Selling a car

[v8lante]

Hi advice needed on payment for a very expensive car, is a bankers draft ok? any advice greatly appreciated..thanks.

[Sarnie]

Get the buyer to give you the details of the draft such as the bank, branch it was drawn from and the serial number.

Phone the branch and veriy it's authenticity.

Arrange for the seller to meet you at your branch during banking hours.

Deposit draft.

Wave goodbye to the car.

Edited by Sarnie on Monday 6th December 22:47

[v8lante]

thanks for the advice,wants deposited into my account is that then guaranteed?

[Kudos]

v8lante said:

thanks for the advice,wants deposited into my account is that then guaranteed?

Assuming the above, most likely. If not, then no as drafts can be counterfeit and may not be noticed for a few days, at which point money can be taken from your account.

Get proof of their name/address e.g. copy of driving license

[mattviatura]

Sarnie said:

Get the buyer to give you the details of the draft such as the bank, branch it was drawn from and the serial number.

Phone the branch and veriy it's authenticity.

Arrange for the seller to meet you at your branch during banking hours.

Deposit draft.

Wave goodbye to the car.

Edited by Sarnie on Monday 6th December 22:47

This. Sadly you can't always trust a draft isn't counterfeit.

[Zippee]

Personally I'd get the buyer to arrange to pick up the draft from a bank local to you. You can then accompany the buyer, watch the draft being drawn up in front of you at the bank and then deposit it - works even better if you both happen to bank with the same company.

[Vee]

^^^
This, or accompany buyer to bank and pay for a BACs/CHAPs transfer to be done to your account. £35ish fee for an exoensive car is immaterial.

[mattviatura]

Not too sure about CHAPS but BACS can take a while for the funds to be transferred.

For a same day transaction the money can be TTd but it all needs to be checked by telephone or in person before the car is released.

[Mark Benson]

mattviatura said:

This. Sadly you can't always trust a draft isn't counterfeit.

When I sold my Elise, I accompanied the buyer to his bank to watch the draft being drawn, highly unlikely to be counterfeit unless the teller was in on it too.

[mattviatura]

Mark Benson said:

mattviatura said:

This. Sadly you can't always trust a draft isn't counterfeit.

When I sold my Elise, I accompanied the buyer to his bank to watch the draft being drawn, highly unlikely to be counterfeit unless the teller was in on it too.

Come on though mate, I meant a draft handed over by a purchaser. It'd be difficult to accompany a buyer to their bank if he or she had travelled a distance or it's outside banking hours (which are very short).

Edited by mattviatura on Wednesday 8th December 18:02

[Mark Benson]

mattviatura said:

Mark Benson said:

mattviatura said:

This. Sadly you can't always trust a draft isn't counterfeit.

When I sold my Elise, I accompanied the buyer to his bank to watch the draft being drawn, highly unlikely to be counterfeit unless the teller was in on it too.

Come on though mate, I meant a draft handed over by a purchaser. It'd be difficult to accompany a buyer to their bank if he or she had travelled a distance or it's outside banking hours (which are very short).

Edited by mattviatura on Wednesday 8th December 18:02

My buyer arranged for the branch near to me to have his draft ready and we met on a Saturday morning.
Hardly a terrible inconvenience for either of us and a secure way of payment with no risk of fraud, which is what the OP was looking for.

[v8lante]

Thanks Mark this is what i have now arranged.