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polyal

Car Finance Rip Off??

16 posts in this topic

my local garage is offering £2000 ( scrappage ? ) towards a new or used car as long as i do it through

a finance company . They say i can then after 14 days pay of the balance if i want too

so theoretically if i buy a £5000 car i borrow £3000 of the finance company..then in

14 days pay off the £3000 in cash i have received £2000 for a vehicle worth

£250 ...so whats the catch

the garage says there isn't one...errrrrm!!

has anyone done this or are they taking the p***

polyal

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You just have to fully read if there are any penalty clause's written into the finance agreement .

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the garage says there's no penalty clauses...so who's soaking up the £2000 ?

me thinks...too good to be true..but worth investigating further

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You will be as the price's for the car are probably top price , which will be their argument for offering 2000 , but it could still be a good deal , and the finance will probably give the garage some thing as well.

i would still double check any agreement.

Long time ago i used to buy on finance and pay it off very quickly , as long as no penalty's it's a very quick way to get your credit score high

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the prices for their cars are not linked to finance or trade ins...they're normal book prices

the finance etc are options..i will post what transpires...i have a meet with the garage

on monday to sort a deal??

ps this dealer is well established and respected...but can any dealer be trusted ??

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It is a good deal, salesman explained it to me all the way through, only I'd save just £250 so not really worth it for me :P

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Well what car are you looking at? I also won't be trading in.

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the garage is a fiat distributor ( am i now banned ) its round the corner ...my endura DE has failed big time

so its £2000 for a 1999 fiesta 35van that wont start....

so it might be fiat here i come

what planet am i on?

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My local Ford Dealer sells Fiat's too so mentioning one is acceptable (just ;) )

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thank you for that...i will definitely look for a f... first ( sh..ush)

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A lot will contribute just to get you through the door. They have a lot to play with in how much they charge. Go over it with a fine comb is my advice, make sure that everything suits really.

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thanks..dead right ( spider to the fly scenario ) ...............top advice for anybody buying a car ( or anything else for that matter )

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I'll be twisting arms tomorrow for a new Fiesta, I'm not looking for finance though so I can probably get this contribution off with a full up-front payment, or at least some of it.

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I looked into buying a Fiesta on finance recently but there were so many catches in the deal I decided to leave till later in the year when I'll have the money buy it outright!

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the main consideration when buying via finance is the APR ( annual percentage rate of interest )

most reputable garages will include this in financial packages they are offering

it might be better taking out a bank loan or some other form of loan at a cheaper APR

paying cash though is the preferred option + you can do a bit of bartering

i didn't get my £2000 because my fiesta happened to be a 35van ( cars only )

but i did do an acceptable deal using cash

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