Payment for Car

D

Daveyc2k2

Member
 Essex
I am in the process of buying a Z4 from a local dealership. We have agreed a p/x price for my car and they have advised the zed will be ready to pick up Saturday. However they have asked for payment by bank transfer. I just wanted to know if this is a safe way to do things, or should I insist on paying from my debit card?

Thanks
 
You could do a bank transfer in person on a tablet or PC if you do internet banking, but are they asking for the money in advance ? Personally I would ask the why a debt card is not acceptable - I think there may be charges to them for a debit card transaction, but that shouldn't matter, and is how I paid for mine.
 
Very happy with the dealer I purchased from.
I paid by debit card, and they handed over the keys and documents on the day.
 
Have spoken to them and the reason they want the money by bank transfer is that they are selling the car on behalf of someone else, so if using the card machine it takes 7 days for them to receive the money and then will be another 7 days to the other company/owner.

I can understand the reasons behind this and proof of purchase and warranty will all be provided.

Do you think this is a safe option? And they have said it's fine to transfer the money when I go to pick up the car.
 
Are you using the same bank? I would've thought payment but debit card would be instand yet a bank transfer could end up taking days depending on which bank is being used. I got caught out by this paying from ING to my HSBC account, turns out there was a limit for instant transactions.

Not saying they are wrong, but it seems a bit odd to me.
 
I didn't think a bankers draft could be rescinded, just the same as a direct payment. Pay on a debit card, I put a 5K deposit on mine via debit card.
 
I paid for mine by bank transfer on the day i picked up the car. Signed all paperwork took the keys and drove away with a big :D :driving:
 
Daveyc2k2 said:
Have spoken to them and the reason they want the money by bank transfer is that they are selling the car on behalf of someone else, so if using the card machine it takes 7 days for them to receive the money and then will be another 7 days to the other company/owner.

I can understand the reasons behind this and proof of purchase and warranty will all be provided.

Do you think this is a safe option? And they have said it's fine to transfer the money when I go to pick up the car.
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Don't see a problem paying like this once you get a receipt etc., you still have all your rights, just paying a different way !
 
Daveyc2k2 said:
Have spoken to them and the reason they want the money by bank transfer is that they are selling the car on behalf of someone else, so if using the card machine it takes 7 days for them to receive the money and then will be another 7 days to the other company/owner.

I can understand the reasons behind this and proof of purchase and warranty will all be provided.

Do you think this is a safe option? And they have said it's fine to transfer the money when I go to pick up the car.
Click to expand...

I smell some bs in here somewhere, but cannot figure out where. Do you lose any payment protection if you make the payment by bank transfer ? My debit card is Visa, so I believe I get the same protection as with a credit card when I pay that way. TBH, if they are happy with payment on the day, you get a receipt etc. then there shouldn't be an issue... Just not sure why they are selling on behalf of someone else - is this common ?
 
Thanks for the input guys.

Happy to pay by bank transfer and checked the limits and it falls well within these, but will still call my bank to double check.

Otherwise I will be the owner of a zed this Friday!! Can't wait!!
 
Daveyc2k2 said:
Thanks for the input guys.

Happy to pay by bank transfer and checked the limits and it falls well within these, but will still call my bank to double check.

Otherwise I will be the owner of a zed this Friday!! Can't wait!!
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I just imagine hitting the "send it" button only for it to say "thank you, this transaction will take 3 days"... Shouldn't if the bank is the same but if it is 2 banks that don't use faster payments between them there could be a hold up, surely?
 
it will be the card machine company that keeps the money for a few days, then the transfer takes a few days more.

I was recently setting up a new card payment account for a business and the company wanted to keep the funds for 45 days before sending them on!!

BACS payment should be fine, and only takes a few hours now.

In fact, I can transfer money from one bank, and 2 minutes later it shows in my other account with another bank.

The ONLY thing I would say, is make the payment on the day, not before it.... what happens if you send the money and for some reason you aren't happy with the day.... :wink:

:thumbsup:
 
the cueball said:
it will be the card machine company that keeps the money for a few days, then the transfer takes a few days more.

I was recently setting up a new card payment account for a business and the company wanted to keep the funds for 45 days before sending them on!!

BACS payment should be fine, and only takes a few hours now.

In fact, I can transfer money from one bank, and 2 minutes later it shows in my other account with another bank.

The ONLY thing I would say, is make the payment on the day, not before it.... what happens if you send the money and for some reason you aren't happy with the day.... :wink:

:thumbsup:
Click to expand...

My thoughts exactly, they have said I can use their computers or wifi when I go to pick the car up to make the transfer then so as you said I will definitely not be paying it before I go to pick the car up.
 
the cueball said:
In fact, I can transfer money from one bank, and 2 minutes later it shows in my other account with another bank.
Click to expand...

Depends on the banks, that example is faster payments. Not all banks do that.

My advice would be ask them which bank they are with and if not the same bank as yours call your bank and check the transaction will go through immediately.
 
sp3ctre said:
Depends on the banks, that example is faster payments. Not all banks do that.

My advice would be ask them which bank they are with and if not the same bank as yours call your bank and check the transaction will go through immediately.
Click to expand...

yes good point, but according to the faster payments site, all UK banks accept faster payments, better to be safe than sorry though I guess. :wink:

The current members of the Scheme are:

•Barclays
•Citi
•Co-operative Bank
•Clydesdale and Yorkshire Banks (National Australia Group)
•HSBC
•Lloyds TSB
•Nationwide Building Society
•Danske Bank
•Royal Bank of Scotland Group (including NatWest and Ulster Bank)
•Santander UK
 
There is a thing on the faster payments website that lets you put in the two sort codes and it will confirm eligibility or not

http://www.fasterpayments.org.uk/faster_payments/sort_code/-/page/1949/
 
I paid for my last two new cars on a debit card which took money directly from my current account and credited theirs immediately.

The only thing u may have to do is tell the Bank in advance the day & beneficiary, just so none of their fraud prevention kicks in.
 
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