Left a deposit on a scooby at the weekend.

Getting the rest of the money today in the form of a bankers draft.

Bankers drafts can still take time to clear - What should I ask for from the seller (Receipt, V5 etc) to prove he won't keep the money and the car....??

 

bankers drafts are money m8...they are 100% its already cleared and it will be honored. it cost bout £10 just to get one made out and they take the money out of the account there and then.

 

as above, it's like paying in cash.

The seller should know this. so you won't have any problems. just make sure you get the litle green slip of the V5.

G

 

Be aware that the person giving you the draft can go back to their bank and get it stopped/cancelled by saying it's been lost/stolen. So although it can't bounce due to lack of funds, it can still bounce for other reasons.

Also, people have been known to give out fake drafts. See link below from Autotrader:

http://www.autotrader.co.uk/CARS/sell/cc/fr-12.jsp

 

Bankers drafts are not cash. They can be stolen and I would never part with my car on exchange of a bankers draft without it being given value by the issuing bank. I think you will find that with most dealers as well. You should never part until the draft has been given value.

The only way you can be sure is to ring the issuing bank before closing to check the reference numbers on the draft and then make sure its the bank you are ringing and not someones mate. If its after 3pm, forget it.

Its a pain, but I think the only safest way is cash and then to pay in while the buyer is with you at a local branch so that the notes can be checked. I think there are also limits on the amounts you can do this now.

Or electronic transfer.

 

I have always understood that a Bankers Draft cannot be stopped!!

It is made out to a person or company - it's as good as cash .........

All dealers I know take the draft willingly and allow the car to drive away!

Pete