PCP finance.

GustavoFring

gocall01 wrote: »

Was that is Bandon by any chance MuppetCheck?
In the middle of all the research at the moment.

Using another account due to stupid password problems but yeah, that's the crowd. If you want any more info send me a PM.

gocall01

GustavoFring wrote: »

Using another account due to stupid password problems but yeah, that's the crowd. If you want any more info send me a PM.

I was in there on Saturday after my next door neighbour bought the Skoda Octavia Combi (Estate).

The deal quoted to me was similar to what was quoted to someone else earlier.
Deal: Skoda (Octavia Ambition 1.6 TDI 110bhp) was:

Car Cost €26,500

0% finance

Deposit: €5000

Remaining Finance after 3 years: €11000

Value of car after 3 years: €16000
(I think this figure is realistic but would be prepared for a grand less if needs be)

Monthly payment for 3 years: €275


Fair usage on mileage was discussed, think I will do 20000Kms/annum but even if I do 25000Kms/annum, no issues.
Will be wanting to get that in writing obviously.

I had no intention of even looking at new cars, was looking at 2011 or 2012 (at 6.9% finance) but then the neighbour rolled up and hey presto!!!

Am 90% sure I'll be going down the new car (on 0% PCP) route...

sunnysoutheast

gocall01 wrote: »

I was in there on Saturday after my next door neighbour bought the Skoda Octavia Combi (Estate).

The deal quoted to me was similar to what was quoted to someone else earlier.
Deal: Skoda (Octavia Ambition 1.6 TDI 110bhp) was:

Car Cost €26,500

0% finance

Deposit: €5000

Remaining Finance after 3 years: €11000

Value of car after 3 years: €16000
(I think this figure is realistic but would be prepared for a grand less if needs be)

Monthly payment for 3 years: €275


Fair usage on mileage was discussed, think I will do 20000Kms/annum but even if I do 25000Kms/annum, no issues.
Will be wanting to get that in writing obviously.

I had no intention of even looking at new cars, was looking at 2011 or 2012 (at 6.9% finance) but then the neighbour rolled up and hey presto!!!

Am 90% sure I'll be going down the new car (on 0% PCP) route...

No way will an Octavia have a real 16/26.5k = 60% retained value after 3 years and 75k km. That is Evoque territory. Maybe if you roll into a new PCP with Skoda with "dealer deposit contribution".

Was the GMFV they gave you 11k?

Kenny Logins

sunnysoutheast wrote: »

No way will an Octavia have a real 16/26.5k = 60% retained value after 3 years and 75k km. That is Evoque territory. Maybe if you roll into a new PCP with Skoda with "dealer deposit contribution".

Was the GMFV they gave you 11k?

Cheapest one on DD right now is €16,650 (66k km, 2012). Maybe..

Damien360

Kenny Logins wrote: »

Cheapest one on DD right now is €16,650 (66k km, 2012). Maybe..

That's the asking price. Not a hope of seeing that.

Ambition spec is low. Still 50% loss on 3 years so closer to 13/14 would be more realistic.

gocall01

gocall01 wrote: »

I was in there on Saturday after my next door neighbour bought the Skoda Octavia Combi (Estate).

The deal quoted to me was similar to what was quoted to someone else earlier.
Deal: Skoda (Octavia Ambition 1.6 TDI 110bhp) was:

Car Cost €26,500

0% finance

Deposit: €5000

Remaining Finance after 3 years: €11000

Value of car after 3 years: €16000
(I think this figure is realistic but would be prepared for a grand less if needs be)

Monthly payment for 3 years: €275


Fair usage on mileage was discussed, think I will do 20000Kms/annum but even if I do 25000Kms/annum, no issues.
Will be wanting to get that in writing obviously.

I had no intention of even looking at new cars, was looking at 2011 or 2012 (at 6.9% finance) but then the neighbour rolled up and hey presto!!!

Am 90% sure I'll be going down the new car (on 0% PCP) route...

Thanks for the replies on this guys.
One thing I didn't include originally was that I am a cash buyer so I will be hammering the initial asking price.
Also intend to add a few extras (might balance everything out), nothing mad but I do like heated seats!!!

I am pretty sure on the figures (usually really anal on these things when the decision is such a large one and one I had no intention of pursuing initially).
I will be going back in on Saturday armed with all the finer details I have collected from this brilliantly informative thread.

A few test drives will be had on the new models and some 2012 cars they have in stock.

I will let ye know if any cracks appear and the later decisions.

Drummerboy08

Damien360 wrote: »

That's the asking price. Not a hope of seeing that.

Ambition spec is low. Still 50% loss on 3 years so closer to 13/14 would be more realistic.

