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Last post Fri, Aug 17 2007, 2:49 PM by stumac. 7 replies.
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  •  Fri, Aug 17 2007, 2:49 PM

    Re: used cars

    the fact that i abbreviated the word abbreviate was meant to be a joke !

    sorry if i caused any upset.......:-)

    • Post Points: 5
  •  Thu, Aug 16 2007, 10:14 PM

    Re: used cars

    stumac:

    re; jjnaughalty

    i think you will find that the fsa (financial services authority), as you are not allowed to abv. (sic) the title, will not be interested in apr's as their main concern is insurance products.

    Stu,

    You are only not allowed to abbreviate to FSA when selling the product and informing the client that they are authorised and regulated by this body.

    On an internet forum, I'm pretty sure JJ hasn't commited genocide by abbreviating.

    • Post Points: 20
  •  Thu, Aug 09 2007, 6:28 PM

    Re: used cars

    Stumac,

    Agreed that their main concern is insurance but as their title suggests, they also regulate financial agreements.

    I refer not to the level of interest, but to the transparency of knowing the rate. (btw Funny how the Financial Services Authority's own website is www . fsa . gov . uk ). On there, the reference is made to APR and how all lenders have to declare it. That's all I was saying. Hope I'm not way off the mark here.

    JJ

    • Post Points: 5
  •  Thu, Aug 09 2007, 6:15 PM

    Re: used cars

    re; jjnaughalty

    i think you will find that the fsa (financial services authority), as you are not allowed to abv. (sic) the title, will not be interested in apr's as their main concern is insurance products.

    • Post Points: 35
  •  Fri, Jun 15 2007, 6:03 PM

    Re: used cars

    Hello,

    I am new to this so please forgive me if I am using the wrong site.  I am looking to buy a used Mercedes A-Class (A150) but all the prices I see are just too expensive.

    Am I better buying directly from Mercedes UK or does anyone know of a good car dealer that wont rip me off?  I have a VW to part exchange but I am not sure if they will give me a good deal.  I went to Cargiant last weekend and wasn't happy with their "quick sale" approach without explaining all to me. I felt they were rushing me to make a decision.  Needless to say I dont think I will go there again!!

    Any advice would be very much appreciated.   

    Cheers

    R

    • Post Points: 5
  •  Thu, Jun 14 2007, 7:41 PM

    Re: used cars

    I have not had personal dealings but as they seem reluctant to tell you an APR, then do not part with any money until they inform you fully, and you are 100% happy with the deal.

    I think you could knowing this then shop around lots of dealers and probably get a cheaper finance deal, you shouldn't have problems as your credit seems pretty good.

    Also watch out if you do take the motornation deal that they do not push the extended warranty package onto you, or you will be paying for a useless product that you can't cancel, because it is charged upfont on your finance deal.

    You can get good extended warranty from, Warranty direct for around a couple of hundred quid independantly, and make a huge saving on what these car supermarkets charge.

    **** GREAT POINT ALSO ABOVE ABOUT THE PPI, do not be pressured into that.

    • Post Points: 20
  •  Thu, Jun 14 2007, 7:40 PM

    Re: used cars

     

    Hello! 

    I sell cars for a living, New cars at one of the Northwest's largest main dealers. I do around 85% of my business on finance deals and can't remember the last time I provided an agreement with an APR of above 9% or sold a car anywhere near to list price. I also have a good percentage of my business with people who live in rented properties and find that this alone does not affect the ability to obtain finance, the interest rate nor the selling price of the vehicle. There are a lot of main dealers around the land who think they know the job and have a strange prejudice, deciding for themselves whether a customer can or cannot afford the car, hence the jaded response from the dealers you have visited.

    Used car salespeople need no excuse to 'rip people off' especially at ultra competitive (for salespeople) CarSupermarkets. They are often paid on Metal commission, Finance commission and finance penetration so the more finance deals they do, at as high a rate as they can get away with, the more they get paid. Be aware of "Drive away in an hour, bring your I.D", this possibly is to guard the dealer against 'buyer's remorse'. They want you out of the showroom within the hour, possibly so you only notice the APR when you get home and it's too late.

    Research the price of your used car, making sure it is fair taking into account mileage, age and condition. Don't deal if you cannot find the APR out before agreeing (I'm sure the FSA would be interested in this practice...!). Check the price of a new equivalent, not just this but a finance deal, the used car may have a lower screen price but interest rates are higher and the overall cost is often more. Make sure you aren't being duped into signing for 'compulsory' PPP, raising the cost, interest rates and bank balance of the salesman.

     Hope this helps a wee bit...

    Jon 

     

     

    • Post Points: 20
  •  Thu, Jun 14 2007, 7:09 PM

    has anyone had any experience with motornation? i am looking at buying a used car from them on finance but i have been ripped off by a car company before and now i am very wary. they will give me the finance but they seem reluctant to tell me the apr until i have left a deposit ( which makes me even more wary) i have good credit rating according to equifax  my problem is i am a tenant and main dealers seem to shy away and not want to no i have lived at my present address for 4 years  all my existing accounts are up to date plus i lived at my previous for 7 years and all accounts there were up to date. are there any reputable dealers who will offer a tenant with good credit a good deal (low apr)     not everyone wants or can afford a mortgage so why should we be penalised. any answers will be appreciated                                                
    • Post Points: 35