buying a car on a credit card...what protection?

storminmike · Post by **storminmike** » Fri Apr 20, 2012 8:38 pm

Even if one had the cash would it be wise to suggest that buying a car on a credit card from a dealer offers some strong protection? Bankes drafts seem old fashioned and are only a guaranteed cheque

More to the point would this only count if it was a single payment or would it not matter if say over 2 payments?

X5Driver · Post by **X5Driver** » Fri Apr 20, 2012 8:46 pm

Im sure I have seen that even if you pay Â£1 deposit on a credit not debit card you have cover. I think this is only if it's not as described though or dealer won't honour the warranty. Basically you claim of credit card and they persue the merchant I.e. dealer

storminmike · Post by **storminmike** » Fri Apr 20, 2012 8:56 pm

[quote=""X5Driver""]Im sure I have seen that even if you pay Â£1 deposit on a credit not debit card you have cover. I think this is only if it's not as described though or dealer won't honour the warranty. Basically you claim of credit card and they persue the merchant I.e. dealer[/quote]

I was sort of under the impression that it offered more than whatever the "gate" warranty provided...like not fit for purpose over a time period. Â£1 does seem a but o the low side

X5Sport · Post by **X5Sport** » Fri Apr 20, 2012 9:17 pm

I think you need to spend more than Â£100 on the credit card and then you have the cover under the joint and several liability cover - or words to that effect.

We buy our holidays this way as it means the CC company can be asked to pay the whole amount, not just the Â£100. It's one of the reasons behing the 3.5% card charge (for insurance effectively) or so I have been told.

This UK Gov website might help...I know it's about travel, but the Consumer Protection rules still apply. Section 75 of the Consumer Credit Act 1974 applies.

Chompers · Post by **Chompers** » Fri Apr 20, 2012 9:24 pm

There won't be many dealers that accept cc for full payment. Deposit yes, say a Â£1k or so but any more and they will want a bank transfer or draft. Dealers that |I worked for in the past would only take cc if customer paid the fee around 2.5% at the time.

storminmike · Post by **storminmike** » Fri Apr 20, 2012 9:52 pm

[quote=""Chompers""]There won't be many dealers that accept cc for full payment. Deposit yes, say a Â£1k or so but any more and they will want a bank transfer or draft. Dealers that |I worked for in the past would only take cc if customer paid the fee around 2.5% at the time.[/quote]

Really....so there's a 2.5% charge on say 10k

Bank Transfers...you can do that online can't you?

storminmike · Post by **storminmike** » Fri Apr 20, 2012 9:52 pm

[quote=""X5Sport""]I think you need to spend more than Â£100 on the credit card and then you have the cover under the joint and several liability cover - or words to that effect.

We buy our holidays this way as it means the CC company can be asked to pay the whole amount, not just the Â£100. It's one of the reasons behing the 3.5% card charge (for insurance effectively) or so I have been told.

This UK Gov website might help...I know it's about travel, but the Consumer Protection rules still apply. Section 75 of the Consumer Credit Act 1974 applies.[/quote]

I'll have a read....thanks

Chompers · Post by **Chompers** » Fri Apr 20, 2012 9:56 pm

[quote=""storminmike""][quote=""Chompers""]There won't be many dealers that accept cc for full payment. Deposit yes, say a Â£1k or so but any more and they will want a bank transfer or draft. Dealers that |I worked for in the past would only take cc if customer paid the fee around 2.5% at the time.[/quote]

Really....so there's a 2.5% charge on say 10k

Bank Transfers...you can do that online can't you?[/quote]

Yep, piece of pi$$ now. If you transfer less than Â£10k it will be with the dealers account in around an hour, maybe less.

What are you buying

X5Sport · Post by **X5Sport** » Fri Apr 20, 2012 9:58 pm

Only ever paid my deposit via CC. My credit limit isn't good enough to buy the whole car. The Dealer did say that they would charge 3% on my X6 if I paid with a CC. Using a debit card was a mere Â£0.41p which they didn't charge for..

CHAPS payments are same day, there is a faster system which will move the money within 15 mins - there is usually a charge for the fastest systems. Doesn't work at weekends though, and must be before 3pm on a weekday. Tother half used to work in the finance sector and has just hedukated me..

Chompers · Post by **Chompers** » Fri Apr 20, 2012 10:04 pm

[quote=""X5Sport""]Only ever paid my deposit via CC. My credit limit isn't good enough to buy the whole car. The Dealer did say that they would charge 3% on my X6 if I paid with a CC. Using a debit card was a mere Â£0.41p which they didn't charge for..

[/quote]

Don't think many peoples CC limit would cover an X6 purchase

Completely OT but have been meaning to ask you X5Sport, did your X6 come from Elms. My Touring came for from Cambridge (Ols site) before they move to the new purpose built one.

storminmike · Post by **storminmike** » Fri Apr 20, 2012 10:14 pm

[quote=""Chompers""][quote=""storminmike""][quote=""Chompers""]There won't be many dealers that accept cc for full payment. Deposit yes, say a Â£1k or so but any more and they will want a bank transfer or draft. Dealers that |I worked for in the past would only take cc if customer paid the fee around 2.5% at the time.[/quote]

Really....so there's a 2.5% charge on say 10k

Bank Transfers...you can do that online can't you?[/quote]

Yep, piece of pi$$ now. If you transfer less than Â£10k it will be with the dealers account in around an hour, maybe less.

What are you buying

[/quote]

errrrr....research phase

I do online banking in a tufty way....just monitoring and messing between 3 accounts. I have one of them keypads but never used it nor sent anyone any money bar paypal

Might have to learn

X5Sport · Post by **X5Sport** » Fri Apr 20, 2012 10:18 pm

[quote=""Chompers""]Completely OT but have been meaning to ask you X5Sport, did your X6 come from Elms.[/quote]
Yes. Used to use Victoria's in Milton Keynes but they got bought out.

storminmike · Post by **storminmike** » Fri Apr 20, 2012 10:18 pm

[quote=""X5Sport""]Only ever paid my deposit via CC. My credit limit isn't good enough to buy the whole car. The Dealer did say that they would charge 3% on my X6 if I paid with a CC. Using a debit card was a mere Â£0.41p which they didn't charge for..

CHAPS payments are same day, there is a faster system which will move the money within 15 mins - there is usually a charge for the fastest systems. Doesn't work at weekends though, and must be before 3pm on a weekday. Tother half used to work in the finance sector and has just hedukated me..

[/quote]

CHAPS...never heard of that

Debit card would no doubt make the bank wake up....and be as protectionless as cash...which I was hoping to cash in on so to speak

X5Sport · Post by **X5Sport** » Fri Apr 20, 2012 10:20 pm

[quote=""storminmike""]CHAPS...never heard of that

[/quote]

Clearing House Automated Payment System

And you are correct about a Debit Card - hence paying deposit on CC and the rest another way. In my case a Debit Card. And it did wake the Bank up, but I had already warned them so there was no problem. Just the usual security questions.

storminmike · Post by **storminmike** » Fri Apr 20, 2012 10:24 pm

[quote=""X5Sport""][quote=""storminmike""]CHAPS...never heard of that

[/quote]

Clearing House Automated Payment System

And you are correct about a Debit Card - hence paying deposit on CC and the rest another way. In my case a Debit Card. And it did wake the Bank up, but I had already warned them so there was no problem. Just the usual security questions..[/quote]

security question

you're normally a tight wad yes/no
wtf are you buying.....errrr...something
go ahead sir

Taaa

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