Outright purchase - two people paying?
Discussion
Hi all,
For our next car, my father has told us he'd like to pay for the bulk of the car. It would be on an outright purchase basis, so no financing. Will dealers be fine with that? We would still be paying saying £5k toward it but the rest, about £30k would be from him.
Would it just be he can call them (he lives in Germany) and he can pay with debit card his side and then I do the balance on my card one after another?
Thanks.
For our next car, my father has told us he'd like to pay for the bulk of the car. It would be on an outright purchase basis, so no financing. Will dealers be fine with that? We would still be paying saying £5k toward it but the rest, about £30k would be from him.
Would it just be he can call them (he lives in Germany) and he can pay with debit card his side and then I do the balance on my card one after another?
Thanks.
I bought a used car from a dealer recently and sent them the money in four or five separate transfers from two different accounts, prior to collection. Wasn't an issue for them.
Only difference would be that the name on the accounts would have been the same in my case, could check with the dealer if that's an issue for them.
This must be a common situation.
Only difference would be that the name on the accounts would have been the same in my case, could check with the dealer if that's an issue for them.
This must be a common situation.
samoht said:
I bought a used car from a dealer recently and sent them the money in four or five separate transfers from two different accounts, prior to collection. Wasn't an issue for them.
Only difference would be that the name on the accounts would have been the same in my case, could check with the dealer if that's an issue for them.
This must be a common situation.
You think it's a common situation that money is received from a personal account of someone who isn't present when a car is purchased and won't be the registered keeper? Whilst I'm sure bank of mummy and daddy frequently purchase cars for their kids, I suspect most of those times the parent is present for the purchasing. Only difference would be that the name on the accounts would have been the same in my case, could check with the dealer if that's an issue for them.
This must be a common situation.
As noted above, I'd expect some issues with KYC, namely a fear that the money received from a mysterious individual could be a fraudulent transfer.
TheDrownedApe said:
Really you've asked this question?
Why not just give him your share?
Why doesn't he give you his share?
Why not ask the dealer?
All three would be better options than asking in here
Wow. Nice insulting response. I have no dealer to ask. It’s a hypothetical. Also two accounts is more convenient as a transfer of that size to my account could be construed as a gift or something for tax purposes. Why not just give him your share?
Why doesn't he give you his share?
Why not ask the dealer?
All three would be better options than asking in here
replenished said:
Wow. Nice insulting response. I have no dealer to ask. It’s a hypothetical. Also two accounts is more convenient as a transfer of that size to my account could be construed as a gift or something for tax purposes.
It still is a gift whether it goes through your account or not. Is it tax evasion advice required?replenished said:
Wow. Nice insulting response. I have no dealer to ask. It’s a hypothetical. Also two accounts is more convenient as a transfer of that size to my account could be construed as a gift or something for tax purposes.
And since when was a gift of £30k taxable? Even if it was taxable, you'd still be getting the gift of the £30k value and therefore still be liable for tax. So long as it genuinely is a gift and not a form of payment then you're making life more complicated than it needs to be by not simply getting the funds in a single account.replenished said:
Wow. Nice insulting response. I have no dealer to ask. It’s a hypothetical.
In which case, why not wait until it's not a hypothetical question and ask the dealer selling the car you want to buy?Instead of getting all tearful because someone has responded in a way that highlights the difficulty in providing a useful answer to your question.
replenished said:
Wow. Nice insulting response. I have no dealer to ask. It’s a hypothetical. Also two accounts is more convenient as a transfer of that size to my account could be construed as a gift or something for tax purposes.
2 accounts in different names is the issue here - just get the donor of the £30k to give to you in advance and then you pay on the day or whenever.If a genuine gift then you wouldn’t be liable for tax anyway - the donor would under IHT etc if in the UK but that’s avoidable providing they live for at least 7 years post said gift.
Or they could technically loan it to you.
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