PCP - Equity

(21-05-2016 02:19pm)Tyrefitter Wrote:  Who did you get the 3.3% with if you don't mind me asking.as I'm going to do same with my next sport,it's 72k & I'm putting 40k deposit down.

Andy.

Hi Andy, Don't mind @ All....

Firstly checked with Moneysupermarket.com, I was only after £13,750 & Sainsburies Bank, came out as the Top one....They are offering 3.3% for certain customers, only till about the 10th June, if memory serves me right!!!!

Applied online & Had a Decision within 30s....

Paperwork arrived this morning & have signed & sent Off....The Settlement figure I have from LR Finiance is Valid until the 15th June, so once the funds are deposited, then I'll phone them up & can pay off from my Debit Card...

Pretty straight forward so far!!!! Fingers crossed....

Just been on money supermarket & sainsburys are coming out at 6.8%

(21-05-2016 01:05pm)PJRComputerSolutions Wrote:  2 weeks ago I took Delivery of a 2014 Firenze Red Pure Tech on the Recent 14-Day LR Event, which had a £1K Fininacial Dealer Contribution, if taken with the PCP Finance Option, on the Approved LR Car....

So I put down more than 1/2 in cash & took the rest on PCP on an Interest Rate of 10.9% & Got the £1K Dealer Contribution....

To Cut a long Story short, I have contacted the Finance Arm LR & have got a Settlement Figure from them having made 1 payment, & Obtained Other Finance via a Personnel Loan on 3.3%, & So will payoff the LR Finance with this new Loan, so even with paying a "little" Bit of Interest on the LR Finance, It still saves me nearly £2.2K over 4 Years in Interest alone & Cuts my payments down from £344.04 a month to £305.88 a month....

Also the Car then becomes my Property as the new Loan is not secured on the Asset, so no GFV or Mileage restrictions to worry about....

So LR have made some cash, but not as much as they would've, & I will have saved the extra Interest Payments...

Win-Win for everyone.....

I did similar. However, there was a restriction on the dealer contribution in that they would only let me pay off the finance after 6 months. Still worthwhile in the long run.

(21-05-2016 03:28pm)Good shot Wrote:  I did similar. However, there was a restriction on the dealer contribution in that they would only let me pay off the finance after 6 months. Still worthwhile in the long run.

Strange, I would've thought that it would've "flagged" Up any Restriction, when I enquired about Paying-Off the Finance....They gave me the the Sort Code & Account Number, where to send the Money....& a Date by which to have it paid by....Once I receive the Funds in my Account, I will ring them again & try to pay it...

Once paid, Can they come back to me, Demanding More??

---

(21-05-2016 03:13pm)Tyrefitter Wrote:  Just been on money supermarket & sainsburys are coming out at 6.8%

It probably depends on how much you want to Borrow & over what Period of time....I also have another loan with them, so it might take that into Account as well.....

I was a bit naive. I wanted to pay cash up front and naively thought that cash was king and they would throw in the dealer contribution, but they said I would only get the dealer contribution if I took out the finance deal, but could then pay it off softer 6 months.

Thanks for your reply....

So did u take out the PCP or just pay the Cash....??

Just trying to get my head round all the Completies!!!

I've read the T & C's on the Finance Paperwork & no where does it say that any "Dealer Contribution" needs to be paid back if the PCP is settled in full...It only mentions a Daily Interest Charge, if you withdraw from the Contract within the 15-Day cooling off Period....

Likewise, on the Dealer Paperwork, there is no clause or mention of the "6-Month" Rule & the Salesperson who negotiated the sale never mentioned it either.....

I suppose that when I pay it off, in the next few Days, & the Finance Arm talk to the Dealer Arm, I can expect to receive some correspondence from someone???

Be it the Finance Arm or Dealer, asking for the return of the Dealer Contribution????

Just wondering how enforceable this is?? Anyone have any similar stories to tell???

I suppose it will all come down to who said what & when, it will be the Salesman recollection of events pitted against mine....

Yes I took the dealer contribution and then paid off after 6 months. This was 3 years ago and perhaps they have changed the T&C's. I guess it depends how much they want your business at any particular time. Think the interest rate on the PCP then was 6.5%.

Just thinking of trading in the Evoque maybe for a new RSS. Anyone any idea on what I could reasonably expect on PX on a 2013 Prestige on 23k?

(22-05-2016 04:34pm)Good shot Wrote:  Yes I took the dealer contribution and then paid off after 6 months. This was 3 years ago and perhaps they have changed the T&C's. I guess it depends how much they want your business at any particular time. Think the interest rate on the PCP then was 6.5%.

Just thinking of trading in the Evoque maybe for a new RSS. Anyone any idea on what I could reasonably expect on PX on a 2013 Prestige on 23k?

Some Good Articles here

http://www.thecarexpert.co.uk/settle-a-pcp-early/

http://www.thecarexpert.co.uk/what-is-de...on-asktce/

Some of the Comments are well worth a Read, Some 300, In All!!!! Which explains things more clearly....

Thanks - clarifies a few things about PCP.