Deposit Contribution

amyanderson2

ratrace said:

Op, why buy brand new especially if you have the cash new cars lose a lot in the first 3 years, buy somthing the same car thats 3 years old with 30k on the clock and save yourself a good chunk and put that money in savings incase you need it for some repairs. i wouldn't recommend it especially the way jobs are at the moment once furlough is over thats when we will see the real damage. but and the end of the days its upto you its your cash i thought i would give you another perspective.

To be fair thats what i went shopping for 🙈 had my eye set on an 18 plate that was within budget however wasn't all it was cracked up to be then found the new car for £500 dearer (if I take the finance) and I like it more. Didn't go out seeking to buy new. This is going to be my car for a long time, run it into the ground scenario so the loss of value on new isn't all that important to me 😊

amyanderson2

Grumpy_chap said:

Car_54 said:

Grumpy_chap said:

Then, take the deposit allowance (which is from the manufacturer / finance company) 

Not necessarily. When I did this (on an "approved used" car) I got £1,000 from the manufacturer plus £500 from the dealer.

I guess that makes sense.
1. Negotiate the best price to buy the car.
2. Put the best price on finance and qualify for the manufacturer's incentive
3. Negotiate a further discount from the dealer as they now have commission for selling the finance and can share that with the purchaser.

amyanderson2 said:

I have already managed to get £500 off (plus car mats 🙄) so another £1000 on top if I take the finance option. Too good to miss for the sake of what I'm assuming will be a phone call to pay it off? 

On a brand new car, you would normally expect some discount from the list price.  Is the £500 discount from already reduced price for a pre-reg car - you said 20 plate and I guess a lot of factory orders now would be 70 plate.

Without knowing what the car is and what you are paying, no-one on this forum can say whether it is a good deal or not.  For brand new cars, it is relatively easy to see what types of deals should be available using online tools.  The main thing that makes it a good deal, though, is that you are happy with it.

This whole finance thing is quite new, I am not sure how new.  I know we did not do it when we bought my wife's car and I now feel maybe we missed a trick.  Ho Hum.

I don't have much of a clue about buying cars (thankfully step dad knows a thing or 2 so came along) however I am fairly satisfied with the deal offered, would like it to be lower of course but wouldn't we always 😂

AdrianC

amyanderson2 said:

ratrace said:

Op, why buy brand new especially if you have the cash new cars lose a lot in the first 3 years, buy somthing the same car thats 3 years old with 30k on the clock and save yourself a good chunk and put that money in savings incase you need it for some repairs. i wouldn't recommend it especially the way jobs are at the moment once furlough is over thats when we will see the real damage. but and the end of the days its upto you its your cash i thought i would give you another perspective.

To be fair thats what i went shopping for 🙈 had my eye set on an 18 plate that was within budget however wasn't all it was cracked up to be then found the new car for £500 dearer (if I take the finance) and I like it more. Didn't go out seeking to buy new. This is going to be my car for a long time, run it into the ground scenario so the loss of value on new isn't all that important to me 😊

£500 for two years of manufacturer warranty is a good deal...

Grumpy_chap

amyanderson2 said:

had my eye set on an 18 plate that was within budget however wasn't all it was cracked up to be then found the new car for £500 dearer (if I take the finance) and I like it more. Didn't go out seeking to buy new. This is going to be my car for a long time, run it into the ground scenario so the loss of value on new isn't all that important to me 😊

That sounds like an amazing deal!  Hope you are very happy and enjoy your new wheels.:)

It's good that you managed to do that as, sometimes, we have found the "new car sales" and "used car sales" operate almost as totally separate businesses and this does not always work to the customer's best interests.

bigadaj

Car_54 said:

bigadaj said:

MalMonroe said:

The best advice I can give you, if you have a credit card, use that.  Then, if anything at all goes wrong and you hate the car or it breaks down, you can claim all your money back through Section 75. It's a brilliant thing, I bought an old banger that was useless and got all my money back, eventually, plus compensation.

