User Tag List

Thanks Thanks:  0
Likes Likes:  0
Page 1 of 2 12 LastLast
Results 1 to 10 of 11

Thread: Buying car advice required..

  1. #1
    Regular Member Gr4eme's Avatar
    Join Date
    Feb 2007
    Location
    Durham
    Problems Posted
    0
    Problems Solved
    0
    Best Answers
    0
    Good Answers
    0
    Post Thanks / Like
    Mentioned
    0 Post(s)
    Tagged
    0 Thread(s)
    Vehicle InfoStats





    Default Buying car advice required..

    my son wo lives in Coventry has just bought a mini from a bmw dealer, he was told by the salesman thet the apr rate was 6.5%. He put £3 grand of his own money down as a deposit and took the remainder of the balance over 3 years finance, he picked up his car last friday after he signed the credit aggreement and other forms, etc. He has just checked over the forms and found that he has been charged 16.5% apr and he's bouncing and feels that he has been conned.

    so is there anything he can do about it. does he have any cooling off period etc.

    all advice welcome..

  2. #2
    Regular Member Geo77's Avatar
    Join Date
    Sep 2009
    Location
    North Yorkshire
    Problems Posted
    0
    Problems Solved
    0
    Best Answers
    0
    Good Answers
    0
    Post Thanks / Like
    Mentioned
    0 Post(s)
    Tagged
    0 Thread(s)
    Vehicle InfoStats





    Default

    I am pretty sure he is legally entitled to a 7 day cooling off period!!

    It should be mentioned in his paperwork somewhere.

  3. #3
    Regular Member Gr4eme's Avatar
    Join Date
    Feb 2007
    Location
    Durham
    Problems Posted
    0
    Problems Solved
    0
    Best Answers
    0
    Good Answers
    0
    Post Thanks / Like
    Mentioned
    0 Post(s)
    Tagged
    0 Thread(s)
    Vehicle InfoStats





    Default

    Quote Originally Posted by Geo77 View Post
    I am pretty sure he is legally entitled to a 7 day cooling off period!!

    It should be mentioned in his paperwork somewhere.

    just been googling cooling off period, if you sign on the dealers premises you loose your cooling off period.

    so thats that option gone

  4. #4
    Regular Member KTM Chris's Avatar
    Join Date
    Nov 2007
    Location
    North Lincolnshire
    Problems Posted
    0
    Problems Solved
    0
    Best Answers
    0
    Good Answers
    0
    Post Thanks / Like
    Mentioned
    0 Post(s)
    Tagged
    0 Thread(s)
    Vehicle InfoStats





    Default

    Are you sure he wasn't quoted a flat rate of 6.5% which has equated to an apr of 16.5%? I'm not sure how you calculate the difference between the two, but it's an old 'trick' to quote flat rates and it's up to the buyer to make sure they get the apr so they can make a fair comparison to other loans.

    To be honest, I think he's stuffed if he's signed forms that state 16.5% Any arguement with the dealer will be dismissed on the grounds of a signed agreement versus an alleged conversation, I'm afraid. If I were him, I'd look to get a personal loan from the bank/building society and pay off the loan. Just look at total amount payable on both loans to compare whether it's worth it or not.

  5. #5
    Regular Member Gregg's Avatar
    Join Date
    Aug 2007
    Location
    Great Wyrley
    Problems Posted
    0
    Problems Solved
    0
    Best Answers
    0
    Good Answers
    0
    Post Thanks / Like
    Mentioned
    0 Post(s)
    Tagged
    0 Thread(s)
    Vehicle InfoStats





    Default

    Quote Originally Posted by KTM Chris View Post
    Are you sure he wasn't quoted a flat rate of 6.5% which has equated to an apr of 16.5%? I'm not sure how you calculate the difference between the two, but it's an old 'trick' to quote flat rates and it's up to the buyer to make sure they get the apr so they can make a fair comparison to other loans.

    To be honest, I think he's stuffed if he's signed forms that state 16.5% Any arguement with the dealer will be dismissed on the grounds of a signed agreement versus an alleged conversation, I'm afraid. If I were him, I'd look to get a personal loan from the bank/building society and pay off the loan. Just look at total amount payable on both loans to compare whether it's worth it or not.
    Pretty much what i was going to add

  6. #6
    Regular Member Gr4eme's Avatar
    Join Date
    Feb 2007
    Location
    Durham
    Problems Posted
    0
    Problems Solved
    0
    Best Answers
    0
    Good Answers
    0
    Post Thanks / Like
    Mentioned
    0 Post(s)
    Tagged
    0 Thread(s)
    Vehicle InfoStats





    Default

    Quote Originally Posted by KTM Chris View Post
    Are you sure he wasn't quoted a flat rate of 6.5% which has equated to an apr of 16.5%? I'm not sure how you calculate the difference between the two, but it's an old 'trick' to quote flat rates and it's up to the buyer to make sure they get the apr so they can make a fair comparison to other loans.

