ive sold my car

[kamsop14]

Hi i sold my car and the person wants to pay by building society cheque.

will it bounce? will the bank clear the cheque there and then and i will be able to have the cash imediately?

[McNoodle]

Do you mean a bankers draft cheque, or a cheque out of his building society cheque book? - one's safe and the other 'might not' be...

[kamsop14]

Hi i mean the one out of his building society cheque book

[McNoodle]

Take his cheque by all means, but the car DOESN'T MOVE from your place until the money has cleared. If the buyer doesn't accept this you've got to ask yourself why...

[kamsop14]

Thanks i will take your advice and go to the bank with the buyer of my car but will the cheque clear straight away?

[McNoodle]

No, not if it's an ordinary cheque - it's 4 or 5 working days. A cheque is OK, it's valid tender, but until it's cleared in your bank account you've swapped your car for a piece of paper haven't you? Like I said, the buyer should appreciate this and have no problem with it. If they do, don't do business with them as they are inviting suspicion and are probably trying it on. It would take less time for them to get cash rom their bank than for a cheque to clear in yours.

[McNoodle]

- from -

[NORMANTHEDOG]

if you have a account with the same building society,the cheque can clear straight away with a phone call.

[moomintroll1]

If you accept the cheque, you should wait six working days before assuming it is cleared. Only then should you release the vehicle.

A much better way is to ask the buyer to pay by CHAPS transfer. His bank will charge a fee, usually between �15 and �40, but the funds will clear the same day. Once your bank confirm receipt of the funds, you can let him drive away.

If they are reluctant to foot the bill, consider allowing them to reduce the payment by the amount of the bank charge. That way, it doesn't cost them anymore, and you have the peace of mind that the money is yours and can't bounce.

[Ethel]

Mdoo - thankfully that can no longer happen as the law changed last year:

http://news.bbc.co.uk/1/hi/business/7112829.st m

[jonesytwotwo]

Wait for cash in hand before relase of vehicle. Otherwise you must sing for your money.