Car Finance - Dealer Vs Broker

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FinanceGuy

New Member
Joined
Jan 5, 2023
Messages
8
Location
London
Car
Mercedes SLK
Hello All, I do hope this is ok but wanted to reach out to the forum to gain some market research into vehicle funding. I come from a background in the automotive finance and have over 20 years experience in how different groups offer and promote finance & insurance - Therefore if i can be of any use and answer any questions you may have about anything Finance and Insurance related prior to purchasing I would be more than happy to help? I have also read the terms and condition of the forum and hope my being here is welcome to provide help where I can, however if any admin see my being here against any rules i will respectfully withdraw my login 🙂 Any questions please don't hesitate to ask!
 
Hello and welcome.

Great to have your knowledge here.
 
Useful to have some 'professional' experience on here to ensure we consider all aspects of the fourth biggest purchase that we make (kids, spouse n' house, then car...)
 
Hi @FinanceGuy - welcome, and can I be the first to fire you a question?

PXW Junior is looking to buy a car off a main dealer (not Merc) and the HPI has come back with unit stocking finance showing, with Black Horse. The dealer sats this is normal and will be cleared within a couple of days of getting my sons money. A bit of internet research says the dealer is probably right, but I’d appreciate any insight, especially re the finance co’s ability to recover the vehicle in the event that the dealer did not settle.
TIA
 
Hi @FinanceGuy - welcome, and can I be the first to fire you a question?

PXW Junior is looking to buy a car off a main dealer (not Merc) and the HPI has come back with unit stocking finance showing, with Black Horse. The dealer sats this is normal and will be cleared within a couple of days of getting my sons money. A bit of internet research says the dealer is probably right, but I’d appreciate any insight, especially re the finance co’s ability to recover the vehicle in the event that the dealer did not settle.
TIA
Good first question, had this stocking finance when i helped my late father buy his last car, got same reply from the dealer, with regards to clearing.

Would also like to know the answer if dealer doesn’t clear the finance.
 
Good first question, had this stocking finance when i helped my late father buy his last car, got same reply from the dealer, with regards to clearing.

Would also like to know the answer if dealer doesn’t clear the finance.
Also is this a change in business model for the car industry in that it seems much more common than in the past?

I recently bought a second hand car from a Suzuki dealership and this was also the case.
 
All my caravans (new and used) are on a stocking plan with Blackhorse and it was the same with the cars when I sold Audi/VW.....we settle the vehicle off the finace as soon as the customer pays....so yes until that point it would show as being funded.
 
Hi , In my case I am purchasing another car re the recent demise of my Mercedes.

I have paid a small holding deposit to the distributor but when my funds clear ( instant ) it will be 48 hours before I receive my new car.

I feel that I am at risk on two fronts : what happens if the dealer goes bust after I paid them but not before the house has handed over my new car or the dealer does near clear the debt on my car to the finance house.

Could l loose my money ?
 
Hi , In my case I am purchasing another car re the recent demise of my Mercedes.

I have paid a small holding deposit to the distributor but when my funds clear ( instant ) it will be 48 hours before I receive my new car.

I feel that I am at risk on two fronts : what happens if the dealer goes bust after I paid them but not before the house has handed over my new car or the dealer does near clear the debt on my car to the finance house.

Could l loose my money ?
near should read not
 
Hi , In my case I am purchasing another car re the recent demise of my Mercedes.

I have paid a small holding deposit to the distributor but when my funds clear ( instant ) it will be 48 hours before I receive my new car.

I feel that I am at risk on two fronts : what happens if the dealer goes bust after I paid them but not before the house has handed over my new car or the dealer does near clear the debt on my car to the finance house.

Could l loose my money ?
For peace of mind can’t you adjust the timing of your balancing payment so that it is received by the dealer on the day that you collect your new car?
 
For peace of mind can’t you adjust the timing of your balancing payment so that it is received by the dealer on the day that you collect your new car?
Hi Bobby Dazzler: Unfortunately they dealer requires 48 hours after receipt of my payment and I feel my money is at risk it the dealer stop trading in that 48.I believe the 48 hours is used to allow the dealer to pay the finance house to release my new car.

In reality I feeling I am technically baying a dealer for a car that they don't own.

Quite a few Large Motor dealers who are not in the greatest financial health.
 
I bought a car on my debit card, fair sum, prearranged appointment and drove away inside 15 minutes, it can be done.
 

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