Selling car buyer wants to pay by bankers draft

BigEejit · 16-04-2013 10:18am

Wasn't there a bunch of bank drafts stolen some years ago? If I recall correctly from Ulster bank??

Anan1 · 16-04-2013 10:45am

djimi wrote: »

It depends on the car to be fair. If the OP is selling something that is in relatively decent demand then Id be inclined to say walk away if something doesnt feel right; theres not a lot of sense in looking for solutions to a situation you are not 100% happy about.

If the car is going to be harder to shift then the OP may have to take a leap of faith, in which case I agree with you. But for the most part I would say most people do not want/need the hassle when there will probably be easier and more straightforward sales out there.

The buyer suggested paying by draft and collecting the car in the evening - people do this every day without incident. While the OP does need to ensure that the draft is genuine, IMO the only people getting skittish in this thread are those with limited experience of buying & selling cars. There's no need for any leap of faith here - if the payment isn't cast-iron then the OP doesn't part with the car.

djimi · 16-04-2013 10:47am

Anan1 wrote: »

The buyer suggested paying by draft and collecting the car in the evening - people do this every day without incident. While the OP does need to ensure that the draft is genuine, IMO the only people getting skittish in this thread are those with limited experience of buying & selling cars. There's no need for any leap of faith here - if the payment isn't cast-iron then the OP doesn't part with the car.

Which is most people to be fair. The buyer in this case could be absolutely 100%; all Im suggesting is that unless the OP is trying to sell a rare/undesirable car then I dont see why they should enter into a piece of business that they are not 100% happy with. If they feel that anything at all seems fishy then the sensible thing to do is walk away and look to do business with someone that they are completely happy to deal with.

Henry Ford III · 16-04-2013 10:58am

djimi wrote: »

Which is most people to be fair. The buyer in this case could be absolutely 100%; all Im suggesting is that unless the OP is trying to sell a rare/undesirable car then I dont see why they should enter into a piece of business that they are not 100% happy with. If they feel that anything at all seems fishy then the sensible thing to do is walk away and look to do business with someone that they are completely happy to deal with.

If the draft is confirmed to be genuine I can't see any issue.

bidiots · 16-04-2013 11:57am

djimi wrote: »

Which is most people to be fair. The buyer in this case could be absolutely 100%; all Im suggesting is that unless the OP is trying to sell a rare/undesirable car then I dont see why they should enter into a piece of business that they are not 100% happy with. If they feel that anything at all seems fishy then the sensible thing to do is walk away and look to do business with someone that they are completely happy to deal with.

Agreed, but there is a small bit of 'hysteria' been drummed up here which is needless and may prove costly to the OP if he misses out on a genuine offer. If the OP follows the tips that have been given by a lot of us, then it should be pretty clear if this is genuine or not. Best of luck with the sale OP.

Bigus · 16-04-2013 8:02pm

Henry Ford III wrote: »

Who signed the vlc and what address was given?

p.s. I don't understand how the issuing bank could confirm a draft is fine and then reject it. Please explain.

Bank teller confirmed on the phone to confirm all was in order with funds cleared

so vendor delivered car from south midlands to dub to custody of my son,

recovery/delivery guys picked it up out of business hours after purchaser came up with numerous changes of collection time that all seemed plausible, and then needed car in a panic for the weekend.

Vendor rang two days later to say bank were on and funds hadn't in fact cleared, garda took it up from there, car gone. Book sent to shannon, Audi A3 diesel 05 in case you think I'm spoofing. I don't know final outcome.

I buy and have sold cars no prob with bank drafts but lately I'd be a lot more circumspect, a lot has to do with who you are dealing with.

Story on boards recently where vendor got purchaser arrested with false bank draft, lady and two lads lifted if memory serves me correct.

Casati · 16-04-2013 8:42pm

bazz26 wrote: »

Get a photo copy of the draft from him in advance and then ring the issuing bank to verify it. The fact that he didn't try to haggle would have me on full alert.

Also make sure you are not meeting this person on your own.

Good idea but I tried this recently buying a car and the bank would not play ball- i.e. they would not comment on the draft unless I had it in front of me.

Cienciano · 16-04-2013 8:51pm

skinny90 wrote: »

He's coming from Dublin which is 2 hours away from where the car is.he hasn't seen the car or anything just the advert.he didnt really negociate which i have stated on the advert that im open to offers within reason.it's quite a lot of money to be handing over without seeing it or driving if it was me if rather be 100% sure that I'd be handing over that's the only reason as too why I have my doubts.

