In addition to the cost of the vehicle when sold (known as the ‘hammer price’) most auction houses charge fees on top – such as buyer fees, inspection charges, transport, and VAT on services. We refer to these costs as ‘disbursements’. When NextGear Capital pays an auction house for a vehicle you have bought on our behalf, the full invoice amount is paid. This covers 100% of the hammer price and any disbursements.
We take these disbursements from your bank account by Direct Debit, once the vehicle is settled off your Stocking Plan. As part of the BACS submitter rules, payments should not be amalgamated and must allow the customer to identify each vehicle the payment relates to separately.
This means that if you purchase several vehicles on a single sale day, you will only see the disbursement Direct Debits for each vehicle listed on your bank account once each vehicle has been settled. For example, four vehicles each with three disbursement amounts will generate 12 separate Direct Debits, one for each disbursement amount, but these will only be debited once each vehicle has been settled off your Stocking Plan.
We appreciate that seeing a number of Direct Debits due to these rules can be a surprise at first, but it is something NextGear Capital is required to do, and we are working on ways to streamline this going forward. If you have any queries about the Direct Debits being taken from your bank account, please call our Customer Service Team on 0343 50 60 600.
