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  Mk4 MX-5, Smart 451

I am selling my car hopefully this week so that i can order my 172 at the weekend, i just need some advice on how to handle the transaction of money etc. All the info about Bankers Drafts not excepting cheques etc, because the guy interested is on about driving the car away the same day if he wants to buy, so the last thing i want is a dodgy cheque and no car. All the advice you can give will be GREATLY appreciated (once again).

Thanks Everyone

Gaz 2130

Accept ONLY a building society cheque or a bankers draft. He should be able to get hold of one or the other at short notice.
  Mk4 MX-5, Smart 451

ive been told if he gives me a bankers draft that i should go to the bank with him and get it all checked out, after all he could be giving me anything that says bankers draft on it. Is that right? and what exactly does a bankers draft mean/do?




  Shiny red R32

As petes said, DONT take a personal cheque for your car, as it could have been stolen and if you let the guy away with your car, you will then have lost both your car and the money for it.

The only time you should accept a personal cheque is a few days before you let your car go, so as to give the cheque time to clear, when you can check with your bank first, then let the buyer take your car.

As said, he can get the bankers/building society draft easily if he is borrowing from either source or if he has borrowed from elsewhere and has deposited this amount in the bank/bs, who will write a cheque out in your name which is a guarantee that the funds are there, unlike a persoanl cheque, which anyone can write out for any amount - until it is presented to the bank and bounces due to there being no funds!

Also, before letting someone drive your car away, have ready, or write one out with the guy present, an invoice/receipt on which you should perhaps use the words "Sold as Seen" with the date and the guys signature. Get him to provide some form of identification with his address on it too, it is better to have too much info rather than not enough.

I know it will probably be a large sum of money, but you can always ask for cash. Just make sure you take it straight to the bank and dont go down the pub with it.
  Mk4 MX-5, Smart 451

thanks hype and everyone, i wonder how many pints just under £5,000 will buy??

Bout 2500!!! If you need any help getting through them you know where i am:D

Cash is the best way to sell a car or try to get him to give you a direct debit.

Actually bankers drafts are no better than cheques now. Because there has been a lot of fraud with them recently they have become nothing more than glorified cheques. They guarantee that the person has the money there when it is written, but they still take 3 days to clear, within which time the money can be removed.

I know this because when i sold my cinquecento my mum went to order a bankers draft for me to buy my new car with, she was told this by the woman behind in the bank who had just had this problem of the unguaranteeable bankers drafts when her daughter was selling a car. Also my mum is the accountant for a company and she used to use bankers drafts all the time, now she cannot.

The only thing you should accept is hard cash.

If the draft is a forgery then no its not guarrenteed, the best way to do it is go into a branch of the buyers bank and get an electronic transaction done, this is THE safest way as its done from the bank (but you may need a days notice before hand).

If you accept a bankers draft ensure that its cashed and you have the money in your account before you hand the keys over for your car (may take a day or two to do) but dont take cheques etc or even cash (silly as it seems unless you can deposit it first and checking to make sure its not forged).

  BMW 320d Sport

Best way is the time honoured method - get him to bring the cheque round ASAP, both sign a receipt for it (plus the cheque is traceable anyway), when it clears he collects the car. No carrier bags full of fivers required.
  Clio 197

Cash. Always the best way. I usually pay cash for my cars that I have bought privately and readily accept same.