UBM Posted February 16, 2005 Report Share Posted February 16, 2005 OK - the last two A4's I bought I've traded in my previous A4 and used an independent (Egg) loan to finance the car, so it is a private sale and fully owned by me (providing I keep up the repayments). I currently have a 5 year loan and if I fancied buying another new car, what would you advise. Some of the options I've considered are : 1. Same as before - trade in current car and increase loan; 2. Sell car privately, pay off loan and use Audi finance; 3. Trade-in old car, keep current Egg loan and use Audi finance to make up the deficit; 4. Sell old car to the stealer, use money to pay off loan and use Audi finance to fully finance a new car. Audi finance only seem to have two policies for private users. I kinda fancied paying the deposit and three years payments then instead of making a final payment, trading the car in for another? Thoughts please.... Link to comment Share on other sites More sharing options...
Phantom Posted February 16, 2005 Report Share Posted February 16, 2005 I guess everyone's situation is different, but I went with Audi Finance, 4 year PCP with a final payment. As I am on a high mileage I hope to trade mine in early next year and hopefully get another cab. Would like to wait for the A5 to come out but my mileage would be above 100k by then ! Link to comment Share on other sites More sharing options...
bearra Posted February 16, 2005 Report Share Posted February 16, 2005 DM I wouldn't pay off current loan unless redemption free. Sell privately if you can, gonna save a grand or two. Audi finance matched my cahoot offer (APR) just to get the business! I did what your on about £20K deposit, £18.5K finance, Audi will pretty much taylor what ever you want, just need to talk to the finance guy in the dealer. Link to comment Share on other sites More sharing options...
yen77 Posted February 16, 2005 Report Share Posted February 16, 2005 I looked into the PCP by Audi and it wasn't very appealing. APR was almost into the 15% range. To finance my car with Audi over 3 yrs, I was going to have to pay about £450 a month and have about 9K to pay off at the end of it. Personal loan over 4 yrs (I'm paying just under half the total by cash), 6% APR with smile.co.uk and the only fees for early redemption are 2 months interest. With the personal loan, I end up paying less each month and I don't end up with a lumpsum of 9K at the end. You're always better off selling privately. Just make sure you do not sell to any S African person. I had some 'woman' enquiring about my old audi, offering more than my asking price, saying didn't care what state the car was in, etc. Turned out, because she didn't respond quickly enough, i sold the car to someone else. A few weeks later, a cheque arrives from one of the african states for like 12 K or something. I didn't know what to do with it as I'd deleted her details by this time, so I cashed it in. Turned out the cheque initially cleared for the first few days, then was phoned up by the bank saying the cheque was a dud. Apparently there's some kind of syndicate whereby they send you a cheque which clears initially, they arrange for someone to pick your car up and voila... by the time the cheque bounces, they have your car and the legal rights to it and you have no way of tracing them. Link to comment Share on other sites More sharing options...
bearra Posted February 16, 2005 Report Share Posted February 16, 2005 That's pretty scary Ven, never heard that before, could you claim off insurance if you actually gave the car away thinking they'd paid? Link to comment Share on other sites More sharing options...
steve2 Posted February 16, 2005 Report Share Posted February 16, 2005 [ QUOTE ] I looked into the PCP by Audi and it wasn't very appealing. APR was almost into the 15% range. To finance my car with Audi over 3 yrs, I was going to have to pay about £450 a month and have about 9K to pay off at the end of it. Personal loan over 4 yrs (I'm paying just under half the total by cash), 6% APR with smile.co.uk and the only fees for early redemption are 2 months interest. With the personal loan, I end up paying less each month and I don't end up with a lumpsum of 9K at the end. You're always better off selling privately. Just make sure you do not sell to any S African person. I had some 'woman' enquiring about my old audi, offering more than my asking price, saying didn't care what state the car was in, etc. Turned out, because she didn't respond quickly enough, i sold the car to someone else. A few weeks later, a cheque arrives from one of the african states for like 12 K or something. I didn't know what to do with it as I'd deleted her details by this time, so I cashed it in. Turned out the cheque initially cleared for the first few days, then was phoned up by the bank saying the cheque was a dud. Apparently there's some kind of syndicate whereby they send you a cheque which clears initially, they arrange for someone to pick your car up and voila... by the time the cheque bounces, they have your car and the legal rights to it and you have no way of tracing them. [/ QUOTE ] This has been well documented in the car press, financial press and on TSN, I find it amazing that people believe that someone is willing to pay over the odds for their car and not smell a rat and as for cashing the Cheque!! if you had spent the money your bank would have claimed the money back of you, This also happens to a lot of sellers of cars on Ebay, Be careful when seling Link to comment Share on other sites More sharing options...
