Buying Car Private and settling finance with BMW finance

[ATM]

Hello

I have seen a car I would like to buy. The seller tells me that the money is not to be paid to him but straight to BMW finance to settle the hp. Ok so all standard stuff and I actually prefer the idea of paying BMW directly rather than a seller with a wad of notes.

BUT now I find out that BMW will not accept payment from my Switch / Visa debit card over the phone. They will only accept a card payment from the seller as he is the person with whom they have their agreement.

So it seems my only option is a wire transfer from my bank to BMW.

I was hoping to buy the car at the weekend as it is far from me and don't want to take time off work. But a wire transfer will not clear during a weekend.

So now what do I do?

[mi1ne]

Id run a mile! Buy one that has no finance on it!

Just my 2p.

[Perec]

ATM said:

Hello

I have seen a car I would like to buy. The seller tells me that the money is not to be paid to him but straight to BMW finance to settle the hp. Ok so all standard stuff and I actually prefer the idea of paying BMW directly rather than a seller with a wad of notes.

BUT now I find out that BMW will not accept payment from my Switch / Visa debit card over the phone. They will only accept a card payment from the seller as he is the person with whom they have their agreement.

So it seems my only option is a wire transfer from my bank to BMW.

I was hoping to buy the car at the weekend as it is far from me and don't want to take time off work. But a wire transfer will not clear during a weekend.

So now what do I do?

A "wire payment" as you put it will be almost immediate. You can send payment by Faster Payments or CHAPS right now and it will hit their account before close of business at latest, probably within seconds.

[ATM]

Perec said:

A "wire payment" as you put it will be almost immediate. You can send payment by Faster Payments or CHAPS right now and it will hit their account before close of business at latest, probably within seconds.

Yes but I have not even seen the car yet. So if I go an view tomorrow say then I cant buy. I have to send the money to BMW finance during the week. Then once they've received it the seller will release the car. What if the seller sells the car to someone else once I have paid him?

[Perec]

ATM said:

Perec said:

A "wire payment" as you put it will be almost immediate. You can send payment by Faster Payments or CHAPS right now and it will hit their account before close of business at latest, probably within seconds.

Yes but I have not even seen the car yet. So if I go an view tomorrow say then I cant buy. I have to send the money to BMW finance during the week. Then once they've received it the seller will release the car. What if the seller sells the car to someone else once I have paid him?

BMW Finance wouldn't be open at the weekend would they? So it doesn't matter that they don't take cards. It seems that you probably need to go see it, pay a deposit if you like it, and complete the transaction during the week.

I would only want to buy the car if I was settling the finance too, by the way, though I sold a Range Rover a couple of years ago and the chap was happy to take my word that I'd clear the finance after he paid £25k into my personal bank account.

[ATM]

Perec said:

BMW Finance wouldn't be open at the weekend would they? So it doesn't matter that they don't take cards. It seems that you probably need to go see it, pay a deposit if you like it, and complete the transaction during the week.

I would only want to buy the car if I was settling the finance too, by the way, though I sold a Range Rover a couple of years ago and the chap was happy to take my word that I'd clear the finance after he paid £25k into my personal bank account.

I wouldn't do that. I cant see why the reverse shouldn't happen. I take the car and the seller trusts me to settle the finance later.

[long time lurker]

mi1ne said:

Id run a mile! Buy one that has no finance on it!

Just my 2p.

Can I ask why?? It happens hundreds if not thousands of times a week.

[Perec]

ATM said:

Perec said:

BMW Finance wouldn't be open at the weekend would they? So it doesn't matter that they don't take cards. It seems that you probably need to go see it, pay a deposit if you like it, and complete the transaction during the week.

I would only want to buy the car if I was settling the finance too, by the way, though I sold a Range Rover a couple of years ago and the chap was happy to take my word that I'd clear the finance after he paid £25k into my personal bank account.

I wouldn't do that. I cant see why the reverse shouldn't happen. I take the car and the seller trusts me to settle the finance later.

I cannot see any sane person doing that. If both parties want to be totally safe you're going to have to do it on a weekday.

[ATM]

Perec said:

ATM said:

Perec said:

BMW Finance wouldn't be open at the weekend would they? So it doesn't matter that they don't take cards. It seems that you probably need to go see it, pay a deposit if you like it, and complete the transaction during the week.

I would only want to buy the car if I was settling the finance too, by the way, though I sold a Range Rover a couple of years ago and the chap was happy to take my word that I'd clear the finance after he paid £25k into my personal bank account.

I wouldn't do that. I cant see why the reverse shouldn't happen. I take the car and the seller trusts me to settle the finance later.

