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      04-26-2010, 03:43 PM   #1
wbbb
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Does cash have clout?

Just a quick one, when purchasing an AUC from stealer, will they be likely to like a cash buyer and so more scope to knock 'em down on price or are they more bothered about selling finance because of the commission and so discount to finance purchasers more?

Will be looking at spending around 15k

Also, is it sensible to use a credit card to pay for all or part of the car so the credit card company are potentially liable if the car is a shed....

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      04-26-2010, 05:25 PM   #2
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They will want you to take finance. Pretend you are and do the deal, get them to do quotes but don't apply, then say you have changed your mind and will pay cash.

Cash is shite for dealers, they will make more from the finance than the car.

Oh, and they won't take a credit card. You will have to pay bacs/chaps or by debit card.
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      04-27-2010, 02:26 AM   #3
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If you pay with a credit card, expect a 2% charge.
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      04-27-2010, 02:49 AM   #4
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Most dealers will only take upto a grand on a credit card.

They make more money on selling finance, gap and that superguard rubbish. Don't fall for it.
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      04-27-2010, 02:58 AM   #5
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Quote:
Originally Posted by Skid View Post
Most dealers will only take upto a grand on a credit card.

They make more money on selling finance, gap and that superguard rubbish. Don't fall for it.

I my experience, dealers will only take a grand in cash as a depo, they will take as much as you like on a card, but as said, will charge around 2%, which is a no brainer on 15k

Watch BMW finance, it has expensive admin fees
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      04-27-2010, 04:24 AM   #6
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Dealers are only allowed to take up to 9000 in cash as some kind of money laundering law prevents them from taking any more. This is what the dealer told me when I bought my car so it could just have been another one of his fabricated truths.
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      04-27-2010, 04:58 AM   #7
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i think he means cash as in not using credit as opposed to walking around like harry loadsmoney
damn, think im showing my age now
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      04-27-2010, 06:30 AM   #8
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Quote:
Originally Posted by mowflow View Post
Dealers are only allowed to take up to 9000 in cash as some kind of money laundering law prevents them from taking any more. This is what the dealer told me when I bought my car so it could just have been another one of his fabricated truths.
It's 5k then they need to declare/notify....
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      04-27-2010, 07:36 AM   #9
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Quote:
Originally Posted by ghosty View Post
i think he means cash as in not using credit as opposed to walking around like harry loadsmoney
damn, think im showing my age now
Yeah, but slapping a brown envelope full of cash on the counter is way more pimp than handing over a bankers draft.
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      04-27-2010, 08:06 AM   #10
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Quote:
Originally Posted by mowflow View Post
Dealers are only allowed to take up to 9000 in cash as some kind of money laundering law prevents them from taking any more. This is what the dealer told me when I bought my car.
This is spot on.

I have a friend who is a BM at a Honda dealer.

Their max limit on a credit card is 1000 but they will take any amount on a chip/pin debit card and upto 9000 cash.

I personally would not want to walk about with that amount of cash better of paying with a debit card.
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      04-27-2010, 08:33 AM   #11
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I paid a 2k deposit for a Porsche on a credit card.
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      04-27-2010, 08:40 AM   #12
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i was at an audi dealer the other week and this man-of-gentry wanted to pay with cash CASH for his wife's new car. the sales guy was trying to explain that they're not allowed to accept large cash payments but the old guy couldn't grasp it and left bemused
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      04-27-2010, 08:54 AM   #13
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Quote:
Originally Posted by Skid View Post
This is spot on.

I have a friend who is a BM at a Honda dealer.

Their max limit on a credit card is 1000 but they will take any amount on a chip/pin debit card and upto 9000 cash.

I personally would not want to walk about with that amount of cash better of paying with a debit card.
Maybe it's changed of late but was told by the sale manager in Glasgow bmw dealer that anything above 5k had to be notified.... to do with money laundering from Glasgow's finest
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      04-27-2010, 10:13 AM   #14
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A garage took 8900 in used bank notes in a brown envelope off me only a couple of months ago. It wasn't a BMW garage so maybe the 5k max is a BMW thing, I dare say some places set their own rules as cash seems to make people uncomfortable these days.

My father in law used to own a BMW garage and there was this one famous Glasgow character that came in every year with a bin bag full of notes looking for a new 5 series. Supposedly the laws weren't as strict then.
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      04-27-2010, 10:53 AM   #15
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They seem to have moved to Audi these days........
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      04-27-2010, 12:39 PM   #16
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Money laundering limits is 10k now, where no declaration has to be made. Over that amount is fine but proof of where it came from will be needed. Well that's with HSBC anyway. Like Guy says get the deal as if you're doing finance then after the deal is done pay cash/credit/debit or chaps.

And in answer to the original question, no cash is no longer king, it's the most expensive way of processing money, followed by credit cards, then cheques, and finally debit card. Chaps/bacs etc is free to the dealer to recieve money, so will be their prefered method. Bankers draft is an option but they will usually want cleared funds.

Good luck finding a car.
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      04-27-2010, 01:27 PM   #17
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I put a 4800.00 credit card deposit on my M3, no % charges.
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      04-27-2010, 01:57 PM   #18
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Quote:
Originally Posted by ghosty View Post
i think he means cash as in not using credit as opposed to walking around like harry loadsmoney
damn, think im showing my age now
True, don't wanna get mugged!
I mean not using finance eg PCP, HP, etc, etc!
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      04-27-2010, 02:02 PM   #19
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Thanks for all the replies, what I gather is:

1) No reddies in brown envelopes - they'll think I'm laundering money;
2) Pointless using credit card as 2% fee
3) Pretend I'm buying with finance, do the deal on the price then back out of the finance.

In my OP I asked about protection from the credit card co by paying on the card. If I just pay, say 1k on credit card, will this mean the card companies liability if the car is faulty is limited to 1k or the full amount of the car. (I'm thinking along the lines of when you buy something over 100 in a shop on a credit card, if what you buy is faulty you can claim against the shop AND the credit card company too). Anyone know about this?

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      04-27-2010, 03:32 PM   #20
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Quote:
Originally Posted by wbbb View Post
Thanks for all the replies, what I gather is:

1) No reddies in brown envelopes - they'll think I'm laundering money;
2) Pointless using credit card as 2% fee
3) Pretend I'm buying with finance, do the deal on the price then back out of the finance.

In my OP I asked about protection from the credit card co by paying on the card. If I just pay, say 1k on credit card, will this mean the card companies liability if the car is faulty is limited to 1k or the full amount of the car. (I'm thinking along the lines of when you buy something over 100 in a shop on a credit card, if what you buy is faulty you can claim against the shop AND the credit card company too). Anyone know about this?

Why would the car be faulty?.
These forums make me laugh.
I have never had a new car with any faults to date and that makes 12 new motors.
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      04-27-2010, 04:02 PM   #21
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Quote:
Originally Posted by johnbmw6 View Post
Why would the car be faulty?.
I have never had a new car with any faults to date and that makes 12 new motors.
I'd say you've done extremely well to achieve that John!

Sadly it is not always the case; I think I'm well-placed to comment having worked as a Service & Aftersales Manager in two different marques.
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      04-27-2010, 04:19 PM   #22
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Quote:
Originally Posted by Dr Dave View Post
I'd say you've done extremely well to achieve that John!

Sadly it is not always the case; I think I'm well-placed to comment having worked as a Service & Aftersales Manager in two different marques.
Yeah, call me cynical but I thought just in case! I am really torn at the moment between going with a stealer and going privately as the private deals are cheaper. Knowing what you know Dr Dave, would you only buy from a dealer?
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