Bank transfer payment, risks?

raymick

I am looking at a car in beshoff motors I was told they won’t take a bank draft only a transfer but that takes a few days to go through so I am paying and not getting my car till it goes through seen a Nama judgement was lodged against them afraid they could get my money and something happens and I don’t get my car any one have experience with the garage

MarkN

raymick wrote: »

I am looking at a car in beshoff motors I was told they won’t take a bank draft only a transfer but that takes a few days to go through so I am paying and not getting my car till it goes through seen a Nama judgement was lodged against them afraid they could get my money and something happens and I don’t get my car any one have experience with the garage

Bought a car from them. I don’t think they’re gonna take your money and shut up shop if that’s what you’re worried about. Odd that he won’t take a draft though.

CiniO

Would they not just take cash?

listermint

Beshoffs are trading years and years with very high quality stock.ive never heard of anything bad.

Also if your the same bank it's same day. If not it's mostly next day due to sepa.

So you'll get your car quick.

raymick

I thought same day or next day too but the bank said no it’s a swift payment not sepa takes 3 to 5 days I don’t fancy walking around carrying that amount of cash either might try discuss bank draft again don’t understand why they said no

The draft will probably take longer to clear than the transfer are they aren't going to let you leave with the car until the draft has cleared either if they aren't letting you leave until the transfer clears.

Also what they are saying is incorrect, within Europe it's sepa not swift.

raymick

No a sepa is up to 10k any more is swift I have been onto the bank and a bank draft clears immediately that’s why I don’t understand why they don’t take them

CiniO

Would carying bank draft be any safer than carying cash?
Is it not that in case you loose it then money is gone?

Del2005

CiniO wrote: »

Would carying bank draft be any safer than carying cash?
Is it not that in case you loose it then money is gone?

You can cancel a bank draft, which is one reason why they aren't liked.

bazz26

I've bought many a car from dealers over the years and always paid by bank draft which was never an issue for them. Never had to wait for the draft to clear before collecting the car either.

biko

There was a spate of fake bank drafts but that was between private individuals.
A dealer can choose to hold on to the car while payment is processed so if you need it pronto, pay by card or cash depending on how much money it is.

Marcusm

Debit card��!

Cordell

Usually, or so it used to be, it's the other way around: they don't accept transfers but they do take bank drafts. Are you sure you understood correctly?

raymick

Yes I was in with the garage yesterday paid a deposit by card and the rest has to be bank transfer within 7 days before I pick it up that’s the way they take payment

Sinus pain

Split the amount into two smaller transfers