We have just put our car onto autotrader and are getting some healthy responses.
The thing that worries me is the amounts of scamming in general.
Cash is king, but are bankers drafts only safe after you have deposited them in your bank and the amount credited to your account?
Cheers
Pete
Strictly speaking, Bankers Drafts still have to clear and aren't a guarantee of payment. If you want to be 100% sure of payment you have to go to the bank with the buyer and pay the cash in to your bank account there and then. Otherwise there is a risk the cash is fake and any other form of payment can be cancelled/fake (apart from a transfer of cash between bank accounts in the same bank - only possible if the buyer happens to bank with the same bank as you)
So just for clarity (to your original question) bankers drafts are only 100% after they have cleared, which is not the same think as "paying them in to your bank account".
You'll need to check with your bank about the draft and how long they need to confirm it's genuine so the funds can't be withdrawn. Personally i take cash or bank transfer to my account only, any genuine buyers won't mind this.
Bankers drafts CAN be forged. Arrange to meet the buyer at the branch that he is collecting the draft from. i.e. do the deal, then go down together to collect.
Sorry, its just a piece of paper.
With cash- make sure you check the cash (buy a pen from from Staples etc) beforehand.
Last time I took a bankers draft to a bank they were unable to confirm if it was genuine or not and I had to wait for it to clear.
ive just recently bought a car and paid with a building society check (same thing as bankers draft) they were expecting the buyer to call to confirm it was real but still wouldnt speak to them. i called the bank and spoke on speaker phone to confirm it was real and they did
that said i could have just been phoning my mate lol
id take cash or direct transfer tbh in your shoes
cash and do the deal in the bank. only way to be sure.
Cheers everyone.
Exactly what hora said. Have done this 3 times selling cars. Get them to arrange for the bankers draft to be issued from the branch of their bank nearest to you. Go to the bank with them and get the cashier to hand you the banker's draft directly. You then have guarantee that it is genuine and do not have the hassle of handling large amounts of cash
Or get him to pay you in Gold?
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or to do an electronic bank transfer to you, if you both have online banking? You only need to give them the same details you have printed on a cheque you'd happily give to someone (name, acc no. and sort code) so its no more open to scamming than any other method, and Ive bought and sold stuff in this manner with no problems.
And its free.