clubby

Trading my Catalunya in for a MY01 WRX (demonstator) in Silver. Deal done 7 days ago, paid my portion (44% of total price) by bankers draft on Monday. Finance company paid by Bacs yesterday, and this wont clear until late Friday, and by the time the dealer gets confirmation that the Bacs has cleared it will probably be Monday. Dealer will not release my new car until Bacs funds are clear. They have written confirmation that the Bacs is being processed. Finance company is part of the 5th largest company in the world.
If I don't get the car on Friday, I'm pulling out of the deal. Anybody had a similar problem?

Yex

I work in a banking/investment environment and BACS payments do take 3 working days to clear. If the finance company had used "cleared funds" it would have been there the same day. The only downside from our perspective is the charge on cleared fund transactions is prohibitive. It may be this that is making the finance company use BACS and hence the delay.

When I picked up my new Jeep Grand Cherokee on September 1 there were people turning up with building society cheques and being told they could not have their cars for 2-3 days until the cheque cleared, seems to be the rule across the industry for collection of cars.

Enjoy the weekend, get p155ed and have a laugh as when the Scooby arrives you will not be able/want to do this

The small extra wait is worth it

Yex

Happy Scoob owner for 4 1/2 years

clubby

I got the car last night, it's magic. Delighted with it, it's my 3rd Impreza. The thing that was hacking me off most was that the value of the Bankers Draft which they got on Monday, and the car I traded in was actually £200 more than the price of my new MY01.

The finance company did a BACs because they thought it would be quicker. Dealer stated that they would wait 4-5 days for Finance Company cheque to clear. They also had faxed confirmation that the BACs was clear.

Finance companies and banks need to figure out a quicker way of doing clearing funds. I always understood Bacs to be an electronic almost instant payment. Maybe they already tried and there are just too many crooks out there.

The bug eyed monster got me, I'm hooked.

MikesWagon

Clubby,

glad to hear you got your new car. Was up there yesterday lunchtime and the other half overheard "I was in earlier looking at the Catalunya..." so it doesn't look like they'll have it for long.

Hope you enjoy the new model.

Mike.

AllanB

BACS is not instant , the quickest was is a CHAPS transfer whihc is normally cleared in 24 hurs whilst BACS takes around 3 days.


AllanB

clubby

My Catalunya was sold yesterday, which isn't bad considering I only gave it to the dealer last night..
When I advertised it privately in True Grip and on here, no-one even sniffed at it.
I guess that why my nick name isn't Lucky.

JoeyDeacon

So how much profit did the dealer make for giving it a clean and sticking it on their forecourt??

clubby

I dont want to know. That can be depressing. The front discs were warped (Brembo's c/w 4 pot calipers), and I dented a wing slightly since they valued the car, I pushed the wing directly above the centre of passnger side wheel to recreate a suspension squeak, and to my horror I left a dent.
They wont make so much once they sort that out.

babber

When I got my car in January owned by my company yet purchased through ACL / Autolease, The car wasn't paid for until it was two weeks old I remember thinking this was a strange arrangement, and discussed this with the dealer. They said the ACL do this all the time. I wasn't that happy with taking a car that hadn't be paid for, so left my contact details with them, just incase.

Two weeks later the dealers rang to say that they still hadn't received payment for the car!!!! I had to chase up ACL, informing them that I needed a BGC / or cheque now, as I was on my way to Birmingham for a little chat.... Still took another 4 days. My company had already paid for the car!!!!

Maybe since then dealers have been stung, by people not paying or at least paying late.

Think of it this way, by the time the car was paid for, I had clocked up nearly 3k, and the car would have been worth considerably less than when I picked it up.

Cheers Phill C

PS Thanks for bearing with us / me Tileys.

Shark

We would release a car before getting finance money provided we knew the company and had dealt with them before.

David

Stevie

I cant believe you had so much grief.

When I swapped my MY01 for a new Shogun recently, the garage had not even had the cheque from the finance company, they just released the car after a fax of the cheque had been sent to prove it existed!