countrywide
Joined: 16 Sep 2007
Location: Sunny South Coast
Posts: 1473
 
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It was a little confusing if you have a small brain like me.
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 Mon Jul 07 2008 5:45pm |
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eddtheduck
Joined: 14 Mar 2006
Location: Norwich
Posts: 160
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There's loads of special non-HP finance deals out there at the moment and if you are sad like me and you put the numbers into a spreadsheet your outgoings for your situation all work out the same (and I bet LR know this only too well). In my and NDs case having the same type and age of trade in the losses are about 900-950 spent per month over 2 years assuming you walk away from the car at the end of the deal
I too thought of this deal but instead traded in my 06SE for a fat cheque, a monthly payment on a 12000 mile/y PCP and a Stornoway 2008.5 HSE  . The payments are big but much less than my first one and I've upgraded. The cash earns the same per month offsetting my mortgage as the interest LR would charge me but I have the cash in the bank  . Again a 0% deal in different clothing.
As far as applying for credit is concerned they mess with your mind - whatever you choose it will work out roughly the same. HP is the most expensive way of doing it and you are tied to the car or forced to try to sell it at the end should you not want to carry on owning the car.
What you must spend time on is screwing the price down hugely from list for these deals and use several dealers but don't play one against the other unless they invite it. I recommend Dan from Marshalls in Cambridge. 2008.5 D3 HSE, Stornoway, Ebony
2007 BMW 335iSE - lust for speed satisfied
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| Mon Jul 07 2008 5:54pm |
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AndrewS
Tarquin of the Desert
Joined: 06 May 2005
Location: Earth
Posts: 5993
 
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NoDo$h wrote:Yeah, should have it in time for the next SE meet.
Thats nice you will be able to park it next to all the other silver ones   For use of a 4x4 site and driver training pm me 
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| Mon Jul 07 2008 6:00pm |
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NoDo$h
Joined: 02 May 2006
Location: Dodging peanuts
Posts: 5925
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countrywide wrote:It was a little confusing if you have a small brain like me.
On my present contract I've written a 36 page guide on producing financial promotions that are clear and compliant with FSA and OFT regs. Even I had to read the ad twice!  Going, going...... Gone!
Carbon footprint? I neither know nor give a damn
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| Mon Jul 07 2008 6:00pm |
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countrywide
Joined: 16 Sep 2007
Location: Sunny South Coast
Posts: 1473
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eddtheduck wrote:What you must spend time on is screwing the price down hugely from list for these deals and use several dealers but don't play one against the other unless they invite it. I recommend Dan from Marshalls in Cambridge.
If your only interested in the lowest price then playing one off against another is a common tactic, which I have used myself. The other thing about PCP is that after 50% of the contract paments you can get out of it without additonal penalty, so on a 2 year deal you can get out after 12 months. They don't like it but it is a standard clause which they have to adopt (apparently).
My sister in law does it to change her car every 18 months
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| Mon Jul 07 2008 6:03pm |
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NoDo$h
Joined: 02 May 2006
Location: Dodging peanuts
Posts: 5925
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AndrewS wrote:Thats nice you will be able to park it next to all the other silver ones
Yeah, I know. Thought crossed my mind but I've done blue, Ken, Slimer and Character have white (and I'm NOT going to be accused of copying any of them!!!), and black is for......
No! Not another black vs silver thread! This thread is to tell the world that Dom and I have both bought cars at Yeovil and that the price was goooooooood!
 Going, going...... Gone!
Carbon footprint? I neither know nor give a damn
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| Mon Jul 07 2008 6:11pm |
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NoDo$h
Joined: 02 May 2006
Location: Dodging peanuts
Posts: 5925
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countrywide wrote:The other thing about PCP is that after 50% of the contract paments you can get out of it without additonal penalty, so on a 2 year deal you can get out after 12 months. They don't like it but it is a standard clause which they have to adopt (apparently).
Yup, although it's 50% of the total amount payable including deposit and all credit charges rather than 50% of the term. In these uncertain times where your car value may be less than the settlement it's well worth knowing that  Going, going...... Gone!
Carbon footprint? I neither know nor give a damn
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| Mon Jul 07 2008 6:16pm |
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RichieP
Joined: 19 Sep 2006
Location: Reading
Posts: 209
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Hey (Glad your ok Al )
I'm confused....
Are you saying that if I've paid 50% of the total contract value on the Ford Credit hire pruchase price I HAVE to be able to return the car with no more to pay.
Do I undertand this correct - I cannot see this in the small print? Richard......
2006 HSE Lugano Teal - with screens a DVD....PS2.... Freeview, 2 Aux Batteries and MANTEC plate!
2007 XS Commercial Java Black - with leather! (mine but I don't get to drive it)
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| Mon Jul 07 2008 6:52pm |
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cmyers_uk
Joined: 10 Apr 2005
Location: Near Bristol, UK
Posts: 248
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Nodo$h,
Congratulations on the new car.