Then you can use your money to just pay off your credit card. 

Do not get finance you do not want. The salesman probably gets commission from the finance company when he sends customers to them. And don't forget that some finance companies will charge you for repaying quickly. If you repay slowly, they'll charge you interest anyway. 

Do what feels best for you, go with your gut. It will never let you down. Don't be persuaded by that salesman's charm! That's what he's there for, to get the most money for himself, not to get a bargain for you.

I have to say that I do not understand that jiggery pokery with £1,000. Are you saying the car is really £2,000 because they're going to refund you £1,000?  Is the car £2k or £3k? It's all a bit confusing. 

And where on earth do you get a new car for that price anyway??? I'll have two at that price, please. 

Whilst it is a good idea to put a deposit onto a credit card then section 75 isn't a panacea. It is legislation that places the card issuer under the same obligations as the retailer so gives an alternative point of redress if things go wrong. 
It's a good thing for the OP to check before the purchase but posts like the above are  misleading and damaging, especialy as that poster hasn't even read the OP properly to understand the actual situation.

Doesn't Section 75 apply to any finance deal, not just credit cards? So the protection would be there in any case.

No reason not to use a credit card, gives another party to pursue if section 75 were to be required. 

Scrapit

bigadaj said:

Car_54 said:

bigadaj said:

MalMonroe said:

The best advice I can give you, if you have a credit card, use that.  Then, if anything at all goes wrong and you hate the car or it breaks down, you can claim all your money back through Section 75. It's a brilliant thing, I bought an old banger that was useless and got all my money back, eventually, plus compensation.

Then you can use your money to just pay off your credit card. 

Do not get finance you do not want. The salesman probably gets commission from the finance company when he sends customers to them. And don't forget that some finance companies will charge you for repaying quickly. If you repay slowly, they'll charge you interest anyway. 

Do what feels best for you, go with your gut. It will never let you down. Don't be persuaded by that salesman's charm! That's what he's there for, to get the most money for himself, not to get a bargain for you.

I have to say that I do not understand that jiggery pokery with £1,000. Are you saying the car is really £2,000 because they're going to refund you £1,000?  Is the car £2k or £3k? It's all a bit confusing. 

And where on earth do you get a new car for that price anyway??? I'll have two at that price, please. 

Whilst it is a good idea to put a deposit onto a credit card then section 75 isn't a panacea. It is legislation that places the card issuer under the same obligations as the retailer so gives an alternative point of redress if things go wrong. 
It's a good thing for the OP to check before the purchase but posts like the above are  misleading and damaging, especialy as that poster hasn't even read the OP properly to understand the actual situation.

Doesn't Section 75 apply to any finance deal, not just credit cards? So the protection would be there in any case.

No reason not to use a credit card, gives another party to pursue if section 75 were to be required. 

Why confuse things? The finace company will have all that in hand.

bigadaj

Scrapit said:

bigadaj said:

Car_54 said:

bigadaj said:

MalMonroe said:

The best advice I can give you, if you have a credit card, use that.  Then, if anything at all goes wrong and you hate the car or it breaks down, you can claim all your money back through Section 75. It's a brilliant thing, I bought an old banger that was useless and got all my money back, eventually, plus compensation.

Then you can use your money to just pay off your credit card. 

Do not get finance you do not want. The salesman probably gets commission from the finance company when he sends customers to them. And don't forget that some finance companies will charge you for repaying quickly. If you repay slowly, they'll charge you interest anyway. 

Do what feels best for you, go with your gut. It will never let you down. Don't be persuaded by that salesman's charm! That's what he's there for, to get the most money for himself, not to get a bargain for you.

I have to say that I do not understand that jiggery pokery with £1,000. Are you saying the car is really £2,000 because they're going to refund you £1,000?  Is the car £2k or £3k? It's all a bit confusing. 

And where on earth do you get a new car for that price anyway??? I'll have two at that price, please. 

