Boring Finance Question...

PNH80

PNH80

Low life livin' the high life.
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Alright guys, as the title...just a quick question about finance...

I already have an existing finance agreement on my car through Audi but i want to know.... IF i bought a new car could i transfer the existing finance agreement over onto a different car and carry on paying or do you have to start up a totally new agreement for a new car?

This may be a very stupid, naive question but it seems a few people are having a struggle to get half decent finance rates at the moment so if there was an option to transfer the agreement accross it would save a lot of hassle!

Cheers,

Paul.
 
Dont know about carrying over but youd have to sell your car to help clear the current balance if enough then start afresh. Possibly
 
Finance agreements are not transferrable between cars unfortunately. It would mean paying off your existing one and taking out a new one on the new car, at presumably a higher rate than your existing one :(
 
What Booster says is right. Also another point to consider is the way Audi work their finance out. For some reason the % they give you does not equate to the % you pay. I was going to finance mine at the 6% rate they offered. When I was told how much the monthly payment would be I went onto this site

http://www.moneymadeclear.fsa.gov.uk/tools.aspx?Tool=loan_calculator

When I entered the repayment it actually worked out nearer to 12%. Called and they could give no explanation for this apart from car loans are different to personal loans....mmmm....would have though 6% is 6% whatever it is for.. Anyway, just something to look out for
 
Well cheers for that fellas, i suspected as much! I'm going to have a chat to Audi about it this week and see what sort of rate they can do at the moment.... Bet it'll make my eyes water!
 
It might not be as expensive as you think. Audi are currently offering 6.0%APR on some models and I'd be willing to bet they'd extend that offer to whatever you're looking at if it makes the difference between a sale or not.

HTH.


Dave.
 
The figures almost all dealers 'talk in' is Flat rate which is different to APR. A rough in your head guide is multiply by two and deduct a little bit, so for 6% flat I'd guess at just over 11% APR. I know it's not quite as simple as that but it's a very rough guide.

I recently bought using Audi finance and after some hard talking beat the dealer down a lot on the APR so that it was cheaper than the current offerings from the likes of the banks. If they tell you it can't be changed they are talking crap.

This site is great for getting a quote -

http://www.tescocompare-loans.com/
 
Stu - what did you manage to beat them down to if you don't mind me asking?

And on what type of finance?

Dave.
 
he figures almost all dealers 'talk in' is Flat rate which is different to APR. A rough in your head guide is multiply by two and deduct a little bit, so for 6% flat I'd guess at just over 11% APR. I know it's not quite as simple as that but it's a very rough guide.
Click to expand...

Good way to put it!!

Dealers are feckers for quoting flat rates. Completely against the law and a bug bear of mine with the car dealers we use as when customers see the agreement they often query "I was quoted x% and now it says x%"

Mjuch better to explain the relationship between the two or just quote an APR.
 
davemk said:
Stu - what did you manage to beat them down to if you don't mind me asking?

And on what type of finance?

Dave.
Click to expand...

Straight HP agreement over 48 months on a used car.

APR is 6.76% although it rises a little when the fees are added (Acceptance Fee £149, Option to Purchase Fee £99)
 
VRStu said:
Straight HP agreement over 48 months on a used car.

APR is 6.76% although it rises a little when the fees are added (Acceptance Fee £149, Option to Purchase Fee £99)
Click to expand...


Cracking deal in the current climate!! Dealer will have had to pay Audi finance a subsidy for you to get that rate. Good negotiation fella :salute:
 
Thanks for all the responses chaps, most helpful. I haven't bothered discussing finance figures with Audi yet because unless there's a potential deal on the table they're full of crap throwing around hypothetical figures anyway. Always good to get some real world stories first!
 
I took delivery of my new A3 yesterday, after a long wait and also after renegotiating finance on Tuesday of this week. The current Solutions package available on all A3 models will give an APR of 5.8% and a flat rate of 2.8%. Theres also a "dealer contribution" towards the deposit of £700 available, but I couldn't twist my dealer's arm to agree to this on top of the very good deal agreed when I ordered.
 
like I stated in my previous post. Be a bit careful about dealers stating APR rates. If you use the link I posted earlier you will be able to see if the monthly repayment equates to the APR
 
This is what put me off changing my car. I'd have to settle my finance and start from scratch again which means I may aswell have burned the deposit I put down on it. All I wanted to do was change to a different colour with everything else identical. ********.
 
