Private Sale - Logistics

ballooba

I sold the Passat today after about a week and a half on the market and three viewings. Happy days!!!

The guy is proposing paying by Permanent TSB Bank Draft. He says he will have Driver's Licence and Passport with him when collecting. The VLC itself seems fairly self-explanatory.

Other than that, do I just give him the keys?

Fey!

As long as the draft is made out to you it should be fine; they're almost as good as cash.

Esel

Drafts can be forged. Why don't you arrange to meet him at TSB to either get cash or get the draft verified? A proper buyer should have no problem with this.

kdevitt

Ask him for the draft number, and exact amount as well as the branch it was issued from. Then ring them to verify that they issued the draft.

Guy:Incognito

Fey! wrote:

As long as the draft is made out to you it should be fine; they're almost as good as cash.

Half right, they're as good as a cheque, only cash is as good as cash.


If he can get a draft he can do a bank transfer, now that is as good as close to cash as you can get (assuming you wait till you see it in your account.

Guy:Incognito

kdevitt wrote:

Ask him for the draft number, and exact amount as well as the branch it was issued from. Then ring them to verify that they issued the draft.

Darfts can be cancelled though.

I cancelled a draft a few days after I sent it to the Uk and got cold feet about the legitimacy (sp?) of an ebay seller.

ballooba

He would have no problem with me checking the draft with the bank. Might do that. I wasn't too keen on bank transfer. PTSB to AIB takes a while.

kdevitt

Stekelly wrote:

Darfts can be cancelled though.

I cancelled a draft a few days after I sent it to the Uk and got cold feet about the legitimacy (sp?) of an ebay seller.

Didn't think you can cancel a draft, was fairly certain you can't unless no one redeems it - you've just swapped your cash for the draft, so its treated as cash.

Still - I'm sure the bank would advise if its been cancelled when the OP contacts them.

Guy:Incognito

ballooba wrote:

He would have no problem with me checking the draft with the bank. Might do that. I wasn't too keen on bank transfer. PTSB to AIB takes a while.

Wont take as long as a draft to clear though, probably 2-3 working days. My gf transfers money to me (boi) from aib and it's usually done in 2 days. Personnally I would treat a draft like I'd treat a cheque.

kdevitt wrote:

Didn't think you can cancel a draft, was fairly certain you can't unless no one redeems it - you've just swapped your cash for the draft, so its treated as cash.

Still - I'm sure the bank would advise if its been cancelled when the OP contacts them.

I did it, about 4 days after posting it. Plus why would the guy (if he was scamming) cancel it before the op rang? As I've said already, I wouldnt trust one any more than a cheque and would be waiting for it to clear before releasing a car of any value.

junkyard

As Stekelly says be careful with bankdrafts, they really are only as good as cheques and can be canceled. If I was you I'd get him to meet you in the bank and get him to transfer the funds into your account and until the funds are cleared don't give him the car, its nothing personal but trust no-one when it comes to money, there's always some guy with a new scam.:rolleyes:

Fey!

Stekelly wrote:

Darfts can be cancelled though.

I cancelled a draft a few days after I sent it to the Uk and got cold feet about the legitimacy (sp?) of an ebay seller.

Recheck your facts; if a draft is brought to the bank it may be honoured and your account debited for the amount despite your attempts to cancel it; I know this from dealing with drafts a lot at work and trying to cancel a couple that got lost.

Guy:Incognito

Fey! wrote:

Recheck your facts; if a draft is brought to the bank it may be honoured and your account debited for the amount despite your attempts to cancel it; I know this from dealing with drafts a lot at work and trying to cancel a couple that got lost.

Ok fair enough, you trust what you will. But I, from experience can guarentee that they can be cancelled.Do you think I have some vested interest in a bank draft competitor business or something? Your bank account getsdebited when you buy the draft anyway, not when you bring it to the reciiants bank, your just buying a bit of paper worth X amount.


I'm going to guess the car in question is the on ein the op sig. So for €10k i definately wouldnt be taking any chances with money that was 110% in my account and withdrawable before I released the car.

kdevitt

Stekelly wrote:

Your bank account getsdebited when you buy the draft anyway, not when you bring it to the reciiants bank, your just buying a bit of paper worth X amount.

Thats exactly the reason why it can't be cancelled - its drawn against the banks accounts when presented by the beneficiary.

If you're correct though, I'll inform the guys who run the AML courses in our bank.

