Quick car finance/deposit question

1jim

Will give the dealer a call later but wondered if you could give me a heads up

Buying a new car on finance
Existing car will be full deposit and this is listed on the finance quote as such.
Amount of credit = cash price minus the car value for deposit

But dealer has said need to pay £500 for deposit to order the car, I know this is normal but can't see where it comes into play on this quote.

Will obviously check later but has anyone got any thoughts before I give them a call
Cheers

TradePro

Quite often this kind of deposit is refunded when you collect car and sign finance docs etc.

1jim

Yeah thanks mate, not had that before but that's exactly what they are doing :-). On previous purchases the cash went into the deposit but on paperwork this time couldn't see where it had gone, these boards only serve to make me more of a sceptic :-)

Hintza

Can you not use the £500 to just reduce the finance by £500?

1jim

Would rather keep the £500 in the bank, the car we are trading in is acting as full deposit and monthly payments are only £88 so no massive value reducing that further

But actually dealer we ended up using only wanted £100 deposit, will then just add another £200 and that will buy the3 year service plan

TradePro

No worries Jim.

Is it a Kia you have bought?

1jim

Yep, already have a sportage, now just got a picanto for the wife's commute as we both need a fairly reliable car these days