Used car finance

craigie b · Citizen Smith Joined: 26 Jul 2004 Karma :

I've been looking at the used car finance sites on line, with promises of £1000 cashback for my used car (minimum).

WHats the catch? I mean my car would only be qworth £200 so giving £800 extra seems ludicrous!

Any views?

TheShaggyDA · Repost Police Joined: 14 Jun 2004 Karma :

Yes, the cars are overpriced by at least £1000, so they can afford to give you that against any crapper.
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craigie b · Citizen Smith Joined: 26 Jul 2004 Karma :

cheers

Barry_M2 · World Chat Champion Joined: 09 Sep 2004 Karma :

faithless75 · World Chat Champion Joined: 20 Nov 2006 Karma :

As above ^^^^
Their finance offer is crazy, you'll probably pay around £10k for a £6k motor.
So if anything happens and you claim your insurance, you'll have nil equity and will need to fund a new car while still paying or the original one.

Be careful out there!!
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akaDAVE · World Chat Champion Joined: 01 Sep 2005 Karma :

I'd say much the same as above.

At least you've noted the £1k cashback as and obvious signal that something doesn't quite add up with them.
I wouldn't touch one of those deals with someone elses barge-pole.

Too many other people think 'wow, great deal, free cash! I'll have one of those!'
There are many stupid people out there and many others waiting to take advantage of them hence the shocking 'personal debt' statistics we keep reading about.
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Rookie · World Chat Champion Joined: 09 Feb 2005 Karma :

People should really think it through more.

Look at this beautiful car, only £4,500. Now, I'll add £2k to the price and charge you 15% on the finance deal. But wait - I'll give you £1000 for your old car, and I'll just scrap it anyway!

Great deal. Laughing

craigie b · Citizen Smith Joined: 26 Jul 2004 Karma :

Cheers guys,
my boss always says you don't get anything for nothing and the freebies are simply built into the cost plan. I just couldn't believe they would build in an extra couple of grand. I'll be steering well clear Thumbs Up

plugger147 · World Chat Champion Joined: 13 Mar 2005 Karma :

They are right, on top of that you still pay the finance on the grand that they have given you back too. A lot of place's have finance companys give them bonuses if they sell enough of their product so the car dealer will try and sell you the one he gets the best bonus from not the best one for you. I work for a car dealer and we try the no frills low price no con job shite and people still think that were trying to tuck them up, especially when we give them a real price for there part ex not an over inflated sum that they'll have to pay interest on afterwards.

Just out of interest what are you looking for?
We are usually pretty cheap : www.dayswales.co.uk
No I'm not a salesman I work out the back. Laughing

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