[Roger]

Hi i had intended paying for my entire purchase using a debit card, my £1000 deposit was on credit card expecting to get protection that way. I understand section 75 only assumes to purchases under £30k so i would not be protected. I dont want to pay the LR finance APR of 6.9% just to get purchase protection however am a little concerned should it all go wrong. Am i being parranoid.

 

[Muddywheels]

I'm paying max deposit and taking finance over shortest period to have protection as it's a small price to pay for peace of mind. If I have no problems I intend to settle finance after about 6 months and will get rebate on interest

 

[Roger]

not a bad idea i think the max deposit they will take on pcp is around 16k. Have you done the math on the amount of intresr you will pay in the 6 months on the balance. I had it in my head it was about £70 a month.

 

[Muddywheels]

No - not done a calc because I'm protecting myself should I get a lemon like some have and feel it's worth the cost. Add to this I'm getting 3% interest keeping money in bank so win win I think.

 

[wardie]

I hadn't considered that "benefit" of using finance (I have one on order, deposit paid on card). Can someone explain please how that helps your consumer rights in the event of a lemon dispute?

 

[Disco Oldenburg]

I'm paying max deposit and taking finance over shortest period to have protection as it's a small price to pay for peace of mind. If I have no problems I intend to settle finance after about 6 months and will get rebate on interest

Hi Muddy,

Is this a particular british legal situation you are referring to, or some part of the finance agreement?
In Germany I suppose paying cash vs finance would be the same situation regarding the purchase/dealer.

Martin

 

[Muddywheels]

Not sure position in Germany but in UK if you buy using finance then finance company are jointly responsible in event of issue so this gives added protection

Using cash your on your own if there's a problem

 

[Disco Oldenburg]

Ok thanks, sounds different to our laws here, at least as far as I know.

Martin

 

[PedroT]

Good morning, I am not sure I understand what set of circumstances would put you way ahead from the cash buyer, by involving taking finance. You pay, say £40,000 and you get a "problem" vehicle, regardless of issues, the car is still going to have a value equivalent to any other vehicle. You may sell or trade for maybe a D4, I still don't really see where the finance company helps you out here!!
Good chance I am missing the obvious, of course.

 

[whitetiger]

Good morning, I am not sure I understand what set of circumstances would put you way ahead from the cash buyer, by involving taking finance. You pay, say £40,000 and you get a "problem" vehicle, regardless of issues, the car is still going to have a value equivalent to any other vehicle. You may sell or trade for maybe a D4, I still don't really see where the finance company helps you out here!!

Good chance I am missing the obvious, of course.

I think they are trying to get the initial paid price of the car as opposed to the resale value.

Regardless the car is under warranty for 3 years. If you have a large amount of problems on the vehicle and good grounds for a refund, do what others have done and get a solicitors letter..

 

[safetyman]

Hi there, just reading you post on paying with cash.

Be careful with PCP scheme, these deals are front-loaded with interest from the start so you might find that paying off the loan in small overpayments is not the best option and can cost more that you expect.
I recently raised a complaint with LRF on this subject which is now an on-going discussion involving the regulator so I can't say to much now.

Safetyman

 

[Hillwalker]

In the past I have found that when I got nowhere just sitting on the forecourt with a large placard listing the car's problems, timescale and garage response does the trick quite effectively.

Have done the same with insurance company too. They really hate it on a busy Saturday.

 

[BlameTheParents]

In the past I have found that when I got nowhere just sitting on the forecourt with a large placard listing the car's problems, timescale and garage response does the trick quite effectively.

Have done the same with insurance company too. They really hate it on a busy Saturday.

takes some big kahunas to do that, hopefully none of us are going to have to resort to that on the MY16DS....

 

[Nick2611]

I work for an auto finance firm and there is some benefit to having them on board. Main reason is that they will have significant influence over the dealership as they will have a significant lending contract in place and the dealership will earn volume bonuses for more units financed. Neither will want a situation where a vehicle is rejected, and the finance company will definitely be on your side if this is even a remote possibility... That said, a lemon is still a lemon... The dealership can either fix it or not....