    To be honest, I think he's stuffed if he's signed forms that state 16.5% Any arguement with the dealer will be dismissed on the grounds of a signed agreement versus an alleged conversation, I'm afraid. If I were him, I'd look to get a personal loan from the bank/building society and pay off the loan. Just look at total amount payable on both loans to compare whether it's worth it or not.
    yup exactly what happened,the 6.5% was flat rate which turned out to be 13.1%apr, never mind the damage is done now, he's not the first to be took in and he certainly wont be the last, a lesson learned, maybe the hard way but he has learned and wont be so quick to sign on the dotted line in future without fully reading everything. A loan maybe an option

  7. #7
    VIP-Member Johnsdutton's Avatar
    Join Date
    Jul 2007
    Location
    East Kilbride
    Problems Posted
    0
    Problems Solved
    0
    Best Answers
    0
    Good Answers
    0
    Post Thanks / Like
    Mentioned
    0 Post(s)
    Tagged
    0 Thread(s)
    Vehicle InfoStats

    Vehicle : Signum

    Trim : Elite

    Engine : 3.2 v6

    Year : 2004

    Mileage : 110,000

    Default

    Bank loans are extortionate at the moment, still worth asking though. Remember there will be an early redemption clause on the existing loan, so check that out as it may prove to be even more expensive.
    3.2 v6 Signum and loving it

    http://www.freewebs.com/johnsdutton/

  8. #8
    Regular Member Boy Lard's Avatar
    Join Date
    Feb 2008
    Location
    Derby
    Problems Posted
    0
    Problems Solved
    0
    Best Answers
    0
    Good Answers
    0
    Post Thanks / Like
    Mentioned
    0 Post(s)
    Tagged
    0 Thread(s)
    Vehicle InfoStats





    Default

    Quote Originally Posted by Johnsdutton View Post
    Bank loans are extortionate at the moment, still worth asking though. Remember there will be an early redemption clause on the existing loan, so check that out as it may prove to be even more expensive.
    I'm not sure their is a redemption clause on car finance now as I don't think they are allowed. As long as one payment is made the finance can then be cleared. I could be wrong tho

  9. #9
    Regular Member
    Join Date
    Jun 2009
    Location
    doncaster
    Problems Posted
    0
    Problems Solved
    0
    Best Answers
    0
    Good Answers
    0
    Post Thanks / Like
    Mentioned
    0 Post(s)
    Tagged
    0 Thread(s)
    Vehicle InfoStats





    Default

    Thats what happens when you buy anything BMW related!

  10. #10
    Regular Member Dan_BlackSRi's Avatar
    Join Date
    Aug 2008
    Location
    Lancashire
    Problems Posted
    0
    Problems Solved
    0
    Best Answers
    0
    Good Answers
    0
    Post Thanks / Like
    Mentioned
    0 Post(s)
    Tagged
    0 Thread(s)
    Vehicle InfoStats

    Vehicle : Vectra SRi

    Trim : XP NAV

    Engine : 1.9 CDTi 150

    Year : 2007

    Default

    Quote Originally Posted by bat30 View Post
    Thats what happens when you buy anything BMW related!
    Hardly... nothing to do with "BMW", just the way car finance works I'm afraid

Page 1 of 2 12 LastLast

Thread Information

Users Browsing this Thread

There are currently 1 users browsing this thread. (0 members and 1 guests)

Similar Threads

  1. Weather has finally got us to look at a 4x4 - buying advice required
    By the_wave_rider in forum General Motoring Chat
    Replies: 78
    Last Post: 5th February 2013, 15:07
  2. Buying new computer help required
    By Gr4eme in forum The 'Off Topic' room
    Replies: 15
    Last Post: 16th November 2008, 23:40
  3. 2.0T buying advice
    By pricey in forum Petrol Engine related
    Replies: 9
    Last Post: 14th August 2007, 15:20
  4. Advice on buying new car
    By bandrew in forum Vectra C / Signum Car Chat
    Replies: 0
    Last Post: 19th December 2006, 15:13
  5. GSi Vs Sri Buying advice required please!
    By jam in forum Vectra C / Signum Car Chat
    Replies: 27
    Last Post: 28th October 2005, 19:46

Visitors found this page by searching for:

Nobody landed on this page from a search engine, yet!

Bookmarks

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •