Car finance acceptance.

BugsyBrowne

Pinkphoenix wrote: »

Wish I'd known they were sub-prime otherwise I would've gone somewhere else...

The car is 4700, after my deposit (£500) I'm paying £100 per month over 48 months. (give or take a few pennies...)

I've just spoken to them again, (I phoned as it's a nightmare to get a return call) and they said that the finance company emailed the acceptance late Saturday pm. EH are just waiting for the company to fax over the documents before they can arrange delivery.

The chap I've just spoken to anticipates that they will have the documents by Mon lunchtime... and car to be ready for Tue.

The car 4.7k and you are paying say £100 per month over 48 months means they are not charging you interest then.
What have they said your fixed rate is? also do you know what finance company you are dealing with called?
They must have mentioned what rate they are giving you ,or have you read everything on the agreement.

Pinkphoenix

Sorry, my previous message was badly worded. The total cost of car is £4700. So after my deposit only £4200 is being financed.

They company they are using is Santander.

I have yet to see an agreement. I was told on Friday they put my details into computer to see if it was approved and after it is they send me the paperwork to check and sign. i have been approved according to salesman but agreement has yet to be faxed over.

Just typing this makes me realise how dumb i've been. Must take someone financially intelligent with me next time i buy a car!

BugsyBrowne

Pinkphoenix wrote: »

Sorry, my previous message was badly worded. The total cost of car is £4700. So after my deposit only £4200 is being financed.

They company they are using is Santander.

I have yet to see an agreement. I was told on Friday they put my details into computer to see if it was approved and after it is they send me the paperwork to check and sign. i have been approved according to salesman but agreement has yet to be faxed over.

Just typing this makes me realise how dumb i've been. Must take someone financially intelligent with me next time i buy a car!

Well 1 bit of good news would be that Santander are financing your car,which means their rate would be very good.

Make sure it is defiantly Santander as well, as companies like these normally promote their finance products with the big lenders and low rates.

Your sums still don't work out though that you are only paying £600 interest on a 4.2k car,even Santander could not even come close to that figure!

Pinkphoenix

Lol your right! Just rechecked the basic notes the salesman gave me.

Finances is def with Santander, I saw that bit on their computer screen and its £111.44 over 54 months. Just worked out the total i'll be repaying! wow! that includes GAP insurance though.

Still doesn't seem right that they'd give an emailed approval and then not send agreement straight over.

When i queried this with salesman he said it's because he mistakenly put my living status as renting rather than home-owner so Santander queried it?

I'm soooooooooo confused! I just really like this car so I hope it all works out well.

BugsyBrowne

Pinkphoenix wrote: »

Lol your right! Just rechecked the basic notes the salesman gave me.

Finances is def with Santander, I saw that bit on their computer screen and its £111.44 over 54 months. Just worked out the total i'll be repaying! wow! that includes GAP insurance though.

Still doesn't seem right that they'd give an emailed approval and then not send agreement straight over.

When i queried this with salesman he said it's because he mistakenly put my living status as renting rather than home-owner so Santander queried it?

I'm soooooooooo confused! I just really like this car so I hope it all works out well.

Yeah that seems very high interest to me,unless you have bad credit you may want to have a word.

nelly12

star-fire wrote: »

Yeah that seems very high interest to me,unless you have bad credit you may want to have a word.

That looks to me like a competitive rate. £4200 left to pay for car, pay another £300 for GAP gives a flat rate of roughly 7.5% flat. Looking on moneysupermarket that's a decent rate.

I just hate people on here who spout off without quoting facts. Dealer offers a rate which is guarenteed, do you see any of the banks doing that???? All subject to status which allows them to do what they want. OP it's not a bad deal for such a small amoount of credit. (In my humble opinion but what do I know I only ever post to help and not to de-cry)

Kaz2008

I thought it sounded a good rate too.

paulmcerlean

Its not a great rate for Santander. It is around 15% APR. My car finance is with them at 8.9% APR and a flat rate of around 4% through a main dealer.

In terms of time to get paperwork, Santander can be like that. Took 3 days for them to fax the paperwork to my dealer despite the dealer knowing within a minute of putting through the proposal, that it was approved.

nelly12

paulmcerlean wrote: »

Its not a great rate for Santander. It is around 15% APR. My car finance is with them at 8.9% APR and a flat rate of around 4% through a main dealer.

In terms of time to get paperwork, Santander can be like that. Took 3 days for them to fax the paperwork to my dealer despite the dealer knowing within a minute of putting through the proposal, that it was approved.

Just worked it out assuming a balance of £4500 and fees of £300 and it works out circa 6.25% Flat and an APR of 14.9%.

Not bad at all for a low amount of credit.

Just checked and your comment above (in red) seems is very inaccurate. The dealer gets the docs with the acceptance everytime. All automated online, no faxing involved. Sounds like dealers not being truthful.

nelly12

star-fire wrote: »

I was on here trying to help you dirty little pri*k, and I came to the conclusion that 4.2k loan with 1.8k interest was more than 15%:mad::mad:

I was trying to help and have a lot of experience in this area. There was absolutley no need to reply to comments I made on different threads with offensive language. It shows your mentality.

To anyone else reading this please do not be confused because someone has 1000's of posts (including many that are derogatory, rude and based on an opinion and not fact or law). End of rant!

And obviously you didn't read the OP's posts as there was a GAP policy. I used a finance house calculator to work my figures out and didn't pick figures out of the air.