dropped a booboo???

[Leebo]

Just made a deal on a new 182 Trophy I got the order form in front of me and the dealer explained it to me but got home and am freakin lost!!!
has anyone here took finance out with RFS on a deal its been on my mind I have scanned a copy of the order the p/x is supposed to be £6,500 just they couldn't adjust this figure basically so they say.
the way i looked at it is 6500 for my car then I am paying 190.34 a month over 3 year which is £6852.24 I have took renault selections finance scheme by the way.
so £6500+£6852.24=£13,352.24 now I have got them to give me £400 cashback + renault protection pack and dealer gonna chuck £20 petrol in on delivery so minus this from above figure should = £12,592.67 ok...
but the bit I am so confused about is I am paying on hire purchase so £6852.24 over 3 year on 3rd year I can hand car back no more payments if I want to keep car the cost would be £5.043 as a final payment so this is like £11,895.24 but... why pay all this they have taken my car for £6,500 as p/x so I feel I am paying like £17,000 for a 182 trophy!!??
I am confused especially when looking at this order form??
Hope you guys thats took finance out can enlighten me

not very clear sorry

 

[Leebo]

wondering if i should have took a loan out?? :roll:

 

[Nik]

Sounds about right to me, that extra cost is interest on the finance over the 3 years

 

[ChrisB]

17,000 overall after 3 years of finance sounds entirely possible, though not a good rate - basically at least 40 quid of each monthly payment is interest.

 

[ChrisB]

Adding your figures up means you will have paid 18 395, not 17 000, for the car after 3 years if you pay the final payment.

Also, from the invoice it seems you are also paying interest on the £400 they "gave" you over the 3 years as well, not sure if this was clear to you from your post ?

Basically, they have given you a £245 "discount" on the price of a Trophy, but then charged you £3 140 for their services, which amount, basically, to a loan of £8 755 over 3 years (15255 - 6500).

If you take a loan from a bank, you can easily get 6.5%, which would mean you had paid £10 600 over the 3 years (£290ish a month), plus your 6 500, so it would have been 1,200 cheaper over 3 years, and no final payment to worry about, the downside being it would have cost £100 quid a month more for those 3 years.

Swings and roundabouts...

 

[mr StinKa gob]

Id get a laon. Finance means the loan is secured on the car. Bank loans are usually unsecured. This means if you miss payments the bank cant take your car away. A finance company could.

 

[Portland]

Depends on your cirumstances. Getting a bank loan will be much cheaper long term, but going with finance plus a balloon payment means you have smaller monthly payments for the first 3 years.

I personally just got back from the same garage having placed a deposit and will be paying balance with a bank loan.

BTW, you should have held out for a higher discount :wink:
Just kidding, looks like a fair deal if it fits your finances.

 

[Leebo]

hello portland can I ask what sort of deal you got whats the total you paid for trophy?

 

[Portland]

Sure, got quite a good trade in on my current car and £12,750 for the Trophy. Cost to change was the big factor for me, as the the guy at work who was interested in buying my car wasn't in a position to decide one way or the other in the timeframe before the last few Trophys go.

Didnt go for any gap insurance, (as I've no agreement secured on the car) nor protections packs etc. May get some ultraguard or Diamondbrite and slap it on myself.

Think £13K is the benchmark for the last couple, and you can do a little better if you get lucky.

 

[Leebo]

so inc VAT you paid a total of £14,981.25?

 

[Leebo]

think these figures would look more like what I want on the order form...

what your opinions?

 

[Portland]

Yeah, I like that one more

 

[Leebo]

portland you never answered one of my questions, did you pay VAT on £12,750?

 

[Portland]

Sorry, session must have timed out before post hit.

That was inc VAT. Whenever you're trading in, it's better to look at the cost to change really. They can theoretically give you an amazing price for the car, but hold a little more back on the trade in. If you're happy with the deal, that's what counts.

For me, I'm trading an 18 month old C2 GT with 18K on it in fairly good nick and putting £7K cash up. The trade in more than covers my remaining car loan for the C2, so I look at it like I'm simply buying a new car for cash witha bit of a discount.

You can usually get a chunk more going private, but the hassle factor is significant. Difference in the trade in I was offered and the suggested figure for private sale in Parkers and Glasses was negligible for me. The dealers will make a few quid (as they will always be able to pitch warranty etc) I'll get a torque steer inducing engine with a '90s trim and a few rattles attached. Everyone's happy

Sheffield Reg Vardy seem one of the better stealers in South Yorkshire, especially if you've done business with them before. It's always in a dealers interest to get repeat custom, so they're often happy to haggle a little more if you're buying your third car from them for example. They started the talking with a price match for Harrats (Pontefract) and Arnold Clarks and were willing to come down a little more to close the deal.

 

[Leebo]

they can stick there trophy up there ass for all care they are not playing ball will only drop to £14,500 and I would be paying about £11,000 back on finance!!! so a total of like £17,000 for trophy feck that!
I offered them a deal £6,430 for my 206 GTi and a cheque for £6,100 which is like £12,500 for trophy "no we can't sell a trophy for £12,500" stick it up there ass! lol
prob go look at ctr's!!!

 

[Tomx]

Think you would struggle to get one for £12,500 as there are only about 20 left and also when they have offered you £5,500 for your car.

 

[Nik]

You cant expect them to just give them away mate, they do need to earn a living from it. They are a bargain at 13-13.5k if you ask me, so wouldnt expect any lower. Not sure how looking at CTR's will help matters, you wont get anywhere near the price of a Trophy for one of them new.

 

[Portland]

Yeah, the cash price is irrelevant when you're looking at a trade in. They could say the Trophy is 2 grand less, but offer you 2 grand less than their usual trade in for your car. All about cost to change really.

For straight cash, you've got to be lucky to get better than £13K. I consider my £250 cheaper to be offset by £250 less than trade in I was aiming for on my GT.

Don't know the age/mileage/exact model of your Pug, but there are cases with some finance deals (especially if you get payment cover elsewhere) where it's better to have a higher value on the car you're buying on the paperwork. They may be biasing the figures like this. They are keen to sell, but not at a loss. If they lowered price on the Trophy, they'd have to cut trade in on your Pug.

I'd be careful about chucking the deal in, as they seem to be one of the better dealers round Sheffield, and you may struggle elsewhere, though it may be worth trying Harrats and Arnold Clark if you're really p*ssed with them. Depends on what you've signed really, check the T & C's in case you're already commited.

As Nik says, they're not a charity and have to make some money, plus it's all cost to change and how you want to get the car. Look at it this way, you get a car the press are in love with, and one of less than 500 examples to boot, at a pretty good price over 3 years, and can then chuck it, or get a loan to kill the balloon payment off. (Latter option effectively gives you even longer to pay for the car)

Your call of course matey, but I'm looking forward to getting my little car...