Hi Matt, there are a couple of reasons why i cancelled the TT-S....
Firstly dealers are offering much bigger discounts now than when i negotiated the price on mine so i've cancelled before the build date arrives. After a quick look around on Autotrader, lightly used performance car prices are terrifying!
Put it like this.... Come spring time a year old M3 will be TT-S money. When i was looking at £30-35K cars i would never have dreamed an E92 M3 was a possibility but some are losing nearly £20K in a year. I'm not concerned about economy as i don't commute any real distance so given the choice in cash terms between a TT-S and an M3 it's a bit of a no brainer really!
Also it's working out cheaper to actually buy a lightly used car which has already taken a big hit on the depreciation rather than having a brand new car on lease.

'IF' i could have transferred accross a finance agreement i would have maybe stayed with Audi and gone for an RS4 cab but if i have to start from scratch anyway then i think i'll be going elsewhere.

It is bizarre what's happened lately in economic terms but it's totally turned my thinking upside down about my next car. I was of the opinion that leasing was financially my best option but with prices as they are it doesn't make a great deal of sense.
 
Wise decision for all the reasons you stated, i know i wont be buying new next time round.. I wouldnt purchase one over 6k either though, still like that new car smell :)
 
Glad you agree Leon! Nice to know i haven't been too hasty! lol. £500 notes isn't too much of a hit to take considering it makes more financial sense on the long term.
I'm going to start fishing for prices with BMW. They're not selling any M3's so i'm thinking a 'fashionable' colour like alpine white with low miles could be had for a bargain after xmas.....We'll see.
I've noticed low mileage Z4M coupes are going for 25-28K as well. Thats a LOT of car for the money.
 
Wildcard - get your name down for a Focus RS. Should have good residuals?
 
Theres an 08 M3 in black on there with 2k miles for less than £40k!!! jeeesus...
 
For an M3 with 4-10K on the clock you're looking at £35-£40K less than a year old. And thats the asking price. Dealers don't want 4 litre V8 cars sat on the forecourt so god knows what you could actually get one for?!
I'm just waiting til mid february when i've collected another years no claims bonus on the insurance.
 
L60N said:
RS4 saloon, Huge spec, 07 plate 11k miles.. How much?? £35k!!!

http://www.pistonheads.com/SALES/749640.htm

I'd sit tight for a few months, 09 isnt set to be much brighter so could see it become even more a buyers market...
Click to expand...

That is a seriously nice car. You see what i mean? A top spec RS4 with low-ish miles for averagely spec'd TT-S money?... Hmm let me think!

There's a black M3 on autotrader with 12K on the clock for £33K
 
This is a good one... Black 57 reg M3 on autotrader, 10 months old, top spec (upgraded everything), 4700 miles, cost £58,000 when new...... £34, 994.00..... Christ on a bike. And thats a trade ad.
 
I have seen M3s change hands recently with for sums that start with a 2!!!!!

That is trade to trade prices but no one wants to be left holding them. Its like a game of pass the parcel with big engined cars and the music is about to stop!!!!

Customer got offered a factory order 335d the other day with a list of £42k for £32k if he placed a deposit there and then.

BMW are not in a good way at the moment (that's not to say Audi are doing much better either!)
 
Audi's do hold their value better than BMW's anyway though. You only have to look at S5 prices. They're going for only a bit less than similarly aged M3's and it's a much cheaper car. RS4's are suffering more so but still holding up a bit better than the M3.
 
PNH80 said:
They're not selling any M3's so i'm thinking a 'fashionable' colour like alpine white with low miles could be had for a bargain after xmas......
Click to expand...

Saw a white M3 on in spain a few months back (with the carbon roof of course) and I thought it was a proper bona fide head turner.
Something about the white paint and black roof that looks just right.
Fantastic looking car.
 
PNH80 said:
Audi's do hold their value better than BMW's anyway though. You only have to look at S5 prices. They're going for only a bit less than similarly aged M3's and it's a much cheaper car. RS4's are suffering more so but still holding up a bit better than the M3.
Click to expand...

