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Jul 29, 2009 22:00:25 GMT
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Hello chaps
Ive had a friend asking me some questions but unable to help, so asking you trusty lot!
He sold a car to what he describes to be a decent chap.
Before he left he mentioned that he would be paying by cheque.
My friend said if we get that far then fine..
Went out for a test drive, he liked the car and said he will have it.
Wanted to take the car away leaving all paper work and log book until the cheque cleared. Once monies cleared they meet up, give over the paper work, and fill in the log book. They guy joked that even if the cheque bounced my mate can claim it stolen and get his money back.
Now its done, he is flapping. If it doesnt clear, would he really be able to claim it stolen in some fraud claim??
Cheers
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Current retro - 1996 Alfa Romeo GTV / Daily - 2016 Nissan Qashqai
Previous retros - Prelude, Integra, XR2s, XR3s, Orions, CRXs, Sylvia S12, S13, Pulsar, ZX 16v, 205 Gti, MX5, MR2 etc
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Jul 29, 2009 22:05:43 GMT
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wait and see - don't jump the gun with advice before the bouncing happens - leave him to sort it out, if it bounces
i wouldnt sell a car this way, but your friend may be a good judge of character.
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Someone just shot the elephant in the room. |
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Jul 29, 2009 22:07:53 GMT
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By law if you gave the care willingly to him, even awaiting payment, he hasn't stolen it. Although if the cheque bounces, he's obtained it by deception, which is a different offence. Either way, the car has to be found first. I can't believe somebody would hand over a car without having cleared funds. Does your mate know the buyer, even slightly?
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Jul 29, 2009 22:11:26 GMT
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agreed, it might be ok... We will see!
He doesnt know him. So can you claim on your insurance (he has full comp) for fruad / deception?
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Current retro - 1996 Alfa Romeo GTV / Daily - 2016 Nissan Qashqai
Previous retros - Prelude, Integra, XR2s, XR3s, Orions, CRXs, Sylvia S12, S13, Pulsar, ZX 16v, 205 Gti, MX5, MR2 etc
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Cheque fraud?BenzBoy
@benzboy
Club Retro Rides Member 7
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Jul 29, 2009 22:22:31 GMT
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Don't wanna add to the grief but a fake cheque will clear into an account... the bank eventually realise the fakery but it takes longer than 5 working days and the money will appear in the account. It will disappear again rather quick once the bank realises.  I'm sure the cheque will clear, and that it's kosher and all that, but I just felt I should mention it.  Personally, if I'm selling a car it's cash only. |
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Jul 29, 2009 22:22:35 GMT
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Is it something you'd class as likely to be exported or broken for spares?
No need for paperwork in those cases etc...
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Jul 29, 2009 22:26:37 GMT
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He has called his bank and said how long a cheque clears etc
he said if he puts it in tomorrow, although it might show next thursday, it will be 'fully' cleared by the monday after?
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Current retro - 1996 Alfa Romeo GTV / Daily - 2016 Nissan Qashqai
Previous retros - Prelude, Integra, XR2s, XR3s, Orions, CRXs, Sylvia S12, S13, Pulsar, ZX 16v, 205 Gti, MX5, MR2 etc
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Jul 29, 2009 22:37:53 GMT
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Is it something you'd class as likely to be exported or broken for spares? No need for paperwork in those cases etc... you cant export a car without the v5c (unless its hidden or in pieces, scattered in 5 or 6 vehicles / containers what was the car? I'm wondering if it has a high value out of the country |
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Someone just shot the elephant in the room. |
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Jul 29, 2009 22:48:27 GMT
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Can't you pay extra at the bank to have it cleared quicker?
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Jul 29, 2009 22:55:43 GMT
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Hmm... I'm sure it's just post sale paranoia and all, but I've lost count of how many times a softly spoken Irish gent in a transit has offered to buy a car from me with a cheque (and the same bullshyte "sure, keep the logbook and report it stolen if it bounces" blarney) so the whole tale just gives me the shivers. I hope I'm wrong. PS. before anyone starts, I'm not anti irish. my whole family IS irish.... but no-one else ever tried a cheque scam on me, or promised to go straight to the cash machine and come straight back with the money, or strike me dead, I will. Put it this way, the van stays in my yard while they walk to the cash machine for the towball fitting money.... |
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To get a standard A40 this low, you'd have to dig a hole to put it in |
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bazzateer
Posted a lot
Imping along sans Vogue
Posts: 3,653
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Jul 29, 2009 23:10:58 GMT
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I'm amazed that anyone these days would let any property go to a stranger before money has cleared.  |
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1968 Singer Chamois Sport
1972 Sunbeam Imp Sport
1976 Datsun 260Z 2+2
1998 Peugeot Boxer Pilote motorhome
2003 Rover 75 1.8 Club SE (daily)
2006 MG ZT 190+ (another daily)
2007 BMW 530d Touring M Sport (tow car)
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Jul 29, 2009 23:12:25 GMT
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Lets play devils advocate...
