Main dealership insisting on bank transfer

helpjack

Nearly_Old wrote: »

Couldn't you go to the dealer on the day, have a good test drive and if everything is ok do an immediate BACS transfer (our dealer had free wifi) then go and have a coffee whilst the payment clears?

I did call them today to raise my concerns and look for a compromise and they wouldn't offer one. It was 2 days cleared payment. If I wasn't happy with the car I could use the money towards a different car ( although I didn't speak to the guy who sold me the car it was some muppet).

I'll try again tomorrow and suggest BACs.

Nearly_Old

Dean000000 wrote: »

Isn’t your deposit meant to act as a ‘hold’ on the veihicle?

From a quick Google:

When you give a car dealer a deposit, it is almost always considered an upfront or initial payment on a car. The deposit is a form of security to hold the car until you are ready to pay the rest of the money and collect the vehicle. If you change your mind, you lose the deposit. Simple enough in most cases.


So yes it does hold the car but it is (unless otherwise descrbed) the first part payment and is usually non-refundable.

SG27

helpjack wrote: »

I did call them today to raise my concerns and look for a compromise and they wouldn't offer one. It was 2 days cleared payment. If I wasn't happy with the car I could use the money towards a different car ( although I didn't speak to the guy who sold me the car it was some muppet).

I'll try again tomorrow and suggest BACs.

That's faster payments not bacs. Some banks will delay a payment over £10k especially if its unusual it may be blocked. This is the excuse that the dealership im using ask for bank payment 2 days in advance.

If I were you I would do the above. Worst case is go back and collect it the next day.

Nearly_Old

helpjack wrote: »

I did call them today to raise my concerns and look for a compromise and they wouldn't offer one. It was 2 days cleared payment. If I wasn't happy with the car I could use the money towards a different car ( although I didn't speak to the guy who sold me the car it was some muppet).

I'll try again tomorrow and suggest BACs.

Reading the above I would be very wary - what happens if you are not happy with the car and they haven't got a different (possibly/probably more expensive) car available?

zagfles

How did you pay the deposit? If by credit card, looks like you'd get CCA protection on the lot, see https://www.which.co.uk/consumer-rights/regulation/section-75-of-the-consumer-credit-act

Nearly_Old

SG27 wrote: »

That's faster payments not bacs. Some banks will delay a payment over £10k especially if its unusual it may be blocked. This is the excuse that the dealership im using ask for bank payment 2 days in advance.

If I were you I would do the above. Worst case is go back and collect it the next day.

The time for BACS usually depends on the time of day and the amount of traffic. Late one evening I sent a payment to my son using BACS and it was in his account in less than 30 minutes. The longest I've ever had was around 2 hours during the day. The £10K used to be the HSBC limit but they've now changed to £25k - the last one I did was for £14k and it didn't cause any problems.


What I did was having set up the dealer as a new payee a few days in advance I transferred £10 to check that everything worked. Once the dealer confirmed that they had received the £10 I set up the balance transfer. In the OP's case I wouldn't make any further payments until he has seen and driven the car.

EssexExile

helpjack wrote: »

I did call them today to raise my concerns and look for a compromise and they wouldn't offer one. It was 2 days cleared payment. If I wasn't happy with the car I could use the money towards a different car ( although I didn't speak to the guy who sold me the car it was some muppet).

I'll try again tomorrow and suggest BACs.

What's the chance of them having another car you really want?

Personally I'd test drive the car & if everything is 100% do the transfer & pick up the car when it's cleared.

I bought a new car today & they insisted on a transfer a couple of days before, no cards over £500, no cash over £5000. It seems to be the modern way.

jaybeetoo

Why do so many people come on these forums and say they’ve paid a deposit on a car they haven’t either seen or driven?

It is utterly BONKERS!!

SG27

Nearly_Old wrote: »

The time for BACS usually depends on the time of day and the amount of traffic. Late one evening I sent a payment to my son using BACS and it was in his account in less than 30 minutes. The longest I've ever had was around 2 hours during the day. The £10K used to be the HSBC limit but they've now changed to £25k - the last one I did was for £14k and it didn't cause any problems.


What I did was having set up the dealer as a new payee a few days in advance I transferred £10 to check that everything worked. Once the dealer confirmed that they had received the £10 I set up the balance transfer. In the OP's case I wouldn't make any further payments until he has seen and driven the car.

Thats not bacs its faster payments bacs is old and rarely used nowdays (I think direct debits still go by bacs) any online bank transfer will be faster payments. Bacs used to clear by the end of the next working day iirc.

Nearly_Old

SG27 wrote: »

Thats not bacs its faster payments bacs is old and rarely used nowdays (I think direct debits still go by bacs) any online bank transfer will be faster payments. Bacs used to clear by the end of the next working day iirc.

Yes you are correct - I was probably still thinking of BACS vs CHAPS rather than the new Faster Payments.