Buying Private. Is Cheque Acceptable

Love the Smurf · 22-07-2010 4:17pm #1

All,

I plan to buy a car privately and I dont like the idea of carrying around a wad of cash. Whats the most acceptable and secure form of payment for both parties.

Thanks

Henry Ford III · 22-07-2010 4:19pm

This has come up loads of times. Ask the seller what'll they accept in terms of form of payment.

Corkladddd!! · 22-07-2010 4:20pm

Bank Draft, as good as cash to the name on it, same security as a cheque but can be taken as cash as they are guaranteed by the bank!!!

Love the Smurf · 22-07-2010 4:20pm

The seller wants cash, its over 15k so im not happy to do this.

Im_No_Superman · 22-07-2010 4:22pm

Corkladddd!! wrote: »

Bank Draft, as good as cash to the name on it, same security as a cheque but can be taken as cash as they are guaranteed by the bank!!!

+1 on the Bank Draft. Thats what I used when I purchased back in February.

bazz26 · 22-07-2010 4:22pm

Electronic transfer from your bank to the seller's bank.

Lando Griffin · 22-07-2010 4:24pm

As said before bank draft is the way to go.

15k cash, offer k13

Stephen · 22-07-2010 4:54pm

I'd never accept a cheque from a stranger.

Love the Smurf · 22-07-2010 4:55pm

Stephen wrote: »

I'd never accept a cheque from a stranger.

Would you accept a bank draft

djimi · 22-07-2010 4:56pm

Bank draft. No way on earth Id arrive to a seller with €15k in cash on me.

tatli_lokma · 22-07-2010 4:58pm

bank drafts are not as safe as many people think. They still take 5 days to clear, same as a personal cheque. The only way to get it 'cashed' immediately is to take it to the branch it was bought from. There are fake drafts going around.

Transfer from one bank to the other seems to be a good idea.

djimi · 22-07-2010 5:05pm

Cincikchick wrote: »

bank drafts are not as safe as many people think. They still take 5 days to clear, same as a personal cheque. The only way to get it 'cashed' immediately is to take it to the branch it was bought from. There are fake drafts going around.

Transfer from one bank to the other seems to be a good idea.

Ive heard of people doing the money transfer in a bank, ie, meeting the seller/buyer in the bank and being there when the draft is filled out/lodged. Im not sure if everyone would agree to this, but I know Id sooner that than give my bank details to someone so that they can do an EFT.

Henry Ford III · 22-07-2010 5:06pm

Cincikchick wrote: »

bank drafts are not as safe as many people think. They still take 5 days to clear, same as a personal cheque. The only way to get it 'cashed' immediately is to take it to the branch it was bought from. There are fake drafts going around.

Transfer from one bank to the other seems to be a good idea.

I accepted a bank draft no problems on a private car sale.

I called the buyer, got the draft details, and reconfirmed them with the issuing bank.

rev2.0 · 22-07-2010 5:21pm

Same as above.. Accepted a draft for €15k but called the branch to verify t was legit

cloneslad · 22-07-2010 6:08pm

I would never spend that much in cash. I bought a car for less than 2k and I paid with bank draft because I wanted a record of the transaction on paper.

I think it's good for you because it gives you proof of purchase plus you don't have to carry the cash with you.

If the seller can verify the bank draft as authentic then they should understand that it makes sense not to walk / drive around with 15k to give to a stranger.

Oh and as said above, if cash is what they really want......get a discount!!!!

azzie · 22-07-2010 7:15pm

I don't know about Ireland, but in France it's illegal to buy/sell anything that expensive by cash. I think the limit in France is €3000.
It's to do with money laundering laws.

22-07-2010 7:49pm

if they insist on cash get them to meet you at the bank, saves you wandering around with it. If they lodge it then the revenue will be notified.

Owen · 22-07-2010 7:53pm

Drafts are fine, but they can take 5 days to clear, so keep the VLC - as you always should - and only post it away once the draft has cleared. Obviously have the date written as the day of purchase so any fines/unpaid tolls can be backdated.

tatli_lokma · 22-07-2010 11:11pm

PaintDoctor wrote: »

Drafts are fine, but they can take 5 days to clear, so keep the VLC - as you always should - and only post it away once the draft has cleared. Obviously have the date written as the day of purchase so any fines/unpaid tolls can be backdated.

thast exactly what I did, so glad now to hear it was the right thing. some people said I should have trusted the bank draft, but I have heard of dodgy drafts.

A colleague sold a car with bank draft payment, and like others said rang bank to confirm it is valid, but was advised that until it clears it cannot be guaranteed UNLESS you cash it in the branch it was purchased. So he met buyer at that branch and lodged directly to his a/c there and then.

I think as Paintdoctor says is a good idea, or arrange a bank transfer. Stand in the bank with them as they arrange for the money to be transferred to your account.

romperstomper · 22-07-2010 11:12pm

only ppl dealing in cash is fred flinstone and his mate dirty den. besides which, what if the car was a little more expensive. all banks here charge for cash withdrawals higher than 19.5 and THAT charge is in the region of 3% of the amount!!!!

I did a draft for €25K and the seller rang the bank to confirm when I gave it to him. easy peasy

Tragedy · 22-07-2010 11:34pm

Bought two cars for around 3-3.5k cash, and sold one car for 2k cash.

Anything higher and I'd probably go bank draft.

BeardyGit · 23-07-2010 12:41am

Nobody's mentioned it yet, but when you're talking that kind of money you should spend on a HPI/Motorcheck approval, to make sure it's not on finance etc. Anyone looking for 15k in cash only sounds super dodgy to me to be honest. Never mind what's comfortable for you - Why on earth would anyone who's straight dealing want to have that kind of money on them? Walking target, one of the other of you!

Esel · 23-07-2010 3:06am

€15K cash? Smell a rat. Definitely do a finance check. [ didn't read entire thread btw ]

Love the Smurf · 26-07-2010 2:29pm

Thanks again for your help people, seller agreed to a bank draft so good to go!

BeardyGit · 26-07-2010 3:16pm

Love the Smurf wrote: »

Thanks again for your help people, seller agreed to a bank draft so good to go!

Bank draft is made out to him I presume? Still no good if there's outstanding finance.

If you pay him via a draft and it turns out the car still belongs to the likes of Woodchester or whatever, your money's gone and so's your car.

For that kind of money, €35 is a small price to pay for peace of mind. See www.motorcheck.ie

Buying Private. Is Cheque Acceptable

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