Buying a car by bank transfer - good or bad idea?

RogerBareford

Car_54 said:

Penguin_ said:

I wouldn't pay by Bank Transfer. Any reputable dealer should be able to take card payment.

Every reputable dealer I've bought from accepted debit cards, but not credit cards for the reason already mentioned.

I've bought from dealers before that "don't accept credit cards" but then have no problem when i say that i just want to pay a couple of quid on the credit card and the rest by another method. So no reason not to get section 75 protection.

Britannia12345 said:

It's in the north of England and I'm down south which is why I was getting the RAC to check the car over for me and then it's being delivered if I buy it. I'll ask them if they'll take the deposit by card. 

Even with an RAC inspection i wouldn't be buying a car without seeing it myself and test driving it first. There are many horror stories online explaining why this is a bad idea.

Bonniepurple

My current vehicles, one I did faster payment in the dealers, the other I did deposit on credit card, then the rest by faster payment.  Both times I did a test amount to ensure that it was going to the right account.

Jaybee_16

Last couple of car I've bought have been the same as suggested by others, paid deposit with credit card and balance on debit card.

Britannia12345

They won't even do the deposit on the credit card. I'm bloody torn now - it's too late to cancel the RAC check without losing my money. 

ilikewatch2

I was surprised when I was paying for a recent car purchase from a Volvo main dealer (Riverside in Doncaster) and they wouldn't take a (debit or credit) card payment towards any portion of the cost of the car - it was bank transfer or nothing. They were perfectly happy and able to take debit or credit card payment towards parts/accessories/servicing just not vehicle purchases.

Brie

If it's a dealership I've always been able to pay the whole thing by credit card.  It's only when it's been a smaller place only dealing with second hand cars that I've done bank transfers.  And only after having paid the deposit by CC first.

Britannia12345

ilikewatch2 said:

I was surprised when I was paying for a recent car purchase from a Volvo main dealer (Riverside in Doncaster) and they wouldn't take a (debit or credit) card payment towards any portion of the cost of the car - it was bank transfer or nothing. They were perfectly happy and able to take debit or credit card payment towards parts/accessories/servicing just not vehicle purchases.

I found this a few years ago when I got a car from a Ford garage. 🤔

Grumpy_chap

Britannia12345 said:

They won't even do the deposit on the credit card. I'm bloody torn now - it's too late to cancel the RAC check without losing my money. 

You might as well let the RAC inspection go ahead then.

Does the RAC inspection include any warranty / liability on their report findings / recommendation? 
Does it also include the equivalent of HPI history check?

If the RAC inspection carries some kind of liability cover, then that protects against the vehicle being a complete lemon. 

The remaining risk would then be making the payment and the vehicle not being delivered.  I kind of imagine that the dealer is allowing RAC inspection sort of indicates they actually exist so it works a bit to reduce that element of concern also.

Nearlyold

Bought a car from Bristol Street Motors last month, they only accepted Bank Transfer for the 10K balance, for the original holding deposit of £100 a card was fine.

Quite a secure system for ensuring you're sending money to the correct account, bank details printed out in dealership for you to take away followed by texts and emails confirming the same details. You know the text is from BSM because they text you initially while you're sat at the salespersons desk  and you have to reply with codes that appear on their computer screen.

Not sure that I'd pay bank transfer to a back street dealer though.

greyteam1959

You have not seen the car or the dealership.
They don't take cards at all.
You are relying on the RAC inspection.
You are paying by bank transfer.
Don't alarm bells ring ??
They would for me