Advice on accepting payment for cars

**Andy** · 14th July 2005, 13:19

Now that the car is the autotrader mag (for £7995), im hopeful i will get a few calls and people come to view it. If someone decides they want it, whats the best way of getting the money?

How do i spot a forged bank note?

Is it fair to tell a buyer i want to deposit their bankers draft and wait for the funds to clear? or will they want the car there and then?

**AJA** · 14th July 2005, 13:39

My personal opinion is a bankers draft is as good as cash, but I could be wrong.

If it's personal cheque, obviously you clear the funds before releasing the car.

Also you want proof of address. (utility bills etc), as you'll be the one who gets the fine from DVLA if they don't register it and TAX it, also you can point the old bill in the right direction. Click

You've probably already seen this but Autotrader itself has a very good section on this - Click

**Andy** · 14th July 2005, 13:43

yeah, read the autotrader section but ive also read that bank drafts can be forged with a good computer and printer. The only way to check is to ring the bank and check the seriel number. What if its night time and they are closed? can i tell a buyer that i'll check in the morning and once confirmed they can have the car?

**Jamie** · 14th July 2005, 13:59

Originally Posted by Andy

yeah, read the autotrader section but ive also read that bank drafts can be forged with a good computer and printer. The only way to check is to ring the bank and check the seriel number. What if its night time and they are closed? can i tell a buyer that i'll check in the morning and once confirmed they can have the car?

Well worth phoning and checking... have spoken with at least one person (through my work) who has been duped by forged bankers draft. If your buyer is genuine they will understand your reasons and wont be insulted if you explain it to them.

**Duncan** · 14th July 2005, 15:20

Originally Posted by AJA

My personal opinion is a bankers draft is as good as cash, but I could be wrong.

Nooooo!!!! Don't ever, ever, ever take a bankers draft and allow the buyer to drive off. Period. Treat it like a cheque i.e. allow it to clear before you release the car - no matter how much the buyer may insist that it is as good as cash. There are so many dodgy drafts floating around and so many people have lost their cars because of it.

If the buyer is serious about the car, they'll be prepared to wait a few more days.

As for cash, you just need to look at the notes closely. Check for watermarks, the silver thread intertwining through the paper (not just printed silver dashes on the surface) and the general feel of the paper and quality of printing.

HTH

D

**Andy** · 14th July 2005, 15:26

spoke to my bank and they said the same as duncan re cash.

Re bankers draft they said the best way is to ring the issuing bank and check that they have issued a bankers draft for that amount to the person named on it. If they can confirm that, you should be ok. I think i'll still pay it in and wait for it to clear.

**Duncan** · 14th July 2005, 18:04

Originally Posted by Andy

I think i'll still pay it in and wait for it to clear.

Good idea. I would - no matter what the bank said when I rang up.

Better to be safe than sorry!

D

**Andy** · 14th July 2005, 18:44

just got to sell the thing now lol.... no phonecalls yet

**AJA** · 14th July 2005, 19:08

Sound advice guys. It's good to talk!!!! LOL

**MLC** · 14th July 2005, 19:13

I'll second what Duncan said. Drafts can be issued then cancelled (as per Western Union scam.) ALWAYS wait for it to clear. Better to lose a buyer than your car.