Definitely see why alarm bells rung, it does sound dodgy. I would tell him you want the draft to clear before you hand over the car, or that you want cash.
The link Biko sent sound exactly like your story. He could be genuine, but if he keeps finding excuses not to play ball, not a hope would I hand over the car.

mgbgt1978 · 16-04-2013 8:52pm

Bank drafts can often take 2 to 3 weeks to clear properly. Especially if drawn from one bank and lodged with a completely different bank. But the bank that paid out to the unsuspecting seller will come after him for their money.
Not saying that this is the case here but Drafts are becoming more and more dodgy nowadays, and are certainly not the "better than cash" solution which used to be the case.
A simple google for "fake bank draft" will bring up thousands of results.
At present the safest ways to get paid for a car (or any large value item) are either electronic bank transfer to a once-off account, or get the buyer to accompany the seller to the bank while the seller lodges the cash payment.

The only safe option for the OP is to retain possesion of the car for a few weeks until the bank can definitely confirm that the draft was genuine.....sounds ridiculous, but there you go.
To be honest this whole deal does stink just a bit....the seller definitely wants to buy a car he has not yet even seen, he can only come in the evening, he will only pay by Bank Draft.

Tigger · 16-04-2013 9:17pm

Drafts take a max of six working days to clear

mgbgt1978 · 17-04-2013 11:27am

Domestic maybe, foreign ones could take up to 30 days to clear properly.

Anan1 · 17-04-2013 11:35am

mgbgt1978 wrote: »

Domestic maybe, foreign ones could take up to 30 days to clear properly.

The buyer is coming from Dublin.

Henry Ford III · 17-04-2013 11:35am

Bigus wrote: »

Bank teller confirmed on the phone to confirm all was in order with funds cleared

so vendor delivered car from south midlands to dub to custody of my son,

recovery/delivery guys picked it up out of business hours after purchaser came up with numerous changes of collection time that all seemed plausible, and then needed car in a panic for the weekend.

Vendor rang two days later to say bank were on and funds hadn't in fact cleared, garda took it up from there, car gone. Book sent to shannon, Audi A3 diesel 05 in case you think I'm spoofing. I don't know final outcome.

I buy and have sold cars no prob with bank drafts but lately I'd be a lot more circumspect, a lot has to do with who you are dealing with.

Story on boards recently where vendor got purchaser arrested with false bank draft, lady and two lads lifted if memory serves me correct.

I don't think you are spoofing at all Bigus, but I still don't understand how a validated draft can fail to pay. They cannot be cancelled at a whim (only in the event of loss). They are a cashable instrument.

Also who signed the VLC and what name address was given? For the car to have been worth anything more than parts a new VLC (title) would have been required.

Henry Ford III · 17-04-2013 11:39am

Bigus wrote: »

...Story on boards recently where vendor got purchaser arrested with false bank draft, lady and two lads lifted if memory serves me correct.

Calling the issuing bank would have identified this in a hurry.

"I'd like to verify a draft drawn on your branch please. Draft number is 123456789, made payable to HFIII, in the amount of €20,000."

"There's a problem with that draft Mr. Ford, the Gardai have an interest in it. Could I pass them on your number please?"

"Sure".

Sunshine87 · 17-04-2013 11:45am

I sold my car yesterday and was paid by cheque - usually i'd be wary of having a stranger give me a cheque, but i just think if you have a feeling something is dodgy, then don't go through with the deal.

All the cars i've bought were through bank drafts, as the banks wouldn't hand me over 9000 in cash in one transaction.

Fred Swanson · 17-04-2013 11:48am

This post has been deleted.

Sunshine87 · 17-04-2013 11:51am

Fred Swanson wrote: »

This post has been deleted.

It was a car loan though, and there was never an issue for me or the seller.

mgbgt1978 · 17-04-2013 11:54am

Anan1 wrote: »

The buyer is coming from Dublin.

The OP hasn't stated which bank issued the draft.
The buyer has told the OP that they are coming from Dublin, this may be true....or not.
The buyer may well be a foreign national with a draft from a different country.....or not.
The draft could easily be part of a stolen batch.

