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Category: News / Personal Finance / Private Car Sales / April 2008

Safest Way Of Selling Your Car Privately

Buying or selling a car privately is never easy – especially with personal safety concerns, fraud, theft or the fact that customers simply do not know how to approach it or have limited knowledge of the risks involved.

Media reports highlighting the risks of selling or buying vehicles privately with customers being ripped off or being sold unroadworthy vehicles have only illustrated the pitfalls and dangers of private deals. 

However, with the interest rate hike making itself felt, many people are left with no other option other than to sell their cars privately.

According to Marcel de Klerk, Managing Executive of Absa Vehicle and Asset Finance, the bank has found that customers are finding it more difficult to service their debt. 

“Downgrading their vehicles is one of the options available and customers may see selling a vehicle privately as the only way out,” he says.

“We have always encouraged customers to work through authorised dealers not only to avoid being victims of fraud but also providing access to services at low cost.

"This is why Absa has introduced a “Private Deals” concept only available via Absa accredited dealerships with trained staff. 

“Customers, whether they are buyers or sellers, will have a safe place to conclude a private transaction – and this is the dealership. 

"They will also have access to the services of a specialist on the dealer floor, receive guaranteed payment as buyers will go through a credit check and have peace of mind on the mechanical condition of the vehicle as it will be tested and checked.  Any repair work will be highlighted and be fixed at a fee by the dealer,” explains de Klerk.

“Our main concern has been around security for the customers and simplicity of process.  Convenience is key as the dealer performs all administration legwork from testing and certification to licensing and registration. 

"Customers will also benefit by achieving a sale price for their vehicle that may not be generally available,” said de Klerk.

The process is simple.  Sellers take their car to one of the dealerships offering Absa’s Private Deal.  The car will be checked thoroughly and if the quality is acceptable, it will be placed on a dedicated Private Deals website if the seller does not have a buyer.

If the seller has a buyer, the buyer will go through a normal credit check and arrange bank finance via the dealer should it be required.

“There will be no risk in cash transactions, no meetings with strangers in insecure places or dodgy situations.  This basically takes the risk out of private deals. 

“Considering the impact of the high interest rate on customers, especially on the lower end of the market, this offer can be used to encourage existing customers in financial distress to sell their vehicle, mitigate bad debts and preserve their credit rating,” said de Klerk.

“We also strongly believe that this offer can help stimulate a lagging second hand vehicle market.  We consulted widely and engaged with the motor industry leaders before taking the decision to take this offering to the used vehicle market. 

“We have formal agreements with about 100 used vehicle dealerships which were chosen based on long standing relationships, geographic location as well as proven integrity and track record.   

“In a market suffering the effects of inflation and continued interest rate hikes, we took a decision to make more options available – both to customers and dealers.  

"Not only will this offering make customers more secure, it can help generate deals that would not normally happen and create movement in this market,” said de Klerk.

To find out more, visit www.p2pcar.co.za or call 0861 727 227.

 

Source: ITInews – Insurance Times and Investments Online

www.itinews.co.za

 

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