M2 from dealer with outstanding finance ?

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Deadeye
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Re: M2 from dealer with outstanding finance ?

Post by Deadeye » Thu Sep 27, 2018 2:10 pm

520d wrote:
Thu Sep 27, 2018 2:07 pm
Anyone can pay the finance off, I've sold cars with outstanding finance and the buyer has paid the finance company direct. The last one was an Audi.
With BMW you can only pay with card if the card holder is the finance holder. Also you can only pay £20k at a time.

Anyone can do a bank transfer but this takes time (3 days I think). If you pay by card you get confirmation immediately.
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sawda
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Re: M2 from dealer with outstanding finance ?

Post by sawda » Fri Sep 28, 2018 8:20 am

Deadeye wrote:
520d wrote:
Thu Sep 27, 2018 2:07 pm
Anyone can pay the finance off, I've sold cars with outstanding finance and the buyer has paid the finance company direct. The last one was an Audi.
With BMW you can only pay with card if the card holder is the finance holder. Also you can only pay £20k at a time.

Anyone can do a bank transfer but this takes time (3 days I think). If you pay by card you get confirmation immediately.
Paid for my cars by card in the past and well over 20k, no issues. BACS payments can take up to 2 hours but normally they are instant (send and receive loads of them for work). OP should just call the bank up and advise that a car payment will be made just to make sure it goes through. I wouldnt let all of this make you walk away from what is a great car but it's good like others have said to do your checks admnd ensure finance is settled first. Good luck.

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Re: M2 from dealer with outstanding finance ?

Post by Deadeye » Fri Sep 28, 2018 9:31 am

sawda wrote:
Fri Sep 28, 2018 8:20 am
Deadeye wrote:
520d wrote:
Thu Sep 27, 2018 2:07 pm
Anyone can pay the finance off, I've sold cars with outstanding finance and the buyer has paid the finance company direct. The last one was an Audi.
With BMW you can only pay with card if the card holder is the finance holder. Also you can only pay £20k at a time.

Anyone can do a bank transfer but this takes time (3 days I think). If you pay by card you get confirmation immediately.
Paid for my cars by card in the past and well over 20k, no issues. BACS payments can take up to 2 hours but normally they are instant (send and receive loads of them for work). OP should just call the bank up and advise that a car payment will be made just to make sure it goes through. I wouldnt let all of this make you walk away from what is a great car but it's good like others have said to do your checks admnd ensure finance is settled first. Good luck.

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The BACS payment might well be instant - I send them all the time - but it takes a couple of days for BMW to sort their act out and, I guess, check their bank account.

I paid off my M3 last year and had to pay £20k twice and £2k.
F20 M135i - most toys
F80 M3 - even more toys - gone!
F87 M2 - most toys

Tell others about your car buying experience by writing a car dealer review at http://www.carbuyingadvisor.co.uk

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sawda
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Re: M2 from dealer with outstanding finance ?

Post by sawda » Fri Sep 28, 2018 1:05 pm

Deadeye wrote:
sawda wrote:
Fri Sep 28, 2018 8:20 am
Deadeye wrote: With BMW you can only pay with card if the card holder is the finance holder. Also you can only pay £20k at a time.

Anyone can do a bank transfer but this takes time (3 days I think). If you pay by card you get confirmation immediately.
Paid for my cars by card in the past and well over 20k, no issues. BACS payments can take up to 2 hours but normally they are instant (send and receive loads of them for work). OP should just call the bank up and advise that a car payment will be made just to make sure it goes through. I wouldnt let all of this make you walk away from what is a great car but it's good like others have said to do your checks admnd ensure finance is settled first. Good luck.

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The BACS payment might well be instant - I send them all the time - but it takes a couple of days for BMW to sort their act out and, I guess, check their bank account.

I paid off my M3 last year and had to pay £20k twice and £2k.
Fair enough, some accounting departments are more proactive than others I guess.

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