The seller could ring up the issuing bank (if the buyer is prepared to give him the details), but that bank will not tell him anything until they have verified that this is OK with the buyer.

howardmarks · 17-04-2013 12:17pm

If I was a buyer and I really wanted said car which based on facts presented
A. Willing to drive across country
B. happy to pay asking

Then surely I'd have no bother complying with any wishes seller has. Namely bringing cash or Half and half or sending copy of draft. If there's nothing to hide there's no problem. But why do they already have a draft made out? If I was going to the other end of the country and happy to do so I'd get a draft last minute with the correct payee details.
This is a case of thread carefully. If it smells funny from
The start then a little caution will save a lot of headaches later on

Op can u link to the car please?

MurdyWurdy · 17-04-2013 12:23pm

We bought our car with a bank draft and the seller was a dealership, they said it was one if the methods of payment they would accept. As far as I remember, we didn't have to put a name on the draft.

In saying that, if you are uncomfortable at all then go with your gut. No point taking a risk.

Anan1 · 17-04-2013 12:47pm

howardmarks wrote: »

But why do they already have a draft made out? If I was going to the other end of the country and happy to do so I'd get a draft last minute with the correct payee details.

What makes you think that they already have the draft?

Henry Ford III · 17-04-2013 12:54pm

A draft (according to my brief reserach) can only be cancelled if reported stolen or lost, and the issuing bank will need an indemnity from the customer in case it's found and presented for payment.

skinny90 · 03-05-2013 8:08am

update on this...well as many of ye said thread carefully.the draft turned out to be fake so iv no car or no money:(

naaaaaaaaaaaawt!!everything went perfect he couldnt have been more of a pleasure to deal with.Thanks to all for the imput im sure someone in my position in the future will find the thread useful

NobodyImportant · 03-05-2013 9:26am

Heart dropped when i read the first line!

Mycroft H · 03-05-2013 9:27am

skinny90 wrote: »

update on this...well as many of ye said thread carefully.the draft turned out to be fake so iv no car or no money:(

naaaaaaaaaaaawt!!everything went perfect he couldnt have been more of a pleasure to deal with.Thanks to all for the imput im sure someone in my position in the future will find the thread useful

Well that's a bit crap. Presume you went to the Guards?

Cheensbo · 03-05-2013 9:39am

BX 19 wrote: »

Well that's a bit crap. Presume you went to the Guards?

Presume you didn't go to specsavers? :pac:

Mycroft H · 03-05-2013 9:41am

Cheensbo wrote: »

Presume you didn't go to specsavers? :pac:

No, I didn't. Nothing mentioned in the update there today.

Cheensbo · 03-05-2013 9:45am

skinny90 wrote: »

everything went perfect he couldnt have been more of a pleasure to deal with.Thanks to all for the imput im sure someone in my position in the future will find the thread useful

BX 19 wrote: »

Well that's a bit crap. Presume you went to the Guards?

Ahm... For what..

BX 19 wrote: »

No, I didn't. Nothing mentioned in the update there today.

Was just slagging, as perhaps you didnt see the bolded part

Mycroft H · 03-05-2013 12:44pm

Cheensbo wrote: »

Ahm... For what..

Was just slagging, as perhaps you didnt see the bolded part

Shouldn't read threads when I'm only awake. Glad it went well

Kraziai · 10-03-2015 9:15pm

Hi lads.if the bank draft bounces and bank recovers that is stolen or false .will the bank notify Garda straight away?or I have to tell them myself?

discodavie · 10-03-2015 9:19pm

Kraziai wrote: »

Hi lads.if the bank draft bounces and bank recovers that is stolen or false .will the bank notify Garda straight away?or I have to tell them myself?

You'll have to do it yourself lad. It's theft and fraud and you can go and recover the car yourself if you know where it is.

Kraziai · 10-03-2015 9:37pm

Is the best way to call in to local Garda station or call fraud team?

Fred Swanson · 10-03-2015 9:56pm

This post has been deleted.

Special Circumstances · 10-03-2015 10:07pm

Good luck finding them after 2 years.

Tigger · 10-03-2015 10:15pm

Special Circumstances wrote: »

Good luck finding them after 2 years.

pretty sure an SC ship could

Special Circumstances · 10-03-2015 10:17pm

Tigger wrote: »

pretty sure an SC ship could

Boom... right over most people's heads hahaha
second poster so far to hint at the origin of the name.

Selling car buyer wants to pay by bankers draft

Comments