Cancelling a finance agreement.
Discussion
I can honestly say I hate the way car negotiations work these days. Cash used to be king but now they want you to sign up to their finance for a healthy commission.
I’m finding that many dealers offer the usual poor price for any trade in and want screen price if you pay the remaining balance with cash. More than one dealer has hinted that if I was using their finance they may “move” on price.
Is there a penalty for cancelling a car finance agreement in the cooling off period and paying the balance with cash?
Thanks
I’m finding that many dealers offer the usual poor price for any trade in and want screen price if you pay the remaining balance with cash. More than one dealer has hinted that if I was using their finance they may “move” on price.
Is there a penalty for cancelling a car finance agreement in the cooling off period and paying the balance with cash?
Thanks
No.
Done it on my last 2 (new) cars.
This allowed me access to Manufacturer support of several thousand pounds.
Phoned up within the week and paid off with debit card.
There are thoughts that some Dealerships may miss out on bonus if the finance is paid off early. Each time I've done it, I've been up front with the sales person out of courtesy.
Done it on my last 2 (new) cars.
This allowed me access to Manufacturer support of several thousand pounds.
Phoned up within the week and paid off with debit card.
There are thoughts that some Dealerships may miss out on bonus if the finance is paid off early. Each time I've done it, I've been up front with the sales person out of courtesy.
AlwynMike said:
No.
Done it on my last 2 (new) cars.
This allowed me access to Manufacturer support of several thousand pounds.
Phoned up within the week and paid off with debit card.
There are thoughts that some Dealerships may miss out on bonus if the finance is paid off early. Each time I've done it, I've been up front with the sales person out of courtesy.
Thanks for that mate. Done it on my last 2 (new) cars.
This allowed me access to Manufacturer support of several thousand pounds.
Phoned up within the week and paid off with debit card.
There are thoughts that some Dealerships may miss out on bonus if the finance is paid off early. Each time I've done it, I've been up front with the sales person out of courtesy.
I know it isn’t the most ethical thing to do, but wondered if it was a option.
I think it's called "working the system".
In both cases I was able to get into a new car for the same money as a used one, with options that I (or the Wife!) wanted.
As far as I'm concerned, as long as you aren't underhand about it, then ethics doesn't come into it.
A few years ago, I tried to get free servicing by taking finance on a Skoda Fabia for the Wife. Sales person said I'd have to keep up 3 months payments to qualify. I decided not to do it, which was a shame because 3 months interest payments would have been significantly cheaper than Skoda service prices - roughly double the BMW 335d I had at the time.
Live and learn.
In both cases I was able to get into a new car for the same money as a used one, with options that I (or the Wife!) wanted.
As far as I'm concerned, as long as you aren't underhand about it, then ethics doesn't come into it.
A few years ago, I tried to get free servicing by taking finance on a Skoda Fabia for the Wife. Sales person said I'd have to keep up 3 months payments to qualify. I decided not to do it, which was a shame because 3 months interest payments would have been significantly cheaper than Skoda service prices - roughly double the BMW 335d I had at the time.
Live and learn.
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