9005rpm

Hi all,

What is the safest means of selling a car privately and making sure that you get paid? I have heard all sorts of stories of dodgy bankers drafts and wondered what the best option was.

Surely it must be safe enough to go to the branch of the bank that is issuing the draft, watch them issue the draft to the buyer of the car and then pay it into my account. I think that drafts are like cash, and so presume that they cannot be stopped like a normal cheque.

Also, if I ID the buyer with his passport and driving licence that must surely be enough.

All reassurance / words of caution are welcome.

Many thanks,

Mark.

darrenswift

I've heard similar scare stories with people paying a bankers' draft for the entire amount, only for you to find out a week later the draft had only been issued for 1 pence etc. and therefore losing your property etc.

When buying my S2000, I took the seller to my bank and got the draft issued in front of him, therefore putting him at rest that I wasn't a swindler etc.

Getting a buyer's ID etc and perhaps a copy of their bank statement showing a draft for the value had recently been issued, there's little else you can do.
I recently took 12 grand cash from the buyer for my last car, which was admittedly a tad risky, but his bank statement printed that day proved it had just been been withdrawn, so I was happy to accept.

If you do take cash and miss the bank that day, I'd suggest sleeping with a baseball bat under your bed that night, until you got to pay it in the next day!

9005rpm

Good idea on the bank statement - I like it.

Thank you.

RevRanger

Use BACS (Online Banking) this only takes 3 working days, once the money has cleared into your account they can have the car OR 'cash in hand' as long as it's not still wet!!!!

Bankers drafts are a funny one as I'm not sure how easy they are to forge but I guess if your going into the bank with the buyer and the bank hands the draft to you then its OK to hand car over... unless of course the bank manager is dodgy!!!!

Rapscallion

chaps transfer

costs

9005rpm

CHAPS and BACS are possible. I am not sure that I would go down that route though as a buyer. What if I (as seller) then refused to hand over the car? I would have the money, and the car. Hold on, that is an idea....

Rapscallion

and the buyer has your name and address, knows what you look like etc.

i paid for mine by chaps.

NineBolts

Fund transfers might be the way, much quicker now but I'm not sure how bullet proof they are.

Arrange to take cash with both of you in the bank and have to money checked or paid in while you are both present. It's a bit of a fag but it's more secure in the end.

Cheques can be revoked months after they have been cleared.
Drafts can be forged.

RevRanger

LOL and then you'd be done for fraud!

Stookystar

When I sold my last car the chap transferred the money directly from his bank account into mine.

Thankfully we were both with the same bank so the transfer was instant.

I then checked my bank account on line to make sure the money was in there and the chap took the car.

I've done it before where people have transferred the funds straight into my account and the transfer has taken 3 days. I must have an honest face because it's not been a problem for them. I'm not sure I could be so trusting!