Your browser isn't supported
It looks like you're using an old web browser. To get the most out of the site and to ensure guides display correctly, we suggest upgrading your browser now. Download the latest:

Welcome to the MSE Forums

We're home to a fantastic community of MoneySavers but anyone can post. Please exercise caution & report spam, illegal, offensive or libellous posts/messages: click "report" or email forumteam@. Skimlinks & other affiliated links are turned on

Search
  • FIRST POST
    • Chris Stone
    • By Chris Stone 13th Jan 18, 8:37 AM
    • 1Posts
    • 0Thanks
    Chris Stone
    Manufacturers Finance Deposit Contribution when paying cash
    • #1
    • 13th Jan 18, 8:37 AM
    Manufacturers Finance Deposit Contribution when paying cash 13th Jan 18 at 8:37 AM
    I recently bought a new BMW and was able to get the Manufacturers 2,000 finance deposit contribution even though I effectively bought the car for cash and did not have to pay any interest on the credit agreement that I had to take out. Having previously searched the site for advice with regard to this I thought that you may be interested to know that this was actually relatively easy. I agreed a price with my local BMW garage having used Carwow and Drive the Deal to find what was the best price in the market which they agreed to match. I took out a BMW Hire Purchase Agreement through the garage. BMW Finance paid 2,000 towards the deposit agreement and I paid the balance of the deposit. The agreement clearly states that you have 14 days to withdraw from the agreement and this starts from when you pick the car up from the garage. It clearly states the amount of interest they will charge you per day during this 14 day period. In my case it was 1.10. As soon as I got back home I rang BMW Finance and notified them that I wanted to withdraw from the agreement. I then had to pay the outstanding cash balance with no interest charge as not even one day of the agreement had elapsed. You do not have to pay back the deposit contribution of 2,000 so it is well worth the little bit of hassle. The salesman at the garage said that lots of people who have the cash buy the car like this to get the deposit contribution. Hope this helps someone!
Page 1
    • jimmy cricket
    • By jimmy cricket 13th Jan 18, 9:11 AM
    • 357 Posts
    • 226 Thanks
    jimmy cricket
    • #2
    • 13th Jan 18, 9:11 AM
    • #2
    • 13th Jan 18, 9:11 AM
    I used this method on a mini, following excellent advice on here.

    One thing to be watchful of is the dishonesty of care salespeople. My one insisted that if I paid the money back within the first 14 days, I would have to pay the deposit contribution back.

    I checked this out directly with mini finance, who confirmed the dishonesty of the salesperson and I paid the outstanding balance.
    • daveyjp
    • By daveyjp 13th Jan 18, 9:14 AM
    • 7,544 Posts
    • 6,035 Thanks
    daveyjp
    • #3
    • 13th Jan 18, 9:14 AM
    • #3
    • 13th Jan 18, 9:14 AM
    If it did have to be paid back its a fundamental contract term and would be in the finance or sales contract.

    If it is mentioned during the buying process ask the salesman to point it out in the smallprint of those documents.
    • loskie
    • By loskie 13th Jan 18, 9:25 AM
    • 1,295 Posts
    • 770 Thanks
    loskie
    • #4
    • 13th Jan 18, 9:25 AM
    • #4
    • 13th Jan 18, 9:25 AM
    they will not want you to pay it back before their qualifying period for commission ends hence their lies.
Welcome to our new Forum!

Our aim is to save you money quickly and easily. We hope you like it!

Forum Team Contact us

Live Stats

3,051Posts Today

5,660Users online

Martin's Twitter
  • Ah these care free days of watching #ENG score 5 goals in the first half of a World Cup match. It reminds me of... Never.

  • Then it should be. It's not some accident. It's deliberate grappling https://t.co/UxVTuUSNio

  • Penalty yes but time someone was sent off for these wrestling moves #WorldCup

  • Follow Martin