Accepting finance not FCA registered

[tradegirl 112]

Hi everyone. I have a customer who's applied for finance with his bank, but we're not FCA registered. Can he still buy our car? I know some finance companies can do it for private sellers, but I don't know if it can be done for traders who aren't FCA registered.

Also are there any downsides to him paying us with finance if we've not provided it?

Thank you

[Nick M.K. 574]

39 minutes ago, tradegirl said:

I have a customer who's applied for finance with his bank

Car finance or a personal loan? Can you be very clear about this. Two very different things.

[David Horgan 564]

37 minutes ago, tradegirl said:

Hi everyone. I have a customer who's applied for finance with his bank, but we're not FCA registered. Can he still buy our car? I know some finance companies can do it for private sellers, but I don't know if it can be done for traders who aren't FCA registered.

Also are there any downsides to him paying us with finance if we've not provided it?

Thank you

Halifax do this without FCA number , they pay you direct , There's a way round it they use because they did the deal not you .

No problem with him paying you with the banks money at all .

I presume from that the customer is paying you and not his bank ? 

 

[Blenheim Car Sales 111]

If he has arranged the funds himself, Its a cash sale to you

[tradegirl 112]

I have no idea. He said "they need the link to the car and your details". I'll clarify what exactly he's done, because from that I understood that the company would pay me direct.

@Nick M.K. definitely finance from what he said.

He also wanted to pay us 7999 and we give him cashback, as the car is 7500.

Edited August 6, 2019 by tradegirl

[Nick M.K. 574]

25 minutes ago, tradegirl said:

He also wanted to pay us 7999 and we give him cashback, as the car is 7500.

So when you give the lender a link to the car and the price is £7500 why would they lend another £499? This sounds too messy for my liking. And especially for the open section of this forum. 

I'd have to say: no FCA registration - no car finance. 

[AW Motorgroup 18]

42 minutes ago, tradegirl said:

I have no idea. He said "they need the link to the car and your details". I'll clarify what exactly he's done, because from that I understood that the company would pay me direct.

@Nick M.K. definitely finance from what he said.

He also wanted to pay us 7999 and we give him cashback, as the car is 7500.

Hi - just be abit cautious on this one especially the part of the cash back? If the bank wants the link he should be able to give them that. Is the car advertised for 7999 and you have agreed 7500 with him? The banks lends personal Loans to the customer so then he would transfer it to you and as stated earlier it’s treated as cash sale to you so you don’t need any fca approvals etc I had 2 sales in June which where personal loans for 8800 and 6700 and the advertised amounts where 8995 and 6795 but there wasn’t any cash back talk. The customers got the loans approved from there banks and then when they received the money the came in and paid via debit cards. Banks where NatWest and Nationwode from memory of talks. There are a lot of weirdo scammers out there, but I hope this helps mate

Cheers, Amer.

Edited August 6, 2019 by AW MOTORGROUP

[CRW 73]

37 minutes ago, tradegirl said:

He also wanted to pay us 7999 and we give him cashback, as the car is 7500.

As much as we all want to get a deal done, this one sounds dodgy.  He could surely just as easily get a personal loan for £8000, pay you £7500 and pocket the rest.  It looks a bit like money laundering from my point of view. You aren't to know who or where he's sourcing the money from, legit or illegit, but if you then hand him back £500 that draws you into his murky dealings.

 

[Casper 272]

DONT do it TG just don't the whole cash back thing is to risky would hate to see you get you grief later on . It all sounds fishy 

[JA Trader 58]

This sounded complelty normal until you said about the cashback. I have no idea of the legal obligation but it dosent sound good. Walkaway there is always more punters

[It's me 613]

type the word

fraud

into google

[tradegirl 112]

Ok thanks everyone. Will only accept if it's a cash deal.

Or only if I double and triple check what bank it is. And certainly no cash back.

Thank you 

Edited August 6, 2019 by tradegirl

[MarkTVS 209]

You can accept finance deals without fca approval as long as your not the introducer. 

One of our brokers actually suggested this to us if we couldn’t be bothered with Gabriel reports and the hassle of fca registration.  He said they would go out to the clients house and sign them up etc but only if the customer mentioned finance first. 

[tradegirl 112]

2 minutes ago, MarkTVS said:

You can accept finance deals without fca approval as long as your not the introducer. 

One of our brokers actually suggested this to us if we couldn’t be bothered with Gabriel reports and the hassle of fca registration.  He said they would go out to the clients house and sign them up etc but only if the customer mentioned finance first. 

Mark, as it happens he's disappeared. But that's good to know though, thanks.

[It's me 613]

how come you get all the scammers

 

[tradegirl 112]

9 hours ago, jason doyle motor sales said:

how come you get all the scammers

 

I don't know, I must give out a scent.

[Casper 272]

33 minutes ago, tradegirl said:

I don't know, I must give out a scent.

Haha . How's things in general TG . 

[tradegirl 112]

50 minutes ago, Casper said:

Haha . How's things in general TG . 

Hey Casper, they're alright. Up/down, and a lot to sort out still. How about you?

[Casper 272]

24 minutes ago, tradegirl said:

Hey Casper, they're alright. Up/down, and a lot to sort out still. How about you?

All good . Much the same as long as some stock moves seem to be having an easier life than yourself with all the scammers fraudsters and problems with cars . How did you get on with the golf and c class I'm Sure it will turn around Soon . 

Edited August 7, 2019 by Casper

[tradegirl 112]

2 hours ago, Casper said:

All good . Much the same as long as some stock moves seem to be having an easier life than yourself with all the scammers fraudsters and problems with cars . How did you get on with the golf and c class I'm Sure it will turn around Soon . 

I'm glad to hear it. And yeah as long as stock is moving, everything else is easier to deal with.

You have a good memory! To be fair it was only the one possible scammer.

The Golf turned out ok but we're having an issue with the reg and need to wait for a V5. Though I did have a dream last night that at such low mileage, the car had sustained damage from not being driven much haha.

The C Class...waiting on a viewing today. Irish guy and they're easy customers, so I'm saying my prayers that it's a done deal. Need a sale.

[Casper 272]

14 minutes ago, tradegirl said:

I'm glad to hear it. And yeah as long as stock is moving, everything else is easier to deal with.

You have a good memory! To be fair it was only the one possible scammer.

The Golf turned out ok but we're having an issue with the reg and need to wait for a V5. Though I did have a dream last night that at such low mileage, the car had sustained damage from not being driven much haha.

The C Class...waiting on a viewing today. Irish guy and they're easy customers, so I'm saying my prayers that it's a done deal. Need a sale.

Yes in truth most customers are fine it's the bad ones that disheartening you 

my memory was always one of my better qualitys my dad always said I could have did a lot with such a good memory 

I'm sure the golf will fine 

hopefully the c class sells 

keep us posted 

all the best