Dealer nearly had my pants down with PCP
Discussion
Spent this afternoon looking at a Mustang GT at a Evans Halshaw dealer, all seemed good, car was perfect.
Car was £29,910.00
Discussed a PCP deal of £5K deposit, then £466 a month over 36 months. with a balloon if decided to keep (probably hand back).
However for some reason the finance company has referred my application.
Just put the details into Admiral car finance (PCP) and its gone through Pre-approval, and giving a much better rate of 5.75%.
With a £5K deposit, leaves a monthly of £329 X 36 and balloon if choose to keep.
This is obviously massively different to the dealers....
Didn't expect to get the best deal from the dealer, but didn't expect a £200/month difference!!
Not sure how well it will go down tomorrow when I call up the dealer to reject their finance offer........
Looks like their finance company's diligence may have saved me a few quid......
Car was £29,910.00
Discussed a PCP deal of £5K deposit, then £466 a month over 36 months. with a balloon if decided to keep (probably hand back).
However for some reason the finance company has referred my application.
Just put the details into Admiral car finance (PCP) and its gone through Pre-approval, and giving a much better rate of 5.75%.
With a £5K deposit, leaves a monthly of £329 X 36 and balloon if choose to keep.
This is obviously massively different to the dealers....
Didn't expect to get the best deal from the dealer, but didn't expect a £200/month difference!!
Not sure how well it will go down tomorrow when I call up the dealer to reject their finance offer........
Looks like their finance company's diligence may have saved me a few quid......
In order to see if anyone is ‘having your pants down’ you would need to say what the dealer interest rate was and compare the two balloon payments, a smaller monthly figure means almost nothing, interest rates could be identical but balloon payments different giving the wildly different monthly terms.
Contract Killer said:
Discussed a PCP deal of £5K deposit, then £466 a month over 36 months. with a balloon if decided to keep (probably hand back).
However for some reason the finance company has referred my application.
Just put the details into Admiral car finance (PCP) and its gone through Pre-approval, and giving a much better rate of 5.75%.
With a £5K deposit, leaves a monthly of £329 X 36 and balloon if choose to keep.
This is obviously massively different to the dealers....
Didn't expect to get the best deal from the dealer, but didn't expect a £200/month difference!!
Looks like their finance company's diligence may have saved me a few quid......
I might have missed something, but how is that £200 a month?However for some reason the finance company has referred my application.
Just put the details into Admiral car finance (PCP) and its gone through Pre-approval, and giving a much better rate of 5.75%.
With a £5K deposit, leaves a monthly of £329 X 36 and balloon if choose to keep.
This is obviously massively different to the dealers....
Didn't expect to get the best deal from the dealer, but didn't expect a £200/month difference!!
Looks like their finance company's diligence may have saved me a few quid......
I just ran a 66 plate Mustang GT through and got £368pm with an OFP of £15500. That what you got?
Total payable is £28748 + deposit.
Renault finance quote on the same vehicle is 36m x £472.87 + OFP of £11628.
Total payable is £28651 + your deposit.
So a lower monthly payment isn’t always the cheapest.
Total payable is £28748 + deposit.
Renault finance quote on the same vehicle is 36m x £472.87 + OFP of £11628.
Total payable is £28651 + your deposit.
So a lower monthly payment isn’t always the cheapest.
Edited by Butter Face on Sunday 2nd June 19:15
Edited by Butter Face on Sunday 2nd June 19:16
Edited by Butter Face on Sunday 2nd June 19:16
DoubleD said:
Contract Killer said:
Discussed a PCP deal of £5K deposit, then £466 a month over 36 months. with a balloon if decided to keep (probably hand back).
However for some reason the finance company has referred my application.
Just put the details into Admiral car finance (PCP) and its gone through Pre-approval, and giving a much better rate of 5.75%.
With a £5K deposit, leaves a monthly of £329 X 36 and balloon if choose to keep.
This is obviously massively different to the dealers....
Didn't expect to get the best deal from the dealer, but didn't expect a £200/month difference!!
Looks like their finance company's diligence may have saved me a few quid......
I might have missed something, but how is that £200 a month?However for some reason the finance company has referred my application.
Just put the details into Admiral car finance (PCP) and its gone through Pre-approval, and giving a much better rate of 5.75%.
With a £5K deposit, leaves a monthly of £329 X 36 and balloon if choose to keep.
This is obviously massively different to the dealers....
Didn't expect to get the best deal from the dealer, but didn't expect a £200/month difference!!
Looks like their finance company's diligence may have saved me a few quid......
Contract Killer said:
Both Balloons were around £17000. Its a 17 plate car.
But Admiral APR is 5.9%, I think the dealers APR was around 9/10%.
Surely if I am likely to just hand back the car after 3 years, lower monthly payment and larger balloon would be better anyway?
Well, yes in theory, if you’re going to 100% hand it back then the higher the balloon the better. You still pay interest on the full amount anyway, so the interest rate is important.But Admiral APR is 5.9%, I think the dealers APR was around 9/10%.
Surely if I am likely to just hand back the car after 3 years, lower monthly payment and larger balloon would be better anyway?
Contract Killer said:
Both Balloons were around £17000. Its a 17 plate car.
But Admiral APR is 5.9%, I think the dealers APR was around 9/10%.
Surely if I am likely to just hand back the car after 3 years, lower monthly payment and larger balloon would be better anyway?
Depends if you’re hoping or expecting to see any equity in it at the end of three years. But Admiral APR is 5.9%, I think the dealers APR was around 9/10%.
Surely if I am likely to just hand back the car after 3 years, lower monthly payment and larger balloon would be better anyway?
Contract Killer said:
Both Balloons were around £17000. Its a 17 plate car.
But Admiral APR is 5.9%, I think the dealers APR was around 9/10%.
Surely if I am likely to just hand back the car after 3 years, lower monthly payment and larger balloon would be better anyway?
I missed the first bit of this. There’s no way they both had similar OFP figures with £100+pm difference in payment, the rate difference from 5.9 - 9.9% just isn’t that great.But Admiral APR is 5.9%, I think the dealers APR was around 9/10%.
Surely if I am likely to just hand back the car after 3 years, lower monthly payment and larger balloon would be better anyway?
You’re getting something confused for sure.
talksthetorque said:
Or for people who put money in to things that earn more than pcp costs.
Ah that old chestnut... ''Honestly, I'm not suffering with feelings of failure and inadequacy which result in me needing to be seen driving around in a car I could never afford to buy outright... I'm actually a financial genius and investment expert''mike74 said:
talksthetorque said:
Or for people who put money in to things that earn more than pcp costs.
Ah that old chestnut... ''Honestly, I'm not suffering with feelings of failure and inadequacy which result in me needing to be seen driving around in a car I could never afford to buy outright... I'm actually a financial genius and investment expert''Anyway, how is paying £300 per month any different from saving £300 per month apart from a small amount of interest?
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