Isnt the problem with this way of doing it that in 24Months you have lost the circa 20K your car is currently worth so this deal is costing around £833 per month less your cash back. And unless you put away £703 per month at the end you dont have the money to do the deal again / balloon payment.
Where as the GS @ A Discovery 3 GS Automatic from just £29,960" your car + £10K over 2 year loan is £450 per month and you have the car at the end of it.
Maths was never my strong point so I may have got this totally wrong but in the past I have found this way of purchasing vehicles whilst great if you are strapped now costs more over the period.
Cheers
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| Mon Jul 07 2008 6:53pm |
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NoDo$h
Joined: 02 May 2006
Location: Dodging peanuts
Posts: 5925
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Richie, it's applicable to all Regulated Hire Purchase and Regulated Conditional Sale agreements. Section 99 of the consumer credit act 1974 (as amended) covers this right. The details are recorded under the section on your agreement entitled "Termination: Your Rights"
There are a number of changes from the 2006 regs that will apply retrospectively to earlier agreements, but all my reference material is at work so won't be able to get too much extra detail until Wednesday. Going, going...... Gone!
Carbon footprint? I neither know nor give a damn
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| Mon Jul 07 2008 7:26pm |
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NoDo$h
Joined: 02 May 2006
Location: Dodging peanuts
Posts: 5925
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CM, the £20k or so my car is currently worth will be about £10-12.5k in two years when it will be about 5 years old and have close on 100,000 miles on it. I'll have also had to put up with 18 months of unwarranted driving or fork out over a grand for extra cover, and will be driving a less economical vehicle. So in real terms the loss of equity in my present vehicle is fairly small. All of us have to change the car at some point and you never make money doing it
An aside; I HATE THIS FERKIN PC AS THE TOUCHPAD MOUSE KEEPS HAVING A "MOMENT" AND HIGHLIGHTING SECTIONS OF TEXT SO THE NEXT KEY I PRESS WIPES EVERYTHING OUT!!!!! ARGH!!!!! 
Right, now to retype the bit I just accidentally deleted 
GS vs SE, you have to remember that the SE costs £10k more list price, so £450 vs £700 is about right. 0% is 0% no matter how you look at it, so it can't cost more by taking your 0% a different way.
Ah bowlocks, nothing personal but I really can't be fagged to retype the lengthy explanation I just accidentally deleted all over again  The gist of it is that I "do" consumer credit as part of my work, I used to be a business manager (finance bod) for a dealership and was part of the team that rolled out Personal Contract Purchase training to Ford dealerships across the UK in the early 1990s. I can tell you that the sums look good for me
Now where's that DiscoCuzzy when you need him? I need a new laptop!!!! Going, going...... Gone!
Carbon footprint? I neither know nor give a damn
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| Mon Jul 07 2008 7:41pm |
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RichieP
Joined: 19 Sep 2006
Location: Reading
Posts: 209
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Ta Al..... My agreement says at the top (NON - REGULATED)
Sorry I not trying to be dum... I'm about to settle the agreement to buy the car (nearly 2 years of a 3 year agreement) but the settlement is quite high and I'm just wondering about options....
May be we should have a chat soon....  Richard......
2006 HSE Lugano Teal - with screens a DVD....PS2.... Freeview, 2 Aux Batteries and MANTEC plate!
2007 XS Commercial Java Black - with leather! (mine but I don't get to drive it)
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| Mon Jul 07 2008 8:02pm |
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eddtheduck
Joined: 14 Mar 2006
Location: Norwich
Posts: 160
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NoDo$h wrote:I used to be a business manager (finance bod) for a dealership and was part of the team that rolled out Personal Contract Purchase training to Ford dealerships across the UK in the early 1990s.
I'll keep my mouth shut 2008.5 D3 HSE, Stornoway, Ebony
2007 BMW 335iSE - lust for speed satisfied
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| Mon Jul 07 2008 8:03pm |
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NoDo$h
Joined: 02 May 2006
Location: Dodging peanuts
Posts: 5925
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No need for that mate  Going, going...... Gone!
Carbon footprint? I neither know nor give a damn
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| Mon Jul 07 2008 8:05pm |
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eddtheduck
Joined: 14 Mar 2006
Location: Norwich
Posts: 160
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I'll be in touch before my next change to see what you're up to - seems as though we are equally willing to help line the pockets of our dealers
Never mind, it's only money and the D3 is the dog's gonads 2008.5 D3 HSE, Stornoway, Ebony
2007 BMW 335iSE - lust for speed satisfied
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| Mon Jul 07 2008 8:10pm |
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