Car Special Deals

uasupport34

I want to highlight an under reported car finance scam. We bought a used Volvo from a Volvo dealer. For Black Friday they offered, £750 contribution, GAP insurance (ca £250 p.a.) Volvo on call and free servicing for 2 years (ca £700) so a total around £2k for 2 years. They then rejected the finance (despite good credit record) but BMW Alphera finance agreed but without the freebies.  Wonder how often this occurs?

Ayr_Rage

Not a scam at all.

You just failed their credit check.

uasupport34

The purpose of the post was to see if this was a common practice?  They clearly put a high bar on the credit reference as we passed with BMW finance the next day.

Nasqueron

uasupport34 said:

The purpose of the post was to see if this was a common practice?  They clearly put a high bar on the credit reference as we passed with BMW finance the next day.

Firms are allowed to set any limits they like. Rolls Royce could demand a 7 figure income if they wanted to

DullGreyGuy

uasupport34 said:

I want to highlight an under reported car finance scam. We bought a used Volvo from a Volvo dealer. For Black Friday they offered, £750 contribution, GAP insurance (ca £250 p.a.) Volvo on call and free servicing for 2 years (ca £700) so a total around £2k for 2 years. They then rejected the finance (despite good credit record) but BMW Alphera finance agreed but without the freebies.  Wonder how often this occurs?

Who was the finance company that turned you down?

Whilst its not going to cost the finance company £2k to offer those incentives it is ultimately going to cost them something and so its common for those financial offers with higher value comes with tighter selection criteria as the margins are slimmer and so they arent wanting cases that they have to sell to bad debt or incur costs of ceasing the vehicle etc. 

If another firm isnt offering the same incentives then they can be a little more relaxed on who they select as there is more margin built in