Cash? Draft? What do I accept?

Realtine

Hi folks, Hoping to see my car privately and as never had done it before I am wondering that if and when I do it how do I 'collect' payment for it - I know there are plenty of scams out there and am a little scared of getting caught - perhaps I'm a bit paranoid but I've never done this before.
The car is worth about E15,000 so for anyone who has sold a car in this way how was it paid for????
Is there a procedure?

And what should I be aware of?
thnx

Victor

Cold hard cash or a bank transfer. To many fake bank drafts out there.

I'd be slow accepting the cold hard cash if you aren't in a bank.

partyatmygaff

i would never take cash for any car over 3000 euro, whos to say the buyer doesnt just break in at night and steal that cash, you wouldnt have any proof against him either, Bank transfer or at the very least a bank cheque (wait for the money to be in your a/c)
Deffo dont take a wire transfer etc they are nearly always a scam

Seth Brundle

If you do take a cheque or draft, tell the buyer that they will not get the car until it clears!

Bluefoam

I'd go with the cash, most difficult to pull a swifty. Don't be afraid to count it all. Then off to the bank to lodge it.

bitemybanger

Id never accept a cheque or over 5K in cash, either a transfer or a bank draft as its as good as cash but payable only to name on it

junkyard

Cash only and make sure you check the cash to make sure it's real.

fricatus

Bank transfer, cheque or draft only - and tell the buyer he'll get the keys as soon as you see the money in your account.

Cash is asking for trouble. Who's to say if you take 15k off a stranger, that he won't be off somewhere making sure he has an alibi while one of his mates is punching you in the stomach and asking where the money is?

If you must do the transaction in cash, get the guy to meet you in the bank and do the lodgment together. It's a public place, there's plenty of security and CCTV, and the money is in your account right away.

Vertakill

How long does it take for a bank draft to clear? What would be the safest way to sell something at lunch time during a weekday as to not hand over a car without just being left with a piece of paper (draft)?

snowman707

€15K

safest & possibly cheapest is Bank Transfer to ur a/c

-Chris-

Take a draft.

Give the new buyer one key and keep the other until the draft/cash/cheque clears, then give them the other key.

junkyard

AudiChris wrote: »

Take a draft.

Give the new buyer one key and keep the other until the draft/cash/cheque clears, then give them the other key.

That might sound fine in theory but possession is nine tenths of the law, if you try and get your car back if the draft/cheque bounces the Gardai will tell you it's a civil matter and they want nothing to do with it. Believe me get cash and bring your own heavies if you feel threatened.

zzzzzzzz

AudiChris wrote: »

Take a draft.

Give the new buyer one key and keep the other until the draft/cash/cheque clears, then give them the other key.

That's a good one actually.

Matt Simis

Vertakill wrote: »

How long does it take for a bank draft to clear? What would be the safest way to sell something at lunch time during a weekday as to not hand over a car without just being left with a piece of paper (draft)?

5 working days for a Bank Draft. Not sure about Credit Union draft.

Gary ITR

Cold hard cash and don't be embarrassed to count it or check it. Get yourself one of those pen thingys that check notes. Then lodge it asap

philtaylor

Taking 15000 in cash is probably out of the question because I personally would want to run the risk of getting done plus if I was a buyer I would be slightly worried at having to wait 5 days before getting a car in the bank transfer case.

Won't a bankers draft not be better suited. This way when you get it just ring up the buyers bank branch and get them to confirm its real. Someone will probably confirm if they still do this or not. I think they do.

Guy:Incognito

bitemybanger wrote: »

a bank draft as its as good as cash but payable only to name on it

The only thing thats as good as cash is cash.

philtaylor wrote: »

Taking 15000 in cash is probably out of the question because I personally would want to run the risk of getting done plus if I was a buyer I would be slightly worried at having to wait 5 days before getting a car in the bank transfer case.
.

Bank transer would be instant if both parties are with the same bank. Otherwise 2 working days should see the money in your account. That'd be the safest way for both parties.