UBM Posted February 16, 2005 Author Report Share Posted February 16, 2005 I'm paying 466 pounds per month with Egg at the moment. It is a five year loan, which I've paid a year off already. This includes repayment protection, just in case my job goes pete tong. As I see it, now is not a good time to change. Spent 24k on a brand new A4 last year, and I've been hit for the heavy first year depreciation. My current thinking would be to trade-in the bling mobile against an 04 cab or higher spec car, pay most using the trade-in and 3k savings, and make up the rest with a top-up on my Egg loan...at which point I'd be paying about 600pounds per month... Link to comment Share on other sites More sharing options...
bearra Posted February 16, 2005 Report Share Posted February 16, 2005 Sounds good as long as yout trade in value is good. You could always get some extra money for the half ton of chrome Link to comment Share on other sites More sharing options...
hashluck Posted February 16, 2005 Report Share Posted February 16, 2005 [ QUOTE ] I looked into the PCP by Audi and it wasn't very appealing. APR was almost into the 15% range. To finance my car with Audi over 3 yrs, I was going to have to pay about £450 a month and have about 9K to pay off at the end of it. Personal loan over 4 yrs (I'm paying just under half the total by cash), 6% APR with smile.co.uk and the only fees for early redemption are 2 months interest. With the personal loan, I end up paying less each month and I don't end up with a lumpsum of 9K at the end. [/ QUOTE ] Audi finance will match most other PCP type quotes you get, 15% APR is way higher then it needs to be. You can lower the APR further by doing a lease purchase insteadof a PCP which is much the same but without a guaranteed future value. In the case of a A4 Cab this is much less of a risk for you to take on (without getting silly with the final value) than most other cars. Accept the cost as a monthly rental with a convenient way of changing your vehicle every 2-4 years and it works (but not for everyone). Link to comment Share on other sites More sharing options...
Waylander Posted February 16, 2005 Report Share Posted February 16, 2005 i am basically shifting mine around on 0% deals. got my current bank to increase my overdraft to cover the purchase for 1 week on the understanding that i would pay £8k cash and the rest would be transfered to egg redit card. i have now switched to another CC giving 0% on BTs for a year. Will continue until i cant do this anymore then take out a loan for the residual. In the meantime i have 0% finance in place! Link to comment Share on other sites More sharing options...
Durrsaku Posted February 16, 2005 Report Share Posted February 16, 2005 remind me again what you do for a living?? £600 a month is worth a mortgage mate? what is wrong with your present bling? Link to comment Share on other sites More sharing options...
Phantom Posted February 16, 2005 Report Share Posted February 16, 2005 Hashluck, Did you say you had a finance deal , PCP or otherwise, on your previous cab, what were the implications of getting the S4. I think I remember you saying you switched cars without any increase in your monthly payments ? Did you start a new finance agreement ? Many thanks Link to comment Share on other sites More sharing options...
bearra Posted February 16, 2005 Report Share Posted February 16, 2005 Have a 'Bling and buy sale' sorry, had too much sugar this afternoon Link to comment Share on other sites More sharing options...
Phantom Posted February 16, 2005 Report Share Posted February 16, 2005 Well I guess if he can't get a Cab just yet, I guess he will just have to 'Bling and Bare it', right I will grab my coat Link to comment Share on other sites More sharing options...
bearra Posted February 16, 2005 Report Share Posted February 16, 2005 Link to comment Share on other sites More sharing options...
Sparky Posted February 16, 2005 Report Share Posted February 16, 2005 Taxi for Mark and Berra... Link to comment Share on other sites More sharing options...
Chav Posted February 16, 2005 Report Share Posted February 16, 2005 hi mark, the finance agreement is connected to the car. to swap cars you need a new agreement (with audi finance anyway). its straightforward though. audi finance did cock up my last transfer but they seem ok Link to comment Share on other sites More sharing options...
hashluck Posted February 16, 2005 Report Share Posted February 16, 2005 [ QUOTE ] Hashluck, Did you say you had a finance deal , PCP or otherwise, on your previous cab, what were the implications of getting the S4. I think I remember you saying you switched cars without any increase in your monthly payments ? Did you start a new finance agreement ? Many thanks [/ QUOTE ] Correct. Old agreement had run its course and needed final value paying off which Audi dealer did on trade-in. Balance of car value (hurrah for Cab depreciation)became deposit on S4, kept monthly payment same (but could paid more if I wanted a lower final value) and final value two years is not too scary. Should be £5-£6K equity for next car and so on. Link to comment Share on other sites More sharing options...
