Car Finance .

GusGus · 23-10-2021 1:01pm #1

Can anyone assist - my head is wrecked

if a car costs €66000

if my deposit is €19800 and the GMFV is €24640

apr 3.9%

over 3 years are my monthly’s €800.33???

seems high

iv been to three garages and all are giving different figures for similar car .

oldblues · 23-10-2021 1:24pm

What do you think it should be?

Also need to know if the €19,8k is trade in or cash deposit?

GusGus · 23-10-2021 1:27pm

Cash deposit . Well different garage for very similar car €64500

says monthly’s would be €639 with deposit at 30%

bazz26 · 23-10-2021 1:56pm

Are they giving finance figures off the retail price or discounted price of the new car? Are they adding/excluding other things like a service plan into the monthly figures? Some will also hide the cost of things like paint protection, etc into the figures.

It's very easy to hide these things into monthly figures as it can only add maybe €20 onto the monthly figure which the customer may not take much notice of. Also many people only focus on the monthly cost and don't actually know who much the car and credit is actually costing over the 3 years. PCP is not regulated the same as other forms of credit so it's very easy and a potential sharp practice to sugar coat or sneak costs into figures.

I'd suggest getting a statement from each dealer with a detailed breakdown of the finance figures and then ask each dealer why their figures are different for the same product.