Paying for a user car from a dealer

Tilt

Kilty wrote: »

Dealer I'm buying brand new from will take up to £9k cash

Are you sure? There arn't many main dealers who will take large amounts of cash due to money laundering ect. Most will take banker's drafts/transfers but not cash in my experience.

Gloomendoom

I used a debit card to pay the balance when I picked the car up.

No different from any other purchase.

maninthestreet

If the deposit is paid by CC, and is more than £100, then I think section 75 of the CC Act covers you for the whole purchase price of the car, not just the deposit.

MX5huggy

As said they should take debit card, otherwise I would use a Bankers Draft (as long as dealer was happy not to wait for it to clear), cash, or a same day CHAPS transfer (about £35 to do) if you cant use faster payments.

bigjl

I paid a £12k deposit on a new WRX back in 2004, the only issue was it needed verified due to the amount of card fraud in the area having brought the limit that can be swiped without verification down from about £30k to £5k.

If you buy at BCA they won't accept more than a few grand in cash, can't remember the exact amount. It is due to money laundering rules, they would buy a ten grand car with drug deal cash, then sell it for a bargain £9k in the paper, money now clean.


I though they would only charge for a CC payment but that DC payments where free.

Kilty_2

Tilt wrote: »

Are you sure? There arn't many main dealers who will take large amounts of cash due to money laundering ect. Most will take banker's drafts/transfers but not cash in my experience.

The section on payment options in my order pack says a maximum of £9,000 in cash.

Flyboy152

Tilt wrote: »

Are you sure? There arn't many main dealers who will take large amounts of cash due to money laundering ect. Most will take banker's drafts/transfers but not cash in my experience.

The maximum allowable under the money laundering regulations is fifteen thousand euros.

Flyboy152

maninthestreet wrote: »

If the deposit is paid by CC, and is more than £100, then I think section 75 of the CC Act covers you for the whole purchase price of the car, not just the deposit.

It doesn't have to one hundred pounds paid on a credit card, the item purchased needs to be more than one hundred pounds. If you pay as little as one penny on a credit card, the whole purchase is covered by section seventy-five.

Flyboy152

From what I can remember, if you have a signed order and have paid the balance in full, the receiver cannot claim it as an asset, if the firm goes into liquidation. Perhaps someone can verify this. I am pretty sure that the manufacturer would offer some protection, seeing as they issue the franchise.