jacknelle Posted February 23, 2008 Report Share Posted February 23, 2008 Hi, haven't posted for a long time but I have a query that I hope someone can help with. I've just done a deal on an Edition 30 at my local VW dealership, having part-ex'd my 05 GTI. Having haggled what I thought was a reasonable (is there such a thing?) part-ex, the dealer gave me a quote for VW finance. The finance deal didn't sound too great - the dealer avoided my questions about the charge for credit and the APR which I'm quite annoyed about. Anyway I signed the order form (and part-ex bit) and was told that I needed to come in later on in the week to sign the finance paperwork. When I returned home I did a few calculations of my own and it appears that the finance I am being offered is extremely poor - basically the charge for credit is £3.5k more than if I get a personal loan I intend to do just this - get a loan instead. So, on to my question. Presumably I am not obliged to take up the VW finance deal, and can just settle the balance with my personal loan? I haven't signed any financial paperwork. I'm just concerned that the dealer may think he has a right to cry foul having negotiated the part-ex etc under the premise that I would be taking their finance as well. Please someone put my mind at rest so that I can just simply look forward to receiving my new car in about a months time. Cheers. Link to comment Share on other sites More sharing options...
gb110430 Posted February 23, 2008 Report Share Posted February 23, 2008 well if they said that to you tell them ull go elsewhere , ure in charge mate not the salesman Link to comment Share on other sites More sharing options...
Nelson_R32 Posted February 23, 2008 Report Share Posted February 23, 2008 Go to your Dealer and say you wish to take out the BMW Alphera 3.1% APR finance deal currently being offered. They will probably say they know nothng of it, but stand your ground. 3.1% is cost so maybe allot them to add .2% to that for there margins but you'll have a great deal either way Link to comment Share on other sites More sharing options...
gb110430 Posted February 23, 2008 Report Share Posted February 23, 2008 what is actually the BMW Alphera 3.1% APR deal?? Link to comment Share on other sites More sharing options...
Nelson_R32 Posted February 23, 2008 Report Share Posted February 23, 2008 Exactly what it says on the tin. 3.1% APR Hire Purchase Alphera is the finance company, which is owned by BMW Link to comment Share on other sites More sharing options...
sidicks Posted February 23, 2008 Report Share Posted February 23, 2008 [ QUOTE ] Exactly what it says on the tin. 3.1% APR Hire Purchase Alphera is the finance company, which is owned by BMW [/ QUOTE ] Why would a Finance Company like Alphera run a loss making finance deal? Sidicks Link to comment Share on other sites More sharing options...
JonnyGTi Posted February 24, 2008 Report Share Posted February 24, 2008 [ QUOTE ] I haven't signed any financial paperwork. I'm just concerned that the dealer may think he has a right to cry foul having negotiated the part-ex etc under the premise that I would be taking their finance as well. Cheers. [/ QUOTE ] You're probably best talking to the dealership again, and tell them you're not happy with the finance deal. Do a bit of research and show them some comparison finance deals. Hopefully they will improve the terms. Alternatively you can take out your own PCP or Low Payment Plan - see first link below). You can get these online. Ones I've used before are : http://www.car-finance.net/ http://www.vwbestbuys.co.uk/top-five-special-offers.html (look at the R32 special offer here !!) http://www.cars4charities.co.uk/search_r...&model=GOLF You have no reason to be concerned if you hav'nt signed the finance forms - you may have verbally accepted the part-ex deal but that is always subject to finance - afterall, what if VW finance turned down your credit application. At the end of the day the lowest APR is what you should be looking for - but if you want low monthly payments then PCP or Lease Purchase are good options (but slightly higher APR's than a loan) Link to comment Share on other sites More sharing options...
gb110430 Posted February 24, 2008 Report Share Posted February 24, 2008 ummm pcp is not the best...... Link to comment Share on other sites More sharing options...
JonnyGTi Posted February 24, 2008 Report Share Posted February 24, 2008 [ QUOTE ] ummm pcp is not the best...... [/ QUOTE ] it depends on the APR Link to comment Share on other sites More sharing options...
gb110430 Posted February 24, 2008 Report Share Posted February 24, 2008 fair cop apr comes into it but overall pcp is not the best finance agreemnet Link to comment Share on other sites More sharing options...
JonnyGTi Posted February 24, 2008 Report Share Posted February 24, 2008 which do you recommend then ? .... APR is what it's all about Link to comment Share on other sites More sharing options...
gb110430 Posted February 24, 2008 Report Share Posted February 24, 2008 balanced payment....... no other way..... Link to comment Share on other sites More sharing options...
Nelson_R32 Posted February 24, 2008 Report Share Posted February 24, 2008 [ QUOTE ] [ QUOTE ] Exactly what it says on the tin. 3.1% APR Hire Purchase Alphera is the finance company, which is owned by BMW [/ QUOTE ] Why would a Finance Company like Alphera run a loss making finance deal? Sidicks [/ QUOTE ] Because money is 'borrowed' years/months in advance. Alphera must've borrowed that money from the bank months ago when everything was low Link to comment Share on other sites More sharing options...
gb110430 Posted February 24, 2008 Report Share Posted February 24, 2008 so how do we get this offer nelson. do we ring aplhera direct Link to comment Share on other sites More sharing options...
sidicks Posted February 24, 2008 Report Share Posted February 24, 2008 [ QUOTE ] balanced payment....... no other way..... [/ QUOTE ] Unsubstantiated (and inaccurate) comments like this are unhelpful!! Your comment simply doesn't make sense - clearly the best finance option is very dependant on the personal circumstances. APR is the best way to work out whether you have a good deal or not, and PCPs will work out more 'expensive' (i.e. total cost of finance) than a straightforward loan with the same APR and tenor, due to the interest being paid on the ballon payment. However, if you don't want to own the vehicle (and can construct the PCP so as to protect your deposit which can then be used on another PCP deal when the current deal ends) and / or want to reduce the monthly payments to allow you to afford a more expensive car than would otherwise possible with a straight loan, then PCP is probably more appropriate. sidicks Link to comment Share on other sites More sharing options...
gb110430 Posted February 24, 2008 Report Share Posted February 24, 2008 i agree Link to comment Share on other sites More sharing options...
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