I'm a bit conservative on selling stuff so my approach might be paranoid to most.

If both buyer and seller bank at the same institution, do an in-person transfer at the teller.
Bank draft - Go to the bank with them and deposit it at the same time.
Cash - Cash is ok. Just be careful and use your judgement. Follow a similar approach as I suggested above.

I take bank drafts for this but cash is ok - I've heard people recommend you do it at the bank so you can verify that it's real but I've never done that. Years ago my friend was selling their new FJ ($40-50k?) that they had won in a contest and the buyer meets them at a gas station with a garbage bag of cash. He wisely chose to make him go to a bank with him to have it counted.

Garbage bag full of cash. Wow. :lol

I guess this doesn’t work or there is a hold on the cash if you’re not banking with the same institution?

Or if I have my banking info for my bank, and we go to their bank, is that instantaneous?

The amount is a bit of a headache as there probably will be some back and forth over a thousand or so so it’s not something someone’s just going to show up with a set bank draft for

If from GTA, watch out that the buyer doesn't have a buddy around the corner ready to jump you after cash transaction !

It was 1000% a transaction made of stereotypes - Sketchy Vietnamese guy popping out the back of a van driven by his "cousin" with his "wife" and "young child" in the back of it with a bag of cash. Drug dealing sex trafficking tax evading Kingsway pho restaurant owner is what he was.

Especially it's common to see on the news how a business gets scammed with a fake bank draft even after taking it to the bank and having them say it looks legit only to find out a few days later sorry it's not you're SOL.

The problem with bank drafts is once you take it, the guy could just cancel it before you deposit it, or as winson604 said, it could be a fake bank draft, and by the time you deposit it, it's too late. It happens a lot in the GTA for cars and big transactions like Rolex watches etc.

If you guys bank at a different institution, they can wire you the funds and once it's wired, their money is gone. You'll have to wait a few days for the money to show up, so this is a matter of time and trust. The other option is you get the money right then and there straight from the teller, and go deposit it in your bank. No monkey business there.

This too. Be careful when meeting at a KFC parking lot.

I thought you couldn't "cancel" a legitimate bank draft once it's issued? The only ways to stop one is to return it to the bank, or declare it lost and sign an indemnification (and if it ever does turn up to get cashed the bank will honour it and come back at the account holder for the funds)
If you go with the buyer to their bank and watch the teller draw up the draft, it's pretty darn safe at that point.

This is what I did when I bought my F-150. Seller came to my bank with me, I got the draft, we walked next door to the insurance place, I handed the draft to them when the agent said the transfer was complete.

Bank drafts can be cancelled. I worked at a financial institution for over a decade so I have a good understanding of daily operations at a bank branch.

Bank draft cancellation is mainly about timing. A bank staff can call another bank to confirm whether the payee has cashed the draft.

If NOT, the bank issuing the draft can cancel the draft and refund the buyer's account.

Bank draft cancellation is difficult, but NOT impossible.

-always a good idea to go with the buyer to their bank to see that person buy a bank draft.

From what a service rep at my bank told me, there are counterfeit bank drafts in use. Plenty of bank draft scams these days.

Bank drafts issued from financial institution can be held for a certain number of days before they are allowed to be deposited into a bank account. Staff need to contact the draft issuing bank to make sure that the draft is legit.

I would go to the bank with the person the day of and literally stand next to them as they request the bank draft from the teller and get the receipt.

If they ask to bring a cheque or bank draft, I would say no. Cash is okay too, but if they want to do bank draft, I would want to be literally next to them when they request it.

I would also deposit the bank draft immediately as well. It's pretty difficult to cancel a bank draft, but it is possible. Once the draft is deposited though, the transaction is final and complete.

Cool yea I’ve got multiple banks around me including my own so I’ll try that route.

Seems like a lot of BS for a relatively small amount but it is what it is I guess

hehe is hondaracer?

I've never sold anything that would require a bank draft, but if i did, I would ask to go to the bank with them to get the bank draft. Then at the last minute, while walking in to the bank, I'd ask to change the amount slightly. So instead of $5000, I'll ask, can you please do it with $5000.25 and here's a quarter to make the difference. That way they can't pre-print a fake one for $5000 ahead of time.

But then again, I've never tried it before, but always wanted to lol

do you accept bitcoin?

I sold my Supra and was agonizing a bit over the payment side of things as for the most part I've sold $20k or less cars/motorcycles in my life and always done combos of cash and e-transfer and even BitCoin before, didn't really want to do a draft for reasons above and nobody I'd want to stand in a parking lot with has $70k in $100 bills... most banks still put HOLDS on bank drafts too btw, very unnerving if someone is already driving away with your car.

Luckily the buyer had a TD account and I still had an old TD account open and he just transferred it in seconds into my account. Done deal.

For $10-12k I would have no hesitation about cash... or if their e-transfer limit is say $5k doing $5k of that and $5-7k cash is no biggee.

Curious, how do you transfer money from TD account to TD account instantly without going to see a teller, or is that what happened?

Yes, sorry, walked into TD and did the transfer directly between accounts through a teller.

:facepalm:

https://youtu.be/HJZEMt6Zr0A?feature=shared


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I get a lot of this is for money laundering etc. but as someone who has only ever sold one other vehicle (sub $3000) this seems to be a tone of ambiguity and also risk on the seller side, seemingly unnecessarily lol?

Like here’s the car, hope this piece of paper you give me works? lol

Dats why for things that are big bucks you get a dealership to do it or put it up on an auction site. Too much hassle to deal with Facebook market place assholes

Go to the buyer's bank with them and get the draft together then go your bank right after also together so there's no funny business

Make it a date and get sundaes after.. if the buyer offers you their marzipan cherry or ties the stem in a knot with their tongue you know it’s a done deal

This is the way I've always done it
10/10
A+
Zero chance of fucking around