Selling a car - safest payment option?

[Tuna]

Re: Selling a car - safest payment option?

huh, interesting way of going about it, this may be a little over kill but best to be safe. Bank drafts are as good as cash, the person can't just drain their account or something and leave you high and dry. As far as I know the only possible way you could get hooped is if they forge a bank draft. But when writing up a bill of sale you have to see a piece of the buyers ID anyways. I guess there is still a chance that they had a fake ID made and a bank draft but the chances of running into something like that would be kinda slim.

Well when you live in a different province and selling your vehicle you don't really want to take chances. Plus had we not done it this way by the time the bank finally cleared the cheque (or didn't clear was our concern) we would already be home and they would have our vehicle registered and insured in their name. I realize a bank draft is like cash unless it's counterfeit, or if for some reason they had complications.

The buyers had no problem doing this and like previously mentioned they had a card from their bank so our bank could call and verify.

They were very nice people and we had no reason not to trust them but it was over $20,000 and we were 1100kms from home. Like you say maybe it was overkill but he did ask for the "safest", there's no uncertainty this way.

[J-hop]

Re: Selling a car - safest payment option?

yea no i totally agree with you that is the safest way to do it

[Deuce]

Re: Selling a car - safest payment option?

I concur in this fashion:

Bank Draft: 100% Safe (assuming it's real);
Certified Cheque: 98% Safe (assuming it's real);
Cash: 95% Safe (assuming it's real, and you can count $10,000 worth of $5's properly ); and
Personal Cheque: You're an idiot.

[P Arkus]

Re: Selling a car - safest payment option?

I agree, Bank drafts are very safe. Doing a wire transfer is pretty easy too if you want to go that route!

[luunta]

Re: Selling a car - safest payment option?

Regardless of the method, have your bank contact the other bank and confirm the transfer.

[SuperTy]

Re: Selling a car - safest payment option?

Make sure it is a Bank DRAFT not a money order!!
Bank draft is Cash, should be no holds at all if they are going to hold it tell themto call the bank that the draft is drawin on and they can conferm the draft is good..

P.S. RBC sucks balls

[gt4rally]

Re: Selling a car - safest payment option?

If a bank employee is telling you there is a hold on a bank draft, they don't know what they are talking about. Ask to speak to the manager if they try and feed you that BS. A bank draft is as good as cash and there is no hold!
A bank teller tried to tell me once that there was a 5 day hold on a bank draft I got from selling a car, and I argued with her about it... then I asked to see the manager. The manager confirmed that there are NO HOLDS on bank drafts.

[luunta]

Re: Selling a car - safest payment option?

Make sure it is a Bank DRAFT not a money order!!
Bank draft is Cash, should be no holds at all if they are going to hold it tell themto call the bank that the draft is drawin on and they can conferm the draft is good..

P.S. RBC sucks balls

yes and yes.