Can I return a new car back to dealership

LandyAndy

flea72 wrote: »

from what you are saying, its only this first months payment you cant afford, so im assuming as of month 2, the payments wont be so high. its just that in the first month, they tend to take a larger payment to cover admin fees, etc?

So as of next month, you can afford the car? Not that im condoning using an overdraft, but in reality its a small amount that you are short, and you should be able to pay that back over a few months

But tbh, if you cant find £50 a month extra for a car, then your income must be pretty tight already, so why buy such an expensive car?

Flea

£300 per month for 48 months = £14,400.:eek: For someone who can't get a credit card and can't find £100 in a hurry.

markelock

no, remember originally it was approx £250 over 60 months, £15k!!!

LandyAndy

markelock wrote: »

no, remember originally it was approx £250 over 60 months, £15k!!!

:rotfl: :rotfl:

Bargain now then.

I wonder what the sticker price was?

My 'fag packet' calcs reckon £12000 for a 10% interest rate, £11000 at 15% or £10000 @20%.

That's an expensive car for someone with no money.

standupguy

LandyAndy wrote: »

£300 per month for 48 months = £14,400.:eek: For someone who can't get a credit card and can't find £100 in a hurry.

It looks like Markelock and yourself have misread the post or are unclear how front end arrangement or documentation fees work on finance agreements.

The first payment on HP agreements includes a documentation fee of usually between £125 and £175 on average - this is added to the first monthly payment which in this case adds up to £300.
So, The normal monthly payment will be around £150 to £175pm?

So a much cheaper car than what your fag packet calculations tell you?

Landyandy, if you cannot offer any constructive suggestions to those less experienced than yourself in financial matters it may be best to move on to another post where you can offer something of worth?

LandyAndy

standupguy wrote: »

It looks like Markelock and yourself have misread the post or are unclear how front end arrangement or documentation fees work on finance agreements.

The first payment on HP agreements includes a documentation fee of usually between £125 and £175 on average - this is added to the first monthly payment which in this case adds up to £300.
So, The normal monthly payment will be around £150 to £175pm?

So a much cheaper car than what your fag packet calculations tell you?

Landyandy, if you cannot offer any constructive suggestions to those less experienced than yourself in financial matters it may be best to move on to another post where you can offer something of worth?

If you've no money and no credit, don't buy a depreciating asset on finance you can't afford.

I think that is worthwhile advice.

Keith

LandyAndy wrote: »

If you've no money and no credit, don't buy a depreciating asset on finance you can't afford.

I think that is worthwhile advice.

I completely agree.

LandyAndy

standupguy wrote: »

It looks like Markelock and yourself have misread the post or are unclear how front end arrangement or documentation fees work on finance agreements.

The first payment on HP agreements includes a documentation fee of usually between £125 and £175 on average - this is added to the first monthly payment which in this case adds up to £300.
So, The normal monthly payment will be around £150 to £175pm?

So a much cheaper car than what your fag packet calculations tell you?

Landyandy, if you cannot offer any constructive suggestions to those less experienced than yourself in financial matters it may be best to move on to another post where you can offer something of worth?

£175 x 48 = £8400.

Sticker price: £5750 @ 20%apr, £6250 @ 15%, £6800 @ 10%.

You could still get a decent car for half that (or, if you are anewman, a tenth of that;) ).

iB1

Is there a 14 day cool-off period on the finance agreement or something like that?

LandyAndy

iB1 wrote: »

Is there a 14 day cool-off period on the finance agreement or something like that?

I think it depends where it was signed, hence the questions in some earlier posts.

Scuttsy

I my experience the first payment is usually due to an initial set up fee going out with the first payment. The finance companies I deal with will often agree to spread this "doc fee" as it's known over the course of the agreement rather than in one lump sum upfront. over a 4 year areement this increases each monthly payment by just over £3 and will hopefully make it more affordable. Well worth asking about if you can.