Posted on 31/10/2023 20:50
Hi All
When paying for a MH from a dealer, what is the safest way of protecting your money ? The dealer wants cleared funds before the day of collection, understandably wanting to protect themselves and make the handover day as smooth as possible. I want to protect myself, should something untoward happen to the dealer between collection and dealer. There is no trade in, so it’s a large lump of cash.
How do people work it ?
Thanks
Posted on 01/11/2023 18:00 by TinwheelerP/ex counts as part of the payment. The total cost of the goods needs not to exceed £30k for Section 75 to apply. In the case of a new/newish MH, it’s unlikely that Sec 75 could be invoked so paying by C/C loses its advantage.
Posted on 01/11/2023 22:43
If making a "faster payment" from your bank, check for any daily limits first, we are with Halifax and theirs is £25k.
Our current towcar we paid for by debit card, 6-7 years back, it had to be done in 2 transactions for some reason, and I had to speak with the bank by phone while paying.
We just bought a new small SUV, paid a deposit by credit card. The balance to pay was just over the Halifax faster payment limit so we paid part the day before, to show good faith, and the balance at handover by debit card.
OH rang Halifax the cay before to ask about any debit card limits and was eventually told there was no limit, but any unusually large transaction might be held and could be refused. She pointed out that when waiting to drive your new car home, that could be very inconvenient!
They then said that most likely it would be OK, or they might send us a code to enter.
As it happened, the debit card payment just went straight through.
Posted on 01/11/2023 22:43 by KjellNNIf making a "faster payment" from your bank, check for any daily limits first, we are with Halifax and theirs is £25k.
Our current towcar we paid for by debit card, 6-7 years back, it had to be done in 2 transactions for some reason, and I had to speak with the bank by phone while paying.
We just bought a new small SUV, paid a deposit by credit card. The balance to pay was just over the Halifax faster payment limit so we paid part the day before, to show good faith, and the balance at handover by debit card.
OH rang Halifax the cay before to ask about any debit card limits and was eventually told there was no limit, but any unusually large transaction might be held and could be refused. She pointed out that when waiting to drive your new car home, that could be very inconvenient!
They then said that most likely it would be OK, or they might send us a code to enter.
As it happened, the debit card payment just went straight through.
Posted on 02/11/2023 07:37
If you openly work with your bank there is rarely a problem. They are only trying to protect themselves and you their customer, from fraud.
Returning to "Paying a Dealer" it is worth remembering that it's a two-way process; a Sale and a Purchase. It's your Purchase, you should remain in charge of it and not let the Dealer take over or even unduly influence your decisions.
2 people like this
onepjg
Motorhomer from Kent