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Don't get stung by that final deposit!

Discussion in 'The UK and Ireland' started by phillcom3, Nov 4, 2019.

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  1. phillcom3

    phillcom3 Member

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    Ondfriday I thought I'd pay the final deposit as requested. Tried everything I could for my credit card until I rang and was reminded that it's Bank transfer only.
    That means real cash people!

    Paniced checking my cards for a transfer cos wtf has 3k in their bank right?

    Anyway managed to get my overdraft cleared to 3k.

    Then remembered I had 3.5k shares in my companies shares scheam availible woop. I planed on using them next month to repay the credit card haha but there we go.
     
  2. Joelly

    Joelly Member

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    Can you expand a little further? What final deposit?
    I am planning on placing the order (£2k deposit) and then handing over to the leasing company at some point afterwards. Is the initial deposit payable on a credit card?
     
  3. WannabeOwner

    WannabeOwner Well-Known Member

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    Yes
     
  4. TomD

    TomD Member

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    Nothing personal but are you sure you are not over stretching yourself? I would hazard a guess the vast majority of people buying a Tesla have over £3,000 in their bank.

    Don't get into debt you can't afford to repay on a depreciating asset.
     
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  5. Daverh

    Daverh Member

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    Well said @TomD


    @Joelly You pay the initial deposit up front thena final amount whch depends on how you're paying for the car.
    On PCP/HP you'll have to pay the remainder of the difference between the £2k deposit and the amount of finance you've requested.
    If paying cash then it's the remainder of the entire balance i.e. £45k+
     
  6. Rooster6655

    Rooster6655 Active Member

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    Tesla's are appreciating assets so I was told by Elon :/
     
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  7. gangzoom

    gangzoom Member

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    Its called the Tesla stretch, plenty of S/X owners have done it, including my self, the Tesla was the most expensive car we bought by nearly double.

    However having to go into the over draft to pay off the initial deposit because you haven't got access to £3k is probably taking things a bit too far......Though hopefully the OP has calculated the man maths for the rest of the car properly:).
     
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  8. Yev000

    Yev000 Member

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    You can pay by credit card if you use Revolut or similar.

    Topup the Revolut card with your credit card, then bank transfer using Revolut app.

    Send me a PM if you want an invite link, they give £6 towards first card payment.

    Of course as @TomD said, don't get into debt you can't afford
     
  9. Adopado

    Adopado Active Member

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    But check you are not going to pay more interest paying with credit card than an arranged overdraft or loan. Just because it looks convenient ...
     
  10. WannabeOwner

    WannabeOwner Well-Known Member

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    Me too ... 3x in my case. I can afford it, just have never chosen to pay that much on a car which inevitably will lose money like a dropping stone.

    + My New Purchase - circa £20K less than the original 3+ year ago :)
    - The Trade In - 47% of the current new price :(
    - I do high mileage, the car has saved me £4K p.a. on "fuel" :)

    So that's £670 a month for ownership. No finance costs in my case ... so "worse" (including interest) for someone who stretches on finance.

    As I understood it for the O/P its just cashflow-management. I'd be happy to go into debt short term to finance something ... but depends how risk adverse you are; my score on that test always surprises pension advisers and the like ... so I'm not a good/average role model!
     
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  11. phillcom3

    phillcom3 Member

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    nah not im actualy saving by switching. I have an xtrail at the moment that's killing me through gas at 240 a month and payments of what was 510 a month plus insurance. by switching to the tesla at 420 a month (plus insurance) and about 20 in fuel im saving quite a bit.i don't have savigns because I am clearing out a few cards,(zero percents) and just paid out for a visit to family in mexico. within the space of a year thanks to switching to tesla I should be buying my next house and clear of most of my debts.


    just because someone dosnt have 3k in actual cash savigns dosnt mean we don't have it else where. like I said I then rememberd I have shares. I was planning on using htem next month to clear the card once id sold the current car. don't ever be presumptious and think someone is over stretching themselves its fudjing rude!
     
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  12. phillcom3

    phillcom3 Member

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    no had to cos ahdnt thought about it and got my shares sold early enough, was expecting to have htem avalible next month at a nice price. then saw they were the highest theyd been for months so thought bugger it.
     
  13. TomD

    TomD Member

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    I am sorry you feel like it was rude. Look at the number of "Likes" the post got, the post was of genuine concern.

    I didn't say you couldn't afford it, it was a warning in case you couldn't because once you sign that finance agreement then you are locked in.

    Sounds like you have everything under control.

    Enjoy the car!
     
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  14. gangzoom

    gangzoom Member

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    @phillcom3 No one said you cannot afford it, but not having access to £3k cash in an easy access current account is actually quite unusual for people buying £40-50k+ cars.
     
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  15. tsh2

    tsh2 Member

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    I just realised my saving account has a 10k daily withdrawal limit... I assume the '7 days before delivery' is an aspiration rather than a deal breaker...
     
  16. WannabeOwner

    WannabeOwner Well-Known Member

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    Yes. and even then, based on past performance, if you can demonstrate that you have sent them the money (i.e. "at last moment") they will still give you the car.

    Some people have transferred e.g. £1 (using the RN number as reference) which creates a "known supplier" and that can improve the chances of being able to then do a larger transfer
     
  17. Rooster6655

    Rooster6655 Active Member

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    A lot of people with money on the bank would have it invested so can’t necessarily pull it out without either notice or taking a loss on trading in stocks etc.

    I had some Tesla shares I had brought at 250+ and when they went down to 180, I was stuck with either taking a loss or waiting.

    Another thing is someone could have an ISA and not want to take the money out and lose the tax free allowance.
     
  18. tsh2

    tsh2 Member

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    Yes, I already did the £90 first test to Tesla, and half the balance (which went with no issue). The 10k limit is between my own accounts, different banks. Still, free instant transfers is nice compared to how things used to be.
     
  19. JCremonini

    JCremonini Member

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    Have to admit that, while I am an advocate of always making sure your money is working for you, I do like to always have a rainy day fund at hand just in case. You never know what’s around the corner.
     
  20. Yev000

    Yev000 Member

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    If you repay it within the billing period you don't get charged interest. You can also have a purchase interest free credit card, which does not charge interest for a number of months.
     
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