Advice Please . . (handover bankers draft and rs4)

Post by **Olly_K** » Tue May 23, 2006 11:23 am

OK, So i've bought an RS4, well, we've agreed on a price.
The guy is happy for me to give him a bankers draft, but he wont release the car until its cleared.
Understandably, I dont want to part with a 22500k banker draft and walk away without the car.

I've phoned my bank and they say he SHOULD accept it, its as good as cash.

I looked on auto trader and it advises sellers to wait after the banker draft has cleared before releasing the car.

Im thinking of meeting him during the day, so he can pay me bankers draft into HIS bank and let them confirm its genuine, and I can take the car straight after.

Does this sound like a good plan ?

Post by **Crusty** » Tue May 23, 2006 11:26 am

Give him cash then

Post by **tartan_rob** » Tue May 23, 2006 11:34 am

I have sold cars for cash and not released the keys until the cash was accepted and credited to my bank account.

Its a sad day but there are so many dodgy geezers around that you can never be too careful. If the car and the cheque are genuine, both parties should agree. Put yourself in the other persons shoes. I would arrange pick-up through the day and have him drive you to the bank in the RS4 and he can deposit the cheque, the bank should clear it immediately as it is a bankers draft and bobs your uncle....

Post by **CliveH** » Tue May 23, 2006 11:36 am

I know this may sound daft, but banker's drafts have been known to bounce, or even be forged...

Post by **Olly_K** » Tue May 23, 2006 11:46 am

yep, and i totally understand him being cautious. I have just rung him and he is happy to do what i've said above, so hopefully by the weekend i will have a noggy blue RS4 !

Post by **CliveH** » Tue May 23, 2006 11:49 am

Great! Hope it goes smoothly. We're looking forward to the pix now...!

Post by **maxxximus** » Tue May 23, 2006 12:04 pm

The seller has more right to be cautious - if its a private sale then provided youve checked that address on V5 is where this guy lives (and V5 looks genuine) then shouldnt be problem.

Provided you get a receipt from him for then he can hardly turn round and deny all knowledge- and more so with a draft as the whole transaction will be documented when he pays it in.

Post by **Olly_K** » Tue May 23, 2006 12:12 pm

i think we both have equal rights to be cautious, he is parting with a lot of car and i'm parting with a lot of money. It should all be plain sailing now though

Post by **Rags** » Tue May 23, 2006 1:29 pm

I sold an rx8 a few months back so here is a seller perspective.

I think you and he can be in a secure frame of mind if he sees you produce the bankers draft in your bank. That way, he knows that the draft has been produced in a genuine manner(its unlikely that an insider would be up to tricks).
He can then pay the draft into his bank knowing its genuine, as it is as good as cash.
What I did though was to make the seller give me £4k cash and then the remainder as a bankers draft, just to have 'some' sort of security.....

Both Seller and Buyers have to be cautious. The seller may not even be selling his own car so just make sure you have done YOUR checks.

Hope it goes well..

Post by **clived** » Tue May 23, 2006 1:32 pm

It's simple. Do a CHAPS payment. Have him go with you to the bank when you make it and ask them to photocopy the stamped competed form and your ID (you'll need your passport or similar) for him. He'll have seen the payment be authorised in front of him, have a copy of the paperwork and know for sure you are who you say you are

Post by **Olly_K** » Tue May 23, 2006 1:33 pm

thanks for your advice guys, i am yet to see the log book and stuff so will make sure it all checks out 1st before we go to the bank !

Post by **simple1** » Tue May 23, 2006 3:00 pm

he is also more than capable of phoning the issuing branch to confirm that it is kosher......... I have done this when being paid by draft, just means the transaction has to be done during banking hours.

Post by **clived** » Tue May 23, 2006 3:09 pm

The only problem with that is that the bank may have issued a draft, doesn't mean it's what you're being given....

Post by **Olly_K** » Tue May 23, 2006 3:19 pm

this is true, im hoping HIS bank can verify it and pay it in there and then and he's happy

Post by **clived** » Tue May 23, 2006 4:06 pm

Either way - CHAPS or draft - take him with you when you go do / get it.

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Advice Please . . (handover bankers draft and rs4)

Advice Please . . (handover bankers draft and rs4)

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