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Conference terri::cars_uk

Title:Cars in the UK
Notice:Please read new conference charter 1.70
Moderator:COMICS::SHELLEYELD
Created:Sun Mar 06 1994
Last Modified:Fri Jun 06 1997
Last Successful Update:Fri Jun 06 1997
Number of topics:2584
Total number of notes:63384

1912.0. "Options/Select/Choices Finance" by UPROAR::DARRALLD (Dureli-son of tyre maker,769-8228) Thu Oct 08 1992 15:42

    Hi
    
    Anyone got any experience of these new options/select/choices finance
    schemes from Ford/Rover/Vauxhall respectivly ?
    
    Basically you pay a deposit of 15-30%, then the company will take a
    chunk of the remainder off and leave you to pay the rest over 2-3
    years.  At the end of the period you can leave the scheme returning the
    car, pay the chunk taken off at the beginning and keep the car, or
    start a new scheme and have a different/new car.
    
    The marketing bumf points out that teh monthly repayments are less than
    a bank loan (this is because they are repaying less !).
    
    The schemes do differ in many ways, Select is 14%APR Options is 21%APR.
    If you do high mileage the amount you pay is more (because the car is
    worth less at the end of the period) and there is a mileafe limit which
    means you could end up with a lump sum to pay, and still not keep the
    car !
    
    Any views opinions comments   ???
    
    Dave D.
    
T.RTitleUserPersonal
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1912.1NoteTIMMII::RDAVIESAn expert AmateurThu Oct 08 1992 16:009
    Worth noting is that the lower repayments are because you are repaying
    less of the CAPITAL, the difference between {cost of car minus deposit}
    and the so called agreed resale value (usually quoted quite low).
    
    However the interest charged is on the FULL cost of {the car minus
    deposit}.
    
    
    Richard
1912.2FUTURS::WATSONMore ham pleaseThu Oct 08 1992 16:324
    So whats the difference between these schemes and a Lease purchase with
    a final balloon payment ?

    	Rik
1912.3MANENG::LEACHThu Oct 08 1992 16:408
1912.4NEWOA::SAXBYMean and Brooklands Green!Thu Oct 08 1992 16:534
    
    And these schemes are available to Joe and Josephine Public.
    
    Mark
1912.5ESBS01::RUTTERRut The NutThu Oct 08 1992 18:025
    Shaun MANENG::LEACH
    
    So you are still around then ?
    
    J.R.
1912.6I will be SBP bound either next week or the week afterMANENG::LEACHThu Oct 08 1992 18:505
    Rut the ESBS01::RUTTER Nut
    
    I sneak a look every now and then ;^)
    
    Shaun.
1912.7ConfusionTIMMII::RDAVIESAn expert AmateurThu Oct 08 1992 19:4816
1912.8What was sleep like ?MANENG::LEACHThu Oct 08 1992 20:098
1912.9This may or may not apply to you.BAHTAT::DODDMon Oct 12 1992 16:344
    I briefly looked at the Vauxhall scheme - it costs a lot more than the
    Digital car scheme.
    
    Andrew
1912.10Still looks good to me KIRKTN::MCOMMONSThu Apr 29 1993 19:008
    Does anyone have the freephone nos for Ford, Vauxhall or Rover to get
    the information packs on these schemes. Also what's the general opinion
    of getting a new car through these schemes, any personnal experiences
    etc,
    
    Thanks
    
    Martin
1912.11MAJORS::ALFORDlying Shipwrecked and comatose...Thu Apr 29 1993 19:543
The Vauxhall scheme is certain cheaper on the repayments than any other form of 
financing  (you are only financing 2/3 of the purchase value of the car).