Paying the dealer for a brand new car through online bank transfer

mylilangel

Dear Forum members

This is the first time I am buying a brand new car (cash). It's a CRV.

Paid the booking amount of £500 through credit card. Delivery expected next month. Dealer have suggested that once the delivery date is confirmed, that I pay the remaining pending amount of more than £30000 through bank transfer.

My question is why 1 week before and not on the day of delivery. What if the dealer goes bust? What if the delivery gets delayed. They have provided me the sort code and bank account number of the dealership.

I believe there are transfer limits for online transfer.

Do they normally provide the registration plate details beforehand so that I can arrange insurance for the car before I drive off?

Sorry first time new car buyer and got anxious after coming back from the dealership this evening.

Thank you

marlot

You'll get the registration number a few days before. I've normally had a choice of numbers from a limited list. Most new car dealers will give 7 days insurance free, or you can arrange your own.


The last three cars, I've taken the PCP and then settled it by bank transfer within the 14 day finance cooling off period. ANd the finance company have normally given a contribution too!

mylilangel

Thank you, I was told by Holdcroft that I cannot pay off the PCP finance till at least 6 months, and I will have to pay the interest till then, which would have been the same as Honda's deposit contribution of £1000.

They have however discounted the car, however not by much.

I was a bit worried about the big money transfer to them 7 days prior to the expected delivery.

Thank you.

headpin

£1000 interest over 6 months? Just ask for a settlement figure after a couple of months. Many PCP will only charge interest up to the date of settlement.

neilmcl

mylilangel wrote: »

Thank you, I was told by Holdcroft that I cannot pay off the PCP finance till at least 6 months, and I will have to pay the interest till then, which would have been the same as Honda's deposit contribution of £1000.

They have however discounted the car, however not by much.

I was a bit worried about the big money transfer to them 7 days prior to the expected delivery.

Thank you.

They're having you on. You can settle the finance at any time, you also have the legal right to cancel the finance within 14 days without penalty. Just refuse to pay them until the car is ready for collection.

mylilangel

I have agreed for the cash sale, and paid the £500 deposit on credit card yesterday. The order form has been done. They have given me the provisional delivery date of 07.12.2018, and instructed for the payment of the five figure balance by 30.11.18. they suggested that I don't finance the car if I intended to pay off. Thank you.

tonyh66

mylilangel wrote: »

I have agreed for the cash sale, and paid the £500 deposit on credit card yesterday. The order form has been done. They have given me the provisional delivery date of 07.12.2018, and instructed for the payment of the five figure balance by 30.11.18. they suggested that I don't finance the car if I intended to pay off. Thank you.

they suggested that I don't finance the car if I intended to pay off.


They would do, ther's nothing in it for them if you don't finance the car, where as perviously mentioned the best way to do it is to take the finance and the nice price reductions for taking it, then paying it off with your cash.

mylilangel

But is it still reasonable to pay the full amount one week in advance? Can I pay in excess of £30000 by debit card on the day? Thank you

henry24

I buy a new car with cash every 2 to 3 years and I have never paid a deposit or paid for the car before the day I pick it up, when a garage has maybe 40 cars why should I pay for them to order mine if they don't like it I walk and in 30 years I've never got in my car before the salesman has changed his mind.

Penelopa.Pitstop

You can pay on a day with debit card as long as you have money there, there's no transaction limit. Last time I called my bank day before to make sure they don't stop it and they made a note on the account. But before, I never bothered calling bank, just paid it.

They probably want money before 30/11, so it goes into November sales. That's what Mercedes wanted from me once, to pay before 30/06, even though I was collecting a week later.

neilmcl

Penelopa.Pitstop wrote: »

You can pay on a day with debit card as long as you have money there, there's no transaction limit. Last time I called my bank day before to make sure they don't stop it and they made a note on the account. But before, I never bothered calling bank, just paid it.

They probably want money before 30/11, so it goes into November sales. That's what Mercedes wanted from me once, to pay before 30/06, even though I was collecting a week later.

^This. As already advised, pay when the car is ready for collection, not before. You hold all the cards.