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New finance terms

Discussion in 'The UK and Ireland' started by Sound, Feb 18, 2017.

  1. Sound

    Sound Member

    Joined:
    Feb 18, 2017
    Messages:
    18
    Location:
    Wirral
    I have recent confirmation that the APR for hire purchase has changed from 5.9% to 3.9%. The GMFV promise has also been withdrawn because of "strong residuals on our cars". The APR change represents a significant reduction to the monthly payments for my new Model X 90D, which I am financing over 60 months.
     
  2. DJP31

    DJP31 Member

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    Aug 30, 2015
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    175
    Location:
    UK
    The Design Studio has PCP, with GMFV and hire purchase at 5.9%. Where has this confirmation come from?
     
  3. Sound

    Sound Member

    Joined:
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    Location:
    Wirral
    From Tesla sales. First by phone yesterday, then confirmed by email. It is described as a "3.9% APR Campaign". I signed up to the offer straight away. It's possible that it's only for HP and not PCP, but I don't know as PCP is of no interest to me.
     
  4. S__B

    S__B Member

    Joined:
    Oct 5, 2016
    Messages:
    39
    Location:
    London
    Interesting, who did you speak to in Sales? I'm about to finalise the finance on my MX order (going PCP) and dropping to 3.9% would make a big difference!
     
  5. Sound

    Sound Member

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    Feb 18, 2017
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    Location:
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    S_B. I'm not willing to name individuals in what was a private correspondence but I strongly suggest you ask about the "3.9% campaign" before you agree to anything. I've given you and others on this forum a head's up on this so it's up to you to negotiate the deal. I'm buying the X as a company car but I don't see that that makes any difference. I also had an earlier offer from the bank at 3.9% but I signed up with Tesla to keep everything in house.
     
  6. inspiraldesign

    inspiraldesign New Member

    Joined:
    Mar 27, 2017
    Messages:
    3
    Location:
    London
    I went to my local branch and the manager gave me a quote of around £500 per month for 30% deposit and 36 monthly payments. After I applied online through the website I received a quote where the monthly payment increased to £600! This is adding £3600 to the total amount. I am not accepted this but waiting for a reply from the finance management.
     
  7. Sound

    Sound Member

    Joined:
    Feb 18, 2017
    Messages:
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    Location:
    Wirral
    You need to ask what APR your quotation is based upon. You can only compare quotations between different finance companies and banks if you know the APR. The Tesla 3.9% 'campaign' was for March only.
     
  8. inspiraldesign

    inspiraldesign New Member

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    Mar 27, 2017
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    Location:
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    We are in March still - I am supposed to be collecting my car tomorrow.
     
  9. inspiraldesign

    inspiraldesign New Member

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    Mar 27, 2017
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    Location:
    London
    Here is an update. In the end they honoured the original quote so now I am a happy Tesla owner :)
     

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