There was a link on my SKY Broadband homepage last week about best/worst depreciating cars and AUDI faried pretty well.
Iirc MINI was top AUDI was 2nd,3rd and 4th.

Paul
 
definitely worth looking about aswell, ask them for cash price then go and find the cheapest loan you can and dealers will just match it instantly, just sorte out a new car for my girlfriend and the first other quote which wasnt even the cheapest one in the end was £50 a month cheaper, they get terribly worried about losing their finance commission and can all of a sudden beat your best external quote like magic
 
definitely worth looking about aswell, ask them for cash price then go and find the cheapest loan you can and dealers will just match it instantly, just sorte out a new car for my girlfriend and the first other quote which wasnt even the cheapest one in the end was £50 a month cheaper, they get terribly worried about losing their finance commission and can all of a sudden beat your best external quote like magic
 
I was out in a TTS again this morning.
Same one I've driven before.
You've made the right decision, forgetting about one of them.

I had a play with the phone prep in it today.
Utter joke, everyone sounded like a cross between a dalek and Norman Collier.:banghead:

With regard to the A4/S5 holding it's value better than an M3, that just goes to show how undemanding and fickle Joe Public is.
I'm assuming we'd all agree the M3 is the better driver's car, but it has been around for a while, in it's current guise.
The A5/S5 is perceived as being the newer car, even if they are identical in age.
I would also suggest the A5/S5 is less intimidating for the middle-aged businessmen I see driving A5/S5's up here.
No denying the M3 has a bit of a 'beast' reputation.
 
PaulAr said:
There was a link on my SKY Broadband homepage last week about best/worst depreciating cars and AUDI faried pretty well.
Iirc MINI was top AUDI was 2nd,3rd and 4th.

Paul
Click to expand...

I'd like to see a break down of this.
I'm willing to believe some Audis fair ok in the depreciation stakes, but there is tonnes of evidence on here to suggest the A3, in particular, comes with 'real-life' problems come resale time.
Tales of A3's not selling, or prices having to be reduced etc.etc.
Quite simply, there are too many of them around for them to hold their value well.
I know my old one was reduced in price a few times, before the dealer was able to shift it.
Admittedly, they were asking stupid money to begin with.
But even when they took it down to a sensible level, it wouldn't sell for ages.
I got rid in March/April, it only sold a month or two back.
 
mitch78 said:
I wouldn't call 13 months, being around for a while. (It was launched at Frankfurt Motorshow Sept 13th 2007)
Click to expand...

The general shape hasn't changed that much though.
Your average Joe couldn't tell the difference between a current one and one from a few years ago.
Whereas 'everyone', even my missus, knows the A5/S5 is a new motor.
People like that instant "oooh" factor.
 
Like most have said I'll be buying nearly new next time I think.
I don't do a huge amount of miles really and the bulk of what I do rack up are motorway miles - so slightly better economy!
I'm hoping come car change time there will be some serious nearly new bargains to be had..... a mate of mine test drove the new Lexus IS-F, was offered £12,000 off for ordering there and then.... £12,000...... to be quite honest with those deals your nearly as well off buying new!
 
My local Audi garage recorded their highest sales figures ever last month. So they aren't budging too much on prices at the moment
 
bowfer said:
Whereas 'everyone', even my missus, knows the A5/S5 is a new motor.
People like that instant "oooh" factor.
Click to expand...

You sure that's not simply the "ohhhh what's that with those wicked, bo-selecta LED's.... they're well phat innit!" which make people perceive it as newer.

I like the S5... but I don't think it's that nice.... think the M3 and C63 are better lookers personally.
If the RS5 add smoe mouch needed agression my perception may change though.
 
jamiekip said:
Like most have said I'll be buying nearly new next time I think.
I don't do a huge amount of miles really and the bulk of what I do rack up are motorway miles - so slightly better economy!
I'm hoping come car change time there will be some serious nearly new bargains to be had..... a mate of mine test drove the new Lexus IS-F, was offered £12,000 off for ordering there and then.... £12,000...... to be quite honest with those deals your nearly as well off buying new!
Click to expand...

I would love a go in an IS-F, supposed to be absolutely awesome cars. No need for 4 doors though. If they did the new lexus coupe with that engine....now we're talking!!
 
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