Buying a Vehicle Up Front - Payment Methods

[Goldeneye]

Dear all,

So in the next month or so (after a full bloody house renovation! ), I'll be in a position to purchase another MB

Most likely it will be a C63 507. Now these vehicles are in the £40k+ territory and I plan to purchase the car up-front. However I wanted some advice on how to actually make the payment.

I'm with Natwest and their daily payment limit is £20k. I'd rather not be in a position where I have to make multiple payments across multiple days, especially if I'm buying from a private seller! (I'm not that trusting! ) Any advice or recommended methods would be appreciated.

 

[st13phil]

Any advice

Talk with your bank and explain the need to make a >£20k payment?

I've not bought privately for years and I'm not sure I'd be comfortable with a £40k+ private purchase, but each to their own. When buying from a dealer I've always used a bank Debit Card as these aren't subject to a payment limit, so have happily covered payments of that sort of size.

 

[Benz17]

Can you not do it via 2 different bank accounts, if you have 2 separate accounts. Have you spoken to your bank about this, they may allow one transaction, if they are told about it in advance.

 

[daveenty]

Nat West will do it for you in house, though be prepared for a bit of a wait.

I had to do one like this a while ago, not a private sale but through a dealership. I can't remember why I had to do it this way but it was quite a large amount and a debit card wasn't acceptable so it had to be a transfer. I was in the branch for the best part of an hour just hanging around till someone decided to see me and eventually let me access my own money to spend on something.

 

[Goldeneye]

I was told the only way (without a premier account which increases the daily limit) is a CHAPS payment, but this can only be done in branch. So unless I have a friend on standby at the dealership/seller's premises, it's pointless lol!

 

[MrGreedy]

On a 40k C63, I'd definitely be waiting to bag one with a 2 year Merc warranty.

I would only go private at that price point if the price was very very right, or there was an ultra rare colour combo that came up that I just had to have.

 

[st13phil]

I was told the only way (without a premier account which increases the daily limit) is a CHAPS payment, but this can only be done in branch. So unless I have a friend on standby at the dealership/seller's premises, it's pointless lol!

Change bank?

For example, Nationwide's policy for larger payments (unless you want to use their CHAPS service) is:

How do I make a large payment?​

Send multiple payments of up to £10,000​

You can use the faster payment service to send payments of up to £10,000 at a time. The money can be sent to any account in the UK from your current account. It's free to use, and there's no limit on the number of payments you can make. You just need to have enough money in your account.

 

[Goldeneye]

Change bank?

For example, Nationwide's policy for larger payments (unless you want to use their CHAPS service) is:

Blimey, that's not bad! I might look into that (Y) Nice one Phil

 

[st13phil]

Blimey, that's not bad! I might look into that (Y) Nice one Phil

I don't want to sound like an advert for them, but their FlexPlus packaged Current Account offers pretty extensive benefits (assuming you need them) for £13/mth and their Select credit card has no forex transaction fees or rate loadings so is great if you go abroad much.

 

[Spider10]

When i bought my c63 it was private and I gave the bank 3 days notice, transferred it straight away but wouldn't do it unless prior notice

 

[Goldeneye]

I don't want to sound like an advert for them, but their FlexPlus packaged Current Account offers pretty extensive benefits (assuming you need them) for £13/mth and their Select credit card has no forex transaction fees or rate loadings so is great if you go abroad much

Checking out the application process as we speak! Just makes sense, as to gain similar benefits from Natwest you need to be earning £100 p/a (premier account)

A Nationwide account sounds like a no-brainer to be honest.

 

[Goldeneye]

When i bought my c63 it was private and I gave the bank 3 days notice, transferred it straight away but wouldn't do it unless prior notice

Who are you banking with mate?

 

[MCFastybloke]

Send half to wife/friend/family to bring it within the limits.

 

[Fastcar155]

Hi , what ever you do be very careful , is the car his to sell.

What to the credit checks say !

 

[Spider10]

Im with Lloyd's and its just a normal account

 

[GP801]

The Nationwide Flexplus is actually pretty good. The multiple 10k payments work without problems. In addition you get european breakdown and recovery etc for any age of vehicle. Certainly been very useful with our aged 124 in both the Uk and europe as most services will not cover old cars. Also comes with travel insurance and some other goodies.

 

[Goldeneye]

To be honest, I haven't found the exact car I'm looking for, but just keeping my options open.

 

[AMGeed]

Change bank?

For example, Nationwide's policy for larger payments (unless you want to use their CHAPS service) is:

This is how I paid for my E63. 2 x payments taken from my debit card of around £14k each. All completed in 10 minutes in the dealers office. I do recommend a Nationwide Account for its simplicity to access your cash.

 

[st13phil]

I do recommend a Nationwide Account for its simplicity to access your cash

I've had accounts with them for around 15 years and have found them very straightforward to deal with.

The mobile phone insurance works too: I had the accelerometer pack up on a just out of warranty iPhone. £329 for an Apple “repair”, but covered under the terms of the Nationwide policy, so for a £75 excess I had an as-new phone within 3 days of posting my faulty one to them.

 

[Deleted member 126251]

Dear all,

So in the next month or so (after a full bloody house renovation! ), I'll be in a position to purchase another MB

Most likely it will be a C63 507. Now these vehicles are in the £40k+ territory and I plan to purchase the car up-front. However I wanted some advice on how to actually make the payment.

I'm with Natwest and their daily payment limit is £20k. I'd rather not be in a position where I have to make multiple payments across multiple days, especially if I'm buying from a private seller! (I'm not that trusting! ) Any advice or recommended methods would be appreciated.

Change your bank. I paid a MB dealer +60k in a single payment (bank transfer). There are many banks where it is possible.