Ask a car salesman anything...anything at all (Vol. 2).
Discussion
thelostboy said:
The finance company will also claw back commission from the dealer, if you cared.
Previously some sales execs would actively encourage you to cancel your finance, as they got their bit regardless.
I'm not that bothered. Previously some sales execs would actively encourage you to cancel your finance, as they got their bit regardless.
The car I'm looking at is (IMO) overpriced by £750-£1000. It's been on the forecourt for nearly 7 week without any reduction in price. If I take out finance they knock £600 off. Thereby making it more attractive for me.
basherX said:
Is there ever any attempt by the seller to recover lost commission from the buyer in the event of early (within 14 days) termination of finance?
Yes. I took out the Dacia finance and cancelled within 14 days. When I took the car back for work under warranty the sales guy would not release the keys until I had paid back the incentive provided to take the finance.
KTF said:
basherX said:
Is there ever any attempt by the seller to recover lost commission from the buyer in the event of early (within 14 days) termination of finance?
Yes. I took out the Dacia finance and cancelled within 14 days. When I took the car back for work under warranty the sales guy would not release the keys until I had paid back the incentive provided to take the finance.
On what basis did he do that (i.e did you breach the T&C's) and legally is he allowed to retain the keys?
Roman Moroni said:
Interesting,
On what basis did he do that (i.e did you breach the T&C's) and legally is he allowed to retain the keys?
Despite asking several times they did not provide anything on paper to back up their claim. Legally I have no idea but after I paid the difference there was a wave to the guy at the service desk and the keys magically appeared.On what basis did he do that (i.e did you breach the T&C's) and legally is he allowed to retain the keys?
Here are the quotes from this thread. Starts around here for me: https://www.pistonheads.com/gassing/topic.asp?h=0&...
"Just to update. I cancelled the finance within 14 days which prompted an email to the dealer resulting in a lot of phone calls to me.
I now owed them an extra £250 (taking the finance got another £250 off) as they were not going to get that back from the finance company due to me cancelling it.
Seems they do sometimes claw it back."
"They said it was a dealer contribution and they would have got it back from the finance company had I not cancelled if.
As I had cancelled it they were now £250 short on the car.
My car was in for warranty work at the time so they had the keys and car at that point as well."
KTF said:
Roman Moroni said:
Interesting,
On what basis did he do that (i.e did you breach the T&C's) and legally is he allowed to retain the keys?
Despite asking several times they did not provide anything on paper to back up their claim. Legally I have no idea but after I paid the difference there was a wave to the guy at the service desk and the keys magically appeared.On what basis did he do that (i.e did you breach the T&C's) and legally is he allowed to retain the keys?
Here are the quotes from this thread. Starts around here for me: https://www.pistonheads.com/gassing/topic.asp?h=0&...
"Just to update. I cancelled the finance within 14 days which prompted an email to the dealer resulting in a lot of phone calls to me.
I now owed them an extra £250 (taking the finance got another £250 off) as they were not going to get that back from the finance company due to me cancelling it.
Seems they do sometimes claw it back."
"They said it was a dealer contribution and they would have got it back from the finance company had I not cancelled if.
As I had cancelled it they were now £250 short on the car.
My car was in for warranty work at the time so they had the keys and car at that point as well."
I call bulls
t on the dealer not releasing the car until you paid up.Edited by HTP99 on Tuesday 16th August 17:14
HTP99 said:
The £250 contribution is provided by RCi not the dealer, it is actually in the T's & C's of the finance documents (which you read, obviously!) that any deposit contribution can be clawed back if you withdraw within 14 days, this is never actioned, however it will be RCi going after you if so, not the dealer as the dealer won't lose out on the £250, they will lose out on any commission though.
I call bullst on the dealer not releasing the car until you paid up.
I collected the car and drove off with it. It was an after sales offer of £250 off it you Tom the finance plans 2 free services. I call bulls
t on the dealer not releasing the car until you paid up. Edited by HTP99 on Tuesday 16th August 17:14
After a few days I called up RCI and asked for a settlement figure then paid it.
This resulted in a flurry of phone calls from the sales guy wanting to speak to me.
A week or so after that the car went back for work under warranty.
Whilst I was waiting, the sales guy came up, showed me the email that RCI sent him when I cancelled the finance and said I had to pay the £250 finance incentive back.
I asked for proof which resulted him going back and forth to the sales managers office. The sakes manager came out and said I had to pay it end of.
After I paid the service guy came over with the keys as the car has been ready for some time.
Why would I make it up?
missing the VR6 said:
You'll pay interest pro rata to the days you've had it, after the 14 days it'd be approximately 2 months interest as your early settlement charge.
I've done this with VWFS for wife's Tiguan - I left it about a week and I had to pay around £30. Must admit I'm baffled by why there's anything to pay - when it's cancelled it's supposed to be as if the finance never existed. I assumed that making a daily charge is the reason (other poster not withstanding) that they can't normally come after you for the incentives - I can't imagine there's any way VW would let it slide if they didn't have to.
On Tiguan it was headlined as £2750 VW contribution - during interaction with a few dealers over CarWow it became apparent that it was £1750 from VW and £1000 from the dealer. The dealers I was talking to were all offering around a further £3000 discount too. I bought from our next but nearest dealer who weren't quite the cheapest but all the other dealers quoting were hundreds of miles away.
When I Withdrew I made a point of asking VWFS if the figure was full and full settlement and they said yes. I have to say it was very pleasant dealing with VWFS - they seemed almost thrilled that I wanted to pay it off.
Next time I went to the dealer the extemely friendly salesman blanked me, and it's a small (for VW) dealer and normally everyone there says hello.
With any of our finance incentives on used vehicles such as free servicing or deposit contributions, you are advised that if you settle the finance before you have made 3 consecutive payments any incentives will be clawed back!
You are well within your rights to cancel within the 14 days or before the three payments have been made just as long as you don't expect to keep anything that incentivised you take out the finance over paying "cash"
You are well within your rights to cancel within the 14 days or before the three payments have been made just as long as you don't expect to keep anything that incentivised you take out the finance over paying "cash"
e-honda said:
Doesn't matter what the t&c say, if they conflict with you statutory right to settle without penalty they have no effect.
I know for a fact that in Renault and Dacia finance documents it states that any deposit contribution can be clawed back if withdrawn within 14 days, however this is absolutely nothing to do with the dealer. Gassing Station | General Gassing | Top of Page | What's New | My Stuff