What type of payment when selling car?

daveg

Think I may have a buyer for my car tomorrow who wants to take it there and then if they are happy. Whats the safest form of payment? Cash obviously but what about bankers draft? Any other form of payment?

crosstownk

daveg wrote:

Think I may have a buyer for my car tomorrow who wants to take it there and then if they are happy. Whats the safest form of payment? Cash obviously but what about bankers draft? Any other form of payment?

Cash all the way. With so many scams around these days, even drafts can be dodgy sometimes.

Tipsy Mac

I would only go with a draft if it's made out from your bank and you can go to the branch with it prior to the handover to verify. Other solution would be to get him to transfer money to your bank account if he banks with the same company.

spockety

Cash only.

If they want to use anything else (cheque/draft) then you should tell them they will have to wait until the money clears until they have your car.

Do NOT be fooled into thinking that the person you are selling to is "genuine" or "seemed fine", etc. The best scammers all seem "genuine".

keefg

crosstownk wrote:

even drafts can be dodgy sometimes.

I agree, only accept draft if you go straight to bank to lodge it (before handing over motor of course)

Eoin

If you get a draft during business hours, can you not ring the originating bank with it's number and have them confirm it?

keefg

Mind you...I can't see a problem accepting a personal cheque if the buyer is a Boards member!!!

We are all sound as a pound on here

Henry Ford III

eoin_s wrote:

If you get a draft during business hours, can you not ring the originating bank with it's number and have them confirm it?

That's what I did last time out. Got the draft no. on phone from the seller. Called issuing bank. Confirmed amount and payee (me)

No worries.

daveg

Thanks all. Cah only or I'll ring the bank in the case of a draft.

Typhoon.

wasnt there a load of bank drafts stolen from a bank recently u in dublin?? be careful there too

Capt'n Midnight

Typhoon. wrote:

wasnt there a load of bank drafts stolen from a bank recently u in dublin?? be careful there too

not again

anyone remember the saga of Dawntrader and the bouncy castle ?

Genuine drafts, but the bank would not honour them as they had been stolen.,
moral - drafts are only good during banking hours and even then ...

unkel

Outside of bank opening hours, the only safe method is bank transfer (obviously via the interwebby thing). Everything else can be forged, including cash

It's probably more likely the seller gets paid by counterfeit cash than with a forged bank draft

Esel

Counterfeit €50 on the go at the moment. Handle and check every note if taking cash. Or else get the buyer to bring €100 bills (check them too!).

Owen

Cash is pretty much king. I went to Aberdeen to collect a car 2 weeks ago, and the guy would only accept cash, a mate of his had been scammed with a 50k Sterling bank draft against a Cayenne. Not nice at all.

Capt'n Midnight

ned78 wrote:

Cash is pretty much king.

Except when you've got £17,000 and the seller is waiting with a shotgun.

Esel

Capt'n Midnight wrote:

Except when you've got £17,000 and the seller is waiting with a shotgun.

That's not a shotgun.......this is a shotgun! :eek: