McLaren Finance Questions.

[Pioneer]

RBT0 said:

Do you lose your deposit at the end when you hand over the car?

If not, it is an awesome deal!

[GT4RS]

5050 said:

I’ve just singed up to a 600LT spider deal, good spec factory build, P1 seats, interior and exterior carbon packs and security pack

24k deposit
24x £800
6k miles per year

I will just hand the car back at the end. It will be far less financially painful than my last 18 months of my 570 spider ownership that I paid cash for. I never usually finance cars but I’m far happier knowing my costs up front.

Well that does sound great value to be fair, cost of ownership is very good. I assume the value is guaranteed at the end which will allow to just hand it back.

When you think about it someone running a slightly older mac like a 650s for example who wanted the protection of a mac warranty would need to factor in the additional yearly warranty cost. Over two years could easily be £7k to £8k.

So your 24k upfront isn't that bad imo.

Edited by GT4RS on Saturday 14th December 18:21

[RBT0]

Well £800 per month plus 24k for 2 years hassle free is not too bad.

[Matty3]

Pioneer said:

RBT0 said:

Do you lose your deposit at the end when you hand over the car?

If not, it is an awesome deal!

Poor form

[andrew]

Matty3 said:

Pioneer said:

RBT0 said:

Do you lose your deposit at the end when you hand over the car?

If not, it is an awesome deal!

Poor form

[xjay1337]

MAC 720S said:

small bridge to get onto my property.

[Flashardos]

dogz said:

I got offered an initial deal on a 600LT of £20k in and £1500 per month, so your deal seems far better

I also got offered a deal on a 570S at £15k in and £1k per month

Both were on 2yr pcp deals. Given the high GFV you would be handing the car back as I would think what’s owed at the end of the term will be far higher than the real value of the car

Be interested to know what other deals people have been offered as keen to get into a McLaren if the price is right

May I ask if it was a McLaren dealer that made these offers, and if so, which one? Also, was this for a new 570S? I'd be interested to see if there are any similar deals to be done on a 570S Spider.

[5050]

simon_j said:

What GFV have you been quoted? Is this available at all dealers or is it a special deal?

This was through Mc Manchester. Not sure on GFV, the last payment is 158k so is that the GFV?

[5050]

Flashardos said:

Is this the orange one at Ascot?

No this is a factory build to my spec

[5050]

GT4RS said:

Well that does sound great value to be fair, cost of ownership is very good. I assume the value is guaranteed at the end which will allow to just hand it back.

When you think about it someone running a slightly older mac like a 650s for example who wanted the protection of a mac warranty would need to factor in the additional yearly warranty cost. Over two years could easily be £7k to £8k.

So your 24k upfront isn't that bad imo.

Edited by GT4RS on Saturday 14th December 18:21

Yes it’s a GFV so I will just hand back and walk away.

I never usually take finance but after being burned recently I thought sod it let someone else take the risk! Also I don’t have the hassle of trying to sell it when the time comes.

[RBT0]

On a brand new factory spec car is a very good deal, although as several are available pre owned, not sure if it would be an amazing deal on a pre owned one.

It depends if in the next two years value of pre owned will drop by further £21k per year...

Overall good anyway if considering that interests is included...well done.

[dogz]

Flashardos said:

dogz said:

I got offered an initial deal on a 600LT of £20k in and £1500 per month, so your deal seems far better

I also got offered a deal on a 570S at £15k in and £1k per month

Both were on 2yr pcp deals. Given the high GFV you would be handing the car back as I would think what’s owed at the end of the term will be far higher than the real value of the car

Be interested to know what other deals people have been offered as keen to get into a McLaren if the price is right

May I ask if it was a McLaren dealer that made these offers, and if so, which one? Also, was this for a new 570S? I'd be interested to see if there are any similar deals to be done on a 570S Spider.

It was McLaren manchester. They had a new spider in prob 3 or 4 weeks ago which I missed which was £14k in and £986 per month. The GFV was quite high so it would essentially be handing the car back after the 2yr term

I’m trying to gauge if what I’ve been offered is good on the 570S. I’m thinking there might be more wiggle room but be good to understand what others have been offered

[GT4RS]

dogz said:

Flashardos said:

dogz said:

I got offered an initial deal on a 600LT of £20k in and £1500 per month, so your deal seems far better

I also got offered a deal on a 570S at £15k in and £1k per month

Both were on 2yr pcp deals. Given the high GFV you would be handing the car back as I would think what’s owed at the end of the term will be far higher than the real value of the car

Be interested to know what other deals people have been offered as keen to get into a McLaren if the price is right

May I ask if it was a McLaren dealer that made these offers, and if so, which one? Also, was this for a new 570S? I'd be interested to see if there are any similar deals to be done on a 570S Spider.

It was McLaren manchester. They had a new spider in prob 3 or 4 weeks ago which I missed which was £14k in and £986 per month. The GFV was quite high so it would essentially be handing the car back after the 2yr term

I’m trying to gauge if what I’ve been offered is good on the 570S. I’m thinking there might be more wiggle room but be good to understand what others have been offered

14k in and £986 a month!

