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  • FIRST POST
    • Balooney2000
    • By Balooney2000 5th Sep 17, 2:41 PM
    • 1Posts
    • 0Thanks
    Balooney2000
    Car finance 0% when it is not 0%
    • #1
    • 5th Sep 17, 2:41 PM
    Car finance 0% when it is not 0% 5th Sep 17 at 2:41 PM
    Ive agreed to buy a used car, paid a small deposit and signed the order details. The total cost on order was just over £10k. As this car was at another branch of the dealership I saw no pics so once home went online and looked the car up. To my disappointment the car was shown at a price of £8990 down from £9990. I purchased the car on a 5 year 0% deal (or so I thought). I called the branch I purchased the car from and was told that the £8990 price was the cash price. In order to get the payments down to £165 per month the price was over £10k. Surely this isnt a 0% deal then, surely Ive simply been charged an additional '£1200 interest' in the cost of the car and they are calling it a 0% deal. I never thought I was that stupid until now - Anyone else had this sort of financial mumbo jumbo given to them?
Page 1
    • Nodding Donkey
    • By Nodding Donkey 5th Sep 17, 2:46 PM
    • 2,436 Posts
    • 2,054 Thanks
    Nodding Donkey
    • #2
    • 5th Sep 17, 2:46 PM
    • #2
    • 5th Sep 17, 2:46 PM
    It's what is known as "mugging you off"
    • Quentin
    • By Quentin 5th Sep 17, 2:49 PM
    • 32,808 Posts
    • 16,840 Thanks
    Quentin
    • #3
    • 5th Sep 17, 2:49 PM
    • #3
    • 5th Sep 17, 2:49 PM
    If you're still in the cooling off period then you know what to do!
    • AdrianC
    • By AdrianC 5th Sep 17, 3:01 PM
    • 15,086 Posts
    • 13,405 Thanks
    AdrianC
    • #4
    • 5th Sep 17, 3:01 PM
    • #4
    • 5th Sep 17, 3:01 PM
    You agreed to pay £10k for a car that you'd not even seen a photo of.

    When you went home and did some research to see what you'd actually bought, you found that it was being advertised elsewhere at a lower price than you'd already agreed on. That's usually called "buyer's remorse".

    If the price you agreed was £10k, and you're paying £10k over time with zero interest being added, then that's 0%APR finance. £165 x 60 months = £9,900.

    (You're really paying for a used car over five years...?)
    • kmb500
    • By kmb500 5th Sep 17, 3:15 PM
    • 380 Posts
    • 99 Thanks
    kmb500
    • #5
    • 5th Sep 17, 3:15 PM
    • #5
    • 5th Sep 17, 3:15 PM
    I'm confused, are you saying you spend a £10000 on a car you have never seen? wow.
    • scd3scd4
    • By scd3scd4 5th Sep 17, 3:15 PM
    • 313 Posts
    • 282 Thanks
    scd3scd4
    • #6
    • 5th Sep 17, 3:15 PM
    • #6
    • 5th Sep 17, 3:15 PM
    Let me have a stab............one of the large Car Giants or White City types.
    • AdrianC
    • By AdrianC 5th Sep 17, 3:20 PM
    • 15,086 Posts
    • 13,405 Thanks
    AdrianC
    • #7
    • 5th Sep 17, 3:20 PM
    • #7
    • 5th Sep 17, 3:20 PM
    Let me have a stab............one of the large Car Giants or White City types.
    Originally posted by scd3scd4
    Could be any multi-site dealer chain, although most would at least have photos on their stock computer.

