Got a guy coming to buy our car tomorrow night we have agreed on a price over the phone.the guy is travelling from north Yorkshire to Manchester on the train where I will pick him up.He only wants to make one trip but has offered to pay me with a bankers draft.Only thing is I have never sold anything before with bankers draft as payment.He is coming down in the evening around pm so the banks will be shut an dwe cant cash cheque until thursday morn.Anyone have any ideas what to look for or would you not let him have car until funds have cleared.HELP!

How much is it for? I would prefer cash and if it is not that great amount then it shouldn't be a problem to draw from the Bank. Also if it is less than £10k and your bank accepts faster payments he could just do a bank transfer.

I would say sorry, no car til I have the cash in my bank. Too many forgeries about

There are a lot of forged bankers drafts. Dont get caught out, as the seller is coming in the evening you have no way of checking the draft is genuine.

A bankers draft is no guarantee you'll get any money, even if its fake. The process usually goes (even if you hold onto the goods)

Sell goods,

Pay In,

Funds show on your account straight away.

Draft sent to issuing bank and found to be fake.

Funds taken back from your account.

You have no car or money.

i would insist on doing the deal during banking hours and get your bank to check it out.

i agree with fellymagic - far too many forgeries about

Sounds like the bloke has had ample time to arrange cash, so simply say cash only, or no keys...If he is a genuine buyer, he should understand, if he spits his dummy out & throws his teddy out of the pram, well, he has summat to hide imho

Thanks for the replies,I have got back to buyer and asked him if he could make it in banking hours no reply yet though.

Cash only imo mate.

Ive paid for a car before with a bankers draft and he insisted on seeing my savings book to show the transaction on there, which I thought was fair enough because I didn't fancy wondering round with the cash. Even in banking hours i'd be unsure as there are so many fakes, your bank could say it looks ok then when his bank processes it they says it's a fake. I think selling cars or anything valuable is a pain nowadays, I usually ask for cash and always make sure somebody is with me to help check the money, I also have one of those pens that shops have to check the notes, Iam sure theres a way around this but at least its better than nothing.

Think I'd either ask for bank transfer or ask him to come to the bank with you to pay the money in, as previously mentioned if he has nothing to hide there shouldn't be a problem.

Mike

Deffo arrange for the pickup during banking hours.

A mate of mine took a bankers cheque a few years ago for his car, when he went to pay it in the next day it was a fake ! police got involved and recovered the car but it was about 2 months IIRC before he actually got the car back !!!

sold my A8 with a bankers draft

did it during banking hours

i insisted he came to my house looked at the car was happy then we went to his bank and i saw it being drafted there and then,then i went and paid it in my bank

or cash mate or forget it DONT risk it