Making a Final Payment

Moonwolf

I'm not sure this is the right forum but I can't see one that matches my concerns closer.

I have a car on Ford options where the agreement period had ended. 

I now have the choice of handing it back, going again or making the final payment. 

I intend to make the final payment (which is about half the current showroom price of the car) but the set up doesn't fill me with confidence.  I can make an internet banking bank transfer into Ford's account and apparently put my account number in the reference and it will be credited to my account; or call their number (which I can verify is correct) and speak to a human and make the payment over the phone, but I have been cut off twice. I have been told I can do it through the app but I can't see how.

Clearly I want to avoid being defrauded or the payment going missing.  I have made payments in this price range before but only at a point of sale terminal.

If I pay by bank transfer AND I type in the correct account number in the reference, does it then become Ford's problem?  What happens with typos?

What is the best way here to minimise risk to me?

Aylesbury_Duck

Can you visit the dealer to make the payment in person via a debit card?

MattMattMattUK

Aylesbury_Duck said:

Can you visit the dealer to make the payment in person via a debit card?

Unfortunately most dealers will usually only take the deposit via card and insist on bank transfer/finance for the balance.

Moonwolf

Aylesbury_Duck said:

Can you visit the dealer to make the payment in person via a debit card?

I did ask that, I was told that they couldn't help with that unless I wanted to finance the balloon payment..

the_lunatic_is_in_my_head

Moonwolf said:

What is the best way here to minimise risk to me?

Typical advice before sending a large sum by bank transfer is to send a smaller sum, of say £100, and check to ensure it's reached them. 

Your online banking should remember the details after you've made one payment and then you can just select that for future payments rather than inputting the info manually again. 

born_again

Moonwolf said:

I'm not sure this is the right forum but I can't see one that matches my concerns closer.

I have a car on Ford options where the agreement period had ended. 

I now have the choice of handing it back, going again or making the final payment. 

I intend to make the final payment (which is about half the current showroom price of the car) but the set up doesn't fill me with confidence.  I can make an internet banking bank transfer into Ford's account and apparently put my account number in the reference and it will be credited to my account; or call their number (which I can verify is correct) and speak to a human and make the payment over the phone, but I have been cut off twice. I have been told I can do it through the app but I can't see how.

Clearly I want to avoid being defrauded or the payment going missing.  I have made payments in this price range before but only at a point of sale terminal.

If I pay by bank transfer AND I type in the correct account number in the reference, does it then become Ford's problem?  What happens with typos?

What is the best way here to minimise risk to me?

Make sure that you have the correct bank details, so do not just rely on email details, ring & double check. Then make sure you are typing in the correct acc details.

They will be taking lots of these payments on a daily basis, with no issue.

If you have a credit card & make a online payment. They use exactly the same systems. All payments go to one internal account & then moved to the correct card account.

Penguin_

I would guess that the funds are being sent to the finance company not the dealer?

I would send the funds to the same account, with the same reference, that your monthly payment is coming out of. Then I would call up the finance company to ensure the funds had been received.

Aylesbury_Duck

the_lunatic_is_in_my_head said:

Moonwolf said:

What is the best way here to minimise risk to me?

Typical advice before sending a large sum by bank transfer is to send a smaller sum, of say £100, and check to ensure it's reached them. 

Your online banking should remember the details after you've made one payment and then you can just select that for future payments rather than inputting the info manually again. 

Yes, that's what I do with any new recipient.  Send £1, get confirmation of receipt, then send the rest.

born_again

Just a thought.
If Op is paying via DD, then many PCP co's will also take the balloon payment via the same method.

Moonwolf

born_again said:

Just a thought.
If Op is paying via DD, then many PCP co's will also take the balloon payment via the same method.

I went on the chat using the ford app.  I have confirmed the banks details. I did ask them to take it off using the direct debit and they said the couldn't.

Moonwolf

Thanks all, I've made a partial payment using bank transfer, I'll check payments on my account online later in the week and if it is there I'll make the final payment.