New car finance, dealership being funny 15 June 2021 at 5:12PM in Loans 20 replies 1.7K views

7Cyanide58

DrEskimo said:

7Cyanide58 said:

DrEskimo said:

The full upfront payment isn't payable until you collect the car, along with the rest of the money from the finance company.

A holding deposit is typically around £500.

Why specifically this one? Is it particularly hard to find? Why would you pick one with so many existing faults, let alone leave £16k for a garage on a car you haven't even test driven....

Top model, full service history, really low miles for a 10 year old car, perfect body condition and really well looked after .

I wanted to put as much money down as possible to lower the overall cost of the finance hence save a little money. 

According to them I couldn't test drive it due to covid, that should have been my first red flag. I didn't check the MOT until i went home, spoke to the Mrs then went back in and told them I want them fixing.

Maybe am a bit naive and definitely foolish for leaving such a high amount.

Yes, reducing the amount you finance is good, but you don't pay that until you collect. You leave a small holding deposit and pay the rest on collection, along with signing the finance agreement.

How much are you financing and what are the terms?

I went through carfinance 247 as I've been with them in the past and had an issue with a fault within 6 months, garage refused to fix so they stepped in and told them to accept the car back and refund all monies paid. 

I'm not 100% sure on the terms as I've been with them before I didn't think to check (stupid I know) I'm going to go through the agreement a little later and see if there's anything regarding storage, then ring citizens advice tomorrow. 

Not too sure where the best place is to go 

DrEskimo

7Cyanide58 said:

DrEskimo said:

7Cyanide58 said:

DrEskimo said:

The full upfront payment isn't payable until you collect the car, along with the rest of the money from the finance company.

A holding deposit is typically around £500.

Why specifically this one? Is it particularly hard to find? Why would you pick one with so many existing faults, let alone leave £16k for a garage on a car you haven't even test driven....

Top model, full service history, really low miles for a 10 year old car, perfect body condition and really well looked after .

I wanted to put as much money down as possible to lower the overall cost of the finance hence save a little money. 

According to them I couldn't test drive it due to covid, that should have been my first red flag. I didn't check the MOT until i went home, spoke to the Mrs then went back in and told them I want them fixing.

Maybe am a bit naive and definitely foolish for leaving such a high amount.

Yes, reducing the amount you finance is good, but you don't pay that until you collect. You leave a small holding deposit and pay the rest on collection, along with signing the finance agreement.

How much are you financing and what are the terms?

I went through carfinance 247 as I've been with them in the past and had an issue with a fault within 6 months, garage refused to fix so they stepped in and told them to accept the car back and refund all monies paid. 

I'm not 100% sure on the terms as I've been with them before I didn't think to check (stupid I know) I'm going to go through the agreement a little later and see if there's anything regarding storage, then ring citizens advice tomorrow. 

Not too sure where the best place is to go 

Your right to reject a car has nothing to do with the car having finance. Its a right you have as a consumer of a vehicle from a dealer or commercial trader. They were simply enforcing that same right.

Now if you would rather the car was owned by the finance company for them to deal with this fine, just be sure of the amount you are paying for this privralege....

The fact you don't even know what the rate is a bit concerning yes.... presumably you know the amount you financing though. Just the purchase price of the car - £16,000. 

greyteam1959

The_Fat_Controller said:

Run, Forrest, Run !

A 10 year old Land Rover is likely to be a money pit.

£16,000 deposit, sounds like something out of a Harry Enfield "I saw you coming" sketch.

Totally agree.
No test drive ??
Gearbox dashboard fault ??
Walk away.

Grumpy_chap

I assume the OP has not visited the Dealership given there has not even been a test drive?
In that case, this is a remote purchase and the OP has the right to cancel for any reason from placing order up to 14 days after receipt of delivery.

Thrugelmir

7Cyanide58 said:

Thrugelmir said:

What were the issues that require fixing?  As in many sectors of the economy there's a shortage of components. Combination of Covid, Suez blockage and a shortage of shipping containers has played havoc with JIT stocking systems. 

I work at a port so I know the impact of Covid and the Suez blockage, work has been really slow, but the problem parts I would have thought most major suppliers would have plenty in stock.

That's the problem. Too used to everything running smoothly.  Covid has exposed the fragility of extended global supply chains. 

[Deleted User]

That and the dreaded b-word of course

Who'd have thought supply chains that relied on just in time, frictionless shipments, would fall apart with customs checks and constant paperwork...

declan199210

Deleted_User said:

That and the dreaded b-word of course

Who'd have thought supply chains that relied on just in time, frictionless shipments, would fall apart with customs checks and constant paperwork...

Bit more than that. Most automotive manufacturers are actually stopping production due to part shortages.

so depending on the part in question it could be down to that 

macman

Why on earth would you put down £16K on a vehicle with a string of faults requiring attention? If you really wanted it regardless, then a modest deposit of maybe £1K should have been enough to secure it?
A deposit isn't an 'option to purchase', it's a binding contract, so, unless you specified when you signed that 'time is of the essence', then you are going to have to be patient until the parts can be obtained. 

MEM62

7Cyanide58 said:

It was a gearbox fault on the dash
Anti roll bar linkage 
Offside rear brake pad wearing thin (I believe seized caliper)
Oil leak in suspension strut

Welcome to Land Rover ownership.  These will not be the last of the issues.  There will be others during your ownership so it is something that you are just going to have to get used to. 

Not so sure I would have put £16k down on a car with numerous faults and that I have not even driven.  You have placed yourself in a position where the dealer absolutely has you by the short and curlies.  There's no rush as far a he is concerned - he already has your dosh.          

lordmountararat

really low miles for a 10 year old car, 

This is not necessarily a good thing, especially if it is a diesel.