What would you do....? thoughts please.
What would you do....? thoughts please.
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Discussion

theironduke

Original Poster:

6,995 posts

219 months

Wednesday 28th April 2010
quotequote all
As i have said my 928 sold on ebay sunday. The winning bidder has been in touch and all is good, coming friday to collect. Now i've just checked my emails and he has emailed confirming collection friday and (this is the bit i want thoughts on...) wants to pay the whole amount by bankers draft, giving me the draft friday and taking the car with him.

Now, in the ebay auction i clearly said cash payment, the car sold for around 3500, so not a huge amount.

I don't doubt the integrity of the chap but im not keen on waving good by to my car on the strenth of a bankers draft in my hand (cleared into my bank would be different)

What are your thoughts?

mat13

1,977 posts

212 months

Wednesday 28th April 2010
quotequote all
If your completing the sale during banking hours pay the draft into your local branch before ssigning over the log book and handing over the keys.

theironduke

Original Poster:

6,995 posts

219 months

Wednesday 28th April 2010
quotequote all
mat13 said:
If your completing the sale during banking hours pay the draft into your local branch before ssigning over the log book and handing over the keys.
I thought this but the bank will be closed by the time the buyer comes.

mat13

1,977 posts

212 months

Wednesday 28th April 2010
quotequote all
I would ask him for cash then, or at least a bacs transfer.

kprm77

417 posts

292 months

Wednesday 28th April 2010
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If it was me I'd insist on cash. After all, that's what you said in the auction. If he insists on the Bankers Draft, then I'd reschedule so it can be done when the banks are open. Just not worth the risk IMHO.

theironduke

Original Poster:

6,995 posts

219 months

Wednesday 28th April 2010
quotequote all
kprm77 said:
If it was me I'd insist on cash. After all, that's what you said in the auction. If he insists on the Bankers Draft, then I'd reschedule so it can be done when the banks are open. Just not worth the risk IMHO.
If it was a few hundred quid i wouldn't mind but 3500 is a lot of money (well, to me it is)

As i said the guy seems a decent chap, but sods law....

Do bankers drafts clear as per normal cheques? how does the system work?

Steameh

3,155 posts

241 months

Wednesday 28th April 2010
quotequote all
theironduke said:
kprm77 said:
If it was me I'd insist on cash. After all, that's what you said in the auction. If he insists on the Bankers Draft, then I'd reschedule so it can be done when the banks are open. Just not worth the risk IMHO.
If it was a few hundred quid i wouldn't mind but 3500 is a lot of money (well, to me it is)

As i said the guy seems a decent chap, but sods law....

Do bankers drafts clear as per normal cheques? how does the system work?
If the draft is true then basically its a draft drawn on the bank.

Say I wanted to buy your car, I'd go to the bank, tell them i wanted a draft for 3500 and they would write one up, and debit my account for 3500. The cheque is drawn on their drafting account, and as such cannot bounce so clearing becomes a non issue.

However, if its a fake draft, all bets are off.

The Hitman

2,592 posts

241 months

Wednesday 28th April 2010
quotequote all
The auction says cash doesn't it? Just say to him that you wanted it in cash as you won't be able to pay it in the same day and need the money asap, any other transfer will mean you have to wait for it to hit your account where as cash will be available on the account as soon as its deposited.

I used to work for a bank and bankers draft fraud has become very common. The only way I would accept one is if I could ring the bank that issued it and to check it was real (that they are holding the funds). But you said the banks will be shut, so you can't.

In this situation, I would ONLY accept cash.

Sounds very fishy to me.

Edited by The Hitman on Wednesday 28th April 00:41

theironduke

Original Poster:

6,995 posts

219 months

Wednesday 28th April 2010
quotequote all
Steameh said:
theironduke said:
kprm77 said:
If it was me I'd insist on cash. After all, that's what you said in the auction. If he insists on the Bankers Draft, then I'd reschedule so it can be done when the banks are open. Just not worth the risk IMHO.
If it was a few hundred quid i wouldn't mind but 3500 is a lot of money (well, to me it is)

As i said the guy seems a decent chap, but sods law....

Do bankers drafts clear as per normal cheques? how does the system work?
If the draft is true then basically its a draft drawn on the bank.

Say I wanted to buy your car, I'd go to the bank, tell them i wanted a draft for 3500 and they would write one up, and debit my account for 3500. The cheque is drawn on their drafting account, and as such cannot bounce so clearing becomes a non issue.