Fey!

and gets credited when you attempt to cancel, with the proviso that if it is tendered it will be honoured and your account redebited. Drafts have a shelf life of, iirc, 6 years.

Guy:Incognito

kdevitt wrote:

Thats exactly the reason why it can't be cancelled - its drawn against the banks accounts when presented by the beneficiary.

If you're correct though, I'll inform the guys who run the AML courses in our bank.

Well heres what i did. Went in on day one, bought my draft, money gone from account. Went back on day four (or three, cant remember exactly) and said it was lost, can I cancel. Gave the details and receipt and had th efunds back in my account the following day.

Fey! wrote:

and gets credited when you attempt to cancel, with the proviso that if it is tendered it will be honoured and your account redebited. Drafts have a shelf life of, iirc, 6 years.

Well then one of two things are likely (if he's a scammer, not saying he is Ballooba) either th edraft will be a fake or it'll be drawn on a real account. If the latter, he's hardly going to leave the €10k in th eaccount for you to claim when lodging the draft. He'll just cancel it and leave th eaccount empty.

Plu sif it was a case of your account getting debited then why has th edraft I sent to England and cancelled not gone from my account? I doubt the guy I sent it too decided not tocash it and just hold onto the phone I was buying.

ballooba

It's not really logistically possible for me to meet him in bank. He works in Tallaght, I work in Blackrock. He's getting draft at lunchtime. He's bringing his licence with him for me to get address etc.

I met himself and his wife/gf today to show them the car. They seemed genuine enough. Average young couple, living in Portmarnock. I was chatting to him on the phone a few times too.

I was told today by someone who has learned from (numerous & bad) experience that the only thing I really have to watch out for is stolen U.K. drafts.

kdevitt

ballooba wrote:

It's not really logistically possible for me to meet him in bank. He works in Tallaght, I work in Blackrock. He's getting draft at lunchtime. He's bringing his licence with him for me to get address etc.

I met himself and his wife/gf today to show them the car. They seemed genuine enough. Average young couple, living in Portmarnock. I was chatting to him on the phone a few times too.

You'll be fine - its the draft is valid, and you get it in your hand you'll get your money.

junkyard

Remember, its your money Ballooba, just be careful. I've had dealings with some guys who seem above board and proved not to be.

Guy:Incognito

ballooba wrote:

It's not really logistically possible for me to meet him in bank. He works in Tallaght, I work in Blackrock. He's getting draft at lunchtime. He's bringing his licence with him for me to get address etc.

I met himself and his wife/gf today to show them the car. They seemed genuine enough. Average young couple, living in Portmarnock. I was chatting to him on the phone a few times too.

I was told today by someone who has learned from (numerous & bad) experience that the only thing I really have to watch out for is stolen U.K. drafts.

As long as your happy enough he's genuine then you should be fine. But as Junkyard said just be extra vigilant and dont trust anyone more than you have to , I wouldnt go doing him any favours that might "crop up" , otherwise, best of luck with the sale.

Ps, maybe follow him home to make sure he is who he says he is. worst case when your stalking him you might get a peek at the gf naked in the window.;)

junkyard

Stekelly wrote:

Ps, maybe follow him home to make sure he is who he says he is. worst case when your stalking him you might get a peek at the gf naked in the window.;)

Your secrets safe with us Stekelly.;)

Fey!

Just make sure that the draft is made out to you and you should be fine.

Like Junkyard, I've dealt with people who appeared above board and weren't, to my cost. I've also dealt with people I assume to be dodgy but turned out to be fine!!! I once had a cheque payment clear for a substantial sum, only for the sum to be taken out of my account 3 weeks later because the "cleared" cheque had turned out to be written on a closed account!!!

Good luck with the sale. Make sure that you hold the VLC to post it after they've signed it; it's your responsibility. Perhaps don't post it until the bank have given you cash for the draft.

junkyard

Fey! wrote:

Make sure that you hold the VLC to post it after they've signed it; it's your responsibility. Perhaps don't post it until the bank have given you cash for the draft.

Good idea, at least your still the registered owner until funds have cleared.

galwaytt

Don't take a draft - either a bank transfer direct to your account, or cash lodged direct to your account, only.

Drafts aren't worth the paper they're written on. They are easily forged, can be stopped and cancelled, the latter after appearing in your account, and then the bank will reverse the funds straight back out.

Have experience of receiving forged drafts, now wouldn't touch them with a bargepole.