I don't know,;I don't think 16k is a million miles away.

Either way, it won't be too far from getting the original deposit back in 3 years time.

gocall01

sunnysoutheast wrote: »

No way will an Octavia have a real 16/26.5k = 60% retained value after 3 years and 75k km. That is Evoque territory. Maybe if you roll into a new PCP with Skoda with "dealer deposit contribution".

Was the GMFV they gave you 11k?

I probably agree here on the price after 3 years but quite prepared for a €15k figure and will see after that.
I will reconfirm the figures but am pretty sure they are correct per the salesman.
As I type, my intention of the 3 options available after 3 years would be to return 161 and go again with the 191, finance permitting.

I have a €5k deposit with an albeit to be reconfirmed and believed €5K difference between outstanding finance (€11K) and market value after 3 years (€16K).

If all holds up to even close to these numbers, I am in a happy place!

Kenny Logins

Damien360 wrote: »

That's the asking price. Not a hope of seeing that.

Ambition spec is low. Still 50% loss on 3 years so closer to 13/14 would be more realistic.

Yeah, I get that, but this is the lowest asking price one right now.

ctlsleh

Has anyone actually come out the other side of a PCP?
it would be interesting if they could share how it all worked out in terms of what was promised at the outset and what happened in the end........?

ctlsleh

Has anyone actually come out the other side of a PCP?
it would be interesting if they could share how it all worked out in terms of what was promised at the outset and what happened in the end........?

737max

Falcon L wrote: »

Renault go as low as 10K. Most seem to start at 15K.

any others doing 10k?
is the minimum deposit with Renault 10%

fmul9798

Anyone any experience with shortfall/gap insurance from someone other than the dealer?
Seems to be plenty in the UK, but very few here (or perhaps very few listing that they provide it).

Kaiser84

gocall01 wrote: »

Thanks for the replies on this guys.
One thing I didn't include originally was that I am a cash buyer so I will be hammering the initial asking price.
Also intend to add a few extras (might balance everything out), nothing mad but I do like heated seats!!!

I am pretty sure on the figures (usually really anal on these things when the decision is such a large one and one I had no intention of pursuing initially).
I will be going back in on Saturday armed with all the finer details I have collected from this brilliantly informative thread.

A few test drives will be had on the new models and some 2012 cars they have in stock.

I will let ye know if any cracks appear and the later decisions.

I've gone to a few Skoda dealers and can't really get anything other than them giving me a very good price for my trade-in.

I'm paying €5,000 cash deposit too. (It was me who quoted my Pcp quote a few pages back).

Kaiser84

So, I agreed a deal in principle with my local Skoda.


I haven't signed anything or handed over any cash. He said the car is ordered for production.

However, two dealers who I have previously e-mailed have offered me better deals. One is a decent drop on what I've agreed with my local dealer.

Would it be bad form at this stage of the game to haggle my local dealer to match this deal?

Stallingrad

Kaiser84 wrote: »

So, I agreed a deal in principle with my local Skoda.


I haven't signed anything or handed over any cash. He said the car is ordered for production.

However, two dealers who I have previously e-mailed have offered me better deals. One is a decent drop on what I've agreed with my local dealer.

Would it be bad form at this stage of the game to haggle my local dealer to match this deal?

You haven't signed anything, it would be bad form NOT to try an improve the deal. If you do pull your business the dealer will know better next time to get a deposit before ordering the car.

Drummerboy08

I'd be going to whoever can get you a car the quickest and telling them the best figures you got, and that they need to match it to get the business.

Least that way you get best of both worlds.

vintagevrs

If you have agreed a price and order with someone, regardless of deposit not being paid it is definitely bad form to try and negotiate after you've agreed a deal.

100% bad form.


Bad form not to improve the deal Stallingrad? I wouldn't like to do business with you. This crap happens all the time no matter what business you're in. It's bad form.

Drummerboy08

A car is never sold until a deposit has been paid...

As far as I'd be concerned the deal isn't done. No money has crossed hands, they haven't shook on it and they haven't signed an order form.

The dealer surely isn't counting it as a deal yet?!

Stallingrad

It's the motor trade vintagers, there is no deal in place and there is a better deal to be done. It's just business. I also doubt very much that the dealer has ordered that car without any paperwork or deposit in place, so he won't be out of pocket.

Toyotafanboi

it's probably a popular spec car that the dealer had on it's way anyway, but they used the term "the car is being built" with the customer to try and close them in, to make them feel as thought they have gotten a financial involvement with it to try and close a deal.

i'd say he's still in a position to go elsewhere. nobody will be ordering a custom spec car without a deposit etc.

vintagevrs

No money, nothing signed, no deposit. That's all well and good. No contract in place and legally no problem. Theres no dounting all of that.

