£4k Hire Purchase Fee!

motorguy

blacksta wrote: »

Another minus for car leasing. Majority dont know or understand what they are getting into. all they want is a brand new toy.

+1

I have a relative who was just about to change her 3 year old Yaris with 15k miles on it for a new one to avail of an offer for £500 of free petrol.

On top of the £6000 depreciation she would face on the new car over the next three years, the deal was only on offer if you took out the finance with the car. She was going to buy cash but was happy to take out the finance to get this £500 of 'free' petrol. The interest charges were coming to £2500!!!!

PLUS they were giving her buttons for her trade in.

She was literally about to sign on the line when i read over what was happening.

motorguy

dan83 wrote: »

he also told me that I'd pay an 8% APR where I'm in fact paying 14.97%.

Are you sure he didnt say 8% flat rate? Thats a common tactic by salesmen..

blacksta

pgilc1 wrote: »

+1

I have a relative who was just about to change her 3 year old Yaris with 15k miles on it for a new one to avail of an offer for £500 of free petrol.

On top of the £6000 depreciation she would face on the new car over the next three years, the deal was only on offer if you took out the finance with the car. She was going to buy cash but was happy to take out the finance to get this £500 of 'free' petrol. The interest charges were coming to £2500!!!!

PLUS they were giving her buttons for her trade in.

She was literally about to sign on the line when i read over what was happening.

Are you serious - :mad:

Homersimpson

pgilc1 wrote: »

Are you sure he didnt say 8% flat rate? Thats a common tactic by salesmen..

I got screwed on that once and when I realised cancelled the agreement and took out a bank loan instead, saved a packet of the term of the loan.

motorguy

blacksta wrote: »

Are you serious - :mad:

Yup. Very Serious.

She was mortified when she realised how stupid she'd nearly been