Car buying finance question

As @AndrewP says, you have a 14 day cooling off period which is known as the right of withdrawal period. You are legally entitled to sign up for the finance and settle it within the 14 day period. You will incur a daily interest charge which is typical between 60p and £2 per day depending on the amount of borrowing.

If they are saying they will only sell on finance, i reckon they have very little profit in the car and are hoping the finance commission will top up the profit. When you settle within the 14 days the finance company will debit back any commission they have given the dealer. The dealer cannot come back to you for any redress so no need to worry.

I dont know what you are buying but if it is a unique car then cannot see the harm in doing the finance and paying straight off. If it is run of the mill, tell him to fuck off.
 


Langleyparkmackem said:
As @AndrewP says, you have a 14 day cooling off period which is known as the right of withdrawal period. You are legally entitled to sign up for the finance and settle it within the 14 day period. You will incur a daily interest charge which is typical between 60p and £2 per day depending on the amount of borrowing.

If they are saying they will only sell on finance, i reckon they have very little profit in the car and are hoping the finance commission will top up the profit. When you settle within the 14 days the finance company will debit back any commission they have given the dealer. The dealer cannot come back to you for any redress so no need to worry.

I dont know what you are buying but if it is a unique car then cannot see the harm in doing the finance and paying straight off. If it is run of the mill, tell him to fuck off.
Click to expand...
Just quite a bit cheaper than anything else similar
 
AndrewP said:
If you want to cancel a credit agreement, the Consumer Credit Act gives you a 14-day cooling-off period to cancel the agreement.



The £99 is optional. They lied to me too and I couldn't be bothered to argue as the overall price was good.
Click to expand...
What's the name of this dealer? The daughter is looking for a car.
 
Langleyparkmackem said:
As @AndrewP says, you have a 14 day cooling off period which is known as the right of withdrawal period. You are legally entitled to sign up for the finance and settle it within the 14 day period. You will incur a daily interest charge which is typical between 60p and £2 per day depending on the amount of borrowing.

If they are saying they will only sell on finance, i reckon they have very little profit in the car and are hoping the finance commission will top up the profit. When you settle within the 14 days the finance company will debit back any commission they have given the dealer. The dealer cannot come back to you for any redress so no need to worry.

I dont know what you are buying but if it is a unique car then cannot see the harm in doing the finance and paying straight off. If it is run of the mill, tell him to fuck off.
Click to expand...
Some dealers are telling you to take finance and giving money off and saying to pay off in full and you click the the discount.
 
Johnnyh said:
Some dealers are telling you to take finance and giving money off and saying to pay off in full and you click the the discount.
Click to expand...

No they don't tell you. You take the finance with all the discounts/service they offer. Then in 14 days settle with the finance company for next to bugger all interest with all your extras intact.
 
zinedine said:
What's the name of this dealer? The daughter is looking for a car.
Click to expand...
Motorpoint

foggy said:
No they don't tell you. You take the finance with all the discounts/service they offer. Then in 14 days settle with the finance company for next to bugger all interest with all your extras intact.
Click to expand...
Within 14 days mate. You can do it the next day if you want. Leave it until after 14 days and there may be penalties.

Johnnyh said:
Some dealers are telling you to take finance and giving money off and saying to pay off in full and you click the the discount.
Click to expand...
Can't understand why they would say that. Their finance commission is lost as soon as you cancel the finance.
 
AndrewP said:
Motorpoint


Within 14 days mate. You can do it the next day if you want. Leave it until after 14 days and there may be penalties.


Can't understand why they would say that. Their finance commission is lost as soon as you cancel the finance.
Click to expand...
Was in Motorpoint the other week, they were hammering the PCP route, also their own insurance policy thing
 
foggy said:
No they don't tell you. You take the finance with all the discounts/service they offer. Then in 14 days settle with the finance company for next to bugger all interest with all your extras intact.
Click to expand...
Sorry but I was. The salesman and finance manager told me to take the finance package and pay it off it would save me £500 off my new Range Rover that’s definitely what happened. I declined they couldn’t understand why I wouldn’t saying loads were doing it. Thought it was dishonest. Fact. Also was offered it on our second car a month ago on a new Ford Focus. Fact

AndrewP said:
Motorpoint


Within 14 days mate. You can do it the next day if you want. Leave it until after 14 days and there may be penalties.


Can't understand why they would say that. Their finance commission is lost as soon as you cancel the finance.
Click to expand...
The finance guy was trying his best to get me to take it on a new Range Rover and then pay it of within a few days and couldn’t understand why I wouldn’t want to click £500 had two go ‘s at me about it. Apparently they haven’t realised they’re getting ripped off as was honestly offered the same off a ford dealer recently. I know it doesn’t make sense but it’s still out there.
 
Last edited:
AndrewP said:
Motorpoint


Within 14 days mate. You can do it the next day if you want. Leave it until after 14 days and there may be penalties.

Yeah that's what I meant Mr Lewis ;)


Can't understand why they would say that. Their finance commission is lost as soon as you cancel the finance.
Click to expand...
 
Hooky said:
I bought a car through SEAT where they gave you 2 years free servicing if you took finance - I took it, as soon as the credit agreement came through went to the Finance website, got a settlement figure which came in a couple of days, put the money into a bank account with my reference on it. Got a letter through about a week later saying all done. Was dead easy.
Click to expand...
How much was on the settlement figure?
 
Might be all different. I got a grand off for taking finance, salesmen wasn't bothered when i said i was only doing it for the discount.
I'm sure i had to pay one month's interest to end it.
 
burro nunn said:
Might be all different. I got a grand off for taking finance, salesmen wasn't bothered when i said i was only doing it for the discount.
I'm sure i had to pay one month's interest to end it.
Click to expand...
No kidding salesman and finance manager more than encouraged me to do it.
 
I sell new cars and you get a bigger discount if you take finance than if you oay cash.

If it works out better for the customer I will tell them to take the finance and then cancel and they click. If they dont use it, I cannot have it so they might as well.
 

Back
Top