The question was is it bad form? It is.

vintagevrs

No money, nothing signed, no deposit. That's all well and good. No contract in place and legally no problem. Theres no dounting all of that.

The question was is it bad form? It is.

Toyotafanboi

vintagevrs wrote: »

The question was is it bad form? It is.

it's not bad form. anyone can go to a dealer and get a price, you don't have to buy. they're using a sales tactic to try and capture him but that's it.

what you're basically saying is if i need a tin of beans and decide to go look for them in Tesco where i find that they are priced @ €1.50 that i can't decide to turn around and leave and buy them in Aldi where i know they will be on special tomorrow €0.99 because i checked the Tesco price first.

it's not bad form, it's just shopping.

vintagevrs

He said he agreed a deal. That's not asking for a price. If he has agreed to buy the car or do the deal then it's bad form. If he hasn't of course it's not.

Kaiser84

I'm siding with Vintagevrs a bit here. I'm a noob to buying a new car. So I obviously didn't haggle enough.

I emailed the salesman I agreed the deal with. Explained to him that I sent emails to other dealers previous to agreeing a deal with him and that I've since received replies.

I stressed I wasn't threatening to pull out or anything and that I want to go with him. But, I also asked him could he match what I was offered.

It can't hurt to ask.

Toyotafanboi

you simply do not have to buy that car. you can go elsewhere. you have no obligation at this point.

"form" isn't a thing unless you don't put too much value on your hard earned.

ideally this dealer will match your other quotes but just because you sat down and talked spec and price and haggled a bit with this guy doesn't mean you're locked into a deal. until there's a deposit exchanged, the dealer knows as well as you should that you can go where you want.

Villain

Kaiser84 wrote: »

I'm siding with Vintagevrs a bit here. I'm a noob to buying a new car. So I obviously didn't haggle enough.

I emailed the salesman I agreed the deal with. Explained to him that I sent emails to other dealers previous to agreeing a deal with him and that I've since received replies.

I stressed I wasn't threatening to pull out or anything and that I want to go with him. But, I also asked him could he match what I was offered.

It can't hurt to ask.

Of course it can't hurt and while he may have thought he had a deal any sales man would know that without a deposit it is not a deal.

Kaiser84

Thanks for the replies guys.

bidiots

vintagevrs wrote: »

He said he agreed a deal. That's not asking for a price. If he has agreed to buy the car or do the deal then it's bad form. If he hasn't of course it's not.

Until its on paper, nothing is agreed.
Form has nothing to do with it, Kaiser84 has not done anything wrong or improper.
I doubt very much an order was placed on word of mouth either. If you want to talk about form, is it not 'bad form' from the dealer then?

vintagevrs

I agree nothing is signed. Read what was specifically asked. ..."would it be bad form"

Form may not be important to you but it is to kaiser as he asked about it specifically.

vintagevrs

I agree nothing is signed. Read what was specifically asked. ..."would it be bad form"

Form may not be important to you but it is to kaiser as he asked about it specifically.

Stallingrad

What would you do in this instance vintagvrs?

vintagevrs

Go with the best deal obviously:pac:

I think kaisers approach is fair enough

Casey78

Can you usually get a better deal than the price you get when you use the dealers online PCP Calculators?

sillysocks

So I applied for PCP on my new at this week. I think I understand the product and was happy I could afford it.
I am totally shocked by how easily I was given it though. Definitely feels like a return to throwing money at people. I understand the finance company still own the car so can take it back if you default but I was approved with zero proof of income, no bank statements, the dealer just asked roughly what I earned a month (I made a rough guess) and how long I was in my job (which is only 6 months!). I was sure he'd be back looking for further information but got the call today to say it was all approved! Almost too easy.

Kaiser84

vintagevrs wrote: »

Go with the best deal obviously:pac:

I think kaisers approach is fair enough

My local dealer was fair enough in his approach too and gave me a bit more on my trade-in so honesty was the best policy.

It's not the cheapest I got quoted, but it's not much difference in monthly payments and the dealership is less than 2kms from my house.

I gave a deposit and have my name on a car that I should be driving in the 1st/2nd week of March.

vintagevrs

Happy days, what did you go for?

Kaiser84

vintagevrs wrote: »

Happy days, what did you go for?

