Finance Proposal - Agility
Finance Proposal - Agility
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Discussion

crazy about cars

Original Poster:

4,454 posts

198 months

Tuesday 21st August 2012
quotequote all
I've got this proposal today and the general impression I've been getting is that this is not a very good deal. What do you guys reckon?
edit: I think he made a mistake on the year as it is a 2012 car not 2011.


DaGuv

451 posts

235 months

Tuesday 21st August 2012
quotequote all
For starters; the apr is high!

crazy about cars

Original Poster:

4,454 posts

198 months

Tuesday 21st August 2012
quotequote all
DaGuv said:
For starters; the apr is high!
I've been hearing a lot biggrin I initally thought that's better than the 13.5% I'm paying on my current HP but then again at least with the HP I have better chance of keeping the car biggrin

HeatonNorris

1,649 posts

177 months

Tuesday 21st August 2012
quotequote all
Effectively £1k a month to borrow a car from Mercedes for 2 years. But only if you hardly ever drive it.

To put it into perspective, every mile you drive will cost you £2.40 before you've even paid out for maintenance, consumables and fuel.

crazy about cars

Original Poster:

4,454 posts

198 months

Tuesday 21st August 2012
quotequote all
HeatonNorris said:
Effectively £1k a month to borrow a car from Mercedes for 2 years. But only if you hardly ever drive it.

To put it into perspective, every mile you drive will cost you £2.40 before you've even paid out for maintenance, consumables and fuel.
That's really clear cut compared to my rough man maths biggrin Apparently I was told this is the best deal I can ever have for my requirements. :P I just noticed he made the mistake on the of the car too! Shows how much care has been put to come up with this proposal haha biggrin

ghibbett

1,919 posts

214 months

Tuesday 21st August 2012
quotequote all
For comparison, the Agility finance offer I have on my soon-to-be-arriving car is at 5.7%.

matc

4,736 posts

236 months

Tuesday 21st August 2012
quotequote all
Yep, looks crap.

Drop me a pm with the spec and I'll see how much it should be.

crazy about cars

Original Poster:

4,454 posts

198 months

Tuesday 21st August 2012
quotequote all
ghibbett said:
For comparison, the Agility finance offer I have on my soon-to-be-arriving car is at 5.7%.
Is that on a new car? It's 4.9% APR on new SLK55s with dealer deposit contribution.

dick_dastardly71

171 posts

218 months

Tuesday 21st August 2012
quotequote all
4.9% APR on the C63 Coupe I collected at the weekend, and that was with a c.£7.5k dealer contribution, so this looks a pretty poor deal.

anonymous-user

83 months

Tuesday 21st August 2012
quotequote all
I'd be astounded if you could get 4.9% APR on a used car finance package.

Surely they are only that low as they are manufacturer backed to get new sales on the board, i.e. not comparable with a used finance package?

crazy about cars

Original Poster:

4,454 posts

198 months

Tuesday 21st August 2012
quotequote all
yellowbentines said:
I'd be astounded if you could get 4.9% APR on a used car finance package.

Surely they are only that low as they are manufacturer backed to get new sales on the board, i.e. not comparable with a used finance package?
I don't think that will be possible however I've heard people saying to target APR below 10%

Dog Star

17,540 posts

197 months

Wednesday 22nd August 2012
quotequote all
Hah - I've just been reading your thread (this has got to be the same OP) on the merc forum.

Your original deal with the 11.5% - you are seriously getting your pants pulled down. Go and take a look at the Freedom Contracts website and look at the figures they give there (it will still be a Merc Agility deal). The figures they give are, in general, as good as you are going to get.

Looking at some of your ideas on financing the car could I suggest you take somebody with you next time you visit a dealership - somebody with a better grasp of financial realities wink

crazy about cars

Original Poster:

4,454 posts

198 months

Wednesday 22nd August 2012
quotequote all
Dog Star said:
Hah - I've just been reading your thread (this has got to be the same OP) on the merc forum.

Your original deal with the 11.5% - you are seriously getting your pants pulled down. Go and take a look at the Freedom Contracts website and look at the figures they give there (it will still be a Merc Agility deal). The figures they give are, in general, as good as you are going to get.

Looking at some of your ideas on financing the car could I suggest you take somebody with you next time you visit a dealership - somebody with a better grasp of financial realities wink
Yes I'm the OP from merc forums smile i think illmtake my wife along next time tongue out

Dog Star

17,540 posts

197 months

Wednesday 22nd August 2012
quotequote all
crazy about cars said:
i think illmtake my wife along next time tongue out
Good move!

matc

4,736 posts

236 months

Wednesday 22nd August 2012
quotequote all
Another point is your annual mileage on the agreement, anything below 10k doesn't have any effect on your residual or monthly payment, but if you set it low - yours is at 5k I think - then you will be charged excess mileage if you hand it back; so you may as well adjust it to 10k per annum.

crazy about cars

Original Poster:

4,454 posts

198 months

Wednesday 22nd August 2012
quotequote all
matc said:
Another point is your annual mileage on the agreement, anything below 10k doesn't have any effect on your residual or monthly payment, but if you set it low - yours is at 5k I think - then you will be charged excess mileage if you hand it back; so you may as well adjust it to 10k per annum.
Wow, I didn't know anything below 10k doesn't make a difference. Another new thing learned!

soxboy

7,573 posts

248 months

Wednesday 22nd August 2012
quotequote all
Freedom are offering the SLK55 at £555.64 per month inc vat for 2 years on a 6+23 profile, doing 10k miles pa. That's a total cost of £16112 over 2 years (£671.35 per month), or to put it another way £8k off what Merc want.

No need to thank me, invoice for 10% of the saving is in the post.

crazy about cars

Original Poster:

4,454 posts

198 months

Wednesday 22nd August 2012
quotequote all
soxboy said:
Freedom are offering the SLK55 at £555.64 per month inc vat for 2 years on a 6+23 profile, doing 10k miles pa. That's a total cost of £16112 over 2 years (£671.35 per month), or to put it another way £8k off what Merc want.

No need to thank me, invoice for 10% of the saving is in the post.
haha yes I've seen that deal too biggrin Certainly better than the "deal" I've got. I am just not too sure if a) I want a brand new car at the moment b) The balloon of £28k I still have to pay or end up car-less