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Discussion Starter · #1 ·
My other half was after a well specced new model active tourer. I found a reasonably priced one at Stratstone BMW Leeds. 500 miles well specced, was perfect.

Only issue was that it was now used and no longer available at 4.9% APR but an eye watering 9.9%. I said we wouldn't be willing to pay such a rate and asked if we could finance privately with Lloyd's. Was told no problem and put the deposit down. Other half was very excited.

We applied through Lloyd's and got our 4.9% only to be called back and told This dealership will not work with Lloyds. I couldn't get my head around this and dealership confirmed this and sent us a list of approved providers.

All these providers seemed like specialist providers with High APR that would fill in any liability gaps that BMW finance could not.

Short of it is. We have come to a point where dealerships won't take full asking price for a used car because they would rather take their chances on some poor soul paying 9.9% APR.

What's everyone's thoughts on this? I find it to be awful.
 

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Or alternatively a Zuto loan? ^
 

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My other half was after a well specced new model active tourer. I found a reasonably priced one at Stratstone BMW Leeds. 500 miles well specced, was perfect.

Only issue was that it was now used and no longer available at 4.9% APR but an eye watering 9.9%. I said we wouldn't be willing to pay such a rate and asked if we could finance privately with Lloyd's. Was told no problem and put the deposit down. Other half was very excited.

We applied through Lloyd's and got our 4.9% only to be called back and told This dealership will not work with Lloyds. I couldn't get my head around this and dealership confirmed this and sent us a list of approved providers.

All these providers seemed like specialist providers with High APR that would fill in any liability gaps that BMW finance could not.

Short of it is. We have come to a point where dealerships won't take full asking price for a used car because they would rather take their chances on some poor soul paying 9.9% APR.

What's everyone's thoughts on this? I find it to be awful.
What sort of finance?

If it's PCP I can see why BMW wouldn't want to give away their finance profit and the dealer want their kickback from the finance company.

If it's a car loan or HP you should be able to get finance from anywhere, but that means actually buying the car and much higher monthlies to own the car.
 

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Discussion Starter · #6 ·
Can you not take a loan in to your bank account, at lowest rate you can find, then use that money?
I think this is what we will do. However we have found loans APR jumps above 25k so would mean putting a bigger deposit than we had hoped.
It just feels like they knew we would get rejected but thought we wouldn't know why and then come back to them for their ludicrous APR PCP.
I understand that times are hard for dealers but wish they would be more upfront about things or even charge a price for a car they would be willing to see leave for cash.

The car was fantastic value, 6.5k off list with only 500 miles but obviously they are hoping to recoup in other ways.
 

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I think this is what we will do. However we have found loans APR jumps above 25k so would mean putting a bigger deposit than we had hoped.
It just feels like they knew we would get rejected but thought we wouldn't know why and then come back to them for their ludicrous APR PCP.
I understand that times are hard for dealers but wish they would be more upfront about things or even charge a price for a car they would be willing to see leave for cash.

The car was fantastic value, 6.5k off list with only 500 miles but obviously they are hoping to recoup in other ways.
If you can borrow enough elsewhere plus your own deposit to buy the car you could take the PCP finance and pay it off immediately without penalty.
 

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The car was fantastic value, 6.5k off list with only 500 miles but obviously they are hoping to recoup in other ways.
Is it the facelift model? I'm assuming not if they're giving such a discount against the new price. If you keep it forever it won't make much difference, but if you sell it in 3 years & it's the pre-facelift, you'll take a bigger hit than if it's the facelift. I'm sure you're aware of this though.
 
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