Payment for car

bigadaj

I'm due to pick up a car on Wednesday, have put a deposit on credit card. It's just over a year old, small company main dealer with balance of manufacturer's warranty remaining. dealer is insisting on payment by bank transfer for balance of circa £10k, due to charges for debit card. have spoken to bank who say I can pay on app at dealership by my phone by bank transfer but advise debit card is preferable/ safer.  Costs for debit card seem to be 0.3% so cost of £30 for debit card so I'm considering contacting dealer and offering to cover his costs for such amount, just wondered what others might do.

AdrianC

Debit is only "safer" if you somehow manage to transfer the money to the wrong account.

macman

No risk with bank transfer at all, as above. As long as your deposit was more than £100, you already have full S75 protection for the total price, if less than £30K. So save yourself the £30.

daveyjp

As long as transfer and pick up are same day, no problem.

452

macman said:

No risk with bank transfer at all, as above. As long as your deposit was more than £100, you already have full S75 protection for the total price, if less than £30K. So save yourself the £30.

It doesn't matter how much deposit he paid it was on a credit card. The car is between £100 and £30,000 so he's covered.

bigadaj

Thanks for responses, I'll see what their additional costs might be in any case. Agree that major risk might be entering wrong account so may pay a small amount early next week to make it a 'known' account on my online banking and reduce the potential for error. 

Grumpy_chap

I always do a £1 transfer to any new payee to get everything confirmed at both ends, then do the full balance a couple of days later.  My bank have become very 'hot' on stopping transactions and locking the whole account down otherwise, which is entirely annoying.

Le_Kirk

My bank has now started (in my opinion a little late) to compare the sort code and account number to the payee name and if they don't match, refer it back to me.  This should prevent any of the "my money went into the wrong account and now they refuse to give it back" complaints when account numbers are entered with transposed digits.  It is, of course, important to get the payee name exactly as it appears on their bank account.

AdrianC

Le_Kirk said:

My bank has now started (in my opinion a little late) to compare the sort code and account number to the payee name and if they don't match, refer it back to me.
...
It is, of course, important to get the payee name exactly as it appears on their bank account.

Which is lovely, an' all... in theory... but often damn near impossible to get tiny subtleties and wrinkles right.

I couldn't even tell you what the exact names on our joint account are, without checking. I think we're both initials, but is she Ms? I think so. I've got Mr on my debit card, so I assume it's there.

Through lockdown we've been getting payments from various neighbours for shopping we've got them - and their account names rarely show through in full on our statements, but include things like "Mr X & Mrs Y Surname, No 1 House account" - or is it "a/c"? Is it an ampersand or a plus? Is there a dot and a space after the "No"?

One elderly friend had a RIGHT job paying one of the town market food stalls online - because of this precise issue. In the end, the simplest solution was for him to pay somebody else, and they paid the stallholder.

I've recently bought a couple of cars by bank transfer. I've phoned up, given the payee details - and the response has been "So how did you get those details?" I'm sat in their living room, reading from their debit card. "So you're absolutely certain they're accurate and haven't been intercepted?" Yep. "Great, I'll put that payment through."

Le_Kirk

You are right and it could lead to some interesting transaction (or not) whilst the wrinkles get sorted.  I "think" they drop the Mr, Mrs, Ms and just use initials but I have accounts that show with one initial and surname and some with two initials and surname.

ToxicWomble

Lloyd’s bank display the account name when setting up new payees.
The chances (imo) of getting the details wrong by one digit and having the same account name are miniscule.
Others banks of course may differ.