Large finance deal agreed and then subsequently refused!!!!

BigJonny

Strider590 wrote: »

You did, because you said £500 deposit

When ordering a car which requires a build from Mercedes (and I believe this is similar with them all), the process is to pay a £500 deposit which secures your 'build slot'.

The finance is then arranged in a manner agreed - lets say you are putting £20k deposit in. Once the car is ready, you pay the remaining £19.5k and the remainder is the finance

motorguy

Strider590 wrote: »

About 60k worth of finance? I'd say you were bonkers in the first place.......

People who can afford a 60k run around, they don't use finance. The rest are just pretending.......

So you would rather lay out £60K of your hard earned than roll the depreciation into a single monthly payment?

The ways some of these PCP deals are structured, it can be more cost effective to finance it than to buy it.

Do you think Alan Sugar lays down £1/3 million when he buys his new RR?

motorguy

Strider590 wrote: »

You did, because you said £500 deposit

The deposit to have the car built will be different to the finance deposit.

motorguy

spacey2012 wrote: »

This is the other end of the deposit argument.
If the garage is refusing to honour the contract, they should return the full deposit .
Invoice them, LBA them, sue them.

I agree. Its not like the buyer has changed his mind about buying the car.

Strider590

BigJonny wrote: »

When ordering a car which requires a build from Mercedes (and I believe this is similar with them all), the process is to pay a £500 deposit which secures your 'build slot'.

The finance is then arranged in a manner agreed - lets say you are putting £20k deposit in. Once the car is ready, you pay the remaining £19.5k and the remainder is the finance

There are few people who'd do that......

The really well off, are well off because they're sensible with money, they don't buy stuff on finance or credit.

The people who do, generally have lot's of other debt and wouldn't have a large chunk of cash to drop down on a car anyway.

Even if they did have that cash, cash is different, it's physical, it's harder to throw away on trivial things, I can't see someone shelling out £20k of cash on something they won't actually own.


There are always exceptions, but the whole system (which most people fall into) is designed to make the rich even richer by creating this illusion that perceived material wealth can buy social class. In truth it just keeps us all poor and them all super stinking rich.

neilmcl

Strider590 wrote: »

The really well off, are well off because they're sensible with money, they don't buy stuff on finance or credit.

If you really believe that it's always cheaper to pay in cash (if you have it) rather than finance or because it's the "sensible" option then you really don't understand how car finance works or the concept of depreciating assets.

pelirocco

Strider590 wrote: »

There are few people who'd do that......

The really well off, are well off because they're sensible with money, they don't buy stuff on finance or credit.

The people who do, generally have lot's of other debt and wouldn't have a large chunk of cash to drop down on a car anyway.

Even if they did have that cash, cash is different, it's physical, it's harder to throw away on trivial things, I can't see someone shelling out £20k of cash on something they won't actually own.


There are always exceptions, but the whole system (which most people fall into) is designed to make the rich even richer by creating this illusion that perceived material wealth can buy social class. In truth it just keeps us all poor and them all super stinking rich.

And why wont they own it?

fivetide

Strider590 wrote: »

You did, because you said £500 deposit

As said, he didn't at all chap. The car has a 6 month build time. Who hands over £££££'s for that long and has it sat in MB's account rather than their own?

They might have it in an investment portfolio or anything. You can't jump to conclusions on this one I'm afraid.

Strider590

pelirocco wrote: »

And why wont they own it?

Because if I lost my job, the bank wouldn't be coming to get their car back.

And erm.... The banks share isn't the bit that depreciates.

anotherbaldrick

If I was him I would do just nothing, worst come to the worst he might loose 500nicks deposit, but he has saved £20 K in not suffering the first years depreciation.

Depreciation index


Year 0Year 1Year 2Year 3Year 4Mercedes-Benz S-Class Saloon S350L CDI BlueTEC . Deprcn. £65,440£41,653£34,077£27,700£22,114