better way? Can I demand the custody of the car and its original documents after handing over the pay order as it's guaranteed to be paid by the bank?
    It depends upon the seller... I would accept payorder or online transfer. But never give cash as you cant trace the movement of money. The seller should hand over the car once the payorder has been received. Furthermore it is the buyers duty to get all the documents required for the transfer of the vehicle and the seller is only concerned with the money.

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    Community Votes: 2
    Depends on the seller, some seller may not be ready to sale on pay order and ask for cash, though pay order is the safest of all, but in recent days fake pay orders have made sellers to think twice.

    Whenever I sale my car I ask the buyer to come with cash in my Branch of bank, the buyer deposit money in my account in front of me and then and there I give him the possession of the car and also stamp vendor is sitting right beside so handing/taking over of car and docs is also done then and there, that's how I do. So again it depends on how seller wants things to be, and upon mutual consideration the deal is done.

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    What if I deposit a crossed cheque in his account in front of him? I am not comfortable paying in cash as cash payment is not easily traceable as onthehonda stated above.

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    Quote Originally Posted by shaanpk View Post
    What if I deposit a crossed cheque in his account in front of him? I am not comfortable paying in cash as cash payment is not easily traceable as onthehonda stated above.
    No person in his good senses would accept crossed cheque in any form unless you are willing to hand over him the cheque and leave the car with him along with documents till the cheque gets cleared which is defiantly unsafe for you. Best option is Pay Order for either party. Seller can get copy of it to get it verified before getting original.
    NiGhT ShAdE>>~

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    Quote Originally Posted by NiGhTShAdE View Post
    No person in his good senses would accept crossed cheque in any form unless you are willing to hand over him the cheque and leave the car with him along with documents till the cheque gets cleared which is defiantly unsafe for you. Best option is Pay Order for either party. Seller can get copy of it to get it verified before getting original.
    I'll just take him with me to the bank branch and get the pay order issued in front of him.

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    I believe meet and find the car check everything and if everything checks out give him token money and meet at your Bank and solve everything there(cheque pay order everything works)
    RIP

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    Pay order is the safest way. Well the seller could request the buyer to make payorder and can come to the bank where the seller could cash out/ deposit in his account in front of the buyer. That would be the safest way.
    Just love the smell of burning tyres..

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    Quote Originally Posted by MGK View Post
    Depends on the seller, some seller may not be ready to sale on pay order and ask for cash, though pay order is the safest of all, but in recent days fake pay orders have made sellers to think twice.

    Whenever I sale my car I ask the buyer to come with cash in my Branch of bank, the buyer deposit money in my account in front of me and then and there I give him the possession of the car and also stamp vendor is sitting right beside so handing/taking over of car and docs is also done then and there, that's how I do. So again it depends on how seller wants things to be, and upon mutual consideration the deal is done.
    I also do the same....

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    Quote Originally Posted by MGK View Post
    Depends on the seller, some seller may not be ready to sale on pay order and ask for cash, though pay order is the safest of all, but in recent days fake pay orders have made sellers to think twice.

    Whenever I sale my car I ask the buyer to come with cash in my Branch of bank, the buyer deposit money in my account in front of me and then and there I give him the possession of the car and also stamp vendor is sitting right beside so handing/taking over of car and docs is also done then and there, that's how I do. So again it depends on how seller wants things to be, and upon mutual consideration the deal is done.
    Is cash used If payment is in amount of a million or a million plus? How is that even manageable in a city like Karachi?

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    Quote Originally Posted by krafiq View Post
    Is cash used If payment is in amount of a million or a million plus? How is that even manageable in a city like Karachi?
    A million is just 2 packets of 5000. Don't know about karachi, never had any deal in karachi of second hand vehicle. Again as I said it all depends on buyer and seller's mutual agreement and comfort zone.

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    What about simple online transfer? You can check that you have got the money instantaneously.

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    Best is to handover the copy of Payorder (banking product for in-city transfer) or DD (for outstation transfer) and after verification, the original be handed over at the time of transfer alongwit signing the transfer documents. The process of clearing for Payorder/DD leave the money trail which may help lateron in case of any subsequent controversy/dispute.

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    Another very quick and safe option is RTGS (Real Time Gross Settlement). Almost all banks offer it. It is sort of online transfer by your bank to sellers account, traceable, fast and secure.

    https://en.wikipedia.org/wiki/Real-t...oss_settlement

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