[Finance] Feel Ripped off

[okehciv]

I to have been following this story with much interest, and I must say well done to kojackxx and to the many civinfo members who have helped him out. Again WELL DONE PEOPLE

[Kremmen]

Result

[Topcat]

Im really pleased for you, it makes me so angry how sales people can try to get away with these things, makes you wonder how many people get treated like this and end up paying far more than they should

Enjoy the Car

[illegalhunter]

I got my loan from Nationwide @ 5.9% a year ago

[alanwalne]

Originally Posted by illegalhunter

I got my loan from Nationwide @ 5.9% a year ago

Unfortunately on their website now, 12000 over 4 years is 8.9% APR

Wierd, I thought we have just had 2 interest rate cuts......

PS Congratulations Kojak.

[Chris_J]

Lowest is about 6.9% I can find.

[NH Dan]

But then again, banks don't offer the flexibility of the PCP.

[alanwalne]

Originally Posted by NH Dan

But then again, banks don't offer the flexibility of the PCP.

Some offer baloon end payments

[NH Dan]

Originally Posted by alanwalne

Some offer baloon end payments

They certainly do but the wont take the car off you if you no longer want it. As always, PCP's suit certain customer profiles, not all.

[smb09_1999]

Originally Posted by kojakxx

Checklist for Tuesday 6th May (No particular order, to be edited with additions)
1. Check mileage allowance (thanks gjackson)
2. Check APR !!
3. Check smallprint (thanks Moose)
4. Make sure I been given a physical copy of the agreement. (thanks Darren)
5. Ask, what fee do I incur if I pay the loan back early? (thanks cnicolini)
6. Check total amount payable.
7. Check GFV amount.
8. Check mention of cancelling in the 'small print' in the contract (thanks allan40alt).
9. Check date and amount of first payment due.
10. Make a note of the details given over the phone and ensure they match. (thanks simon1)
11....

Congrats kojakxx, great to see consumer power at its best! I'd also make sure that becuase of this **** up, if they promised you any extras as a goodwill gesture, that you do get them! Remember also to take you time reading everything, let them wait!

[kojakxx]

Phone call from Dealer, Due to the holidays I'm now signing Wednesday, their choice (5pm)

[robbo51]

Great news Kojak.
Free lollipop !!
Welcome to the Fold!!

[NH Dan]

Originally Posted by kojakxx

Phone call from Dealer, Due to the holidays I'm now signing Wednesday, their choice (5pm)

If thats good with you then ok but i'd have told em I was busy and tues was the only day I was free.

I'm lucky as I work in a satellite branch that doesnt open on bank hols or sundays - however, the other 99% of the motortrade will be open thoughout the weekend and the tuesday aint a holiday as far as i'm aware.

Anyway, shouldn't matter as long as you go through everything you have on your list. Don't let them rush you along, take your time.

[thunt]

Just make sure they're not stalling you so that the 'cooling off' period has expired and you're tied to the original agreement.

Cover your back and never trust anyone.

[alastair b]

Very good work Kojak,glad it worked out.

[alanwalne]

Originally Posted by NH Dan

They certainly do but the wont take the car off you if you no longer want it. As always, PCP's suit certain customer profiles, not all.

It is very ominous for all of us if the cars are not going to be worth more than their PCP baloon payment at the end of 3 years.

[NH Dan]

Originally Posted by alanwalne

It is very ominous for all of us if the cars are not going to be worth more than their PCP baloon payment at the end of 3 years.

Certainly is but the whole idea of the pcp is to cover all the bases and give flexibility. What if you have a petrol car on a pcp with a predicted GFV of say £8000 and over the next three years, petrol becomes so expensive, ecologically unsound etc etc that the market falls out of them leaving your car worth say £7000. You arent going to want to keep it are you?

Ask anyone near london who has a 3/4yr old X3 or similar sized engine car. No-one wants them the prices are dropping by the day.

[alanwalne]

Originally Posted by NH Dan

Certainly is but the whole idea of the pcp is to cover all the bases and give flexibility. What if you have a petrol car on a pcp with a predicted GFV of say £8000 and over the next three years, petrol becomes so expensive, ecologically unsound etc etc that the market falls out of them leaving your car worth say £7000. You arent going to want to keep it are you?

Ask anyone near london who has a 3/4yr old X3 or similar sized engine car. No-one wants them the prices are dropping by the day.

Fair comment - I guess the same happened with Gti's et al in the 90's

GFV's are set low to (hopefully for the manufacturer) cover that.

[kojakxx]

Originally Posted by kojakxx

Cost of car : £18,670 (Honda Civic Type R GT, Black paint, no extras, no Gap and no Diamondbrite.)
Deposit : £6,000
Credit : £12,670
35x payments : £158.?? (was £181.87)
GFV (or final payment) : £9,491 (was £10,826.00)
Total amount payable : £21,021(approx)(was £23,373.32)
Total charge for credit : £2,351 (was £4,703.32)
Saved : £2,352

This is what I was quoted over the phone. This time I was going to check the APR, and I did, and it wasn't what was quoted!!! I was quoted 7.7% and when I viewed the computer screen AND the print out which I requested it stated 8.2%. I queried this and his reply went something like.."Those are the best rates I can give you today, the quote was that days rates, this is the best I can offer today."
When he said this my first thoughts were you guys/gals screaming NO. I thought call his bluff and say if not 7.7 then no deal but then again to be honest I was stuck and didn't know what to do.
I signed and now have to cancel the first direct debit. You know what?, I was ripped off (possibly twice), I 'relived' the moment of signing and the first time around I am now 99.9% certain I was not given any paperwork, and why didn't he turn the computer screen around for me to see the first time? Well, a summary and I wasn't going to reveal the garages identity, but then I thought again and said to myself "stuff em, like they stuffed me" so its BRINDLEY HONDA, WEST BROMWICH. If I'd hadn't been conned again then I would have kept it secret. Ok in the end I saved £2,000 which was a result, and thank-you for your kind "well dones'" in the same breath I feel i have to say "sorry" for kinda letting you lot down in some way, I know it was I that was let down by my weak bartering and for that I kick myself. So, if you go to a dealership and they wheel in a barrel and ask you to take your pants down before you sign welcome to West Bromwich.
THANK-YOU TO EVERYONE FOR YOUR SUPPORT, KIND COMMENTS AND FOR A FANTASTICLY FRIENDLY FORUM.