Car finance for early retired person.

Clive_Woody

nifty50plus wrote: »

Just visited a dealership,first one in my list and had an interesting and constructive meeting with the sales manager.
First of all I explained my situation expecting to be shown the door but he said I have sorted this situation before.
So in principle he agreed,he found a way around the usual pitfalls retired people face re finance.
I have the finance print out in front of me and its on pcp with full maintenance for 3 years,a decent mileage allowance and interest at 8.5% but he needs to pass that by his finance manager on Monday tomorrow.
He mentioned the interest rate could be 7.9% -8.9% the 8.5 quoted is a ball park figure.
I told him my part exchange car has a dodgy gear box,his answer its not our problem,it will be off to a carsupermarket within a week.


Only down side was I was not offered a tea or coffee,i told the manager that and he replied you kept me to busy to think about that.


Tomorrow,i will know more.


Thank you all.

Double check that interest rate he quoted is an APR not a flat rate as most car dealers prefer talking flat rates as it sounds much better but the APR works out roughly double (i.e. 8% flat rate is an APR of approximately 16%).

Demand tea and biscuits next time before any negotiations. We are British after all and things should be done properly!!!

nifty50plus

Well I met the finance manager for the dealership group.


Hell,,,he said I do not qualify for any of their credit and gave me a proper grilling.


Anyway it was to do with I was not on the electoral register and I have moved house 5 times in the last 6 years.


He told me how to sort the above out and gave me the use of his computer to contact my present council and solicitor who does all my conveyancing work,after a few print out's its all sorted.


His final statement was,Tea or Coffee at last !.By that time I was in need of something stronger thou.


He asked me not to discuss the fine details of the agreement as it was a one off agreement tailor made for me.


Expecting new car end of October and its not a german.


Oh well back to wallpapering.


James.

nifty50plus

chanz4 wrote: »

this sounds like a vw with a dsg box

Hi,its not a Vw but the car I am getting does have the dsg 6 speed twin clutch but they have now sussed out the fault and its in their technical info,they also have stock of the necessary parts held in the Uk.


otherwise I would not touch the dsg,they are a nice smooth car to drive,although I would never keep it for more than 3 years or 60.000 miles.


James.

nifty50plus

jonesMUFCforever wrote: »

My 2p worth - if you have had problems with a German car under warranty that they cannot fix why on earth are you giving them more of your money for a new car?

Hi,i am not buying german again,i have lost confidence in their ability to carry out investigations.


Their cars are generally very good but after service,warranty work had let me down.


Also repair work after warranty can be costly.

nifty50plus

macman wrote: »

If the dealer has failed to solve the problem over such a long period, then why haven't you escalated it to BMW UK?
A first class recorded delivery letter of complaint is rather cheaper than a new car.

Hi,thanks for the reply.


Believe me all of the above has done,the fault occurred during month 31 of ownership at 39.000 miles.


Its gone now :j well awaiting tracker disconnection at the nice dealer who sold me a new non german car.This morning.

SeanG79

nifty50plus wrote: »

Well I met the finance manager for the dealership group.


Hell,,,he said I do not qualify for any of their credit and gave me a proper grilling.


Anyway it was to do with I was not on the electoral register and I have moved house 5 times in the last 6 years.


He told me how to sort the above out and gave me the use of his computer to contact my present council and solicitor who does all my conveyancing work,after a few print out's its all sorted.


His final statement was,Tea or Coffee at last !.By that time I was in need of something stronger thou.


He asked me not to discuss the fine details of the agreement as it was a one off agreement tailor made for me.


Expecting new car end of October and its not a german.


Oh well back to wallpapering.


James.

Proper salesman pitch...he will have ZERO influence over the underwriter and nothing you did today (emailing the council) will have any impact on whether or not you are approved (councils update the electoral roll quarterly).

The rate speech and a bespoke/tailor-made agreement is also a tactic to increase commission. Again, he has no influence over what an underwriter/underwriting system will approve, he has a certain number of lenders on his panel and can try to match your circumstances to their criteria but that is as far as it goes.

The moving so often will have an impact on your credit file but if the lender can trace your movements at all addresses and you have other credit (loans/credit cards or existing vehicle finance), you are likely to be approved for finance provided the credit searches don't show missed payments, defaults, etc.

chanz4

what you get?