Buying Car Private and settling finance with BMW finance

[Perec]

oldnbold said:

Perec said:

You've seen a settlement statement right?

If you're going to take a punt on that you may as well just give him the payment and tell him to settle.

Did I mention you should take a day of work and do it in the week when BMW finance is at work?

I'd be very supprised if BMW finance weren't open Saturday and Sunday as this is the busiest days for dealers selling cars. I know for a fact that Mazda and Vaux finance are open W/ends and late during the week.

So just do a quick transfer into the sellers account while you are there, it will hit his account as cleared funds inside an hour and then have him call BMW finance in front of you and pay it off on his debit card.

Their call centre is open on Saturdays, but not sure if the settlement and confirmation of clearance thing can be done on Saturdays. IIRC Faster Payments works on Saturday before 4pm. Though if the purchase price exceeds the FP limit I'm not sure how you'd get a CHAPS payment done. This is a problem regardless of whether the payment is to the seller or BMW.

[ATM]

Perec said:

Their call centre is open on Saturdays, but not sure if the settlement and confirmation of clearance thing can be done on Saturdays. IIRC Faster Payments works on Saturday before 4pm. Though if the purchase price exceeds the FP limit I'm not sure how you'd get a CHAPS payment done. This is a problem regardless of whether the payment is to the seller or BMW.

Exactly

They cant confirm receipt of money on a saturday.

Also I can't instant transfer the seller the money as it's approaching 20k and I think the limit for faster payments is less than this.

[oldnbold]

ATM said:

Exactly

They cant confirm receipt of money on a saturday.

Also I can't instant transfer the seller the money as it's approaching 20k and I think the limit for faster payments is less than this.

My banks limit is £35k for fast payment, or was in 2011 when I had to transfer £60k and had to do it as 2 transactions.

[Perec]

IIRC one of my accounts is 100k, the others 10k.

[Perec]

FP limits:
http://www.paymentscouncil.org.uk/resources_and_pu...

[AGK]

What about a chaps transfer to BMW?

When I sold a previous motor they wouldn't take card payment from anyone but me so I just got the buyer to do a chaps transfer to the finance house.

[rfoster]

BMW / Alphera Finance are indeed open on Saturdays but you're correct - they cannot take card payments from anyone other than the lessee of the vehicle - only bank transfers. CHAPS or fast payments are best - if you do this today for example, they'll be in a position to provide you with a full clearance letter the following working day after the ledger has been updated overnight.

However, the customer service team there are brilliant - once you've made your payment, give it 20 minutes and call them and they will go and check the bank for you to confirm whether the funds do actually show in their account (they still can't give the full clearance until the following working day) - but this information may be adequate for the seller to let you take the car.

[JEA1K]

rfoster said:

BMW / Alphera Finance are indeed open on Saturdays but you're correct - they cannot take card payments from anyone other than the lessee of the vehicle - only bank transfers. CHAPS or fast payments are best - if you do this today for example, they'll be in a position to provide you with a full clearance letter the following working day after the ledger has been updated overnight.

However, the customer service team there are brilliant - once you've made your payment, give it 20 minutes and call them and they will go and check the bank for you to confirm whether the funds do actually show in their account (they still can't give the full clearance until the following working day) - but this information may be adequate for the seller to let you take the car.

I have done this twice when selling with no issues. Spent the morning with the buyers checking out the car, agreed a price based on any issues and then went to Barclays where they transferred the funds directly to BMW and the remaining balance to me. Quick call within 30 mins that funds have cleared and new owner drives away with the car.

[ATM]

JEA1K said:

rfoster said:

BMW / Alphera Finance are indeed open on Saturdays but you're correct - they cannot take card payments from anyone other than the lessee of the vehicle - only bank transfers. CHAPS or fast payments are best - if you do this today for example, they'll be in a position to provide you with a full clearance letter the following working day after the ledger has been updated overnight.

However, the customer service team there are brilliant - once you've made your payment, give it 20 minutes and call them and they will go and check the bank for you to confirm whether the funds do actually show in their account (they still can't give the full clearance until the following working day) - but this information may be adequate for the seller to let you take the car.

I have done this twice when selling with no issues. Spent the morning with the buyers checking out the car, agreed a price based on any issues and then went to Barclays where they transferred the funds directly to BMW and the remaining balance to me. Quick call within 30 mins that funds have cleared and new owner drives away with the car.

It is still possible [however hopefully very unlikely] for the seller to play games and you're money is gone. BMW finance can not return the money. I asked BMW finance this specific question. So I decided to go elsewhere and bought a different car.