Whilst it is a good idea to put a deposit onto a credit card then section 75 isn't a panacea. It is legislation that places the card issuer under the same obligations as the retailer so gives an alternative point of redress if things go wrong. 
It's a good thing for the OP to check before the purchase but posts like the above are  misleading and damaging, especialy as that poster hasn't even read the OP properly to understand the actual situation.

Doesn't Section 75 apply to any finance deal, not just credit cards? So the protection would be there in any case.

No reason not to use a credit card, gives another party to pursue if section 75 were to be required. 

Why confuse things? The finace company will have all that in hand.

Why is it confusing things?It's another party to pursue if things were to go wrong. It may well not be needed, or as we find so often it's only applicable in limited circumstances, it's not an all encompassing warranty or guarantee.
It appears you're the only one that's confused in which case do a bit more research and try and broaden your knowledge.  

Scrapit

bigadaj said:

Scrapit said:

bigadaj said:

Car_54 said:

bigadaj said:

MalMonroe said:

The best advice I can give you, if you have a credit card, use that.  Then, if anything at all goes wrong and you hate the car or it breaks down, you can claim all your money back through Section 75. It's a brilliant thing, I bought an old banger that was useless and got all my money back, eventually, plus compensation.

Then you can use your money to just pay off your credit card. 

Do not get finance you do not want. The salesman probably gets commission from the finance company when he sends customers to them. And don't forget that some finance companies will charge you for repaying quickly. If you repay slowly, they'll charge you interest anyway. 

Do what feels best for you, go with your gut. It will never let you down. Don't be persuaded by that salesman's charm! That's what he's there for, to get the most money for himself, not to get a bargain for you.

I have to say that I do not understand that jiggery pokery with £1,000. Are you saying the car is really £2,000 because they're going to refund you £1,000?  Is the car £2k or £3k? It's all a bit confusing. 

And where on earth do you get a new car for that price anyway??? I'll have two at that price, please. 

Whilst it is a good idea to put a deposit onto a credit card then section 75 isn't a panacea. It is legislation that places the card issuer under the same obligations as the retailer so gives an alternative point of redress if things go wrong. 
It's a good thing for the OP to check before the purchase but posts like the above are  misleading and damaging, especialy as that poster hasn't even read the OP properly to understand the actual situation.

Doesn't Section 75 apply to any finance deal, not just credit cards? So the protection would be there in any case.

No reason not to use a credit card, gives another party to pursue if section 75 were to be required. 

Why confuse things? The finace company will have all that in hand.

Why is it confusing things?It's another party to pursue if things were to go wrong. It may well not be needed, or as we find so often it's only applicable in limited circumstances, it's not an all encompassing warranty or guarantee.
It appears you're the only one that's confused in which case do a bit more research and try and broaden your knowledge.  

What you have written completely confuses things. Who will you do a section 75 claim through? Why would the finance company carrying out a section 75 claim not be successful but a credit card doing the same would? You are introducing 2 points of contact at least. Belt and braces with no need and no advantages.

bigadaj

Scrapit said:

bigadaj said:

Scrapit said:

bigadaj said:

Car_54 said:

bigadaj said:

MalMonroe said:

The best advice I can give you, if you have a credit card, use that.  Then, if anything at all goes wrong and you hate the car or it breaks down, you can claim all your money back through Section 75. It's a brilliant thing, I bought an old banger that was useless and got all my money back, eventually, plus compensation.

Then you can use your money to just pay off your credit card. 

Do not get finance you do not want. The salesman probably gets commission from the finance company when he sends customers to them. And don't forget that some finance companies will charge you for repaying quickly. If you repay slowly, they'll charge you interest anyway. 

Do what feels best for you, go with your gut. It will never let you down. Don't be persuaded by that salesman's charm! That's what he's there for, to get the most money for himself, not to get a bargain for you.

I have to say that I do not understand that jiggery pokery with £1,000. Are you saying the car is really £2,000 because they're going to refund you £1,000?  Is the car £2k or £3k? It's all a bit confusing. 

And where on earth do you get a new car for that price anyway??? I'll have two at that price, please. 