Octavia, ambition spec. Glad I didn't go with another dealership.

vintagevrs

Not too long to wait, enjoy the new car smell!

mickdw

sillysocks wrote: »

So I applied for PCP on my new at this week. I think I understand the product and was happy I could afford it.
I am totally shocked by how easily I was given it though. Definitely feels like a return to throwing money at people. I understand the finance company still own the car so can take it back if you default but I was approved with zero proof of income, no bank statements, the dealer just asked roughly what I earned a month (I made a rough guess) and how long I was in my job (which is only 6 months!). I was sure he'd be back looking for further information but got the call today to say it was all approved! Almost too easy.

Are you putting up max deposit?

sillysocks

mickdw wrote: »

Are you putting up max deposit?

No... I think Max is 30% usually? Anyway putting in just shy of 20%-all from value of my current car, no cash.

mickdw

sillysocks wrote: »

No... I think Max is 30% usually? Anyway putting in just shy of 20%-all from value of my current car, no cash.

I only ask as I'd imagine the more deposit going in, the less risk for the bank.
What type of car was it for?

sillysocks

mickdw wrote: »

I only ask as I'd imagine the now deposit going in, the less risk for the bank.
What type of car was it for?

Hyundai..... still be 25k to finance so it's not a small amount! Was just so surprised how little checks there were and how I provided them with nothing only ID and a utility bill. Was delighted I didn't have the hassle of getting a load of documents and statements together. I've done a lot of research into the PCP side of it to make sure I understand it and made sure I could afford it but it would be easy for someone to get into it not knowing much and ending up with debt they couldn't afford.

gocall01

gocall01 wrote: »

I was in there on Saturday after my next door neighbour bought the Skoda Octavia Combi (Estate).

The deal quoted to me was similar to what was quoted to someone else earlier.
Deal: Skoda (Octavia Ambition 1.6 TDI 110bhp) was:

Car Cost €26,500

0% finance

Deposit: €5000

Remaining Finance after 3 years: €11000

Value of car after 3 years: €16000
(I think this figure is realistic but would be prepared for a grand less if needs be)

Monthly payment for 3 years: €275


Fair usage on mileage was discussed, think I will do 20000Kms/annum but even if I do 25000Kms/annum, no issues.
Will be wanting to get that in writing obviously.

I had no intention of even looking at new cars, was looking at 2011 or 2012 (at 6.9% finance) but then the neighbour rolled up and hey presto!!!

Am 90% sure I'll be going down the new car (on 0% PCP) route...

Was in Bandon Skoda yesterday to reconfirm everything.
Spoke directly with the Finance guy first and then back to the salesman who gave me the initial figures the week before.

Confirmed Deal: Skoda (Octavia Ambition 1.6 TDI 110bhp):
Car Cost €26,500
minus €1,500 (cash buyer)
minus €5,000 (deposit)
0% finance
€20,000 total finance.

€9,906 through PCP
€10,094 in remaining finance after 3 years.
Value of car after 3 years: €15,000
Monthly payment for 3 years: €275

For the 0% finance deal you must take the servicing package for €500 which can be paid up front or included in the monthly payment costing €13.99.

Upgrading to 17" alloys, mud flaps, mats and boot liner included.

Deposit paid!

Casati

gocall01 wrote: »

Was in Bandon Skoda yesterday to reconfirm everything.
Spoke directly with the Finance guy first and then back to the salesman who gave me the initial figures the week before.

Confirmed Deal: Skoda (Octavia Ambition 1.6 TDI 110bhp):
Car Cost €26,500
minus €1,500 (cash buyer)
minus €5,000 (deposit)
0% finance
€20,000 total finance.

€9,906 through PCP
€10,094 in remaining finance after 3 years.
Value of car after 3 years: €15,000
Monthly payment for 3 years: €275

For the 0% finance deal you must take the servicing package for €500 which can be paid up front or included in the monthly payment costing €13.99.

Upgrading to 17" alloys, mud flaps, mats and boot liner included.

Deposit paid!

Sounds like a great deal and likely to be cheaper than buying a 3 year old

irlrobins

Should the balloon payment (the outstanding finance at the end of the agreed period of monthly payments) be lower than the guaranteed future value? Or are they the one and same?

Falcon L

irlrobins wrote: »

Should the balloon payment (the outstanding finance at the end of the agreed period of monthly payments) be lower than the guaranteed future value? Or are they the one and same?

They're the same, but it should be less than the actual market value at the end of the term. That difference is your deposit for the next term.

irlrobins

Falcon L wrote: »

They're the same, but it should be less than the actual market value at the end of the term. That difference is your deposit for the next term.

That's what I thought, but in gocall01's example his balloon payment is lower than the GFV. Hence my confusion.

Falcon L

irlrobins wrote: »

That's what I thought, but in gocall01's example his balloon payment is lower than the GFV. Hence my confusion.

No, it's nearly 5K less.