Rayman Posted May 12, 2006 Share Posted May 12, 2006 Is this the best way of taking money for a car, ive took a deposit on my car and they want to pay by bankers and take the car with them when they hand over the draft. You have to have the funds in the account right before you can get a bank draft dont you? Can they return unpaid if the buyer takes their funds out in between getting the draft and me cashing it so to speak. Any advice at all? Link to comment Share on other sites More sharing options...
mawby Posted May 12, 2006 Share Posted May 12, 2006 A bankers draft is cleared funds. The money is taken from their account before it is produced. The only problem with bankers drafts is you can get fake ones if you're not careful. Link to comment Share on other sites More sharing options...
Pete Posted May 12, 2006 Share Posted May 12, 2006 They can be forged. When someone paid me for bankers draft I went to the bank with them before handing over the keys. They verified it at the counter as ok. Link to comment Share on other sites More sharing options...
mawby Posted May 12, 2006 Share Posted May 12, 2006 When someone paid me for bankers draft I went to the bank with them before handing over the keys. They verified it at the counter as ok.That is a good idea. The alternative is to be there when the bankers draft is produced. Link to comment Share on other sites More sharing options...
Mad Matt Posted May 12, 2006 Share Posted May 12, 2006 Takes same amount of time to clear as a personal cheue, but its guaranted funds. Link to comment Share on other sites More sharing options...
Rayman Posted May 12, 2006 Author Share Posted May 12, 2006 A bankers draft is cleared funds. The money is taken from their account before it is produced. The only problem with bankers drafts is you can get fake ones if you're not careful. Right i see so the money goes straight out of their account as soon as they draw it.? So as long as i watch out for the fakes i should be okay. Any tips on watching for fakes, im thinking probably no-one has seen a fake.? Link to comment Share on other sites More sharing options...
mawby Posted May 12, 2006 Share Posted May 12, 2006 Any tips on watching for fakes, im thinking probably no-one has seen a fake.?I've seen a couple when we tried to sell the MR2. They were obviously fake though, they had been hand printed on cheap paper. Link to comment Share on other sites More sharing options...
Rayman Posted May 12, 2006 Author Share Posted May 12, 2006 I've seen a couple when we tried to sell the MR2. They were obviously fake though, they had been hand printed on cheap paper. Did you suspect anything at all with the buyers? Like they where chavs? The buyers im dealing with seem genuine but i guess thats what the fraudsters want you to believe. Link to comment Share on other sites More sharing options...
Ark Posted May 12, 2006 Share Posted May 12, 2006 Depending on how much money you're talking about, a big wedge of cash can be easiest...just the risk of walking around with £xxxx in your pocket that makes me feel uneasy. Link to comment Share on other sites More sharing options...
Mike Posted May 12, 2006 Share Posted May 12, 2006 Depending on how much money you're talking about, a big wedge of cash can be easiest...just the risk of walking around with £xxxx in your pocket that makes me feel uneasy. or get a big wedge, and the rest in a bankers draft..? Link to comment Share on other sites More sharing options...
Rayman Posted May 12, 2006 Author Share Posted May 12, 2006 Yep think what i'll do is get em to bring the draft in Bank time and go and take it straight to the bank while they are filling the V5 docs with my mum, shud not take long. Thanks for your help all! Link to comment Share on other sites More sharing options...
Supragal Posted May 12, 2006 Share Posted May 12, 2006 didn't someone on here get properly stung like this? Link to comment Share on other sites More sharing options...
Pete Posted May 12, 2006 Share Posted May 12, 2006 Yep think what i'll do is get em to bring the draft in Bank time and go and take it straight to the bank while they are filling the V5 docs with my mum, shud not take long. Thanks for your help all! Just take the keys with you dude. Link to comment Share on other sites More sharing options...
Rayman Posted May 12, 2006 Author Share Posted May 12, 2006 Will do thanks, car buying /selling is so stressful! Link to comment Share on other sites More sharing options...
