Car buying from a dealership

Goudy

400ixl said:

Goudy said:

400ixl said:

Goudy said:

sheslookinhot said:

I think if you cancel the credit agreement within 14 days of signing the PCP, you only pay up to 14 days interest.

Yes but your invoice is likely to change.

You are no longer settling the finance after you have bought the car, but cancelling the finance before you have bought the car.

That finance came benefits, no finance, no benefits.

It's just a cash sale now and you'll only get whatever benefits that comes with.

You are no longer signing up to the deal that has the benefits, so they won't give you them.

In many cases, no, the invoice doesn't change. I paid part of my last car on finance due to some additional benefits that came with it. I then cancelled the finance within the 14 days and there were no changes to the price for me (I already had the car in my possession).

You have to check that they can't reclaim any of the benefits if finance is cancelled, but in many cases they aren't.

The dealers and finance companies have wised up to this.

I tried doing it this way myself with my car before last and got told I would have to pay the full invoice.
I know of others that have had the same response, last week someone in my office tried it and got told they would need to pay the dealer full invoice before collecting.

The benefit, ie deposit contribution is just that.
It's not a discount or money off the invoice price but a contribution to the finance deal paid by the finance company.
It will appear as a contribution on the invoice, no finance means no contribution in most cases.

If it was just money off it would hammer the values later on, like everyone's GFV and trade in values.

By all means try it, phone up within 14 days and ask about cancelling, but don't be surprised they ask for the full invoice price without contribution before allowing you to take the car home or if you have already collected, the full balance is what you owe.

If they do want the full invoice, don't cancel and just settle within the first month.
That's the sure fire why to keep the contribution and any other benefits from the finance package.

Not really, done it 3 times in the 18 months alone across 3 different non related brands. Once for my car and twice more helping friends do it.

The finance contract needs reading regarding right to withdrawal (cancelling).

There is usually a clause in it that states:
"You have the right to withdraw from this Agreement in
accordance with the rights set out under the heading "Right of
Withdrawal". If you wish to do so, you must repay
the amount set out in this section together with any [other
allowances we have made in relation to this Agreement,
including, without limitation, any finance deposit allowance or
contribution and/or any other sums or allowances together
with interest within 30 days beginning from the day after you
provide us with notice that you wish to withdraw"

I lifted that from my last car's finance contract.
I doubt it's a one off contract as it was from a major manufacturers own finance arm, in fact you can find similar contracts with this clause dotted around various motoring and car forums as other buyers have had the same thought about cancelling/settling PCP.

Quite often when people post about doing this they mix up withdrawal with settling.

Withdrawal is agreeing to the finance and then cancelling the finance package (and whatever benefits) altogether and paying for the car some other way, ie cash before you have collected the car.
You'll pay a little interest on the money the finance company set aside, the in clause above it's up to 30 days.

Settling is accepting the finance package (and benefits), collecting the car and then paying off the finance at any time. (the sooner the better).
They will again charge you interest but only 56 days interest can be  added by law for a large amount like this.

I admit there have been instances in the past where someone has withdrawn and kept the benefits but the finance companies and dealers have wised up to it, though it is worth asking or just read the contract carefully.
At worse you just don't cancel and settle within the first week/month.

It would be a shame to put all the effort into getting a good deal with a large contribution and they they insist you pay that back as per contract for the sake of 20 odd days interest.

Peco141

Goudy said:

400ixl said:

Goudy said:

400ixl said:

Goudy said:

sheslookinhot said:

I think if you cancel the credit agreement within 14 days of signing the PCP, you only pay up to 14 days interest.

Yes but your invoice is likely to change.

You are no longer settling the finance after you have bought the car, but cancelling the finance before you have bought the car.

That finance came benefits, no finance, no benefits.

It's just a cash sale now and you'll only get whatever benefits that comes with.

You are no longer signing up to the deal that has the benefits, so they won't give you them.

In many cases, no, the invoice doesn't change. I paid part of my last car on finance due to some additional benefits that came with it. I then cancelled the finance within the 14 days and there were no changes to the price for me (I already had the car in my possession).

You have to check that they can't reclaim any of the benefits if finance is cancelled, but in many cases they aren't.

