As my car is up for grabs and it is a notable chunk of money...


What are the preferred secure payment options available.

I would like to be firm in the knowledge that when I see the S driving off into the sunset - that the funds stay in my grasp - and can't be "clawed" out of my bank by whatever means.


Similarly - the buyer probably doesn't want to give me a cheque and wait for a week on the offchance I give him the keys.



Anything other than..

1/ Cash
2/ Bankers draft ( from a Bank - IIRC Building Society drafts can be "clawed back" )


Thanks
G

 

Answers above

 

Banker's drafts can be risky and can bounce

 

Hold on to the car until payment is cleared-

 

Cash or Bankers Draft but ring the bank yourself before you hand over the keys and confirm its real or ask him to accompany you to your bank and pay the draft in and make sure your bank are happy with it.

If he refuses then something's up.

 

Get him to withraw 20k in cash from his bank, walk to your bank and deposit it.
Job done.

If you find out who they bank with in advance you can set up a free account at the bank beforehand and have them withdraw the money from the buyers account and put it into your new account without actually having to take the physical money from behind the counter.

Then you can transfer it to your own account by cheque or whatever later.

 

I thought this method would work, but apparently your bank will take it but may still cancel it if it turns out to be forged.

If you see the draft being made out and handed to the purchaser, it can only be genuine.

When I sold the first Lotus, I accepted a banker's draft that I had seen taken from the purchaser's bank, we went to his bank, got the draft, went to my bank and paid it in, I gave him the keys.
If he draws it over the counter, it can't be forged and he can't then cancel it.

 

As mentioned above.

You drive buyer to bank of his choice, watch him withdraw said amount or get a banker's draft made up for said amount. Proceed to drive to your bank and pay in the funds. Hand over keys.

Job done.

 

or just pay the money into your account from there

 

Same here when I bought the 911. It was the only way I could think of that would work at a weekend, given that same day CHAPS transfers aren't guaranteed to arrive and show as cleared funds by the time the bank closes at lunchtime.

If it's in the week, CHAPS would work - it costs £20-25 but will generally show as having arrived within a few minutes. (The banks won't and can't guarantee instantaneous showing up, but the Accounts Dept here tell me that it does so most of the time)