I have had an email from someone who has seen my mx5 for sale on pistonheads.

He has asked if i would accept a bankers draft/cashiers cheque if he comes and views the car and wants it.

I am very wary of getting scammed here.

Should i be worried? Is there a way i can be ripped off somehow with a bankers draft?

When i sold my octy the guy paid me cash, so this is new territory for me.

No, bankers drafts can be forged as can normal cheques which could also be stolen.

The only way to go is via a direct bank transfer or cash. Think about it, they need to go to the bank to get the draft, so why not withdraw the cash instead.

If you must take a draft/cheque tell them that they cannot have the car or their part of the V5 for at least 14 days to allow time to clear and for any funnys to crop out of the woodwork. Even then I would be weary of accepting the thing at all.

in theory the draft is as good as cash - it's a cheque from the bank rather than the individual and there shouldn't be any problems with it "bouncing" but you'd still want to get it paid in/cashed before letting go of the car as they can be fake (like cash) or stolen

in theory the draft is as good as cash - it's a cheque from the bank rather than the individual and there shouldn't be any problems with it "bouncing" but you'd still want to get it paid in/cashed before letting go of the car as they can be fake (like cash) or stolen

In theory yes, but they are easily faked and difficult to tell if they have been. You pay it in and all appears normal, but if found to be fake then say bye bye to the funds, and if you dont have the car then that as well. This could happen several months after you pay it in, once the draft finds its way back to the supposed issuing bank. Having seen several fakes in my line of work, they are really convincing.

My dad always pays for cars with bankers drafts and he's never scammed anyone

The best way to get payment is a CHAPS transfer. It costs (about £30 IIRC), but is instant and guaranteed.

Bankers drafts or cash both have a certain risk element.

My dad always pays for cars with bankers drafts and he's never scammed anyone

But it can, and does happen.

Bankers drafts and Building Soc counter cheques are pre-cleared payments.

I agree I'd not let them have the car until it'd all cleared though

Why not use the faster payments system through Internet Banking? 2 hours max for the money to go through

Anything other than cash dont let the car go till the money is confirmed and available to you in your account, not pending, or clearing, etc.

Ive had it before where the bank has stated payments are in the account, but unavailable to withdraw for X amount of time

If he wants it bad enough he will understand and wait, or pay cash.

Not worth the risk.

I'm sure a few on here will have accepted a forged £10 or £20 note at some time in their life - and that is something we are familiar with and handle regularly. The forgers are good.

I have no idea what a bankers draft looks like - and wouldn't know how to tell whats real.

Having said that, bankers drafts are certainly the "old school" way of doing things - they were commonly used for this sort of purpose 20 years ago - and if the buyer is someone like Yegnold's dad you don't want to offend them.

Perhaps the best way is to explain how the system is now regularly abused - its amazing what can be produced on even a basic home PC and printer - and agree some other payment method.

If they are worried about carrying the cash, you can do an electronic transfer as mentioned above, or even arrange to complete the transaction during banking hours - go with him to your local high street to get cash from his bank, and take it straight to yours.

He has asked if i would accept a bankers draft/cashiers cheque if he comes and views the car and wants it.

Another thought - how does he know before viewing how much the bankers draft should be be made out for?

Any genuine buyer would expect to negotiate on the price, and thus would have to arrange for the draft after this has been agreed!

Has he asked any questions about the car itself? Does he want to come outside banking hours? Would be good to arrange a visit and have your local plod there with you to meet him, but not sure how seriously they would take it. You could always try Crimestoppers

Bankers drafts and Building Soc counter cheques are pre-cleared payments.

Yes but still not secure.

Nothing to stop him contacting the issuer and explaining it was lost and have it cancelled.

Yes but still not secure.

Nothing to stop him contacting the issuer and explaining it was lost and have it cancelled.

You can't cancel a building society counter cheque once it's been issued as the money comes out of your account when they print it.

The cheque must be made out to an individual such that only they can cash/pay it in.

I've had to pay for cars this way before and a lot of indy retailers insist you pay this way.

Still wouldn't let the car go until they money was safely in the bank and I'd take a picture of the new guy with the car he is buying (reg plate visible) plus get him to sign a contract of sale.

You can't cancel a building society counter cheque once it's been issued as the money comes out of your account when they print it.

Beg to differ Mark - I've done it.

I cancelled a Nationwide Counter Cheque that I had made payable to a car dealer. Granted it was a few years ago before paying with a debit card became common place at dealerships. I changed my mind and didn't buy the car.

It's a common misconception that these are safe methods of payment but sadly it's not the case.

More detail -

APACS - Cheques

Beg to differ Mark - I've done it.

I cancelled a Nationwide Counter Cheque that I had made payable to a car dealer. Granted it was a few years ago before paying with a debit card became common place at dealerships. I changed my mind and didn't buy the car.

It's a common misconception that these are safe methods of payment but sadly it's not the case.

I tried to cancel one and was told can't be done, hence my comment, but since you've done it then obviously it can be done at least with some of them, so I'll withdraw my previous comment.

Good site on the same topic>

Possible Scam examples, car buying scams, car selling scams

re:

Bankers Drafts - phone the bank to confirm - best way to confirm that the cheque is real.

Thanks for all the replies guys.

He has asked some info about the car. Asked what size the alloys are, if he could have a pic of the dash showing the miles, if the cam belt had been done. Also asked for the reg no. for HPI check.

He wants to come this weekend. I don't know what to do?? As others have said, even cash could be forged/stolen.

This is a nightmare, he may be a totally genuine guy but due to the way things are these days i like to suspect everyone of being a scammer to be on the safe side.

Maybe bank transfer is the best way? Did someone say that i could phone the issuing bank and check the draft is genuine? Would they give me that info over the phone?

If i took cash, then took it to the bank to pay in and it was forged i am still out of pocket and car - less.

trading in is a lot less hassle but then you get stitched up in another way lol

I've heard stories of people putting bankers draughts in the account, the money clearing, then being Removed from the account several days later.

You can phone the bank that issued the draft, and give them the details, however this usually means doing the deal on a weekday between 9am and somewhere around 3pm. Very few banks open at the weekend.

If the buyer must pay this way, then an understanding buyer will not mind waiting whilst you check things out.

Either get a TT transfer or go with him to the bank and watch him get cash or a draft:)

K:)

Either get a TT transfer or go with him to the bank and watch him get cash or a draft:)

K:)

whats a TT transfer?

If he came this weekend and paid cash, i still coul not get to the bank to pay it in til monday, by then i could just have a load of fake cash and no car.

Is a normal bank transfer ok? i.e. i let him use my pc to log onto his bank and transfer the cash to my account, then i check my account and if it shows the cash is there then i am ok????

Nope don't let him do a transfer on your machine as you wont see it in your account.

If he wants the car this weekend tell him to pay the asking price such that the transfer has cleared into your account using a clear message that it is for the car (include regplate) and you will write him a cheque for any difference.

If you don't have the cash/transfer in your account, don't let the car go.