Car finance 0% when it is not 0%

Balooney2000_2

Ive agreed to buy a used car, paid a small deposit and signed the order details. The total cost on order was just over £10k. As this car was at another branch of the dealership I saw no pics so once home went online and looked the car up. To my disappointment the car was shown at a price of £8990 down from £9990. I purchased the car on a 5 year 0% deal (or so I thought). I called the branch I purchased the car from and was told that the £8990 price was the cash price. In order to get the payments down to £165 per month the price was over £10k. Surely this isnt a 0% deal then, surely Ive simply been charged an additional '£1200 interest' in the cost of the car and they are calling it a 0% deal. I never thought I was that stupid until now - Anyone else had this sort of financial mumbo jumbo given to them?

Nodding_Donkey

It's what is known as "mugging you off"

Quentin

If you're still in the cooling off period then you know what to do!

AdrianC

You agreed to pay £10k for a car that you'd not even seen a photo of.

When you went home and did some research to see what you'd actually bought, you found that it was being advertised elsewhere at a lower price than you'd already agreed on. That's usually called "buyer's remorse".

If the price you agreed was £10k, and you're paying £10k over time with zero interest being added, then that's 0%APR finance. £165 x 60 months = £9,900.

(You're really paying for a used car over five years...?)

kmb500

I'm confused, are you saying you spend a £10000 on a car you have never seen? wow.

scd3scd4

Let me have a stab............one of the large Car Giants or White City types.

AdrianC

scd3scd4 wrote: »

Let me have a stab............one of the large Car Giants or White City types.

Could be any multi-site dealer chain, although most would at least have photos on their stock computer.

(My money's on Arnold)

motorguy

Balooney2000 wrote: »

Ive agreed to buy a used car, paid a small deposit and signed the order details. The total cost on order was just over £10k. As this car was at another branch of the dealership I saw no pics so once home went online and looked the car up. To my disappointment the car was shown at a price of £8990 down from £9990. I purchased the car on a 5 year 0% deal (or so I thought). I called the branch I purchased the car from and was told that the £8990 price was the cash price. In order to get the payments down to £165 per month the price was over £10k. Surely this isnt a 0% deal then, surely Ive simply been charged an additional '£1200 interest' in the cost of the car and they are calling it a 0% deal. I never thought I was that stupid until now - Anyone else had this sort of financial mumbo jumbo given to them?

I think they're wholly in the wrong in doing that. I would call trading standards as i dont think legally you can quote one price with 0% finance and another (lesser) price without it.

They wont fight your specific corner on it, but it will alert them to the dealer doing it.

AdrianC

motorguy wrote: »

I would call trading standards as i dont think legally you can quote one price with 0% finance and another (lesser) price without it.

They didn't.

They offered the car to the OP for £10k, which was accepted. They then applied for - and got - 0% finance.

There's nothing to stop the car being advertised for a different price elsewhere. I'm sure 0% finance would have been available if the OP had agreed to pay £9k for it, too.

motorguy

AdrianC wrote: »

They didn't.

They offered the car to the OP for £10k, which was accepted. They then applied for - and got - 0% finance.

There's nothing to stop the car being advertised for a different price elsewhere. I'm sure 0% finance would have been available if the OP had agreed to pay £9k for it, too.

Thats not what the O/P said though is it?

It seems you can buy the car at £9,995 and get 0% finance OR buy the same car off the same dealer for £8,995 without 0% finance.

I would have thought that would be worth querying through TS as to the legitimacy.

Shaka_Zulu

Why do folk do their research after parting with their money and not before?

Fool and their money........?