Accepting payment - safest method ?

[NY4x4]

What would you say is the best and safest way of accepting payment for my Disco. I have someone who wants to buy and pay by bank draft, he is prepared to send this ahead and let me pay in before he collects.

Is this safe, what can go wrong, could it be a scam of any sort???

It's £8k, so more than I can afford to lose !

Thanks.

[barmiebrumie]

Dont kmow about bank draft, but cash is the only payment I would take for that sort of money,

[chris.hunt22]

Bankers draft will be OK but make sure it clears and the money is in your account before you release the car, I would bob in your bank and ask their advice than risk 8K, there is a lot of theiving <edit> out there :x  

[ben_haynes]

Yes Definatly **CASH ONLY** the only way i have and will ever take and give for a Car of any sort

[Moneypit]

A bankers Draft 'should' be safe, but as has already been said, make sure it has been paid in and has cleared before you release the car.

Remember people can make forgeries of Bank Notes too.......

[strapping young lad]

yeh bankers draft and ask for his children as security until the money clears ;)

[Lord Shagg-Pyle]

Cash would be good, but check the notes aren't dodgy. Could be embarrasing taking it to the bank!
There are a lot of bent Scottish notes going round at the moment.

[Edge]

Someone bought my celica off me via bankers draft.... we both went to my bank to pay into my account and i asked cashier would funds clear immediately "she said no & bankers draft could still be cancelled by buyer in the next few days".    
I refused to accept the draft and buyer instantly took me to a branch of his bank and they cashed it for him there and then (he had lots of ID).

I would never accept a bankers draft now..... "Cash Only"
Bulli will be along later.... he can advise better than me.

[thermidorthelobster]

Careful!  Bankers' drafts CAN be revoked after they've cleared, even several weeks later, if they turned out to be fraudulent or stolen.  Some banks claim this isn't the case, but if they say that, get it in writing signed by the manager, cos it's your money at risk.

Cash is gonna be best.

[att]

Always check the cash.
Ask for fifty`s not as many forgeries about.
Avoid scottish like the plague, lot`s of forgeries at the mo`.
If you ask the bank for a pen to detect forgeries, they should give you one free of charge.
You can do a bank transfer via phone in real time, you can then call your bank to check the funds have cleared in real time.....Very good method for large transactions.

[Grant]

cash deal in the bank... cant go wrong.

If they've got the money in their account then why would they say no?

[NY4x4]

You can do a bank transfer via phone in real time, you can then call your bank to check the funds have cleared in real time.....Very good method for large transactions.

I was just going to ask about transfers, are these 100% safe?

[att]

You can do a bank transfer via phone in real time, you can then call your bank to check the funds have cleared in real time.....Very good method for large transactions.

I was just going to ask about transfers, are these 100% safe?

I sold a disco to a punter for 14K and did the deal in the motor, we used mobiles to do the transfer, he called his bank and gave my account details to which the money was to be transferred into, five minutes later I called my bank and checked that the funds were cleared.....Job done. :D

[Guardian.]

definately a transfer matey, once they have transfered into your account you can ring and confirm and then thats it done. safe as ouses.
cash is also good, ask for it in 50 pound notes, and the only way to test is to run your nail over the bank of england on the front of the note, they cannot raise it on a forgery, thats personally the avenue i would use.

[narked]

yeh bankers draft and ask for his children as security until the money clears ;)

The point of a deposit is that you take something from them that they will want back...

[John T]

definately a transfer matey, once they have transfered into your account you can ring and confirm and then thats it done. safe as ouses.
cash is also good, ask for it in 50 pound notes, and the only way to test is to run your nail over the bank of england on the front of the note, they cannot raise it on a forgery, thats personally the avenue i would use.

Can a transfer not be revoked by anyone then, I didn't realise a draft could be until I read some of the posts above..

[thermidorthelobster]

I'm not sure about a transfer.  I suspect it *can*, because if you accidentally read out the wrong number and transferred several grand into the account of somebody you didn't know, I'm sure they'd have a process for revoking it.

[MK1]

Bankers drafts can still be fake and cash can be forged. The best thing is to insist on cleared funds before releasing the vehicle. That way it wont matter which method is used.

[thermidorthelobster]

Bankers drafts can still be fake and cash can be forged. The best thing is to insist on cleared funds before releasing the vehicle. That way it wont matter which method is used.

Careful - cleared funds means nothing.  As I said above, cleared funds CAN be revoked, certainly if it's a banker's draft.  Cleared means it's in your account, it doesn't mean it's staying there.

[MK1]

Yeah, I guess you're right. It's this odd three day thing where it's in your account but you can't draw it.

Cleared and drawn then.

Cash is OK but it would be easy to slip some dodgey notes in.

[thermidorthelobster]

I don't think it's even 3 days - afaik it can be revoked weeks later.  That's how the scams work where the punter says (usually in broken english) that he'll send you a banker's draft for more than you're asking for, and can you forward the balance to somebody else.  You pay in the draft, forward the money, and weeks later, the bank revokes the draft.

If you've paid in the draft and then moved the money elsewhere, I'm not sure what the bank can do about it, but I have a dim view of banks so I'm sure they'll catch you out somehow  :P

[att]

Looks like you are going to have to hang on to your disco becuase apparently there is not one safe method of accepting payment for it. :roll:

[MK1]

So potentially, a bankers draft is, as the saying goes, not worth the paper it's written on?

[lenrover]

yeah can't even be too carefull with cash these days alot of dodgy notes about :roll:

[thermidorthelobster]

So potentially, a bankers draft is, as the saying goes, not worth the paper it's written on?

No, because they can be stolen or forged.

I've not had to accept one for a long time (cash is easier for the amount of money I sell cars for) but if I was, I'd be ringing the issuing bank to get confirmation that the cheque was knowingly issued and is for the right amount.

[Range Rover Blues]

My mate's a car dealer and he gets caught out with dodgy notes now and again.

I like that idea of watching him draw the cash from the bank then paying it back in, any question the notes are dodgy it falls straight back on the issuing bank.