2 new Renault Clio's from Arnold Clark

Leanne1812

Hello forum,

Today my hubby and I took our new driver son to our local AC garage to see if he was interested in a new Clio they had rang to tell me was on promotion. Purchase price £6995 for a 1.2 16v Extreme model. Hubby like it so much he has signed up for one for us too!! I was not happy to trade our Audi A6 (55 plate, got £9000 trade in) which had unfortunately depreciated by over £7000 in just over a year! However, it will be cheaper to run, repair etc as hubby keeps trying to tell me.........

My query is ...................

Son's car purchase price £6834, £395 extra for metallic paint. Total price inc road tax and reg fee is £7350. Deposit £3000. He is financing £4350 over 3 years at a monthly cost of £142.22, the final payment in the last month is £341.22. Now, according to my sums that means he will pay back £5318.92. AC have told me if we pay off the deal one month early we will not have to pay the large final payment, just the usual £142 if we pay early. I doubt I could get that in writing as the salesperson spoke as if it was a secret she shouldn't be telling me. They told me the deal is a flat rate of 5.9 interest and would not say APR as that's not the way they work apparently..........I have phoned and asked them to clarify this rate and it was gobbledegook to me so I am wondering if any of you clever mathematicians out there can tell me if we'd be better going to the bank for a loan or sticking with this deal?

Please, please don't tell me to advise him against a new car as he has saved hard and can afford the monthly repayments, I just need to know if this deal is ok or crap!

Many thanks in advance

Leanne

1984ReturnsForReal_2

Thats more like 14% Apr

http://www.moneymadeclear.fsa.gov.uk/tools.aspx?Tool=loan_calculator

asbokid

Leanne1812 wrote: »

Please, please don't tell me to advise him against a new car as he has saved hard and can afford the monthly repayments, I just need to know if this deal is ok or crap! Many thanks in advance Leanne

What do you mean your son has saved hard and can afford to buy the car on credit?! If he saved a bit harder and for a bit longer, he could buy the damn thing outright!

harveybobbles

It's true about avoiding the final payment. I always tell my customers about that bit! Phone up one month before the end and get a settlement. Which will be one monthly payment only.

molerat

By "not saying the APR" they are breaking the law, but that is just typical of Arnold Shark.

Leanne1812

asbokid wrote: »

What do you mean your son has saved hard and can afford to buy the car on credit?! If he saved a bit harder and for a bit longer, he could buy the damn thing outright!

Don't be such a killjoy! If you read my post you'll see that he has saved £3000. If he was to try and save another 4 grand it would take over a year and he wants to be independent and I want to cease being an unpaid taxi driver!:o

Silk

Hi Leanne,
First of all I wouldn't be dealing ith AC myself to buy a loaf of bread let alone a new car from after some of the horor stories I've heard and read about. My advice is go to another Renault dealer tell them what you have been quoted and ask them if they can do any better.
As Molerat said earlier they are breaking the law by not telling you the APR

Bowdyjan18

I can't understand why hubby traded in the A6.

Inactive

Bowdyjan18 wrote: »

I can't understand why hubby traded in the A6.

Nor me, especially for a bl00dy Renault of all things.

goldspanners

Leanne1812 wrote: »

I was not happy to trade our Audi A6 (55 plate, got £9000 trade in)

i would rather have half of the a6 than 2 clios

Inactive

goldspanners wrote: »

i would rather have half of the a6 than 2 clios

Same here..