Milo Posted August 31, 2012 Report Share Posted August 31, 2012 You know the story. I had given up before the call from out the blue! Someone had a target to hit I think Link to comment Share on other sites More sharing options...
Scotty Posted August 31, 2012 Report Share Posted August 31, 2012 Good job. I never considered going for the finance option to get money off and then paying it off. I did that once with double glazing too! I got around 12-13% off list (IIRC) but that was 3 years ago so I'm not sure if the markets tougher or easier now. I too showed them the best deal I could find and got them to match it. Link to comment Share on other sites More sharing options...
Booster Posted August 31, 2012 Report Share Posted August 31, 2012 Once the deal is done, it doesn't matter when you pay off the finance. If the dealer tells you that you have to make one, two or three payments before you pay it off, they are talking nonsense. Once you have made three payments they don't get their finance commission back-debited! Since the changes in 2011, if you pay it off within 30 days, they are only allowed to charge you a nominal rate of interest that will work out at about £2 per day!! Link to comment Share on other sites More sharing options...
Milo Posted August 31, 2012 Report Share Posted August 31, 2012 Since the changes in 2011, if you pay it off within 30 days, they are only allowed to charge you a nominal rate of interest that will work out at about £2 per day!! Haha, he failed to mention that The minimum finance I could take was 50% so that's what I've done. In order to keep the interest payments at a minimum if I decide to let it run for a couple of months before clearing it, I've gone for the smallest balloon and the shortest time so the balloon is something like £3200 over 24 months making the payments £830 ish I think he said. I wasn't listening to be honest. It worked out at around £50/month interest. He admitted most people settle up and trouser the finance contribution. I don't feel guilty though, it's all money to me. Link to comment Share on other sites More sharing options...
Ian_C Posted August 31, 2012 Report Share Posted August 31, 2012 Once the deal is done, it doesn't matter when you pay off the finance. If the dealer tells you that you have to make one, two or three payments before you pay it off, they are talking nonsense. Once you have made three payments they don't get their finance commission back-debited!Since the changes in 2011, if you pay it off within 30 days, they are only allowed to charge you a nominal rate of interest that will work out at about £2 per day!! Interesting Booster, settling after a week wouldn't incur any huge charges like it would on a mortgage then - regardless of whether finance is arranged by the dealer or someone like your good self? I openly admit I know jack squat about car finance - I've never bought a car on finance - but its something I am mulling over. If I want to get in touch should I drop you a pm and include my email? Cheers Link to comment Share on other sites More sharing options...
Booster Posted August 31, 2012 Report Share Posted August 31, 2012 Yes mate. But I would feel violated if you used me just for the 30 day cooling off period! Link to comment Share on other sites More sharing options...
Ian_C Posted August 31, 2012 Report Share Posted August 31, 2012 A 30 day 'cooling off period' like all the 14 day cooling off periods that are required under FSA rules on any type of insurance policy? (but no thats not what I have in mind haha!) Link to comment Share on other sites More sharing options...
Milo Posted August 31, 2012 Report Share Posted August 31, 2012 Yes mate. But I would feel violated if you used me just for the 30 day cooling off period! I was upront with saleman and said I had no intention of letting the finance run its course and it was he who volunteered the info that lots of people settled and it was his idea to take the smallest balloon/shortest time to reduce any potential interest. If it means he gets a bonus rather than the dealership, I might let it run for 3 months as it's only costing me £50/month interest. Link to comment Share on other sites More sharing options...
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