NJSS wrote:

Sold my Disco 3 on AutoTrader for a fair price within 2 days.
Insisted on cash, and went to the bank with the purchaser whilst I paid it in.
Also took photographs of the purchaser & the car in which he arrived with his friend driving.
Can't be too careful.
NJSS

True but.....
most buyers now will not pay cash for a reasonably expensive car because (as we know from a forum member) their HPI guarantee is useless if paid cash and it later turns out to be ringed/stolen/write off. So buyers don't want to pay cash, sellers only want to accept cash; what to do - the age old quandry of selling privately.

Contrary to belief it is very hard to 'stop' a bankers draft and the majority of banks will not even contemplate it (although some will but make it very difficult to do). The funds must be present when the draft is prepared and the funds are transfered into the bank's account at the time the draft is prepared so it cannot 'bounce' when cashed if it is genuine due to lack of funds (unless the bank goes bust of course).

There are a huge number of forged bankers drafts in circulation which obviously banks will not honour and you wouldn't find out until after your car was long gone.

This is what I do if I am going to accept a bankers draft:
1) take a copy of the bank details of the account that the buyer is going to use to have the draft prepared from - this could be as simple as taking the details off their bank card - this gives you some tie back through the bank to the individual.
2) go to the bank with the buyer in the car you have sold, stand at the counter with them when they request the draft make sure they use the account details obtained above to prepare the draft from, then get the cashier to hand the draft directly to you. Don't let them touch/hold the draft at any point.
3) give them the keys whilst still in the bank (and hence undoubtedly on cctv), walk back to the car with them, shake hands, then hand over the paperwork, let them go on their way. OK you have to get a taxi home via your own bank to deposit the draft but such is life.

i.e. never accept a bankers draft from someone who walks through your front door with it in their hand!

I have found this to be the safest way to do it if you can't find any other way that is acceptable to both parties. If the buyer is genuine they won't mind a bit of inconvenience to guarantee their HPI check and give a little security to both parties that neither is going to get fiddled in the deal.

Note that forged drafts they are rarely for the exact agreed value of the car becuase they are prepared in advance and sold on the black market. I.e. car sells for £16,500 buyer says oh I have a bankers draft for £16k already so I'll make up the difference with £500 cash; seller walk away. Of course that shouldn't happen if you do it as above in the bank anyway.

I'm sure that others will have differing opinions - there is no straightforward way of buying/selling a high value car privately that gives protection to both the buyer and the seller.

Some will undoubtedly suggest BACS bank transfer - but as a buyer would you really want to send your payment (which absolutely can't be stopped or reversed) three days before you can go back and collect the car from someone you don't know? CHAPS payments are quick (couple of hours) but cost more and are only same day if you get the request into the bank well before 11am. The new fast payments service has a max transfer limit of about £6k (per day ) so none of those options is particularly apealing to a buyer.

Just my thoughts and what works for me

DSL wrote:

Bank draft from the bank whilst in the branch sounds a way of doing it. Now I know why I used the trade in route in the past.