Porsche PCP deals
Discussion
Dealers appear to be pushing hard on these, no doubt due to incentives from GB.
What if I were to accept either:
1. A backloaded 24 month PCP deal, with 20% upfront, or
2. A front-loaded 18 month HP deal, with a much smaller amount of credit, on a GT car, and then pay it all off after 1 month, including the final balloon?
In each case the APR is 9.9%, with the HP deal obviously resulting in a smaller total cost
.
Would they (or the finance company) penalise for early settlement and loss of interest?
I would not be too worried about forfeiting future allocations, as this would likely be a final, last hurrah for me, car wise!
TIA
What if I were to accept either:
1. A backloaded 24 month PCP deal, with 20% upfront, or
2. A front-loaded 18 month HP deal, with a much smaller amount of credit, on a GT car, and then pay it all off after 1 month, including the final balloon?
In each case the APR is 9.9%, with the HP deal obviously resulting in a smaller total cost
.
Would they (or the finance company) penalise for early settlement and loss of interest?
I would not be too worried about forfeiting future allocations, as this would likely be a final, last hurrah for me, car wise!
TIA
Edited by Tony B2 on Thursday 3rd July 16:33
Ed.Neumann said:
Tony B2 said:
Dealers appear to be pushing hard on these, no doubt due to incentives from GB.
1. A backloaded 24 month PCP deal
2. A front-loaded 18 month HP deal
Sorry, what does that mean exactly?1. A backloaded 24 month PCP deal
2. A front-loaded 18 month HP deal
- Front-loaded = large deposit (£130k) up front, with much smaller credit amount paid over the balance of the 18 month deal - total cost, a lot less
The allocation is subject to using finance, whereas I could pay the full sum in cash.
So, of the 2, to me the HP deal is much more attractive, but what if I don't want to pay any interest?
Would early settlement result in penalties?
I have not see the full contracts yet.
timbo999 said:
I assumed a small deposit and big balloon for the PCP (ie. A normal PCP) but he then says a 20% deposit??
I assumed HP with a big deposit but then talks about paying off a balloon which would be unusual for HP
Confused I m out.
Yes - the PCP deal has a 20% deposit, and a whopping great balloon at the endI assumed HP with a big deposit but then talks about paying off a balloon which would be unusual for HP
Confused I m out.
Yes - the HP deal has a big deposit with no balloon.
I mis-edited my post, and the "balloon" bounced onto the wrong line.
So...you're not so confused...;-)
stichill99 said:
Just buy it and then cancel the finance! I know people who have done it,dealer wont be happy but tough titty on them!
It is possible to be upfront with the dealership. Sometimes they just need you to keep the finance for a few days for them to receive their commissionMight have a negative impact on your credit score. I was considering something similar with another manufacturer and was warned off settling the debt within the first six months as credit score is not only a measure of ability to pay but also ability for the credit agent to make money through interest over the term of the debt. I elected to pay cash in the end.
The OPC will tell you how long they need the agreement in place to get their commission.
You need to keep the agreement in place for that period and then you can settle and the OPC will be happy and you have covered your commitment to get the allocation.
I and many I know have taken finance for a short period to benefit the dealership as a thank you for an allocation. It does vary a little dependant on the manufacturer and the finance house but its only 3 to 6 months.
Geoff39GL said:
The OPC will tell you how long they need the agreement in place to get their commission.
You need to keep the agreement in place for that period and then you can settle and the OPC will be happy and you have covered your commitment to get the allocation.
I and many I know have taken finance for a short period to benefit the dealership as a thank you for an allocation. It does vary a little dependant on the manufacturer and the finance house but its only 3 to 6 months.
Thank you for the helpful feedback!You need to keep the agreement in place for that period and then you can settle and the OPC will be happy and you have covered your commitment to get the allocation.
I and many I know have taken finance for a short period to benefit the dealership as a thank you for an allocation. It does vary a little dependant on the manufacturer and the finance house but its only 3 to 6 months.
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