Won’t sell me car as I don’t want finance 19 October 2019 at 10:33PM edited 30 November -1 at 1:00AM in Motoring 69 replies 4.1K views

motorguy

Le_Kirk wrote: »

.......... and changes his dealer every time he gets this obstructive attitude.

As is his prerogative to do so.

There is a commonly held belief that a dealer must "shift metal" and has to sell a car at ANY price. Not so. They will wait on the right deal with the right margins. Fire sale-ing every car out the door is recipe for not having a business down the line.

Also, these days there is almost no loyalty among end customers. A small number, yes, but not many. Not enough for it to be worth doing "preferential" deals to keep them.

No loyalty among buyers has created an environment where theres no loyalty among dealers to customers either.

alembicbassman

The FCA is turning the screw on car finance so the dealers are going to have to find other ways of making the margins work.

PCPs could be the next credit crunch.

DevilsAdvocate1

EmmaH337 wrote: »

Thanks for the speedy replies all.

BoGoF, Aylesbury, Voyager - Yes of course. That was never the issue.

Supersons - The best they could offer was a reduction from 10.9% or 11.9% down to 7.9% over 36 months minimum. Way too high when I am lucky enough to have the cash in bank.

Motorguy - as above, yes of course. That was not an issue.

Konark - Of course...
I’ve been looking for a particular car for a little while now, it’s quite rare; nothing on the big sites like Autotrader, motorpoint etc aside from this one. I’ve saved up for a long time and now I’m ready to buy I was actually really happy it was only 70 miles away!

Apologies - judging by the replies, I’ve not made the salient points at all clear.

A car clearly advertised as for sale with a cash price is actually only available on a high rate of finance.
I’d assume that would be contravening some regulation and that’s why the dealer has told me it had been sold once they found I wasn’t interested in taking their finance.

Of course I’m annoyed that I’ve been lied to, I’ll get over that, but it can’t be right what they’ve done and are still doing.

I think there might be something. When I've asked for a discount if I pay in cash a few garages have told me that they can't be seen to treat cash customers differently to finance ones.

Kim_kim

No deposit was left on the car - I suspect the dealer sold to the first person who wanted to complete the purchase.
As you hadn’t paid a deposit they had no way of knowing if you would actually turn up and then actually buy,

motorguy

alembicbassman wrote: »

The FCA is turning the screw on car finance so the dealers are going to have to find other ways of making the margins work.

PCPs could be the next credit crunch.

They're not in any way "turning the screw" on car finance. They're looking at ways to help ensure a better deal for consumers. They are not clamping down on finance.

Your second paragraph doesnt make sense at all - you're presumably confusing the phrase "mis-selling scandal" and "credit crunch" - two totally different events.

There is no mis-selling aspect to PCP that will envoke a massive com-pen-say-shun frenzy. If there was, the FCA would have been all over it after their two year investigation. They werent.

motorguy

DevilsAdvocate1 wrote: »

I think there might be something. When I've asked for a discount if I pay in cash a few garages have told me that they can't be seen to treat cash customers differently to finance ones.

Why on earth would you get a discount if you paid with cash? :eek:

That dates back to the 1970s when Arthur Daley types could take a cash payment and keep it off the books and save on VAT and Tax. Still happens with (some) tradesmen now.

Do you really want to be encouraging those behaviours?

k6chris

DFS are not a sofa company, they are a finance company that uses sofas as a reason for their customers to enter a finance contract with them. With 85% of all new cars being financed, so are car companies. Same for mobile phones etc. Welcome to 2019.

Car_54

k6chris wrote: »

DFS are not a sofa company, they are a finance company that uses sofas as a reason for their customers to enter a finance contract with them. With 85% of all new cars being financed, so are car companies. Same for mobile phones etc. Welcome to 2019.

Nothing new there. About 50 years ago the CEO of Ford UK pointed out the obvious: “We’re not in business to make cars. We're in business to make money.”

alembicbassman

Mis-selling of PCP deals is being looked into:

https://www.confused.com/car-finance/finance-options/car-finance-mis-selling-scandal

motorguy

alembicbassman wrote: »

Mis-selling of PCP deals is being looked into:

https://www.confused.com/car-finance/finance-options/car-finance-mis-selling-scandal

Thats a non story to be honest.

Its a bit of click bait and other than bandy around a few acronyms for dramatic effect, theres nothing there that says PCP deals are being "looked in to" by anyone other than ambulance chasing lawyers hoping for a quick buck - and in the nigh on 40 years of PCP selling, noone has made it stick.