The dealers and finance companies have wised up to this.

I tried doing it this way myself with my car before last and got told I would have to pay the full invoice.
I know of others that have had the same response, last week someone in my office tried it and got told they would need to pay the dealer full invoice before collecting.

The benefit, ie deposit contribution is just that.
It's not a discount or money off the invoice price but a contribution to the finance deal paid by the finance company.
It will appear as a contribution on the invoice, no finance means no contribution in most cases.

If it was just money off it would hammer the values later on, like everyone's GFV and trade in values.

By all means try it, phone up within 14 days and ask about cancelling, but don't be surprised they ask for the full invoice price without contribution before allowing you to take the car home or if you have already collected, the full balance is what you owe.

If they do want the full invoice, don't cancel and just settle within the first month.
That's the sure fire why to keep the contribution and any other benefits from the finance package.

Not really, done it 3 times in the 18 months alone across 3 different non related brands. Once for my car and twice more helping friends do it.

The finance contract needs reading regarding right to withdrawal (cancelling).

There is usually a clause in it that states:
"You have the right to withdraw from this Agreement in
accordance with the rights set out under the heading "Right of
Withdrawal". If you wish to do so, you must repay
the amount set out in this section together with any [other
allowances we have made in relation to this Agreement,
including, without limitation, any finance deposit allowance or
contribution and/or any other sums or allowances together
with interest within 30 days beginning from the day after you
provide us with notice that you wish to withdraw"

I lifted that from my last car's finance contract.
I doubt it's a one off contract as it was from a major manufacturers own finance arm, in fact you can find similar contracts with this clause dotted around various motoring and car forums as other buyers have had the same thought about cancelling/settling PCP.

Quite often when people post about doing this they mix up withdrawal with settling.

Withdrawal is agreeing to the finance and then cancelling the finance package (and whatever benefits) altogether and paying for the car some other way, ie cash before you have collected the car.
You'll pay a little interest on the money the finance company set aside, the in clause above it's up to 30 days.

Settling is accepting the finance package (and benefits), collecting the car and then paying off the finance at any time. (the sooner the better).
They will again charge you interest but only 56 days interest can be  added by law for a large amount like this.

I admit there have been instances in the past where someone has withdrawn and kept the benefits but the finance companies and dealers have wised up to it, though it is worth asking or just read the contract carefully.
At worse you just don't cancel and settle within the first week/month.

It would be a shame to put all the effort into getting a good deal with a large contribution and they they insist you pay that back as per contract for the sake of 20 odd days interest.

Thanks for his.  Glad I hadn't pulled the trigger on this just yet then.

boobyd

Just a real example.
Daughter has 2013 Mondeo Estate160k,a family hack,few ryust patches,NS doors had car park bollard dent,gouge.
Has needed £600-£1000 worth's work for each MOT over last 3 years.
This years Mot only just made emissions but car needed at least another£1k work on advisory so she wanted out.
She saw one she wanted at Vauxhall dealership a 2018 69k Grand land at £9750 full dealership SH, 7 months Mot
WEBUY for hers was £1205 unseen,so would most likely be £300 ISH.
Scrappies offered £303/£325.
Went to dealership ,she liked car so wanted.
They would offer PX £350
So change price was £9400.
She countered at £9200
They countered at£9350.
She was going to walk so countered back at £9300 but new 12 MOT,Cambelt change and full tank fuel£60.
Was agreed,she was happy.
Not necessarily about £ but the overall deal.

Peco141

boobyd said:

Just a real example.
Daughter has 2013 Mondeo Estate160k,a family hack,few ryust patches,NS doors had car park bollard dent,gouge.
Has needed £600-£1000 worth's work for each MOT over last 3 years.
This years Mot only just made emissions but car needed at least another£1k work on advisory so she wanted out.
She saw one she wanted at Vauxhall dealership a 2018 69k Grand land at £9750 full dealership SH, 7 months Mot
WEBUY for hers was £1205 unseen,so would most likely be £300 ISH.
Scrappies offered £303/£325.
Went to dealership ,she liked car so wanted.
They would offer PX £350
So change price was £9400.
She countered at £9200
They countered at£9350.
She was going to walk so countered back at £9300 but new 12 MOT,Cambelt change and full tank fuel£60.
Was agreed,she was happy.
Not necessarily about £ but the overall deal.

