I had a look through my contract and I can’t see anything about a penalty for paying it off early, it just says you need to settle outstanding payments. That’s the way it was for any PCP plan I’ve been on before.
There are no early repayment penalties on my (PCP) deal with Finance Ireland. You basically pay the accrued and future interest.
Brilliant, thanks lads 👍🏻
and future interest.
That is effectively the penalty. You pay the interest either way, which is a bit sly.
At 0.99% the interest owed would be minimal.
It could be viewed as sly, to be honest though (maybe it's the autist in me) I think it's fair enough. A PCP is a lease deal for 3 years with an option to buy at the end. You're trying to effect an option that is outside the terms of the contract. Therefore the finance company is being "nice" by allowing this option. Strictly speaking they could reject it.
Then the provisions of the CCA would apply and you could hand the car back without penalty after repaying 50%+1c of the financed purchase price.
funnily enough I called AIB today to clear my own HP on my car and they said I need to walk into a branch to do it and agree a rate to pay off there and then… as the rate could change daily so it needs to be agreed and paid off there and then.
I’ve got 17 payments left so I’m hoping I can simply get the final payoff for a bit less than what those 17 payments would equate to…
the payment of " future interest" might be considered by some to be an early repayment fee . it would depend on how soon it was repaid earlier in terms of its materiality.
Outrageous value for what you get. For anyone new to EV in that 35-40k budget range it's a complete no brainer.
«snip»
It even applies to those in a lower price range who require a loan from the CU or bank.
I had pretty much decided to go for a two year old Ioniq 5 73kWh with max 50,000 on the clock. The top spec can be got in the North for just over €30k but when I plugged the numbers into the credit union loan calculator the amount by the time everything is paid back is almost as much as a new Tesla M3 RWD. Even allowing for Tesla's 0.9% APR the difference between the two options is minimal.
The Hyundai above versus a brand new car, better efficiency, zero mileage and better software - very hard to justify going for the former. Plus I'll have 10% of the CU loan amount tied up as a deposit for the period of the loan.
AIB's APR is much the same.
you have made a mistake with your calculations. A CU loan or an AIB loan (above) is. Much more expensive than the Tesla 0.99% rate. Repayments on 30k over 6 years HP are 512 per month from Tesla offer …that’s about 5k cheaper than the AIB loan
Cheaper than a diesel Focus from what I can see.
https://www.carzone.ie/new-cars/ford/Focus/15-ECOBLUE-115PS-STLINE-AUTO/774787620240219
Does the 0.99% APR (for both PCP and HP) depend on taking delivery before the end of 2024?
They haven't updated the date in their Ts&Cs
available on vehicles ordered and delivered before 30th September 2024.
I had already queried this previously and was told that the rates are valid through to the end of the year.
I would presume that once finance is applied for and approved, that they would honour these rates.
Sounds great and all but if you take delivery this late in the year you’re basically pissing a couple of grand away when it turns 2025.
If you could order in Dec and take delivery in Jan and still get the €500 discount it would be worth it
I imagine Tesla are trying to entice people to order now who are otherwise waiting for a 251 reg
Ah apologies, I should have said I was looking at putting down the minimum 10% deposit «snip» The calculation below from Tesla seems to be slightly out but gives an idea of the monthly and total costs of HP at 0.99% over 5 years.
…so basically its €604 per month repayment with the CU versus €568 per month repayment with Tesla (Finance Ireland).
The overall cost of a 2 year old Ioniq 5 with 50k on the clock works out as €2,149 less expensive than a brand new M3.
**What's not factored in is depreciation due to inflation on the 10% deposit held by the CU for the 5 years. Circa €3k eroding away. It would in theory reduce the €2,149 delta between the Hyundai and Tesla offers**
The above is all based on the fact I have my numbers right :)
is there criteria around the 500? Is it just for 242 registered cars?
If you spec up a car with an estimate of Jan - Feb then you should be ok.
Although, if you are then matched with a car that's available or on the way, they will want it to be registered before end Q4.
From Tesla by text message:
Dear Customer,
Great news! The exclusive 0.99% APR financing offer on the Model 3 Standard Range has been extended, making this the perfect time to secure your vehicle at an exceptional rate.
Order now, and you'll also benefit from a delivery with the latest 251 registration plate, adding even more value to your driving experience.
just on the standard range?
Notably just on the SR, probably clearing stock as the SR is replaced by LR RWD
Is that not US only? personally I'd prefer the battery pack on the 60kWh packs
So you reckon they are ditching the LFP battery? I gather the LR RWD uses NMC.
I prefer the LFP too, mine was LFP, charge to 100% and forget. However the chinese tariffs and potential for more, may affect decisioning here.
I suspect they have a lot of pre tariff imported SR RWD and are now trying to clear the glut. I don't think it's getting canned here, but I think there may be an oversupply.
Both SR and LR are both showing the 0.99. They would hardly change the APR for different version?
They have given different offers and finance for different versions in the past. Interesting, the email mentioned specifically the SR only but online it seems to apply to both of the LRs, the SR, as well as the performance variant.
but all 4 are showing the valid to September date so not been updated.
I mentioned this to the finance Ireland guy already and he said valid until end of the year
if you apply for finance now, but car not delivered until Jan/feb I assume they can change terms as they wish then the ball is back to you to accept or let the car go.
I've never had finance through finance Ireland before, however if they follow the Tesla model, then the rates would be 'locked in'.
It's a good point though and worth clarifying for sure.
might ring them direct and ask when get a chance.
I am flip flopping between the the SR and the LR rwd. SR is stonking good value. But the LR woukd eliminate range anxiety fully.
