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Thread: Buying a Car - Bankers Draft

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    Default Buying a Car - Bankers Draft

    Just a quick question...

    I am looking to buy a car and want to pay via bankers draft.

    Being a bankers draft - in essence a cheque from the bank would i still have to wait for the draft/cheque to clear before the dealer would release the car, or would they likely accept it and release the car on the same day?

    Amount is for £10K + so not a small amount by any means!

    Rgds
    Aidi

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    Full Member Penfold101's Avatar
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    Never have done when I've paid by that method - the bank won't give you one unless you have the funds in the first place so it shouldn't be an issue. Mine was for 12K too...

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    Make sure the seller is happy to sell to you using a bankers check as there are scammers that use fake/stolen bankers checks and then leave the seller with no money and no car.

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    The trader will most likely to ask you to wait about one hour while they verify and process the Bankers Draft
    Your bank basically suspends those funds when the Bankers Draft is completed and issued
    A Bankers Draft remains valid for 6 years

    Personally, pay the acceptance deposit by Credit Card (that way the full value is covered by the Consumer Credit Act), this deposit should be between £100 and £250
    Agree to pay the order deposit by Bankers Draft, when you collect the car
    The remainder is put on a HP agreement (that way the car is covered by this owner for the term of the agreement)

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    Thanks, Just called my bank to ask if i could pay using a debit card as an alternative. As its a large amount it might require a phone call to authorise payment at point of sale to let the amount be accepted. Ill speak with the dealer and ask if the bank draft is acceptable as immediate payment... Ill even have the sales guy stand next to me when its being created at the bank if needs be!! Just want to cover all the options before having to make a journey!

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    Regular Member m8internet's Avatar
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    Quote Originally Posted by Aidi View Post
    Just called my bank to ask if i could pay using a debit card as an alternative
    You can pay by Debit Card, but this doesn't give you any consumer protection
    You may then be asked by the trader to wait for four business days whilst the payment is processed
    Using a Bankers Draft will be much quicker

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    I would go in with a big wad of cash and watch the seller sweat!!

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    Some sellers won't accept more than 5 or 10k in cash ..... Money laundering etc....

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    [Ex]Admin Duncan's Avatar
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    Quote Originally Posted by m8internet View Post
    You can pay by Debit Card, but this doesn't give you any consumer protection
    You may then be asked by the trader to wait for four business days whilst the payment is processed
    Complete rubbish! A debit card payment will go through straight away. As Aidi said in the post above this, it may require a phone call to authorise with it being such a large amount.

    Aidi, what I've done in the past, and what I'd recommend, is to pay the deposit by credit card as m8internet said. That way you get the protection of the Consumer Credit Act. With banker's drafts there are soooo many fake ones around that you may have to wait several days for them to clear it/check it's genuine before they release the car, so I'd pay the balance by debit card. Make sure the bank knows you are going to be making a debit card payment of that amount so that they are expecting it. It may still mean a phone call being made at the time to verify that it's a genuine transaction and not someone else emptying your account! lol

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    Just got off the phone with the dealer and they won't take a draft as proof of immediate payment, it would have to clear first. I am now wishing I had credit card! If I go ahead with it I'll do it with the debit card and be prepared to authenticate over the phone.

    Just sitting at a dealers now waiting to test drive an insignia elite. :-)

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