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Just tell the Nigerians to go take a running jump!
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The key to this is that the bank named on the draft has up to 28 days to notify your bank that the draft is dodgy. Hence you appear to receive cleared funds, so you happily release the car, and refund the excess by a cheque or draft that is honoured. On day 27 your bank withdraws the amount of the original draft.....
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Here's a description of how the vehicle (car, truck, motorcycle) buying scam works from the original ad to the (sometimes bitter) end
www.swapmeetdave.com/Scam/index.htm
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Not recommending this course of action but what if you got the funds in your account and then closed the account and turned it into cash before the trap shuts?
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YOU are then part of the fraud. This time you have moved the fraud on to involve the bank, and it then becomes a crime in your home country.
Far better to withdraw the money paid in by the cheque, invest it short term and earn yourself 3/6 pence before you are asked to pay it back.
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TourVanMan TM < Ex RF >
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How can it be fraud? You have sold your car in return for cash. You have closed an account. Where's the illegality?
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The fraud is the cheque. You cashed the cheque, and your actions in closing the account is proof that you knew the cheque to be a "false intrument"
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TourVanMan TM < Ex RF >
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How can it be fraud? You have sold your car in return for cash. You have closed an account. Where's the illegality?
It's not neccesarily illegal, I guess unless they can prove that you acted knowingly, but the bank will pursue you very aggressively for the money.
IIRC there are people who have 'got away' with this, by asking, and double checking with the bank that the cheque was OK, only for it then to turn out not to be. But there are many others who have done the same thing and have been forced to repay.
There's a certain form of words (which I can't remember now) that the banks use to indicate that the cheque/draft has completely cleared through the system, and after that it cannot be returned.
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