A lot of times people have complained of being cheated when trying to sell used Toyota Innova in Bangalore. This is primarily because they do not take necessary precautions when selling their used car. Here are some basic precautions in payment and documentation that can save you a lot of headache and trouble.
Token Amount or Down Payment
Do not consider that a deal has been finalized unless the buyer pays token amount or makes a down payment. If you are going to hold the car back as sold and not show it to other buyers then your potential buyer should also pay some amount upfront to show the seriousness of his intent. Just a verbal commitment is not a finalized deal and you should continue showing the car to other buyers.
Delivery Only After Full Payment
Some sellers have made the mistake of giving the delivery of the car to the buyer before they make full payment or clear all dues. This can result in loss to the seller. If the payment is made by cheque then wait till the cheque is cleared and the amount gets credited to your account. Do not accept any part payment or EMI offer from the buyer.
Get the buyer to sign the RTO transfer forms before you hand over the car. If that is not possible accompany the seller to the RTO immediately after the delivery of the car. Make sure that the ownership of the car is duly transferred from you to the new owner at the RTO of their choice.
Retain Identify Proof
To be on the safer side, retain a photo copy of the ID proof and address proof of the buyer. These documents should be self-attested and signed by the buyer.