Someone wants to buy my car paying with multiple cheques with guarantee card

carlosparrot

As the titles says a friend of a friend wants to to buy my car for £1,500 and pay by multiple cheques with a £100 cheque gurantee card...so writing me 15 cheques. As I understand it as long as he has a driving licence confirming his details that are on the cheque (name etc) so I can later if needs be say I confirmed who it was, and a guarantee card, with me recording all the relevant details on each of the back of the cheques it shouldn't make a difference wether or not he has the money in his account as each cheque is guaranteed. Does that sound correct to you guys?

Let me know what you guys think please. I can't see a reason it would be a problem but I thought I'd ask first. Thanks, Carl

Paradigm

If he has the £1500 in his account why doesn't he just withdraw it & pay cash?

Gordon_Hose

Maybe you should do the guy a favour and not sell him the car. Not only does it sound horrendously dodgy, but if he had the money he'd write a cheque for £1500, not give you 15 cheques of £100. If he writes those cheques and hasn't got the funds, he'll be right in the brown stuff with his bank.

Do him a favour and say no!

JournalGirl

I think that the bank can refuse to honour multiple cheques against one purchase like this. I wouldn't risk it myself.

Coveredinbees!!!!

or just do an electronic transfer no cheques required.

Gordon_Hose

The guy clearly doesn't have the money to pay, otherwise he'd just pay cash.

hartcjhart

if you read the T&Cs on check cards they can return a cheque IF there are not enough funds in the account

ElkyElky

If he writes you a cheque for the full amount, you can wait until it has been cleared before handing the car over to him. It doesn't matter to you whether he is going in the red, as long as you are paid then what he does with his financial situation is up to him.

dzug1

The bank CAN refuse to honour multiple cheques and WILL bounce them if there are insufficient funds in the account. All of them if need be. It's breaking the terms of the cheque card guarantee scheme to write multiple cheques

bengalknights

Get him to do a bank transfer or even better accompany him to the bank and make him withdraw the money.

victor2

A cheque guarantee card can only be used for one cheque a day I believe, so the fifteen cheques would have to have different dates on them and you'd have to make fifteen separate trips to the bank to cash them. Wouldn't mind betting the bank could still bounce them when they see what's been done if there's insufficient funds.
Tell the buyer you're not in the loan business and he can have the car when you've got the full payment.