    (My money's on Arnold)
    • motorguy
    • By motorguy 5th Sep 17, 4:57 PM
    • 15,375 Posts
    • 8,782 Thanks
    motorguy
    • #8
    • 5th Sep 17, 4:57 PM
    • #8
    • 5th Sep 17, 4:57 PM
    Ive agreed to buy a used car, paid a small deposit and signed the order details. The total cost on order was just over £10k. As this car was at another branch of the dealership I saw no pics so once home went online and looked the car up. To my disappointment the car was shown at a price of £8990 down from £9990. I purchased the car on a 5 year 0% deal (or so I thought). I called the branch I purchased the car from and was told that the £8990 price was the cash price. In order to get the payments down to £165 per month the price was over £10k. Surely this isnt a 0% deal then, surely Ive simply been charged an additional '£1200 interest' in the cost of the car and they are calling it a 0% deal. I never thought I was that stupid until now - Anyone else had this sort of financial mumbo jumbo given to them?
    Originally posted by Balooney2000
    I think they're wholly in the wrong in doing that. I would call trading standards as i dont think legally you can quote one price with 0% finance and another (lesser) price without it.

    They wont fight your specific corner on it, but it will alert them to the dealer doing it.
    You are not special. You are not a beautiful and unique snowflake.
    • AdrianC
    • By AdrianC 5th Sep 17, 5:00 PM
    • 15,086 Posts
    • 13,405 Thanks
    AdrianC
    • #9
    • 5th Sep 17, 5:00 PM
    • #9
    • 5th Sep 17, 5:00 PM
    I would call trading standards as i dont think legally you can quote one price with 0% finance and another (lesser) price without it.
    Originally posted by motorguy
    They didn't.

    They offered the car to the OP for £10k, which was accepted. They then applied for - and got - 0% finance.

    There's nothing to stop the car being advertised for a different price elsewhere. I'm sure 0% finance would have been available if the OP had agreed to pay £9k for it, too.
    • motorguy
    • By motorguy 5th Sep 17, 5:30 PM
    • 15,375 Posts
    • 8,782 Thanks
    motorguy
    They didn't.

    They offered the car to the OP for £10k, which was accepted. They then applied for - and got - 0% finance.

    There's nothing to stop the car being advertised for a different price elsewhere. I'm sure 0% finance would have been available if the OP had agreed to pay £9k for it, too.
    Originally posted by AdrianC
    Thats not what the O/P said though is it?

    It seems you can buy the car at £9,995 and get 0% finance OR buy the same car off the same dealer for £8,995 without 0% finance.

    I would have thought that would be worth querying through TS as to the legitimacy.
    You are not special. You are not a beautiful and unique snowflake.
    • Shaka_Zulu
    • By Shaka_Zulu 5th Sep 17, 7:55 PM
    • 965 Posts
    • 2,183 Thanks
    Shaka_Zulu
    Why do folk do their research after parting with their money and not before?

    Fool and their money........?
    ‘I’m not in favour of this new-age drippiness’ JRM
    • arcon5
    • By arcon5 5th Sep 17, 8:25 PM
    • 13,020 Posts
    • 8,240 Thanks
    arcon5
    A cash price £1k less than 0% finance price..!!! Definitely not legal. One of the major sofa companies used to do this and TS got involved.

    Quite simply if they offer a lower price for cash then they can't legitimately claim to offer free finance because it's not free
    • motorguy
    • By motorguy 5th Sep 17, 8:33 PM
    • 15,375 Posts
    • 8,782 Thanks
    motorguy
    A cash price £1k less than 0% finance price..!!! Definitely not legal. One of the major sofa companies used to do this and TS got involved.

    Quite simply if they offer a lower price for cash then they can't legitimately claim to offer free finance because it's not free
    Originally posted by arcon5
    That what my thinking - even if i didnt articulate it quite so well as you.
    You are not special. You are not a beautiful and unique snowflake.
    • AdrianC
    • By AdrianC 5th Sep 17, 9:46 PM
    • 15,086 Posts
    • 13,405 Thanks
    AdrianC
    Of course, there's always the "Oh, umm, what's the first excuse can we think of?" possibility, when challenged over why it was advertised elsewhere for a lower price than had just been agreed.
    • Mobeer
    • By Mobeer 6th Sep 17, 1:28 PM
    • 1,696 Posts
    • 4,369 Thanks
    Mobeer
    What have you got in writing? Only being able to claim that a salesman said something is very little evidence to work with.
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