P20SPD

iTrader: (1)

tiggs if i were you, ask the guy if he has internet banking, if so transfer money now/tomorrow and it should be cleared 2 working days maximum.

If he banks at same bank as you(not branch), ie HSBC, then the internet transfer should clear within about 1 hour.

Just get him to sign the V5 and say on behalf of registered keeper, ie girlfriend. Dont le him take the V5

Oh and dont let him have the car until it has cleared, say previously stung by fake bankers draft. It happens!

Not scare you of cours, you did ask

Ringing bank means didly squat, as it depends on the muppet at the end of the phone.IMHO.

[Edited by P20SPD - 9/6/2002 10:31:12 PM]

Dirty_Den

I believe that all HSBC bankers' drafts have a hologram on them, which would help to verify it as legit - certainly the one I got from First Direct in April did.

Den

[Edited by Dirty_Den - 9/7/2002 2:11:36 PM]

Tiggs

just sold my wifes fiesta to a bloke who is buying it for his girlfriend.

on monday he collects it and pays with a bankers draft.

Q1- how do i check a bank cheque? do this get forged/faked? or is it as good as cash?

Q2- as his lass isnt going to be with him on Monday he wants to take the log book away with him so she can sign her bit then return it to me by post for me to send onto the DVLA.

he says he'll sign the red bit of the log book (dealer bit) so i know i'll not get stung for any tickets/gatsos as i'll have proof i sold it...is this ok to do?

T

ChrisB

Nope! It still has to clear. I've specially asked my bank this (HSBC) and they said it's NOT guarenteed payment.

Chip

Tiggs
Far as I know you can ring the bank as soon as you get the cheque and ask them if you presented them with a cheque from this guy if it would be honoured. They can tell you there and then.

Chip.

Apple

Safest way is to make sure it clears and you have his dosh in your account b4 releasing anything at all - no chance of being done, hopefully.

johnfelstead

you can call the bank prior to him ariving to collect. Ask him for the branch, and the draft number. ring directory enquiries and get the branch number yourself, then get the number verified. Dont let him take the car unless you have done this.

Dont give him the V5, get him to sign it and you send it off.

johnfelstead

bankers draughts are drawn against the bank branches own account, not the persons account who is buying the car, that is why the teller plus the branch manager has to sign them, it is a guaranteed payment and cannot be cancelled by the person buying the car as they have payed their money into the banks branch account.

AnDy_PaNdY

Put the time of collection on the receipt. Make two identical receipts (one for each of you) and both sign each receipt. If he goes through a couple of speed cameras on his way home you have proof of exactly when he took ownership of the car.
Never trust strangers as any good parent will teach you.

robski

john, the reason poeple now say "not guaranteed" is that people have started forging bankers drafts.

As you rightly say a true bankers draft IS guatanteed.

robski

johnfelstead

thats why i say get the cheque number and ring the branch it was drawn from using directory enquiries to get the phone number. They will happily verify the draft as legit or not as they record every draft drawn up.

boomer

Don't forget to take photos or a video of the "happy event" (ideally including the buyers car reg as well) so that you have proof of what happened!!

mb

Huxley

My only advice is dont let him take the car until the cash is in the bank if he's got nothing to worry it won't be a problem.

Huxley

Chris L

The theory behind the Banker's Draft is that it is issued on funds that are available. In the old days, Banker's Drafts were as good as cash. However, sadly that is not now tha case. There have been examples of Banks refusing to honour stolen banker's drafts - so speak to the issuing bank!

In these modern times I would advise you to dump the Banker's Draft and asked to paid via electronic CHAPS (Clearing House Automated Payment System). Cost is not much more than a BD and you can phone your bank and they will advise when the funds have been deposited in your account.

Chris

Mog

Why dont you get him to do a CHAPS payment in the morning and by the afternoon the funds are available to use from your own account.

Tiggs

just got an message from him on my mobile...he has the cheque now and was conf a pick up time.

i guess i just call the branch the cheque came from and conf it with them on the day.

as for the V5 if he wants to sign the dealer part (red) and let his girlfriend sign the blue bit to reg it in her name thats ok isnt it? as long as i have my money and proof the car has gone it should be ok?

T

Dirty_Den

Write out two receipts, saying the usual 'sold as seen & tested etc' with the reg details on them. You sign both and so does he, keep one for yourself and give one to him.

Den

The Zohan

I beleive Chip and Jonf are both correct, Just a suggestion, get the number for the bank from directories, not the cheque/draft(if it has the details.

princessyin

Used to work for NatWest and everything JohnF said is correct. Bankers draft are good as cash- they cannot be cancelled by anyone other than the bank.

polarbearit

Personally don't trust anything other than cash (either folding or cleared in the bank)... Even paid for the GTR in cash! But best taking all possible steps to ensure that a draft is genuine!

princessyin

A bankers draft can be traced- cash can't. If something goes wrong you have at least some kind of fallback. I brought my scoob last year and got a bankers draft- personally i wouldn't have been happy going to the bank withdrawing 8k and carrying that sort of money with me.

gregh

let me know how it goes, will hopefully have the same nice problem shortly.

I wouldn't let anyone take the V5 away. He just takes the green section I believe.

greg

johnfelstead

read the back of the V5 document. It is very clear, if you dont do as it says you could face a £1000 fine!!

If he wants to act as a trader then you get him to sign the red part and give him the blue/green. You keep the red and sign it then post it to the DVLA. If he isnt really a trader then he is commiting an offence. Make sure he puts his name and address on the red section. I always put the mileage on too, anything to stop it being clocked is good for us all long term.