New purchase what to do about payment ??

Lanerboy

Lanerboy

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Carthago 4.9 superior
Hi all

I have put a 5k deposit down on a new MH they are taking mine in part ex once they have done there checks on it

Mine will not be ready until March so once mine goes as part ex this means they have 5k deposit plus my MH as I don't want to drive it 200 miles home again then back down so the dealer has over 50k deposit off me

WHAT IF THEY GO BUST BEFORE I COLLECT MY NEW VEHICLE

So my plan is this wait while they do inspection of my part ex once happy tell dealer I want to leave my part ex with them then pay the remaining balance by bank transfer then tell them I want a full reciept stating I own the un registered MH I am buying in full and no monies are owing on it and I am now the legal owner not them

What do you think to my plan and what would you do to safe guard the money
 
A reputable dealer should not ask for more than the deposit and the balance on collection of new motorhome .
 
That sounds reasonable to me.
The official receivers can't take what legally doesn't belong to the bankrupt company but it would obviously need proving it wasn't part of their stock. .
Any receipt would need VIN number etc on it in place of a reg number.
This is only my opinion of course and the law may see it differently.
 
Yes I know what you mean and I will do that if I have too but would rather not as it's another 450 mile round trip I know that is better than risk losing money but I was hoping my plan would safe guard me if they go bust as I will own the new MH outright so receiver should not be able to touch it same as any vehicles that may be there for service recievers can't touch them once proof of ownership has been proved

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I traded my van in in October (couple of years ago), to wait for new factory-order delivery in the spring. As it turned out, new van was nearly 3 months late... hey ho.

But I didn't want to keep my van through another British winter.

I knew I was taking a small risk, but it was a big long-established and busy dealer (Highbridge Caravans).

I paid the balance for the new van on delivery. And all worked out fine.

But I guess I can see where you are coming from.
 
Not for the amounts we are talking I doubt my card would authorise that
 
Unlikely they will go bust, however it's a big risk paying for a motorhome you haven't seen. Your weakening
your position to get any problems fixed once the dealer has your money. Pay on the day you collect it once your
satisfied everything is in order.

Ray
 
What if they sell your van before collection then go bust ?
I wouldn’t risk it
 
My experience of owning property being held by a company which goes bust is that it can be a complete PITA to get your property back.
 
Pay at least £100 of the deposit on your credit card. That way you will gain section 75 protection over the entire deal in full. The CC company becomes jointly and severally responsible for the delivery of the contract.

I would not let them have your van.

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I paid a deposit and a few weeks later handed over our trade in motorhome and got a receipt stating the balance i owed. new van came some 4 months later. then i paid the balance. they also sold our old van a month before our new arrived. ( this was a couple of years ago now ).

it was always at the back of my mind re going bust, but all turned out well. maybe i was lucky...

IMHO whatever bits of paper you have of ownership ( which will be difficult as you will not have a chassis or reg number to specify the vehicle ) it will still be down to the administrators who has priority of any funds available. it is not uncommon for creditors to get only a small %age of their true debt returned.

not an easy decision
 
raysalaugh said:
Unlikely they will go bust, however it's a big risk paying for a motorhome you haven't seen. Your weakening
your position to get any problems fixed once the dealer has your money. Pay on the day you collect it once your
satisfied everything is in order.

Ray
Click to expand...

I have seen the MH it's brand new and not registrred

pappajohn said:
Then it wouldn't authorise it on the day of collection either.
Click to expand...

I never said I was paying on the day by card I will pay bank transfer

Robert Clark said:
What if they sell your van before collection then go bust ?
I wouldn’t risk it
Click to expand...

How can they sell a van that is paid in full and owned by me ?????

Mike Kiff said:
Pay with a credit card, you will have some protection.
Click to expand...

My credit card will not be authorised for the 65k difference

My amex card would cover the amount but dealer will not take it due to charges
 
Robert Clark said:
What if they sell your van before collection then go bust ?
I wouldn’t risk it
Click to expand...
It wouldn't be Lanerboy van, the dealer would already have accepted it as a trade in and closed the deal so the van would be the dealers to do with as they please.

Nobody appears to be understanding what Lanerboy is saying.
His new van would be paid for with receipt but remains on the dealers orderbook/forecourt until registered to Lanerboy but still legally belongs to Lanerboy.
 
Let me please confirm the new MH is on site at the dealers and I have viewed it it's just not registered yet so in my eyes I can pay for it in full and have the vin number on the invoice instead of the reg as I don't want it registering until March I could do all this on the day I leave my part ex with them surely this way I own the new MH from that day not the dealer

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pappajohn said:
It wouldn't be Lanerboy van, the dealer would already have accepted it as a trade in and closed the deal so the van would be the dealers to do with as they please.

Nobody appears to be understanding what Lanerboy is saying.
His new van would be paid for with receipt but remains on the dealers orderbook/forecourt until registered to Lanerboy but still legally belongs to Lanerboy.
Click to expand...

THIS IS exactly how I see it
 
I wonder if the dealers insurance would still cover it or if you would have to insure it yourself using the VIN number rather than a reg number.
Quite a few insurers do this for private imports while documentation is sorted so no reason they wouldn't in this case.
 
pappajohn said:
It wouldn't be Lanerboy van, the dealer would already have accepted it as a trade in and closed the deal so the van would be the dealers to do with as they please.

Nobody appears to be understanding what Lanerboy is saying.
His new van would be paid for with receipt but remains on the dealers orderbook/forecourt until registered to Lanerboy but still legally belongs to Lanerboy.
Click to expand...
What if the dealer sells the new van to someone else then goes bust
 
Robert Clark said:
What if the dealer sells the new van to someone else then goes bust
Click to expand...

How can a dealer sell a MH that does not belong to them it's like selling a car on finance the finance company just go get it back from the new owner and the poor new owner looses all their money
 
pappajohn said:
I wonder if the dealers insurance would still cover it or if you would have to insure it yourself using the VIN number rather than a reg number.
Quite a few insurers do this for private imports while documentation is sorted so no reason they wouldn't in this case.
Click to expand...

Yes I have thought about this and I would insure it from the day I paid for it on my own insurance so it's covered from my end
 
*** Credit card protection only applies if the total value of the product you are buying is over £100 and under £30,000 ***

Even if your deposit is within these sums, it is not protected if your total outlay is over £30k.

I would not leave your MH with your dealer. Your deposit is at risk still, but I see no way around this.
 
Maybe I could leave my motorhome with them but not transfer ownership to the dealer until the day I purchase the new one this would save me from driving it all the way back but it would still remain my property until I returned to collect the new one and they would merely have to store my part ex until hand over day and would be unable to sell it on
 
Lanerboy said:
Maybe I could leave my motorhome with them but not transfer ownership to the dealer until the day I purchase the new one this would save me from driving it all the way back but it would still remain my property until I returned to collect the new one and they would merely have to store my part ex until hand over day and would be unable to sell it on
Click to expand...
Then, if the company were to fold, you would get your old van back but you could whistle for your £5k deposit.
Months later you may only get 10p or 20p in the pound back from the receivers...... You would be a long way down the list of creditors.

In my opinion its unlikely the dealer will go tits up but its always a possibility I suppose.

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