Are Mercedes any good?!

[classcchap]

If it was a PCP signed on the dealer's premises then you had the right to cancel.

That's the whole point of the legislation.

Indeed, that is what I thought. It’s wrong. An agreement to purchase, signed on the dealers premises, is binding - there is NO cooling off period.

This was stated in the small print on the back of the HP(PCP) form and it is correct.

This is why I advised getting hold of the Mercedes-Benz HP agreement and READ it - you’ll find a lot else not to like.


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[GeeJayW]

Indeed, that is what I thought. It’s wrong. An agreement to purchase, signed on the dealers premises, is binding - there is NO cooling off period.

This was stated in the small print on the back of the HP(PCP) form and it is correct.

This is why I advised getting hold of the Mercedes-Benz HP agreement and READ it - you’ll find a lot else not to like.


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14 day cooling off period car finance

 

[Darrell]

I think it comes down to how you where brought up & maybe what you had as a kid. I’m only 23, but both my parents had good jobs so I was fortunate as a kid. When I started working & making my own money it wasn’t like It was my first opportunity to go out buying crazy expensive clothes or spending most my wage on a car. My father bought me a nice car so I’ve been able to upgrade car by car until now where I’ve got my E Class. Me & my partner also have mortgage on a new build 2 bed semi which we only pay £270 for. Less than most will pay for there cars a month.

£270 a month over a standard 25 year mortgage is a repayment of £81000.
Either you put down an absolutely massive deposit or you live in a rabbit hutch in your parents garden.

 

[clk320x]

Her answer? ‘Yeah, but it’s a VW?’

I can’t disagree

 

[Maco]

£270 a month over a standard 25 year mortgage is a repayment of £81000.
Either you put down an absolutely massive deposit or you live in a rabbit hutch in your parents garden.

£20,000 deposit

 

[Darrell]

£20,000 deposit

So you’re paying back £101,000 with interest?

 

[Maco]

So you’re paying back £101,000 with interest?

Something like that

 

[Darrell]

Something like that

You don’t live in London do ya?
Lucky f****r.

 

[Maco]

You don’t live in London do ya?
Lucky f****r.

North east, County Durham.
Don’t get me wrong, when I say new build the house was around 4 year old.

 

[classcchap]

14 day cooling off period car finance

I am not an expert in this field however, all the credible references I have checked include the ‘dealers premises’ exclusion I refer to. My understanding is that ‘cooling off’ periods apply to doorstep and distance selling and do not apply to dealers premises.

I’ll say it again: get your hands on the Mercedes-Benz
HP (PCP) contract form and READ the small print.


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[GeeJayW]

I am not an expert in this field however, all the credible references I have checked include the ‘dealers premises’ exclusion I refer to. My understanding is that ‘cooling off’ periods apply to doorstep and distance selling and do not apply to dealers premises.

I’ll say it again: get your hands on the Mercedes-Benz
HP (PCP) contract form and READ the small print.


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They can put any small print on the document that they wish to. Doesn't alter our rights under the consumer credit act. In your case, the PCP contract was proferred without giving you a chance for fair evaluation of the offer and any implications. The dealer was guilty of pressure selling plain and simple.

In the same position, a) I would not have signed the contract in the first place, b) Had I signed (effectively under pressure from the seller) and later but within 14-days been unhappy with the terms, I would have contacted a financial expert to sort out the best way to get out of the commitment, and c) would never darken the door of that particular dealer again.

We've never had this kind of pressure from our Mercedes dealer at all. Quite the opposite, they have been very informative and patient, and have never tried to spring any surprises at the last minute.

 

[Darrell]

North east, County Durham.
Don’t get me wrong, when I say new build the house was around 4 year old.

No wonder everyone north of the Watford gap are driving about in new cars. I didn’t know it was so cheap.
I’m moving up there!! My Nan from from Newbiggin so maybe I’ll get a passport easier.

 

[classcchap]

We've never had this kind of pressure from our Mercedes dealer at all. Quite the opposite, they have been very informative and patient, and have never tried to spring any surprises at the last minute.

Have they ever sold you GAP insurance?



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[GeeJayW]

Have they ever sold you GAP insurance?



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They have offered it along with whole bunch of other 'products'.

We did go with 'scratch n dent' and 'wheel and tyre' insurances on our last two cars. As we didn't make a claim on the oldest of these, we got about half the premium back when we sold the car.

On our current car, both near side tyres and the nearside front wheel got damaged about a week after we bought the car. So we put in a claim, which fully covered both tyres and a partial contribution to the cost of the replacement rim. Had the rim been repairable, then the insurance would have covered the cost fully. However, This one claim has pretty much covered the cost of the premium.

BTW following your posts, I have done more digging on the 'cooling off period' thing and it seems that you are correct. So please accept my sincere apologies and my thanks for making me/us aware of this.

 

[E53AMG]

£270 a month over a standard 25 year mortgage is a repayment of £81000.
Either you put down an absolutely massive deposit or you live in a rabbit hutch in your parents garden.

His father bought him his first car, probably bought the house too unless it is under a home buyer scheme....

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[E53AMG]

His father bought him his first car, probably bought the house too unless it is under a home buyer scheme....

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Lol just caught up, sorry County Durham very nice quiet area spent a week there last year didn't realise houses were that cheap, nice that some of the UK is still affordable, perhaps I can retire there and afford a SL65!

As for PCP I have yet to see a deal that works out cheaper than a cash buy, after all interest is involved. If you save up in the good old fashioned way with hard graft you will always be better off long term.

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[TheFoX]

I went the way of PCP once on a £30,000 four year old CLK500 over two years costing me £500 a month. At the end, the PCP would clear the £18,000 balance on a car worth only £15,000 part exchange, so if I had wanted to finance the other half, I would have been paying £3,000 over the top.

Since then I only buy what I can afford with a mixture of cash and finance, opting for the full purchase of the vehicle at the end of the term.

I've also discovered that main dealers will offer you a set part exchange price and won't budge at all, whereas indy's will barter up and down on the part ex and what they are selling you.

 

[Maco]

Lol just caught up, sorry County Durham very nice quiet area spent a week there last year didn't realise houses were that cheap, nice that some of the UK is still affordable, perhaps I can retire there and afford a SL65!

As for PCP I have yet to see a deal that works out cheaper than a cash buy, after all interest is involved. If you save up in the good old fashioned way with hard graft you will always be better off long term.

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Atleast you corrected your self

 

[E53AMG]

Atleast you corrected your self

[emoji23]new year resolution to myself, read before you write!

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[Darrell]

I went the way of PCP once on a £30,000 four year old CLK500 over two years costing me £500 a month. At the end, the PCP would clear the £18,000 balance on a car worth only £15,000 part exchange, so if I had wanted to finance the other half, I would have been paying £3,000 over the top.

Since then I only buy what I can afford with a mixture of cash and finance, opting for the full purchase of the vehicle at the end of the term.

I've also discovered that main dealers will offer you a set part exchange price and won't budge at all, whereas indy's will barter up and down on the part ex and what they are selling you.

But you could’ve given the car back and got another? A new car every four years?