Milo Posted February 16, 2005 Report Share Posted February 16, 2005 I came out of a company car scheme and took out finance for all but £500 of the car. I was remortgaging at the time and they let me take an separate loan out purely for the car (£19,600). They knew it was for a car but the girl said she would put it down as "home improvements" as this meant I would get the same deal as my mortage. The rate? 4.29% fixed for 3 years!! The cash equivalent I get more than covers the loan repayment as I took the loan over 6 years (just under £300 per month). I had intended changing the car after 3 years. At that time I will owe approx £10,400. If I wanted to, as long as I could sell the car for that, I can settle up and walk away having not spent a penny of my own on the loan. I would advise anyone with a mortage who has any equity in their property to approach their lender. Even if it goes down as a car loan, you can get a "future reserve" loan and you pay the standard APR for that lender (approx 6% at today's rates). It is a lot more flexible as well - after my fixed rate is up I can settle the loan without any financial penalty whatsoever. When I approached Audi with my figures at the time they quoted 8.9% and almost cried when they saw what my mortage lender had offered. Link to comment Share on other sites More sharing options...
yen77 Posted February 16, 2005 Report Share Posted February 16, 2005 [ QUOTE ] That's pretty scary Ven, never heard that before, could you claim off insurance if you actually gave the car away thinking they'd paid? [/ QUOTE ] Probably not because on paper, you would have signed the V5 and given the keys away... therefore, despite the fact they've stolen the car from you with a dud cheque, they will have legal rights to it. I think it came out on the crimewatch or national news at some stage last year. And I hear there are plenty more scams like this.. Heard about some boat buyers from Dubai or somewhere who send the boat makers here a cheque for 15K instead of 5K, and when they were contacted about it, they said honest mistake, could the makers return the 10K, and then a short while later, the initial cheque bounced. One day, everybody in the whole world will be wicked devious , but someday, they will all burn in hell Link to comment Share on other sites More sharing options...
UBM Posted February 17, 2005 Author Report Share Posted February 17, 2005 [ QUOTE ] remind me again what you do for a living?? £600 a month is worth a mortgage mate? what is wrong with your present bling? [/ QUOTE ] nothing is wrong, but I just can't sit still! I think I need to get myself on the straight and narrow again financially! Link to comment Share on other sites More sharing options...
UBM Posted February 17, 2005 Author Report Share Posted February 17, 2005 [ QUOTE ] Taxi for Mark and Berra... [/ QUOTE ] Cheers Sparky, at least someone has some taste! The Bling and Buy Sale is an old one!, but it doesn't mean I won't have one! Link to comment Share on other sites More sharing options...
Durrsaku Posted February 17, 2005 Report Share Posted February 17, 2005 The reason i said it is cos i have a loan myself for which i pay £200 a month. I understand when you say i cant sit still i have changed 4 cars within 2 years to get to the point of having a car i am happy with. I have enough money left at the end of the month to increase it to about £400 without affecting my life style too much but... Does my tendency to change cars in the spirit of the moment warrant a life sentence? (as this is how it feels for me being in debt for the next 3 years) as you said getting your finances straight is a probably the best option. Please take no offence as i am not telling you what to do but just putting myself into your situation. I guess we all see things differently and have different priorities. Link to comment Share on other sites More sharing options...
UBM Posted February 17, 2005 Author Report Share Posted February 17, 2005 I used to be like you I think - worried about borrowing money. I was always tought "never a lender or a borrower be" - as I'm from Yorkshire! Still, I now feel a little bit of what you fancy does you good! The reason my current loan is so large, I borrowed 10k to purchase my first A4, then topped it up by 7k to purchase my second one, then topped it up again by 9k to get the blingmobile! I've been mulling things over while I'm laid up at home with the flu.... Link to comment Share on other sites More sharing options...
Durrsaku Posted February 17, 2005 Report Share Posted February 17, 2005 yeah you take care of yourself first don't make decisions under the influnence of drugs (paracetamol i mean). Just noticed you come from Royston. My wife was born there and her brother and parents live in Hauxton and Meldreth. Very nice part of the country which i am visiting this weekend. Link to comment Share on other sites More sharing options...
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