Taking payment for a car

lightning · Aug 1, 2020

l had a buyer for my Defender, all was going well, but he wanted to collect the vehicle and pay the majority of the money (over £13,000) by bankers draft.
l said l couldn't take a bankers draft as it was not secure (bank says 4-6 days to clear)
The buyer was a bit cross, and has not been in touch since then. Was l right to refuse payment by bankers draft? He wanted to take the vehicle the same day.
I don't know the buyer, l only have a mobile phone number.
l believe a bankers draft only guarantees that the money is in the buyers account on the day the draft is printed.

Henry_b · Aug 1, 2020

Better safe than sorry..

neilly · Aug 1, 2020

Go with the purchaser to the bank and hand over the cash to the teller. Get it put into your account job done. Hand keys to buyer. Ask nicely for a lift home.

Cheers

marjon · Aug 1, 2020

Direct bank transfer cleared or cash

I don’t know anybody that uses bankers draft, is it not like a cheque from the bank rather than the person? So should be safe.
But I would still want it cleared before letting the car go. And can they be cancelled? Believe they are pretty safe but... the crooks always have ways of getting round things, plus I wouldn’t even know what a real one looks like

Somebody else will be along to buy it.

J

lightning · Aug 1, 2020

lt can't be cancelled but the person can take the money out of their bank after the draft is issued, or the money gets spent, and then the bankers draft won't be honoured when you pay it in.
l guess it's saying l don't trust the buyer.
But l never met him
before, he looked like a genuine Land
Rover enthusiast and was probably fine but it's an £18,000 Land Rover and if anything went wrong l would have no money and no Land Rover

Si Click · Aug 1, 2020

A CHAPS (Clearing House Automated Payment System) payment is probably your best bet. The buyer can make the payment in a branch, and as long as it is before a cutoff time usually around 1430, the funds will transfer that day and are fairly difficult for the buyer to stop. The funds can exceed the normal Fast Payment maximum (normally £1000), but you will probably get a bill for £25-£30.

RangeRoller dt · Aug 1, 2020

Don’t let vehicle go until it’s cleared your end.

kevstar · Aug 2, 2020

No way would I have accepted a bankers draft, sounds like a scam to me what's wrong with him
just transferring the funds in front of you or taking out the cash. Ive lifted way more than that & paid
cash for things. I think you done the right thing tbh.

discool · Aug 2, 2020

kevstar said:
No way would I have accepted a bankers draft, sounds like a scam to me what's wrong with him
just transferring the funds in front of you or taking out the cash. Ive lifted way more than that & paid
cash for things. I think you done the right thing tbh.

A bankers draft is guaranteed as it’s from a bank or building society account, they transfer the funds from the - in this case- the vehicles buyers account when the draft is produced.

So the buyer can not cancel the draft, they will have to apply to the Bank or BS and they investigated so will won’t to know the reason, by that time money is transferred into the sellers account within 3 days, best to pay whatever and have a 1 day clearance, or the have money transferred to your account directly.

A cheque can be stopped as soon as the keys are handed over but still the question why is asked.

Colthebrummie · Aug 2, 2020

I don't understand in this day and age of immediate electronic bank transfer, why anyone would want to use a bankers draft, I think the bank makes a charge for using them.

Col

Moron · Aug 2, 2020

Some years ago a motor trader mate of mine sold a Porsche to a well spoken /dressed gentleman who paid with a bankers draft........which turned out to be a forgery..... he lost the Porsche and the money

goonarmy · Aug 2, 2020

if they were interested they would have worked it out with you.

lightning · Aug 2, 2020

He's definitely a genuine buyer, been on this forum a few years.
l am surprised it'a gone quiet, the guy was getting his pension payment on the 28th July, l was let down by the dealer who we were buying the replacement vehicle from, but drove all the way to Norfolk (five hour round trip) to look at another
which turned out to be unsuitable.
Eventually l found one nearer to home.
ln the end the Land Rover was available on the 29th July, exactly when he wanted it.

The offer of a bankers draft and my refusal to take it seems to have upset the apple cart.

Dippypud · Aug 2, 2020

lightning said:
He's definitely a genuine buyer, been on this forum a few years.
l am surprised it'a gone quiet, the guy was getting his pension payment on the 28th July, l was let down by the dealer who we were buying the replacement vehicle from, but drove all the way to Norfolk (five hour round trip) to look at another
which turned out to be unsuitable.
Eventually l found one nearer to home.
ln the end the Land Rover was available on the 29th July, exactly when he wanted it.

The offer of a bankers draft and my refusal to take it seems to have upset the apple cart.

An arrangement with the bank for transfer of funds is safe, easy and quick ...

lightning · Aug 2, 2020

That's what l've always done in the past

kevstar · Aug 2, 2020

discool said:
A bankers draft is guaranteed as it’s from a bank or building society account, they transfer the funds from the - in this case- the vehicles buyers account when the draft is produced.

So the buyer can not cancel the draft, they will have to apply to the Bank or BS and they investigated so will won’t to know the reason, by that time money is transferred into the sellers account within 3 days, best to pay whatever and have a 1 day clearance, or the have money transferred to your account directly.

A cheque can be stopped as soon as the keys are handed over but still the question why is asked.

I know what a bankers draft is lol, I should have been more clearer I should have said they can be easily
forged & most people these days would not know what one looks like, but I was in a rush as usual.

I would take a cheque then give the buyer the goods when its clear.

rob1miles · Aug 3, 2020

Cleared funds or nothing. I would never expect or ask to take a vehicle until my money had cleared and I would not part with one until I had the money in my account. There is just too much to go wrong.
I would never take a bankers draft, they are too widely used by scammers as are escro accounts.

lightning · Aug 3, 2020

Well, l tried calling the guy this morning to see if he was still interested but it wasn't answered so l left a voicemail

Not heard anything back, l've had an offer from a dealer at close to the price l wanted, so it's going to them tomorrow.

l listed it on Ebay last week and have had over 800 views and dozens of "watchers" but no offers or requests to view it.

Hippo · Aug 3, 2020

Is it too late to put in an offer?

If yer not sure about risk of payment method, yer can check with yer bank. They will know the options/risks.

lightning · Aug 3, 2020

You can make an offer, the Land Rover is still here.
Did you see the listing?

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