About to pick up new I Pace

[Jabberwock]

Hello
Friday pm scheduled for handover. Presumably not much interaction in the present circumstances so probably just as well there is plenty of info on this forum and videos on YouTube.
Having never bought a new car before should I demand an inspection before payment? Even if that means going back home to make bank transfer for majority of payment.
Thanks

[electric beagle]

There should be no reason why you cannot make payment by debit card after inspecting the car however my dealer was not really up for taking more than £5k by card (which makes some sense for credit cards where a %ge fee is levied but not for debit cards which are a flat price per transaction).

The direction of travel seems to be most dealers want payment ahead of handover barring any final outstanding amount they are happy to take by card. For my last car I did force the dealer to take most payment on the day but I was unable to do this when picking up the iPace.

I am surprised they have not been in touch to talk about how the payment would be made. I would always do an inspection of all the obvious areas like the exterior, interior and wheel condition and check anything that is visually obvious like panel alignment etc. before leaving the dealer. You generally get a better deal these days when taking finance and it makes sense to do so now I think even if you pay off after a month or so for the added protection.

[ChrisMc]

Hello
Friday pm scheduled for handover. Presumably not much interaction in the present circumstances so probably just as well there is plenty of info on this forum and videos on YouTube.
Having never bought a new car before should I demand an inspection before payment? Even if that means going back home to make bank transfer for majority of payment.
Thanks

I bought my wifes Audi by paying the full amount in cash on the day, when I say cash, I mean I transferred the funds via my online banking from my phone, after I had inspected the car. No fees to pay by either party and it was instant.

[electric beagle]

Hello
Friday pm scheduled for handover. Presumably not much interaction in the present circumstances so probably just as well there is plenty of info on this forum and videos on YouTube.
Having never bought a new car before should I demand an inspection before payment? Even if that means going back home to make bank transfer for majority of payment.
Thanks

I bought my wifes Audi by paying the full amount in cash on the day, when I say cash, I mean I transferred the funds via my online banking from my phone, after I had inspected the car. No fees to pay by either party and it was instant.

Some dealers will insist on clear funds 24 hours in advance, depending on your bank the only way to pay over £50k may be a CHAPS payment rather than FPS and it is rare to be able to initiate CHAPS via mobile banking and it is not instantaneous either (I waited with the buyer for 2.5 hours for a payment to show when I sold my last but one car).

[ChrisMc]

Hello
Friday pm scheduled for handover. Presumably not much interaction in the present circumstances so probably just as well there is plenty of info on this forum and videos on YouTube.
Having never bought a new car before should I demand an inspection before payment? Even if that means going back home to make bank transfer for majority of payment.
Thanks

I bought my wifes Audi by paying the full amount in cash on the day, when I say cash, I mean I transferred the funds via my online banking from my phone, after I had inspected the car. No fees to pay by either party and it was instant.

Some dealers will insist on clear funds 24 hours in advance, depending on your bank the only way to pay over £50k may be a CHAPS payment rather than FPS and it is rare to be able to initiate CHAPS via mobile banking and it is not instantaneous either (I waited with the buyer for 2.5 hours for a payment to show when I sold my last but one car).

Best to check with the dealer then, but CHAPS will no doubt not be and instant transaction.

[scm]

And check with your bank, when I went to transfer £48k the day before I picked up mine, the bank would only allow £20k a day transfers. That was very annoying, and inconvenient.

[pqr]

For what it's worth, our bank (Lloyds) limits on-line payments to £25k per day. That would have required three payments over successive days, so we used the Faster Payment system which differs slightly from CHAPS. Faster payment is free and runs 24x7 but is limited to £250k. CHAPS has costs and only runs in office hours but has no limit.

Faster Payment was straightforward. The account holder has to visit a branch with a chip-and-pin bank card, a passport and details of the recipient's bank account. They will set up the transfer and it should arrive within two hours.

[electric beagle]

For what it's worth, our bank (Lloyds) limits on-line payments to £25k per day. That would have required three payments over successive days, so we used the Faster Payment system which differs slightly from CHAPS. Faster payment is free and runs 24x7 but is limited to £250k. CHAPS has costs and only runs in office hours but has no limit.

Faster Payment was straightforward. The account holder has to visit a branch with a chip-and-pin bank card, a passport and details of the recipient's bank account. They will set up the transfer and it should arrive within two hours.

Faster payments are the defacto standard for most online payments these days it's not the faster payment here that is the limitation it's that LBG want to put in place additional security checks for payments over £25k. The mechanism that is used to transfer the cash is exactly the same one that you use when making payments online yourself. In fact the system LBG use in branch is a different variant of the online.banking system you use too.

Some other banks will not offer a faster payment route for payments above the online.oayment limit. They will insist you use CHAPS and thus pay the circa £30 fee.

[Jabberwock]

Thanks for the advice. I do need to transfer more than £25k so will need 2 days.

[TheBook]

Hello
Friday pm scheduled for handover.

Enjoy tomorrow! It’s an incredible machine