Appreciate this. Just shows a bit of haggling can be done to get a better deal.  Thank you.

Did you even try WEBUY for actual cost?

Peco141

Has anyone used CARWOW to get a better deal?

WellKnownSid

Peco141 said:

Has anyone used CARWOW to get a better deal?

Yes. What I did was get the best possible deal from my local dealer and then shared the screenshot of the better offer through Carwow, had the “yes it’s 200 miles away but only 5 miles from my daughter” conversation, then the “I need to speak to my sales manager” conversation and they matched it.

Goudy

I've had slightly different experiences of Carwow.

I built a car on their site with just a couple of options selected, the main one a paint option, the other automatic gearbox.
I got quite a few quotes back and they were pretty reasonably priced.

I followed up by contacting a few but no one could supply the actual car.
Yes they had similar models but not with the two options I wanted. I was told it needed to be a factory build.
I asked why they quoted a price for a car they couldn't sell me but it all fell on deaf ears.

Other dealers did the same, they were all pulling from the same stock of cars so I didn't expect any different.

A week or two later I did another quote on a Saturday morning and within minutes offers came flooding in, one from my local dealer.
I printed off the quote and off I set to the dealer before the ink dried on the quote.

I showed the quote to a salesperson who told me I needed to speak to someone that dealt with these offers.
After a few minutes another salesperson turned up and asked if he can help.

I showed him the quote and took my wallet out of my pocket, telling him I would like to proceed and buy the car, "how much deposit do I need to leave" while showing him my credit card.

After a bit of an embarrassing pause while he aimlessly clicks about on a computer he then tells my he doesn't have that car only similar models. 
How is that, the quote is only an hour old I ask.
He then admits it's common practice to quote for similar cars that are in stock, not the actual car quoted on.
I tell him I thought that was a bit sneaky, I've come all this way (he didn't know any different) to buy that car they offered me and it was all a lie.

He took offence at the lie comment, apparently it's not a lie just a "sales technique". 
Whatever he wanted to call it, I told him to try and sell me something I didn't want with an offer for something I did want is a lie in my book.

Ok then, what's in stock at that price then?
Turns out it's not even the same trim level, it's manual instead of automatic and a different colour.
I complained it's hardly the same car, I want the one they offered to sell me at the price they quoted.

After a few back and forths with some faceless person sat in an office and me huffing and puffing with a couple of perspective buyers in the showroom, he comes up with a "super" idea. A factory built at full price! 

I did email Carwow about this but they basically state it's between the dealer and me, nothing to do with them which I though was a cop out.

I did end up buying the car I wanted, for the price I wanted to pay (£30 more than the silly offer price on the wrong car) via Motorsource on an NHS discount deal.
I even had them deliver the car to the dealer mentioned above.
As it was some corporate scheme sale they had to run out and fill it up and the same salesperson took it across the road to the petrol station before handing it over to me. He recognised me but neither of us mentioned it.
Was I smug? You bet!

Peco141

born_again said:

Peco141 said:

I'd have thought buying it directly from Kia would mean I'd have some flexibility in where I take it with any problems that may arise.

A question for the salesman I guess.

Kia only have one dealership (Bolton) All the rest are franchises. So your only hope of it being taken back (rejection) would be within the same franchise.

You can use any kia dealer for warranty work though.

Is this the one in Horwick and if so does that put me in a better position buying from them and having anu issued address locally?

https://www.autotrader.co.uk/car-details/202407262198498?sort=distance&advertising-location=at_cars&make=Kia&model=Sorento&page=2&postcode=g75 8xq&year-from=2022&year-to=2024&fromsra

born_again

I would say that is Kia Bolton. 
TBH, makes no difference. While you can go to any Kia dealer for warranty work.

Just make sure it has been serviced as per below to keep warranty intact.

https://www.kia.com/content/dam/kwcms/kme/uk/en/assets/static/owners/service-maintenance/Kia_UK_Service_Intervals.pdf