Car Finance - Dealer Vs Broker

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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.
No way would I be parting with my money on that basis, risk seems to be yours!
i bought my AMG from a MB dealers and paid by debit card ( £22500 ) having put a holding deposit on it about a week previously. Card was cleared on line and sale was completed within 10 minutes.
 
Deposit on the credit card is what I have always done (unless a private sale)

PayPal for private provides some protection iirc, even on personal sales (or am I working?)

Sure it will be fine and then you can share what you've bought.
 
No way would I be parting with my money on that basis, risk seems to be yours!
i bought my AMG from a MB dealers and paid by debit card ( £22500 ) having put a holding deposit on it about a week previously. Card was cleared on line and sale was completed within 10 minutes.
Hi , but the problem is that the motor trade use unit stocking and how can you be sure that your car was not on one of those financial arrangement. You appear lucky but the car might not have been the Mercedes to sell and in theory could have been repossessed.
 
Deposit on the credit card is what I have always done (unless a private sale)

PayPal for private provides some protection iirc, even on personal sales (or am I working?)

Sure it will be fine and then you can share what you've bought.
Hi , I paid the deposit ( £250 ) on my Barclaycard credit card.
 
I had paid the deposit by Visa card
 
Unless you’re picking the car up on a Sunday, then I can understand why you’re concerned about the money having to clear 48 hours in advance. It will probably be OK but there remains the possibility that they could go out of business in the interim.

As others have already suggested in this thread, when buying cars from dealers or traders I pay the deposit on credit card and then pay the balance on debit card, bank transfer or CHAPS on the day as agreed with the dealer in advance.

That does require their accounts department to be open - or someone with access to their bank account to be available - to confirm that funds have been received, but that shouldn’t be an issue if agreed in advance and on a weekday.

On one occasion, despite assurances from the bank, a CHAPS payment didn’t go through until the end of the day when the dealers accounts team had gone home (Friday). They took me home, got someone to check overnight and collected me at 0700 the next morning to pick up the car.

If you decide to pay the balance by debit card or bank transfer (using your bank’s mobile phone app) then it’s worth calling them in advance. Depending upon the risk/value they will either do something to allow it through or advise that it will be stopped and a verification call made.

Years ago they seem to preauthorise unusual payments but in recent times - perhaps because of their exposure to fraud - they wish to verify all large transactions at the point it’s made rather than only those above a threshold.
 
Hi , Bobby Dazzler : The dealer how now agreed I can pay by debit card and remove the car immediately with all documents.

Let's see what happens !
Good news. I hope all goes smoothly on the day 👍🏻
 
I've gone with Magnitude Finance at 8.9% vs mercedes 13.5% 😵. So far the experience has been friendly and professional.
 

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