Well, the say Bankers Drafts are as good as money and are pretty straight but they can be forged. I always air on the side of caution with these things and take them, and the buyer, along to my bank who will clear the draft there and then (not all banks do this btw so check before going)

You can contact their bank and verify the draft but bear in mind that a)the person who issued the draft can cancel it at any time b) the draft only guarantees sufficient funds were in the account at the time the draft was issued.

If I were you I'd take them along to your bank and do the transaction there.

HTH

 

Agree, ring the issuing bank at the very least, and YOU find the number, dont take it off the buyer.........could be anyone you are talking to!!.

 

Cheers lads, thought I would err on the side of caution just wanted other people's experiences

 

There's a well known scam where people bring a bankers draft, but turn up late, outside of office hours so you cant verify the validity of the bankers draft.... so just beware.

 

Yup LOADS of fake bankers drafts at the moment. If someone won't do a direct bank transfer in this day and age I would want to know why?

 

Do as Tabs said and take them to your bank, but before they come to you with it fid out the issuinh nak of the draft and ring them to check what hours they will be able to validate it in IE some banks will not validate them after 3.30 and some are able to do it on saturdays.

 

This is imortant - there is a lot of BS talked about drafts. The only difference between a cheque and a draft is that the bank will deduct the cash from the account of the person issuing it straight away. Itthen takes four days to clear. If you are told "its as good as cash" you are being duped, particularly when you pay a draft in to your account (even if you have verified it with the buyers bank)and allow your buyer to drive away in your car. he has your car immediately but you have to wait four days before you can use his payment money. Insist on a an electronic transfer or tell the buyer he must wait for the draft to clear in your account.

 

Quote: posted by BORA_TOM on 01/03/2005 21:08:08

Cheers lads, thought I would err on the side of caution just wanted other people's experiences

Basically a bankers draft outside of banking hours....NO.

Much easier to get the person to do a CHAPS electronic transfer that will be credited to your account immediately AND can be checked by you simply by phoning your bank in their presence to confirm receipt AND credit of funds to your account. In this case you both win....no funds are credited before the buyer also has access to the car.

Lets not forget that as a buyer you don't want to give up your funds until you have access to the car, which is just as important![!]

 

CHAPS doesn't go through immediately Doc, it can go through anytime before 3pm (which is the cutoff time for same day payments).

When I sold my R I went through near enough every option to receive the payment. The Buyer had a Lloyds TSB account and in the end we resorted to doing an inter-bank transfer via Lloyds TSB to a colleague in work who had an account with them. The payment went through instantly and funds were guaranteed. We then did a CHAPS transfer to my account with the Alliance and Leicester and that took a further 2 hours to complete.

 

When i bought my 1.8T Golf, i took the owner to the bank with me, and they wrote the draught out in front of him, then we done the paperwork and i drove home in my new car.

I would reccommend this way where possible.

 

Quote: posted by Tabs on 04/03/2005 12:47:13

CHAPS doesn't go through immediately Doc, it can go through anytime before 3pm (which is the cutoff time for same day payments).

When I sold my R I went through near enough every option to receive the payment. The Buyer had a Lloyds TSB account and in the end we resorted to doing an inter-bank transfer via Lloyds TSB to a colleague in work who had an account with them. The payment went through instantly and funds were guaranteed. We then did a CHAPS transfer to my account with the Alliance and Leicester and that took a further 2 hours to complete.

Fair points Tabs but that's not my experience when using a clearing bank and specifically Lloyds, the way we found around it was using a Business Banking Manager to perform the transaction not the counter staff! AND with A & L they are not a clearing bank which adds more time into their processing equation which I am sure extends to all such transfers except cash...(cf: cheque clearing time)[]

....and is 2 hours really too long to wait before releasing the goods[?]

 

If they have the money available. Get them to pay cash..... simple.

Thats what I did and I felt well rich for 10 mins

 

Quote: posted by turbo_gti on 04/03/2005 16:01:54

If they have the money available. Get them to pay cash..... simple.

Explain[?]....I hope you don't mean "physical" cash in hand, not really wise (or necessary) if you are talking multiple thousands of pounds eg: ?10, 20, 30k plus etc etc etc

 

Explain....I hope you don't mean "physical" cash in hand, not really wise (or necessary) if you are talking multiple thousands of pounds eg: ?10, 20, 30k plus etc etc etc

I would not be happy carrying that amount of cash about.

 

I would not accept that sort of cash never mind carry it around.

The sort of person who has that sort of cash is not to be trusted. If anyone knows anything about money laundering its increasingly difficult to be able to have large volumes of cash legally.