That's mega cheap!

[JohnG123]

I assume when you hand the car back the following applies.

They go over it with a fine tooth comb and counter charge you for anything they consider to be not fair wear and tear.

I know when the company I work for have returned lease cars in the past after the 3 year lease we have been hit with costs for all sorts of things.

[Cheib]

GT4RS said:

dogz said:

Flashardos said:

dogz said:

I got offered an initial deal on a 600LT of £20k in and £1500 per month, so your deal seems far better

I also got offered a deal on a 570S at £15k in and £1k per month

Both were on 2yr pcp deals. Given the high GFV you would be handing the car back as I would think what’s owed at the end of the term will be far higher than the real value of the car

Be interested to know what other deals people have been offered as keen to get into a McLaren if the price is right

May I ask if it was a McLaren dealer that made these offers, and if so, which one? Also, was this for a new 570S? I'd be interested to see if there are any similar deals to be done on a 570S Spider.

It was McLaren manchester. They had a new spider in prob 3 or 4 weeks ago which I missed which was £14k in and £986 per month. The GFV was quite high so it would essentially be handing the car back after the 2yr term

I’m trying to gauge if what I’ve been offered is good on the 570S. I’m thinking there might be more wiggle room but be good to understand what others have been offered

14k in and £986 a month!

That's mega cheap!

Sounds like with these deals they need the cars shifted at retail price now and will worry about the residual loss in two years time! Wonder if it’s McLaren or the dealers that are driving that.

[Taffy66]

Cheib said:

Sounds like with these deals they need the cars shifted at retail price now and will worry about the residual loss in two years time! Wonder if it’s McLaren or the dealers that are driving that.

Probably the case because at the end of the day selling cars wholesale to a retailer needs to be sustainable for both parties..The secret ingredients are the interest rate and GPV..Both of these ultimately needs to be underwritten by a financial institution of some sort, which will need a degree of confidence in the future saleability of the cars two years down the line.
If i was buying a new Macca or Aston it would only be through a similarly generous PCP scheme.

[fridaypassion]

Good point above re handing cars back its not Amazon. There will be costs associated and finance companies on pcp do not like customers that hand cars back and I'm told with some companies it can affect their appetite to deal with you again on favorable terms if you hand back. The vast majority will be settled before the end of a deal by chopping in etc. Finance companies will not appreciate having a car to dispose of.

When I was looking earlier this year there were some amazing deals but take time to actually go to the dealership. One particular car I saw and actually offered on was a scandalous deal on a pre reg. It was 12k cheaper than advertised and also had true delivery mileage despite appearing like an ex demo on the ad. It was effectively a new car for 50 odd k off list. I think we got to 26k in and 599 per month. New 570.

You can get pcp on any car up to 4 years at maturity so imagine the numbers on a 2 year old car. Even factoring in a year's extended warranty there are some very cost effective ways to get one.

Evolution/Oracle will offer crazy balloons to anyone earning over 80k per year most finance places will be similar. If you are a powerfully built company director they will be falling over themselves to do very competitive deals that will be at least on par with the factory offerings on new or AUC.

[Sarnie]

fridaypassion said:

Good point above re handing cars back its not Amazon. There will be costs associated and finance companies on pcp do not like customers that hand cars back and I'm told with some companies it can affect their appetite to deal with you again on favorable terms if you hand back. The vast majority will be settled before the end of a deal by chopping in etc. Finance companies will not appreciate having a car to dispose of.

You are confusing Voluntarily Terminating an agreement and true Guaranteed Future Value............

[fridaypassion]

Sarnie said:

You are confusing Voluntarily Terminating an agreement and true Guaranteed Future Value............

One in the same thing to the finance co. A lot of the 570s will be in negative equity when handed back at the end of an agreement too which is a double blow for them. Most will be rolled into another deal before the end of the term so these finance companies offer GTV but don't really expect the cars back. If you had a 100k GTV on a 2017 570 it's probably 70 to 80k trade now so bad news for the underwriters. Obviously McLaren....ahem changed finance providers earlier this year.

[LaurasOtherHalf]

fridaypassion said:

Evolution/Oracle will offer crazy balloons to anyone earning over 80k per year most finance places will be similar. If you are a powerfully built company director they will be falling over themselves to do very competitive deals that will be at least on par with the factory offerings on new or AUC.

That isn't my experience, they will be more likely to push compulsory final payment plans due to the uncertainty in the market. People need to be very certain they are being offered the same thing-I was almost swindled into one "miss-sold" as a PCP with GFV on a 911 before I questioned the figures.

Then when looking at financing a FFRR it was the same deal, PCP with GFV were miles off the pace with Oracle and the like, with a compulsory final payment they were way more competitive-I got the impression they really didn't want to sell a GFV product if they could help it. You can see why.