However, if its a fake draft, all bets are off.
So once i present the draft at my bank the money goes straight into my account there and then? (sorry if i'm being slow, long evening...)

Steameh

3,155 posts

241 months

Wednesday 28th April 2010
quotequote all
theironduke said:
Steameh said:
theironduke said:
kprm77 said:
If it was me I'd insist on cash. After all, that's what you said in the auction. If he insists on the Bankers Draft, then I'd reschedule so it can be done when the banks are open. Just not worth the risk IMHO.
If it was a few hundred quid i wouldn't mind but 3500 is a lot of money (well, to me it is)

As i said the guy seems a decent chap, but sods law....

Do bankers drafts clear as per normal cheques? how does the system work?
If the draft is true then basically its a draft drawn on the bank.

Say I wanted to buy your car, I'd go to the bank, tell them i wanted a draft for 3500 and they would write one up, and debit my account for 3500. The cheque is drawn on their drafting account, and as such cannot bounce so clearing becomes a non issue.

However, if its a fake draft, all bets are off.
So once i present the draft at my bank the money goes straight into my account there and then? (sorry if i'm being slow, long evening...)
I believe it still has to clear, however the cheque wont bounce. The only issue is the validity of the draft. Best bet is to ring his bank branch and ask them to verify the draft with the draft number.

Edited by Steameh on Wednesday 28th April 00:39

Steameh

3,155 posts

241 months

Wednesday 28th April 2010
quotequote all
mat13 said:
If your completing the sale during banking hours pay the draft into your local branch before ssigning over the log book and handing over the keys.
I wouldnt put much faith in that working. Most of the counter staff would struggle to tell a well forged draft. If you want to go to a bank to validate it, go to a branch of his bank and get him to draw the draft infront of you.

Pferdestarke

7,192 posts

218 months

Wednesday 28th April 2010
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As above, ask for cash or you may find yourself in a World of hurt!

Is his name George Agdgdgwngo?

scarebus

858 posts

202 months

Wednesday 28th April 2010
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How about finding out his address and keeping one key until the bankers cheque clears, then post him the second key...

5678

6,146 posts

258 months

Wednesday 28th April 2010
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Tell him it has to be cash or a chaps transfer (these are instant.) Its the only option I'd accept if I were you mate.

siscar

6,887 posts

248 months

Wednesday 28th April 2010
quotequote all
5678 said:
Tell him it has to be cash or a chaps transfer (these are instant.) Its the only option I'd accept if I were you mate.
CHAPS isn't instant, if done before 1.30 (I think) it will be there before the end of the working day

Pommygranite

14,472 posts

247 months

Wednesday 28th April 2010
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Being paranoid would serve you well.

Being naive wont.

5678

6,146 posts

258 months

Wednesday 28th April 2010
quotequote all
siscar said:
5678 said:
Tell him it has to be cash or a chaps transfer (these are instant.) Its the only option I'd accept if I were you mate.
CHAPS isn't instant, if done before 1.30 (I think) it will be there before the end of the working day
I stand corrected, still serves his purpose though. The guy can pay by transfer during the day then collect the car that evening.

H

6,119 posts

225 months

Wednesday 28th April 2010
quotequote all
Cash cash cash cash cash cash cash cash cash cash cash cash cash cash cash cash cash.

If the guy can go to the bank to get his bankers draught then he can get to the bank to get you cash instead.

p.s cash.

p.p.s just in case he is a dodgy mo-fo ensure you've a couple of big mates hanging round when he gives you the cash and don't leave it in your house over the weekend.

Edited by H on Wednesday 28th April 06:59

H

6,119 posts

225 months

Wednesday 28th April 2010
quotequote all
Cash cash cash cash cash cash cash cash cash cash cash cash cash cash cash cash cash.

If the guy can go to the bank to get his bankers draught then he can get to the bank to get you cash instead.

p.s cash.

p.p.s just in case he is a dodgy mo-fo ensure you've a couple of big mates hanging round when he gives you the cash and don't leave it in your house over the weekend.

Edited by H on Wednesday 28th April 07:00

panic458

101 posts

224 months

Wednesday 28th April 2010
quotequote all
Only way to ensure a bankers draft is 100% legit is to have it drawn up (in his bank) in front of you otherwise it can be returned upto a week later.

chaps payments have to clear, same as checks and can be stopped by the sender.

online payments from HSBC are supposed to be non reversible but from other banks can be stopped by sender.

cash is cash but make sure you have full paperwork for the sale as your bank may ask you to prove where it cam from.

the chap may be honest but if you asked for cash in the auction then stick to your guns.