Buying a Vehicle Up Front - Payment Methods

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Neither is it as simple as just £100 is it?
It’s section 75, written in 1974. Hardly anyone involved is still active in the industry.

Turgid publications such as Which? Usually have an interpretation of the rules, I’d start there if I was you.
 
It’s section 75, written in 1974. Hardly anyone involved is still active in the industry.

Turgid publications such as Which? Usually have an interpretation of the rules, I’d start there if I was you.
Section 75 is still valid in law, unsure why the date it was originally enacted is relevant.
 
It isn't.
Yes it is because the rules are no longer clear:

How much of the purchase price must be by CC?
Is debit card always excluded?
 
I guess not everyone feels conformable walking around with ££,£££ on their person...

If a private seller would prefer cash then the buyer may no have any other option , not my preferred payment method but some still like to deal in "old fashioned" cash.

Recent car purchases have been done via bank transfer , set up a payment with the sellers details prior to picking the vehicles up and once i was happy with the cars the money was transferred , minus the holding deposit obviously.

K
 
Most private sellers will not except that kind of old fashioned cash you must be stupid to even consider it with mine i viewed payed a deposit cash then collected 3 day's later and transferred the money in front of him took 5 mins max then drove the car home its the best way to do it nowadays
 
These days I find most sellers are happy with direct bank transfer, but it rather depends on both the amount involved and how the seller wishes to be paid, surely? I don't bank online, but I'm quite happy to be paid by online transfer or telephone payment. As far as cash is concerned, I'd not accept a large amount in cash unless the handover was done in a bank branch, but smaller amounts are fine.
 
Yeah perhaps a grand or 2, you don’t mind. But imagine £40k cash! 😳 I’d feel like Tony Montana …. And probably get treated the same if I try cashing it in! 😅
 
Cash is a no, no. Firstly you will have to jump through hoops to get the money out of your account, (I know its your money) but there are a lot of new laws. Not like the old days when cash was king. Then the other party will have a lot of explaining when he is depositing it. They are very strict & paranoid about money laundering. I think even garages have strict limits on cash. Think its about £2000.
If you dont want to transfer it, the best way is for the both of you to go to the bank, easier if you both happen to use the same bank then they can do an instant transfer, but there is a charge for this
 
When I bought the CLS this year, I did immediate bank transfers over the 'phone, one for the maximum single payment my bank allows (£10K), then another for the rest, with a single phone call, without any problem.
 

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