Payment for a car

iolanthe07

Lloyds charged me £10 to issue a bankers' draft. It seemed worth it for the security and not having to wander around with a lot of cash.

hstudent

Do you usually get asked for a deposit in advance (by the dealer) if you plan to pay in full, or is that just if you plan to pay in installments?

Hintza

If you want the dealer to pull the car from market then yes you will need to pay a deposit. Otherwise he could sell it to someone else in the meantime.

But only ever pay a deposit when you have decided to buy. For example here is £50 I'll be back in an hour with the balance.

If you are still undecided then never ever part with a deposit, unless you are willing to lose it if you pull out of the deal.

Lemonade_Pockets

1) Cash is not king in terms of a payment. Its a ball ache to adminster, costly and high risk of fraud. In order of preferenance dealers prefer, finance, debit card, credit card, bankers draft, cash then cheque.

2) To the OP ring the dealer and ask them if they take debit card. This is more secure for them, costs you less and is less hassle for everyone concerned.

mcgsp

I would like to pay (£8k) by debit card but the dealer, whom I have only talked to by phone, wants me to pay 3 days in advance if I use a debit card.

I assume I'll then have to get a certified cheque which they will take on the day of purchase.

I don't like paying until I have seen the car and checked it over.

Any comments?

AdrianHi

Very odd behaviour on their part. I guess it might take a couple of days to clear the debit card payment but it is secure for them.
My mother and I have both paid balance of car purchases on debit cards on sums much higher than £8K so I don't see why it should be a problem for them.

Inactive

mcgsp wrote: »

I would like to pay (£8k) by debit card but the dealer, whom I have only talked to by phone, wants me to pay 3 days in advance if I use a debit card.

I assume I'll then have to get a certified cheque which they will take on the day of purchase.

I don't like paying until I have seen the car and checked it over.

Any comments?

I would find another dealer then, I would not pay 3 days up front for a car.

poppy_f1

2 years ago i bought a car at a dealers and paid 4k in cash

Ebe_Scrooge

I'm surprised at that - buying from a dealer, a debit card is almost always the easiest way, it's cheaper for them and it's instantly guaranteed - i.e. the transaction won't be authorised if the money is not in your account to cover it.

I wouldn't pay up front - except for maybe a small deposit, and if you do this make absolutely sure you get a proper receipt. Failing that, I'd walk away - unless the car you're after is pretty unusual, there will be plenty of other dealers around that are happy to sell to you :-)

mcgsp

I have paid more once before to a local dealer, who knew me, by debit card and I am a bit surprised at this garage's attitude.

I am arranging to get a banker's draft to pay them the £8k even although it will cost me £20 as I don't want to pay before seeing the car despite their assurances on the condition of the new car. I did pay the deposit by credit card, however, so I should have that as backup protection.