ADVICE ON PAYMENT ISSUES

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Dannycanyon

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Am in the middle of negotiating a suitable way of paying for an S3, from a private vendor
what are my options, as the guy doesnt feel happy about receiving a bankers draft.

As far as I was concerned, these are as good as cash...??

any advice would be greatly appreciated
cheers

Canyon
 
As far as I know there should be nothing wrong with paying using a bankers draft. This is guaranteed by the bank and so should be as good as cash. Trouble is that you have to pay it in to a bank account and then the tax man will get you /ubbthreads/images/graemlins/wink.gif
 

A bankers draft is one of the safest ways to pay but not infallable.

What you can suggest to him is you'll get a bankers draft and during the day he can ring your bank with the cheque number and they can confirm that it's legit.

J.
 
If you take a bankers draft to him on a weekday during banking hours he can telephone the bank that issued the draft and they will verify that it is genuine. Alternatively, go down to any branch of your bank armed with lots of ID (passport and driving licence as well as bank card) with the bloke you are buying the car from, sit down with a member of staff and get them to do a CHAPS transfer to his account. The money will be in his account in minutes and he will know its been done.
/ubbthreads/images/graemlins/beerchug.gif
 
thanks for the advice.

I was considering taking cash, but then I know my missus would open the window of the car on the way to pick up the S3 and the M25 would come to a standstill. lol

If he says no to this, think I am going to just so no deal and get another one instead, this is getting more stressful than buying a house....grrr
 
He may be reluctant to take a bankers draft because there's been a lot in the press lately about forged bankers drafts:

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

The problem is, the bank will clear the funds to the bank account before verifying the authenticity of the draft. If it turns out to be forged, they then remove the funds. So when the funds hit the account you can't be positive they're going to stay there.

Booster's advice is very good.
 
It's true bankers drafts aren't as safe as they once were. I suggest bank transfer too. Hope all goes well.
 
I agree with Timbo. Drafts are safe most of the time but they can come back at you after you think they have been cleared.

Going to bank with seller is best way. Peace of mind for both of you. It worked well for me before. Only another 30 mins possibly which you would have spent getting the draft anyway.

If they will only accept cash, I would wonder why!
 
audi upgrades
Hmmm Danny,

Have you had the car HPI'd?

If not, PM me the reg no. and I'll do it for you.

I'm only in the office until 4.30pm then I'm going to the boozer to see my friend Stella so be quick!
 
[ QUOTE ]
As far as I know there should be nothing wrong with paying using a bankers draft. This is guaranteed by the bank and so should be as good as cash. Trouble is that you have to pay it in to a bank account and then the tax man will get you /ubbthreads/images/graemlins/wink.gif

[/ QUOTE ]

How many people pay tax when they sell a Car??? I know for sure that is one thing I ain't putting on my tax return.
 
I was thinking more about it being hot than the tax issue!
 
The reg number is Y797FNO. I have had it checked and it all seems fine, just never heard of the bankers draft being unsafe before. Either way, I guess you will all find out in a couple days when
a) I am asking how to fix a cutn'shut

b) I am giving glowing reports of my new purchase



I hope it is the later, other wise i'll have to get the Mitchells involved.

thanks again all.

Canyon
 
[ QUOTE ]
CHAPS every time, it may cost £25 but it's worth it.

[/ QUOTE ]

I'm selling my car tonight as I get the new one delivered on Monday.

Paying by Bankers Draft, it goes into clearing only when through clearing is the money yours, the clearing can stop the money

Paying by CHAPs, is what I have asked my buyer to do, but same again it goes in as PROCREDIT until cleared and then CHAPs once cleared. If its going through the clearing stage then the issuing bank can retract the monies.
 
All clear!

Showing as a silver S3 registered 16/03/01. Four owners in total, last keeper has had it since 4/3/05. It used to have a private plate on it: S3 AKR.
No finance and no SERIOUS accidents. HPI doesn't show anything other than write off damage so its no guarantee its not been in a smash at all.

Have a good look round it and hope you get the payment thing sorted.

/ubbthreads/images/graemlins/beerchug.gif
 
I would ask who he backs with, if he banks with the same people as yourself both go in to the local branch and ask to withdraw the cash and pay it straight to his account, or if it is a different bank do a chaps and pay the £25.

I would never take cash unless I could pay it into my account while he was there, you can get £10ks worth of twenties for a monkey, now that would be a cheap car!
 
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