Am I paranoid?

dlogan · Post by **dlogan** » Tue Oct 23, 2007 11:45 am

Hi guys, not normally one to start off a thread, but would like some opinions for my own peace of mind.

My BM thats in the classifieds was in the local paper, and a dealer from up north has made an offer and is quite happy to come down tonight and give me a bankers draft for the agreed amount.

I obviously cant pay it into the bank until Wednesday morning, but I feel a bit paranoid about handing over the car for a draft (which I believe "could" be cancelled).

I have run his phone number on google, and it checks out.

So should I stop being a girl and go for it?, what do some of the regular "car buyers" out there do?

Thoughts welcome.
Dave

Stevoraith · Post by **Stevoraith** » Tue Oct 23, 2007 11:49 am

You cannot cancel a bankers draft unless you have the actual piece of paper. So if he gives that to you then there's no way he could cancel.

Thats what my bank told me anyway- if in doubt give your bank a ring.

Thats not to say it isn't a forgery...... but if he checks out as a legit dealer then I'd say the chances of that are slim.

Rag_It · Post by **Rag_It** » Tue Oct 23, 2007 11:50 am

Whats the dealer mate, and i will ask a few mates in the trade. You should be fine with a draft, make sure it is countersigned, and you could even ask his bank to confirm if paranoid.

You did say your car was cheap, he can maybe see himself turning a few pennies on it!

Cheers,

Dave

Andy G · Post by **Andy G** » Tue Oct 23, 2007 11:52 am

last car i sold was via bankers draft.

They made me sign something to say i'd recieved the money.

GregR was round - should have seen the look when i said "give me 2 mins to run this past my lawyer!"

Haha!

All went through fine though

dlogan · Post by **dlogan** » Tue Oct 23, 2007 11:55 am

Cheers guys.
Dave will PM you the details.

Its even cheaper than it was on Friday with the offer I have now pretty much accepted, so he will be making a few pennies on it for sure.

Should have taken the first offer

but never mind, just cant be arsed with tyre kickers etc and timewasters and scams.

Dave

rossybee · Post by **rossybee** » Tue Oct 23, 2007 11:55 am

Dave (L) - I'd say go for it - have you run it by your Dad? (from his occupation POV)

But being honest - I sold the RS6 for a bankers draft for a 5 figure sum beginning with 3 & would be telling porkies if I wasn't panicking just a wee bit!!!

tonyg · Post by **tonyg** » Tue Oct 23, 2007 11:57 am

Bankers drafts cannot be cancelled BUT

They can be stolen !
=============

Edin430 · Post by **Edin430** » Tue Oct 23, 2007 12:05 pm

Not true - Bankers drafts CAN be cancelled...

I worked in a branch for years and still work for HBOS but now corporate - we deal mostly with property investment but also some car dealers.

Depending on the situation and who wrote it.. i.e. a branch suspense account, a corporate account - they can be cancelled...

It will more than likely be perfectly fine but do remember that even though its a draft it still has to clear as a normal cheque!!!

rossybee · Post by **rossybee** » Tue Oct 23, 2007 12:05 pm

Or to be supersafe - meet him at lunchtime, go to a branch of his bank & get them to produce a b-draft - that way you know it's good!

Dominic · Post by **Dominic** » Tue Oct 23, 2007 12:10 pm

Or do what I did when I sold my Liz, and get an electronic payment, from one account to another, by phone, while the buyer is present.

Costs about £20-30ish but worth it, IMHO.

Edin430 · Post by **Edin430** » Tue Oct 23, 2007 12:15 pm

Dominic wrote:Or do what I did when I sold my Liz, and get an electronic payment, from one account to another, by phone, while the buyer is present.

Costs about £20-30ish but worth it, IMHO.

CHAPS payment with HBOS costs you £25.00

It will make sure the money is in your account before 5pm that day - but once its done, its done... So he could do it and then drive away you'd still be safe. Only thing is it has to go through before banks clearing times of 3:30pm

Edin430 · Post by **Edin430** » Tue Oct 23, 2007 12:17 pm

Call up and find out if he is Bank of Scotland - if he is get him to tell you the branch he will be getting the cheque from and i can verify it for you

rossybee · Post by **rossybee** » Tue Oct 23, 2007 12:20 pm

X7LDA wrote:
Dominic wrote:Or do what I did when I sold my Liz, and get an electronic payment, from one account to another, by phone, while the buyer is present.

Costs about £20-30ish but worth it, IMHO.
CHAPS payment with HBOS costs you £25.00

It will make sure the money is in your account before 5pm that day - but once its done, its done... So he could do it and then drive away you'd still be safe. Only thing is it has to go through before banks clearing times of 3:30pm

I did this when I sold my AMG Merc a couple of years ago and it's very effective, but having spoken to Dave about this yesterdeay, the chap in question is getting on a bit and somewhat "rural", not being very "up there" when it comes to modern compootery type stuff

dlogan · Post by **dlogan** » Tue Oct 23, 2007 12:29 pm

My concerns are that its out of hours, so at 7pm CHAPS etc are all kinda ruled out.

If he came through during the day it again would all be fine, but he says he is away on business tomorrow.

Good point ref who the supplying bank is etc and possibility of getting it verified, I might just speak with him again.

Thanks all.

Post by **simon** » Tue Oct 23, 2007 12:31 pm

Tell him to give you cash if he's proper old school.