Selling Vehicle, Payment from buyer?
 

Car checked out fine, agreed on a price, now they insist on a bank draft when i told them i wanted cash. i don't use the same bank they do so i'll get charged a fee if i cash it right away. they want to go to their bank with me, get a bank draft written up so i can cash it 5 mins later??? wtf?
should i just demand cash or the deals off or just take the bank draft and cash it? i don't know how much the fee is and they will not pay it.
btw they've been a real pain in the ass and i've given them everything they have asked for.

a bank draft should only be about 10 bucks?

not a lot of people are comfortable collecting a stash of cash

I would only do a sale by bank draft. Even 5k in cash is hard to fit into your pockets.
Posted via RS Mobile

Bank Draft is secure money on paper. Better have that then thousands of dolllars in hand! If he paying for the draft then why worry?

do the bank draft, the buyer needs to have a record of payment.

Cash is too easy to steal and harder to trace.

If I was buying a car and the guy was too cheap to pay the $20-30 in fees I would not trust the car. Can only imagine how well it's maintained.

Plus what are you gonna do? Count out thousands of dollars in cash out in public?

If the car is like <$3000 then cash seems ok.

Bank draft for sure. There are a lot of scams where sellers demand cash for something then a third party "robs" the buyers since they know they'll have cash and where they'll be.

Besides, why should you pay a fee? Just deposit the draft into your bank - they should recognize it as a draft and treat the deposit like cash anyway.
Posted via RS Mobile

bank drafts can be fake too. i received one that looked legit but was fake. you're following them to the bank to get the draft so i would think there's no problems with this transaction. not a lot of ppl want to walk around with a bag full of cash on their person.

Not if you go to the bank with them and stand there when the draft is made out.

A bank draft pulls the money out of their account and holds in in a 3rd party sense until the other person cashes it. You should not have to pay any fees. It's basically just a check with guaranteed funds. Now I wouldn't accept one if I wasn't there at the bank when it was being made out.

Now a cashiers check or certified check is useless. It's basically just saying the money is in the account at the time the check was issues, but a draft actually takes the money out of the account.

I'm worried about getting the fake bank draft. Guess I'll be going to the bank with them and paying the fees. I thought the fees would be more than $20-$30.
Posted via RS Mobile

Dude... the fee to make a bank draft is $6.50 at RBC, $7.50 at TD. There is NO fee to deposit them into any account. A bank draft is literally as good as cash, it is guaranteed funds. If you go to the bank and watch them have it made, there is literally NOTHING to worry about.

Mark

1. Go to his bank together. He gets you the bank draft on the spot, he pays the fees.
2. Go to your own bank, cash the bank draft. There should be no fees for this.
3. Go to an auto plan agent, cancel your old insurance, and transfer the title.

Unless the car is worth $1000, I always, only deal in bank drafts.

why would you be paying the fees? AFAIK that's the buyer's responsibility b/c they're pulling the cash out of their account to buy the car. at least in the transactions i've been involved in the buyer pays their own draft fees. unless you guys have it arranged that you pay.

I was told that I could only cash the bank draft at the bank where it was issued. I could deposit into my account and wait 5 days for it to clear but I have some bills to pay.
So I can cash it at my bank after the bank draft is issued at theirs right away?
Posted via RS Mobile

A bank draft or certified check is essentially the same as cash. You can most definitely cash it at your own bank, and there should be no delay. Only personal checks have a delay.

Your bank might or might not allow you to cash the bank draft on the spot. Depends on what type of client you are to them.
My bank usually lets me cash big cheques on the spot without having to hold the cheque for 5 business days.

Generally, you can't cash it at their bank. Because you don't have an account with the issuing bank ( some banks will allow it though, but charge you a fee).

Whoever told you that is a retard.

1) You cant cash a cheque at their bank, you have to cash the cheque at your own bank. This is true whether they give you a personal check or a bank draft.

2) They will hold a CHEQUE for 5 days, they will not hold a DRAFT for 5 days. However, if the draft is for say $40k, they may not have $40k cash available to pay you and may need to order it, that may be the issue?

Mark

Just called my bank, a bank draft from another bank will be treated like a cheque. I can get cash on the spot due to my history with them but if the draft doesn't clear I'll owe my bank.
Posted via RS Mobile

Seriously... do you bank with the Bank of Nigeria or something? A normal full service bank operates on the premise that certified funds (a certified cheque, bank draft, wire transfer, etc) is as good as cash.

Mark

So much misinformation here. You have 3 (possible) options to CASH the bank draft right away.

1.) At the bank draft's issuing branch. They may or may not allow it depending on the bank. And yes you will definitely have to pay a fee for it.

2.) At your own bank. Again, it's totally up to the bank/branch whether to allow you to cash the bank draft or not. Fee or not fee depends on your bank.

3.) At a cheque cashing place (i.e. Money Mart). You get cash right away and they charge you a % of the bank draft as service fee.

How long of a hold really depends on the account type or client, whether it's a personal cheque or bank draft. There are numerous possibilities that a bank draft will NOT clear.

Really? That seems very strange to me... I have never in my life had a bank draft held, either personally or with my business account, ever since I was young and wouldnt have had as much of an established banking relationship as I do now. That seems strange to me, but I guess, not all clients are created equal.

Mark

As long as the bank draft is from one of the major banks I don't see why it will be held. Like many people already said, bank draft is like money in a piece of paper. When someone makes a bank draft, the money is instant taken out of his/her account, unlike personal cheques, which the money doesn't actually get withdrawn until the other person deposits the cheque.

The only time I had issue with bank draft was when I bought a car from the states, as Bank of America didn't recognize CIBC, so they needed few days to verify the bank draft.

So the buyers want to deal with a bank draft, then get you to cash it at their bank instead of taking it to your bank? Are the buyers the ones who told you that?

If so, I think you're being set up. There's no reason to cash the draft at their bank. However, if you did then you'd be going home with lots of cash and that makes you quite the easy target, doesn't it?
Posted via RS Mobile

whenever i am selling or buying a car i only deal with certified cheques.

when i sell a car, i ask for a certified cheque and also to look at the recept of the cheque.

this is the method i use and i am safe with.

if the car is <$3000 then i might consider cash.

just my methods. Fee's are minimal. one of you cheap asses pay for it.