Guest Flat4_ire Posted May 12, 2006 Share Posted May 12, 2006 Do NOT take a draft man, sure they are perfect when they are legit but how can u tell 100% if HIS is legit until u cash it?? the guy who bought my supra last week wanted to give the whole lot in Draft, i said il only take cash or at best i cant give u the car until the draft clears with my bank, sure as hell a few hours later he arrived at my house with a big BALL of cash!! the way i see it if he wants your car he can pay you the way you want! Link to comment Share on other sites More sharing options...
mkirby Posted May 12, 2006 Share Posted May 12, 2006 I wont take a bankers draft anymore as you can cancel them!! yes they are cleared funds but if you ring the bank up you can cancel it if you say its been lost!! or as its been said theres so many dodgy ones around and the last one i took i rang the bank up and they refused to confirm they has issued it so i has a sleepless night till i put it in the bank in the morning What i do now is when i sell a car, tell the buyer to order the cash from a branch local to me then i can be there when its counted out and i can walk straight round to my bank and put the money straight it....easy and no one has to travel with large wads of cash and it saves counting thousands out HTH Mike Link to comment Share on other sites More sharing options...
Guest Flat4_ire Posted May 12, 2006 Share Posted May 12, 2006 I wont take a bankers draft anymore as you can cancel them!! yes they are cleared funds but if you ring the bank up you can cancel it if you say its been lost!! or as its been said theres so many dodgy ones around and the last one i took i rang the bank up and they refused to confirm they has issued it so i has a sleepless night till i put it in the bank in the morning What i do now is when i sell a car, tell the buyer to order the cash from a branch local to me then i can be there when its counted out and i can walk straight round to my bank and put the money straight it....easy and no one has to travel with large wads of cash and it saves counting thousands out HTH Mike i just said that but yeah thats the way i feel too Link to comment Share on other sites More sharing options...
Marco Posted May 12, 2006 Share Posted May 12, 2006 didn't someone on here get properly stung like this? Yes, Snowman few years ago (I think) Link to comment Share on other sites More sharing options...
AshBhp Posted May 12, 2006 Share Posted May 12, 2006 Money talks bullshit walks. Insist on cash only, for peace of mind. Then you will now if they are genuine buyer. Link to comment Share on other sites More sharing options...
Tom S Posted May 12, 2006 Share Posted May 12, 2006 If cash, not in 50's and take a pen to check the notes Link to comment Share on other sites More sharing options...
Guest Flat4_ire Posted May 12, 2006 Share Posted May 12, 2006 If cash, not in 50's and take a pen to check the notes that bastard who paid me gave me them in 50s, €18500 in fucking 50's, had me gone crosseyed counting it up!!! Link to comment Share on other sites More sharing options...
AntD Posted May 12, 2006 Share Posted May 12, 2006 Take payment in cash mate and get someone to double count the notes.I wouldn't trust a banker's draft these days. Link to comment Share on other sites More sharing options...
Rayman Posted May 12, 2006 Author Share Posted May 12, 2006 Cheers people youve just made my mind up! ive been worrying about this for the last 2hrs, i keep pacing around thinking about it! First of all they agree to send me a cheque and wait till it clears before i release the car, then she rings me a short time ago saying can she bring a bankers draft and take the car at the same time. Put on the spot i say yes at first, then i start reading thur the internet about fraudulant bankers drafts and how so many people have been done by them. Im gonna ring her now and tell her cash only as she wants to pick up next fri nite too. Link to comment Share on other sites More sharing options...
Rayman Posted May 12, 2006 Author Share Posted May 12, 2006 Sorry another question for you, once i give a bankers draft into my bank can it be cancelled at all? Link to comment Share on other sites More sharing options...
Guest Flat4_ire Posted May 12, 2006 Share Posted May 12, 2006 Sorry another question for you, once i give a bankers draft into my bank can it be cancelled at all? yes it can, dude do not give away that car until ur bank tells you that money is in your account!! OK?? Link to comment Share on other sites More sharing options...
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