Bankers Draft

[slider]

Selling a car privatly for the first time in ages and a wee bit nervous about the payment side.

I have already had one scam email from som e joker claiming to be abroad and would get his agent to pick the car up - no negotiations or anything! If it sosunds to good to be true etc etc....

Anyway, how about bank drafts. Presumably anything can be forged - all advice gratefully received.

[softscoop]

If you get one, put it in the bank, then importantly, don't let them have the car until you have confirmed that the money has gone in and cleared.

Any genuine buyer IMO should be understanding.

[Ad Lav]

Transfer, cash or cheque... job done.

Don't leave anything to chance. Keep a spare key and the V5 until cleared, or as said - keep the car!

[Dr Zoidberg]

If it's for more cash than you feel happy accepting at home, agree the sale with your buyer then go to his bank and withdraw the cash, then go to yours and pay it in immediately before handing over the keys and paperwork.

I certainly wouldn't take a bankers draft without the banks confirming it's legit.

[chaos306]

Just so you know, a bankers draft is basically the same as a standard cheque (takes the same time to clear etc), except that it's coming from the banks' own account. Having said that, I did come across a couple of forged ones, but then this was a few years ago (I worked in a bank).

As it says above, you can accept at your own risk, the same as any other cheque, but make sure the cheque/draft clears into your account before you release the car.

There's probably a way to find out if its a real cheque, possibly by calling the issuing bank, but I don't know if they will be able to verify it. If you are unsure, a bank transfer could be arranged instead, or as said, take cash only.

Hope that helps!

[Octoplus]

Bankers drafts are often forged or stolen and are subject to the same needs of a credit balance available in the buyers account at the time you present it, you should never part with the goods till the funds are cleared to your account and rapid clearance costs money so be aware if the buyer pushes for that.

[Xavier]

I understood a banker's draft to be guaranteed (if it's genuine). When I bought a car, the money was effectively taken out of my account and put on the draft. So that bit of paper's worth a lot of money and you can't "cancel" it.

I was incredibly lucky in that when I bought the car (SWMBO's Ka), I lost the damn thing and was mortified at the prospect of losing four grand. Went in a panic back to the bank an hour later when I realised and some honest soul had found it and taken it back to the branch! Lucky!

But I wouldn't necessarily accept one unless I could be certain it wasn't forged. I reckon dishonest people try it more because the common perception is that banker's drafts are more secure so easier to be conned with.

[mikey vrs]

When i bought my octy from the dealer even they wouldnt take a bankersdraft,i had to pay via a debit card.I wouldnt release the car until the payment has been cleared by your bank.