Re: Buying a car with cash - preferred method?

I wanted to buy a new car from a Ford dealer with cash and he kept trying to convince me that I needed to bury the cash in a deposit account to earn interest whilst taking advantage of their "wonderful" low-interest credit option so that I'd actually make money on the deal (?).

So I told him if he didn't want my handbag full of 20 notes, I'd go to Vauxhall or Rover and buy their equivalent models.

He was still trying to explain to me how wonderful his option was as I pulled away................

After suggesting Bankers Draught (and the other about Switch), if you have a high enough crdit limit on a Credit Card, paying this way and then paying it off straight away gives you added protection as the CC company could also be liable if there are any problems (see "Which" magazine which is always going on about the liability of CC companies) so this may be an option?

Get a cashback card and have a meal on the proceeds? So long as the dealer doesn't ask for a surcharge that is.

"Draft".

Oh, FFS, it's *draft*.

Huge scribbled :

Does it really matter? The general idea got through didn't it?

It depends on the bank - mine has never charged me to draw a bankers draft, or even to return one when I didn't buy the car!

Credit cars have worked for me but sometimes the dealers don't like the fee's imposed. Failing that you've got certified cheque, Bank draft. electronic bank transfer etc etc etc.

Stephen.

Many dealers get pissy about the %age comission on credit card.

HSBC must do *draughts* then, as the last one I had from them had a 15 head :-)

Apparently HSBC stands for "Highest Sustainable Bank Charges"

No they're not. (Not - [not] naught)

yes they are

"pete boyall" wrote

You'll usually find that those little notices in the store don't refer to the credit card company fee, but to a highly fictitious fee created by the store itself, paid to another company in it's same group (not the credit card company), and set up with the sole purpose of "getting one over" on Customs & Excise. But C&E are fighting back!!!

I think that based upon my experience I would concur in your assessment of HSBC but I thought that the acronym stood for:

Highly Suspect Bank Charges.

Stephen.

Some shops charge 102.5% to cover the CC charge you say? This is true.

Some stores like say Sainsburies for example charge 100% and get 97.5% themselves and "Sainsburies card handling services" or such name gets 2.5%. This is true and nor do I know the logic of this (I suppose VAT would be put onto both 'transactions' or such - correct me if I am wrong ... OK, just correct me as I am 99% wrong all the time! :) )

Take care all...

I bought mine using Switch. After swiping my card through the bank rang the garage to speak to me personally, though. Saves having to pay

Chris

No, they're not. Buy a dictionary.

Having recently bought a car in cash....for 5200, I have first hand experience.

The garage wanted either, bankers draught or cash. My bank wante 20 for a bankers draught for that amount, although compared to the amount for the car it was negligeble [10pints in the pub ;)] I didn't want a bankers draught on principle.

The bank got all pissy about withdrawing the amount without warning, but eventually handed it over. As far as the bank is concerned, if you want cash the denomination is whatever they got. If they insist they don't carry the amount, its cr@p. They have an amount per day.........so a bank claiming they only have

The garage won't care how they get the cash, 50's 20's, 10's.............so long as its not 5k in copper.

As far as the credit card issue is concerned, I just got quote for CC handling for a new business venture I'm setting up. they quoted 4.79% per transaction. Considering the purchase price of the original poster that would be a cost of nearly 240 to the garage. Debit cards {switch, delta etc}were quoted at 47.5p per transaction, not really an issue.

heh is that like when we run out of Bankers or something? Isn't it a 'draft' ?