I cannot see any sane person doing that. If both parties want to be totally safe you're going to have to do it on a weekday.

Your buyer was clearly insane.

[Perec]

ATM said:

Perec said:

ATM said:

Perec said:

BMW Finance wouldn't be open at the weekend would they? So it doesn't matter that they don't take cards. It seems that you probably need to go see it, pay a deposit if you like it, and complete the transaction during the week.

I would only want to buy the car if I was settling the finance too, by the way, though I sold a Range Rover a couple of years ago and the chap was happy to take my word that I'd clear the finance after he paid £25k into my personal bank account.

I wouldn't do that. I cant see why the reverse shouldn't happen. I take the car and the seller trusts me to settle the finance later.

I cannot see any sane person doing that. If both parties want to be totally safe you're going to have to do it on a weekday.

Your buyer was clearly insane.

I wouldn't have done it, but IIRC the law does support someone in that situation where the finance is not subsequently cleared. Not sure the same protection would be afforded to the seller if you took the car and failed to clear the finance. I stand to be corrected however.

It is also more traditional when purchasing an item to pay and then receive, rather than the other way round.

But as I say, if you want the car and protection it's looking like a day off work.

[ATM]

Perec said:

I wouldn't have done it, but IIRC the law does support someone in that situation where the finance is not subsequently cleared.

No

If you buy a car with finance outstanding then the car belongs to the finance company.

[Perec]

ATM said:

Perec said:

I wouldn't have done it, but IIRC the law does support someone in that situation where the finance is not subsequently cleared.

No

If you buy a car with finance outstanding then the car belongs to the finance company.

It's not that simple. If you are a private buyer and bought it in good faith the finance company must give you good title.

[ATM]

Perec said:

It's not that simple. If you are a private buyer and bought it in good faith the finance company must give you good title.

I thought the saying was buyer beware?

[Perec]

ATM said:

Perec said:

It's not that simple. If you are a private buyer and bought it in good faith the finance company must give you good title.

I thought the saying was buyer beware?

It is, but finance is a different subject.

I think strictly the buyer must be unaware of the existence of finance, however if you got the seller to sign a letter saying, "I am John Smith of 27 The Street and am selling this car to Mr ATM. I have told him that I cannot settle the finance today because it's Saturday and BMW Finance is closed, however I have undertaken to pay it on Monday". Coupled with a bank transfer to John Smith's bank account I think the finance company would struggle to refuse good title.

But as I've said, if you want to be 100% sure take a day off and do it on the day, then the finance company can confirm clearance.

[ATM]

Perec said:

It is, but finance is a different subject.

I think strictly the buyer must be unaware of the existence of finance, however if you got the seller to sign a letter saying, "I am John Smith of 27 The Street and am selling this car to Mr ATM. I have told him that I cannot settle the finance today because it's Saturday and BMW Finance is closed, however I have undertaken to pay it on Monday". Coupled with a bank transfer to John Smith's bank account I think the finance company would struggle to refuse good title.

But as I've said, if you want to be 100% sure take a day off and do it on the day, then the finance company can confirm clearance.

Sorry to go on and on...

What if I give the seller a banker's draft made payable to BMW finance?

[Muzzer79]

mi1ne said:

Id run a mile! Buy one that has no finance on it!

Just my 2p.

What for? Just make sure the finance is cleared...?

I was in exactly the same position as the OP, with a BMW aswell

I got the seller to clear the finance and get proof that it was done, then phoned BMW finance to make sure.

I then paid the seller.

If you are paying BMW Finance directly, you rightly point out that you may have trouble doing that on a weekend. It may be worth inspecting the car, leaving a deposit, then paying the balance on collection at a later date.

[Perec]

ATM said:

Perec said:

It is, but finance is a different subject.

I think strictly the buyer must be unaware of the existence of finance, however if you got the seller to sign a letter saying, "I am John Smith of 27 The Street and am selling this car to Mr ATM. I have told him that I cannot settle the finance today because it's Saturday and BMW Finance is closed, however I have undertaken to pay it on Monday". Coupled with a bank transfer to John Smith's bank account I think the finance company would struggle to refuse good title.

But as I've said, if you want to be 100% sure take a day off and do it on the day, then the finance company can confirm clearance.

Sorry to go on and on...

What if I give the seller a banker's draft made payable to BMW finance?

I cannot immediately think why that wouldn't work - if he's OK with it. Drafts have been known to be fake obviously.

But how do you know what the settlement figure is?

[ATM]

Perec said:

But how do you know what the settlement figure is?

Settlement figure is asking price.

[Perec]

ATM said:

Perec said:

But how do you know what the settlement figure is?

Settlement figure is asking price.

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?

[oldnbold]

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.