Whilst it is a good idea to put a deposit onto a credit card then section 75 isn't a panacea. It is legislation that places the card issuer under the same obligations as the retailer so gives an alternative point of redress if things go wrong. 
It's a good thing for the OP to check before the purchase but posts like the above are  misleading and damaging, especialy as that poster hasn't even read the OP properly to understand the actual situation.

Doesn't Section 75 apply to any finance deal, not just credit cards? So the protection would be there in any case.

No reason not to use a credit card, gives another party to pursue if section 75 were to be required. 

Why confuse things? The finace company will have all that in hand.

Why is it confusing things?It's another party to pursue if things were to go wrong. It may well not be needed, or as we find so often it's only applicable in limited circumstances, it's not an all encompassing warranty or guarantee.
It appears you're the only one that's confused in which case do a bit more research and try and broaden your knowledge.  

What you have written completely confuses things. Who will you do a section 75 claim through? Why would the finance company carrying out a section 75 claim not be successful but a credit card doing the same would? You are introducing 2 points of contact at least. Belt and braces with no need and no advantages.

It seems to confuse you and no one else, which is telling. Anecdotally on these forums finance companies have a poor reputation in resolving customer issues satisfactorily, and that is generally with finance still in place, not after it's been paid off. CC providers may well respond better, it should be academic on a new car but why not take advantage of something that is effectively free.  

Scrapit

bigadaj said:

Scrapit said:

bigadaj said:

Scrapit said:

bigadaj said:

Car_54 said:

bigadaj said:

MalMonroe said:

The best advice I can give you, if you have a credit card, use that.  Then, if anything at all goes wrong and you hate the car or it breaks down, you can claim all your money back through Section 75. It's a brilliant thing, I bought an old banger that was useless and got all my money back, eventually, plus compensation.

Then you can use your money to just pay off your credit card. 

Do not get finance you do not want. The salesman probably gets commission from the finance company when he sends customers to them. And don't forget that some finance companies will charge you for repaying quickly. If you repay slowly, they'll charge you interest anyway. 

Do what feels best for you, go with your gut. It will never let you down. Don't be persuaded by that salesman's charm! That's what he's there for, to get the most money for himself, not to get a bargain for you.

I have to say that I do not understand that jiggery pokery with £1,000. Are you saying the car is really £2,000 because they're going to refund you £1,000?  Is the car £2k or £3k? It's all a bit confusing. 

And where on earth do you get a new car for that price anyway??? I'll have two at that price, please. 

Whilst it is a good idea to put a deposit onto a credit card then section 75 isn't a panacea. It is legislation that places the card issuer under the same obligations as the retailer so gives an alternative point of redress if things go wrong. 
It's a good thing for the OP to check before the purchase but posts like the above are  misleading and damaging, especialy as that poster hasn't even read the OP properly to understand the actual situation.

Doesn't Section 75 apply to any finance deal, not just credit cards? So the protection would be there in any case.

No reason not to use a credit card, gives another party to pursue if section 75 were to be required. 

Why confuse things? The finace company will have all that in hand.

Why is it confusing things?It's another party to pursue if things were to go wrong. It may well not be needed, or as we find so often it's only applicable in limited circumstances, it's not an all encompassing warranty or guarantee.
It appears you're the only one that's confused in which case do a bit more research and try and broaden your knowledge.  

What you have written completely confuses things. Who will you do a section 75 claim through? Why would the finance company carrying out a section 75 claim not be successful but a credit card doing the same would? You are introducing 2 points of contact at least. Belt and braces with no need and no advantages.

It seems to confuse you and no one else, which is telling. Anecdotally on these forums finance companies have a poor reputation in resolving customer issues satisfactorily, and that is generally with finance still in place, not after it's been paid off. CC providers may well respond better, it should be academic on a new car but why not take advantage of something that is effectively free.  

Section 75 claim is using section 75 of the consumer credit act. The protection offered by this is universal. There aren't better options. Cos its the law. Its as simple as that. Argue all you like but it is what it is.