You’re planning to sell your old car. Perhaps you want to sell it privately & handle the transaction on your own to ensure you get more out of it. Or possibly you’re going to sell it to a used car dealer to save time, energy and hassle required to make the car roadworthy, handle all the potential customers etc.
In either case, there are couple of measures you should take to safeguard yourself from scams, theft etc. We’ll discuss both these scenario, the risks that come along with each of them and the protective precautions to follow.
Set secure meetings & test drives:
Choose a busy, well-lit public place like a shopping mall or a parking lot to meet any potential buyer. A crowded area with lot of people and security camera is a preferable location. It is better to avoid meeting at your home. If possible, always bring a friend or family member along for support.
Before the meeting, make sure to remove all personal items from the vehicle, including the glove box and trunk and ask to see the buyer’s driver’s license or NID (National ID Card) to verify their identity.
Plan a secure test drive route that you are familiar with. During a test drive, stay on a pre-planned route and never leave the buyer alone with the car keys.
Secure payment methods:
Cash or a verified bank transfer – all are acceptable payment method but try to avoid accepting personal checks.
Cash is instant payment but a large amount may carry its own risk. If the buyer wants to pay in cash, meet in a secure location like a bank where the money can be deposited immediately.
In case of a bank transfer, it is secure ad traceable but you should wait until the payment is be fully cleared in your account before handing over the car and documents.
Beware of buyers who offer to overpay or insist on complex, non-standard payment methods, don’t accept personal checks and refrain from disclosing sensitive personal information (home address, bank details) until necessary to avoid fraud.
Legal & Documentation Procedures (BRTA)
Now that you’ve received the payment and handed over the keys and documents including the Smart Card Registration Certificate (Blue Book), Fitness Certificate, Tax Token, TIN etc., it is imperative for you to complete the ownership transfer at the BRTA promptly to avoid liability for future accidents or illegal activities.
Ensure all papers, including registration, tax token, and fitness certificates, TIN are up-to-date. You will need to sign the necessary Transfer of Ownership forms, sales receipt, an affidavit on non-judicial stamp paper etc. If there was a loan on the car, you must have a No Objection Certificate (NOC) showing it is paid off.
The whole process can be a daunting task and you may choose to take our services to make the journey smooth. We will be happy to do everything from taking the photos of the car, placing the adverts, negotiating with the potential buyers for price, accompany you for the test drive and payment till the ownership transfer is done through the Sell It For Me service. Alternatively, you may choose our service for Ownership Transfer only.
But some people want to sell it to a used car dealer for several reasons. Perhaps there is a urgent need and he needs to sell it real quick or maybe he doesn't want to go through hassle of making the car roadworthy, handle tens of customers etc. You can always use our platform to Get an Instant Offer completely free.
