Settling finance deal to get extras

JamesN

Hi 

I’m looking at buying a car from a Seat main dealer. I want to pay for it outright but they’ve got an offer on where if you take finance then you get 2 free services, 2 years warranty and 2 years mot cover. 

I can’t get this paying cash outright so the plan is to get the minimum amount of finance possible to get the deal and then pay it off. 

I’m struggling to find terms and conditions but could I settle it in the same week or would I need to wait a certain period before settling to keep the benefits?

Thanks

Goudy

I am sure you can pay it off anytime to keep the benefits, but ring Seat finance first and ask 0370 333 4446.
The salesman might suggest you wait a few months, until they get their kickback, which is fair enough if they've mentioned this sort of thing to you, it's win win for both.

What model are you buying?
The Arona, Ateca and Tarraco all have 0% finance anyway.
In the past I've taken 0% deals and stuck the cash in a interest paying account, then paid it off gradually out of that. The interest alone has paid a payment or two over the life of the loan.

On another note, have you visited a Seat franchised dealer or Seat UK themselves?
Seat UK have a few offices spread around places like shopping centres, there's one at Lakeside and Westfield and I'm sure at other shopping centres around the country.
When I recently considered an Ibiza, they offered better discounts than the franchised. They also seemed to get earlier slots on factory builds.

JamesN

Goudy said:

I am sure you can pay it off anytime to keep the benefits, but ring Seat finance first and ask 0370 333 4446.
The salesman might suggest you wait a few months, until they get their kickback, which is fair enough if they've mentioned this sort of thing to you, it's win win for both.

What model are you buying?
The Arona, Ateca and Tarraco all have 0% finance anyway.
In the past I've taken 0% deals and stuck the cash in a interest paying account, then paid it off gradually out of that. The interest alone has paid a payment or two over the life of the loan.

On another note, have you visited a Seat franchised dealer or Seat UK themselves?
Seat UK have a few offices spread around places like shopping centres, there's one at Lakeside and Westfield and I'm sure at other shopping centres around the country.
When I recently considered an Ibiza, they offered better discounts than the franchised. They also seemed to get earlier slots on factory builds.

Thanks Goudy!

Looking at getting an Alhambra so it’s 8.3% finance. To be fair it’s a really good deal already. I’ve been looking for a while and it’s the best I’ve found. 

I’ll give the finance company a call. 

Cheers for your help!

DrEskimo

Finance company will tell you there is a minimum period as well, but it's not true. Dealer told me 3months, finance said 6months...just make up any old number. 

I settled mine after 2weeks and kept all the benefits (deposit contribution and 2 services). 

You may want to take out the minimum possible, then pay it very low and let it run a few months if you want to.

Nuggy96

Check your terms and conditions but at the bottom you should have a ‘right of withdrawal’ which means you can withdraw from the finance within 14 days and so you have 28 days to stump up the 100% cash. You then keep the incentives due to EU law. You pay like 2-3 days interest which is like £10-20

Dr_Crypto

Yeah I’ve done this before (not with Seat) but I checked with the salesman how many payments were needed to get his commission. 

Nuggy96

Honestly, car salesman make commission without the finance deal, so its either your money or their profit, hard world but true

J_B

We bought used Nissan and Fiat cars from the main dealer last year using their in-house finance packages

Nissan - 2 free services & 12 months warranty - cannot be repaid for 6 months

Fiat - 12 months warranty - can be repaid immediately

Mercdriver

Nuggy96 said:

Honestly, car salesman make commission without the finance deal, so its either your money or their profit, hard world but true

while that may be true, don't expect to get a great deal from them next time around.  At some point they will be aware that you break terms early.  There's not a great deal of profit in the actual act of selling cars because of our wish to get the most for part ex and pay the least we can to purchase.  Therefore commission will be pretty low on pure purchase terms.  

Jonathan_Powell

Mercdriver said:

Nuggy96 said:

Honestly, car salesman make commission without the finance deal, so its either your money or their profit, hard world but true

while that may be true, don't expect to get a great deal from them next time around.  At some point they will be aware that you break terms early.  There's not a great deal of profit in the actual act of selling cars because of our wish to get the most for part ex and pay the least we can to purchase.  Therefore commission will be pretty low on pure purchase terms.  

How many times are you buying a car for them to see or care about a pattern? Besides, in order to avoid any penalties you have to settle within 14 days so that there is no way you ca do the salesman a favour and save your money at the same time. 

Dr_Crypto

Depends on the deal in question, surely? What’s the actual cost difference between settling at d1 and a few months down the line? A question for the individual but I’d be inclined to keep the salesman onside especially if you like the marque and are likely to buy another car from them.