You could always get him to get th emoney in €2 coins. That elimiates the forgery concern and no one without a truck will be doing yuou over on your way to the bank.

craichoe

Stekelly wrote: »

The only thing thats as good as cash is cash.




Bank transer would be instant if both parties are with the same bank. Otherwise 2 working days should see the money in your account. That'd be the safest way for both parties.

You could always get him to get th emoney in €2 coins. That elimiates the forgery concern and no one without a truck will be doing yuou over on your way to the bank.

Its also worth having a UV Light to check for forged notes.

Henry Ford III

Bank draft is fine.

Ask buyer in advance for details of issuing bank, and draft no. Ring the issuing bank and confirm it's authenticity.

loyatemu

assuming the draft is genuine then it will clear

I've bought and sold a few cars recently and anything over 5k has been by draft.

Victor

bitemybanger wrote: »

Id never accept a cheque or over 5K in cash, either a transfer or a bank draft as its as good as cash but payable only to name on it

fricatus wrote: »

Bank transfer, cheque or draft only - and tell the buyer he'll get the keys as soon as you see the money in your account.

AudiChris wrote: »

Take a draft. Give the new buyer one key and keep the other until the draft/cash/cheque clears, then give them the other key.

Have you guys seen how much bank draft scamming has been going on recently? :rolleyes:

philtaylor wrote: »

Won't a bankers draft not be better suited. This way when you get it just ring up the buyers bank branch and get them to confirm its real. Someone will probably confirm if they still do this or not. I think they do.

This might be an idea, but what happens if they make a copy of a real draft? Run the idea by your own bank branch - and don't accept the phone number from the buyer (which will be his friend) - go find it yourself.

kbannon wrote: »

If you do take a cheque or draft, tell the buyer that they will not get the car until it clears!

Many a fraft will clear after 5 days only for them to come back a few weeks later to tell you it was a dud

Vertakill wrote: »

How long does it take for a bank draft to clear?

Usually the same as a cheque - it may show up on the day of lodgment but will actually take 5 days to clear.

What would be the safest way to sell something at lunch time during a weekday as to not hand over a car without just being left with a piece of paper (draft)?

Have the buyer hand over the money to a teller in a branch of your bank, so you can lodge it.

Stekelly wrote: »

You could always get him to get th emoney in €2 coins. That elimiates the forgery concern and no one without a truck will be doing yuou over on your way to the bank.

The problem here is counting it and making sure they aren't random coins that look like €2 coins.

galwaytt

Too much money for cash, too many risks - unless you're standing in the actual bank and he hands it over the counter.

Draft - too dodgy. In a previous workplace, we got hit twice by dodgy drafts (7.5k), so I wouldn't touch one with a barge pole. I have a scanner too, you know...........

Bank Transfer is best.

Vertakill

Victor wrote: »

Have you guys seen how much bank draft scamming has been going on recently? :rolleyes:

This might be an idea, but what happens if they make a copy of a real draft? Run the idea by your own bank branch - and don't accept the phone number from the buyer (which will be his friend) - go find it yourself.

Some very good shouts there Victor. I'd agree with the quoted one above though. You could get a bank draft from someone and ring up their bank to verify they've taken out X amount of money and they may verify it over the phone. However, who's to say the draft you're holding is the real one? They could just copy the original, give you the copy, and return the original back to the bank and cancel it.

I imagine it'd be much easier to counterfeit a bank considering everyone assumes they're safe and would never check it.

I took cash in the end for my transaction. I'm not going to say how much but it was quite a lot. As dodgy as it seems (fine if you outnumber them, or theyre in your garden while you have dogs lose..:)), there is piece of mind knowing that the money is legit, and u don't have to painfully wait for a draft to clear.

Victor

philtaylor wrote: »

This way when you get it just ring up the buyers bank branch and get them to confirm its real.

Spoke to BOI today and they are unlikely to give out information over the phone.

Henry Ford III

Victor wrote: »

Spoke to BOI today and they are unlikely to give out information over the phone.

If you tell them the draft no. and payee they will confirm it's in order, or otherwise.