If the buyer had the cash to pay for the car with a cheque why did he not simply withdraw said cash from the bank (under 10k limit per day)?
If I understand it correctly your friend has let the car go but still has the V5C, so? The car could have cloned plates by now or running up speeding tickets. For the latter, whilst under his name he's still liable.
As for the cheque its self: All banks have a clearing cycle, this is variable depending on the bank but normally 3 days to show on the account 10 days to clear (Ie yours)
Bottom line, if you sell a car privately only take cash or a bankers draft...
I wish your friend well and good luck.
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Living the dream. Restore's classic car's for a living!
Project Racer: '99 Arosa
Project Touge Outlaw: '87 Porsche 924S
Project Street sleeper: '95 BMW E34 540i/A Touring
Project Mafia: '04 BMW E53 3.0d
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Cheque fraud?retrowagen1234
@GUEST
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Jul 29, 2009 23:16:27 GMT
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hmmmm. i just don't like dealing with people when it comes to any money, scaremongoring maybe , but in these times we need to be on our guard more than ever! fingers crossed here that it all goes well for your mate!
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ezzysi
Posted a lot
Posts: 1,189
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Jul 29, 2009 23:18:04 GMT
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As has been said, theres no way i'd hand over the keys till theres cash in my mitt, even then if its a large sum I'm wanting to get it paid in the bank to know its kosher.
Still can't believe it takes the banks so long to clear funds in this day and age and instant computer transfers etc.
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1991 Mk2 Golf Gti 8v
2005 Passat tdi (daily)
1971 Mk1 Escort
2004 Touran (her's)
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Cheque fraud?retrowagen1234
@GUEST
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Jul 29, 2009 23:21:53 GMT
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it doesnt if you do instant transfers.. and printed cheques can be paid in instantly, think old handwritten types still need to be hand checked tho... cash can be paid in instantly and cleared into an account instantly too..
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ezzysi
Posted a lot
Posts: 1,189
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Jul 29, 2009 23:30:13 GMT
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it doesnt if you do instant transfers.. and printed cheques can be paid in instantly, think old handwritten types still need to be hand checked tho... cash can be paid in instantly and cleared into an account instantly too.. Yeh I was only talking about cheques, they say 5 days and even then it can be withdrawn for several days after...... I don't like cheques! |
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1991 Mk2 Golf Gti 8v
2005 Passat tdi (daily)
1971 Mk1 Escort
2004 Touran (her's)
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Cheque fraud?youngtimer
@GUEST
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Jul 29, 2009 23:51:28 GMT
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There is a cheque scam going around at the moment and your friend might be party to it!
Basically what happens is a guy goes into a shop and pays for an item ( lets say a plasma TV ) by cheque.
He says to the shopkeeper I will come back and collect when the cheque has cleared ( which all seems fine and dandy )
Rather than come back when the cheque has cleared he returns a couple of days early and announces that the cheque must have cleared by now and takes the item.
Subsequently the cheque bounces but the guy has vanished leaving false details!
This has happened to 2 shop owners that I know in my local area ( oe was for a 50" Plasma and the other was for an expensive watch! )
This guy will probably turn up to collect his documents before the cheque clears in the bank.........please let you friend know this info!
As for cheques clearing in the bank......most banks take 5 days to clear a cheque ( even though the money will leave the payers account straight away ) the only reason for this to happen is to enable the bank to play with your money on the stockmarket for a few days!
There is an urban myth that you can pay to get them cleared quicker but in my experience this only applies to Coutts bank.....and if you have one of their accounts you aint worried about cheques bouncing...lol
You can do an instant transfer ( CHAPS ) and the money will show straight away but this usually costs £25 to do at most banks
And a Bankers Draft can be shaky ground too...because even though they are as good as cash....they are easily forged!
So if I'm selling anything cash is always king!
p.s. I don't work in a bank......I run my own business and encounter things like this daily!!!
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Is it something you'd class as likely to be exported or broken for spares? No need for paperwork in those cases etc... you cant export a car without the v5c (unless its hidden or in pieces, scattered in 5 or 6 vehicles / containers what was the car? I'm wondering if it has a high value out of the country I export cars from the UK regularly and have never been asked for a V5c yet. They hardly ever stop you at customs let alone check any paperwork and if they do they´ll ask if the car on the trailer is yours and wave you through. Not much help sorry, but i can´t believe your mate handed over the car to a stranger without the funds been cleared first...hope it all works out for him. |
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IDY
Part of things
Posts: 893
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There is an urban myth that you can pay to get them cleared quicker but in my experience this only applies to Coutts bank In the past we have paid to have a cheque clear same day at the HSBC - this was quite a while ago though and they did take a big fee to do it |
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I will get round to finishing it at some point
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purplevanman
Posted a lot
Way too orangey for crows
Posts: 3,829
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that is not something I would ever do, while he is driving your mates car around your mate is liable for any speeding tickets etc as well as the possibility of losing his money, easy way to steal a car!! Hope that isn't the case  |
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