If you have different banks, get a bankers draft and arrange to get it cleared together. If you both use the same bank go in together and arrange a transfer, that way neither of you has to give the other all your personal and banking details.

 

I paid for my car by bankers draft but I was buying from a dealer and he was quite happy to give me the keys there and then without authenticating the draft or waiting for it to clear.

Personally though, I'd ask to wait for the draft to clear and issue that to the person in writing so they don't feel they've given you money but not got the car!

 

Lets not be too 'sinister' about cash bu you should be careful. We accepted a cash payment of ?18k a few months ago for a private car sale. We did it by calling in to tell our local branch that the cash was coming and then, when our buyer arrived, taking him to the branch with the cash. The trick is you both go to the counter, present the paying in slip and then have the buyer hand over the cash to the staff member. You never actually even touch it or have it in your possesion. If the bank accepts it then you have no problem. All the authenticity verification and counting is down the the buyer and the bank staff. The money is then instantly credited to your account and we were able to buy our new car the next morning with a debit card. We could not have done this with a draft

 

Quote: posted by col.mc on 04/03/2005 17:05:22

I would not accept that sort of cash never mind carry it around.

The sort of person who has that sort of cash is not to be trusted. If anyone knows anything about money laundering its increasingly difficult to be able to have large volumes of cash legally.

So your calling me a criminal I paid for both my last cars with cash, does this make me a crimiinal!!!! it is not increasingly difficult to have cash legaly, if its in you bank go and withdraw it whats the problem? I think youve been reading the daily mail too much.

I for one will not drive 400 miles to see a car and not take adequate payment with me at the end of the day if the cars right why would I want to go twice!

 

Quote: posted by col.mc on 04/03/2005 17:05:22

I would not accept that sort of cash never mind carry it around.

Wise but again its personal choice.

The sort of person who has that sort of cash is not to be trusted.

er somewhat of an inaccurate sweeping generalisation me thinks

If anyone knows anything about money laundering its increasingly difficult to be able to have large volumes of cash legally.

Indeed and is a consequence of criminal activity but lets remember it was not so long ago, cash transactions were the norm. Merely an observation[]

...and sorry BORA_TOM for going a little off-topic but I think you should have gained some useful info[?]...well I hope so. Good luck[]

 

no worries guys, all very good info and I persuaded my buyer to transfer the money electronically which is far easier.

 

Thought this might be useful as I really hadn't thought about it until recently but later this week I will be paying for my next car by debit card (switch/delta), credited immediately to the receiving account and driving away with my car the next minute.......its attractive to traders because it costs them less than ?1 per transaction and means you don't part with your money until the very last moment. Transaction amounts are unlimited as it works on cleared funds.

Its another payment route which if performed at a bank (or financially receptive body), could also apply to private transactions/purchases as its immediate[]

 

I sold a laptop once and accepted a bankers draft that was forged lost the laptop no money and a ?25 charge from the bank!

I wont accept one now until it has cleared, it's cash or wait for cheque to clear now for me.

 

One to beware of - my mate used his Switch card to pay for his new
Ibiza FR a couple of weeks ago. Transaction went through fine. Got the
car - found it had a fivers worth of fuel in it. Went to the petrol
station round the corner from the dealer and his card got declined even
though the funds were there. He ended up phoning the wife who paid over
the phone. Moral of the story - take a spare credit card or ?50 cash to
buy some fuel (and mint imperials).

 

I would not accept that sort of cash never mind carry it around.

The sort of person who has that sort of cash is not to be trusted. If anyone knows anything about money laundering its increasingly difficult to be able to have large volumes of cash legally.

If you have different banks, get a bankers draft and arrange to get it cleared together. If you both use the same bank go in together and arrange a transfer, that way neither of you has to give the other all your personal and banking details.

lol bank wouldnt bat an eyelid if u take in 10 20k ,

i sold my passat for 15k and paid it stright in ,

 

does anyone see any problems with the following method?

i'm selling my car. so i go with the buyer to his bank and stand with him while he makes an electronic same day transfer for the full amount. once i have confirmation from the bank employee that they have commenced the transfer process (i.e. seen his receipt after hearing him ask to tranfer the funds to my account with a different bank) i hand over the keys in the knowledge that the money will definitely be in my account before 3pm that day.

anyone see anything that i have got wrong here? i believe his bank wont agree to transfer the funds if he doesnt have them, and that if he has the funds, once he has initiated the trannsfer he cannot then withdraw the funds from his account? is this right?

tks in advance for your opinions.