paying for a car

[toptec]

And, due to money laundering regulations, they can only take a max of about £8k in cash these days, anyhow. The days of the pikies and their wads are long gone - no insinuation there, by the way

Used to be partly true. You can pay as much as you want in cash. Any payments over 3 grand, IN ANY FORM, and you will have to prove your identity. Which you obviously will do.

All payments over a certain sum are supposedly notifiable to the Drug Profit/Money Laundering Dept at SOCA. Imagine how many they get in a day?

There is not a lot of commision in Finance these days, but add that to the dealers write up and it is a lot. You can pay by cheque and just wait ffor it to clear.

 

[radsik]

I recently bought a van and the dealer said it was 9k or over they had to notify for, the van was 14k so i gave him a 6k deposit and the balance when i collected it a few days later, apparently it's 9k in a single transaction not the overall cost!

As for op's question, if it's a main dealer and the money is in the bank use a debit card or better take a 0% deal and keep hold of your cash. You could earn a fair bit on the 20k if you leave it in the right account.

 

[Steve]

I paid £3500 on a debit card once. That was a good feeling the little bit of paper that came out of the EFT machine saying £3500 debit. And that was for a car.

I think debit cards are the preferred method of direct payment nowadays.

Cash costs money to transport and count (and theres the money laundering regs).
Cheques cost money to transport, and deposit and are slow, and theres normally additional paperwork, compared to cash.
Bankers drafts cost the payer money.
Someone always wins with finance, and its never the payer.

Debit cards are instant, quick and secure. No counting, no additional paperwork, no transporting costs, no fees, its win-win. Electronic Funds Transfer EFT - thats the future. (But I still cant get a postal order from the post office with my debit card - why are they so fussy??? Its one big pot o' gold!)

 

[333rocky333]

Thanks all, looks like the debit card the way to go, will let bank know in advance just in case.

 

[mark.neale]

... or bullied.... !!
I made the mistake of buying my latest car from Carcraft.... these salesmen earn obscene money... and are your best friend.... as long as you're buying. And then once you've said yes, they 'force' you to go to this little room where this guy wants to know all about you life, your kids, your holiday... and then asks if you want payment protection...and gets extremely grumpy when you say no !! and then makes you feel like you're wasting his time

I won't make the mistake of going there again !

But back to the OP... surely you should look out for 0% finance?

Don't go to these places. Save yourself some money and go to the ex-fleet car auctions.
Same cars, except that some Herbert at Carcraft has spent 15 minutes extra running a chamois leather over the cars.

 

[RF Lighting]

I paid £3500 on a debit card once. That was a good feeling the little bit of paper that came out of the EFT machine saying £3500 debit.

 

[Shytalkz]

Did you ever realise that you paid an extra £1500 then....

 

[MarkBarl]

Debit card will be fine. I paid for my Zafira with mine. The balance was about £13,500, No phone calls, just put the pin in and took the keys.

 

[Steve]

I paid £3500 on a debit card once. That was a good feeling the little bit of paper that came out of the EFT machine saying £3500 debit.

WTF?! Where did you get that from!?!??!! And why did I send it you?!!? And where the hell did I get 5 grand from?!?!

I remember. That reciept was for my Fiesta. I Paid £3500 when I bought the Punto.

 

[Steve]

just put the pin in and took the keys.

Hope you took the card too. So many customers forget it.

 

[Mw Roofline]

Tried to palm off 20k cash deposit at Nick whale for my new car I bought last week but they wouldn't take more than 3k deposit

I had to stick it i the bank and then go back and pay on the debit card. The bank will notfy the inland revenue automatically who will write to me in the next week or so.

Thank God its all accounted for