Advice on Agility deal

[darrellr]

I intend to query MB direct but wanted to get any advice, guidance, thoughts from the forum first/too.

I have recently taken delivery of a new W209 CLK Coupe (320 CDI Sport -metallic, Leather, COMAND). The deal I got was £10k+ off the list bringing it in at £26,250 on the road. The only way I could get the deal was if I took an Agility finance deal for 4 years on an relatively high APR (11.5%).

What I'd like to know is, is there any penalty clause that restricts me from going for an almost immediate early settlement and replaceing with my own finance?

The current deal is £3,500 up front + 48x365 + £13,250 (cost of finance = £8k+) for 12k miles a year.

I could take out a 6 year loan @ 7.8% APR for £22k which would come in at £390+ a month which would leave me around £7k to find at the end of year 4 with no milage restrictions.

I'm sort of assuming that the finance package subsidises the large discount in the expectation of 'jam tomorrow' (i.e £8k finance charge) and that I'd be barred from early settlement without some kind of penaly. However, nothing in the 4 page contact suggests this at all.

Can anyone comment, advise?

 

[Sp!ke]

At what point to they apply the interest?

If they apply all the interest up front (some do) then you can't do anything.

A six year loan on a car is an awfully long time isnt it?

 

[st4]

Don't take out a PCP and not one structured like that - way too high an APR and low baloon. Phone MB finance and ask for a settlement figure and a break down of the interest/capital repayments.

Charges are rebated under the Early settlement regulations 2004.

 

[Bobby Dazzler]

Is there a cooling off period stated on the finance paperwork, and if so are you within that period?

 

[A210AMG]

6yr loan with 7k to find after 4 years? good job you save a bit up front...

Just ring them up on Monday and ask, you will know for sure what to do.

Would leasing one have been easier? or do you do too many miles? just sounds a lot over the period of time.

 

[wemorgan]

The deal I got was £10k+ off the list bringing it in at £26,250 on the road. The only way I could get the deal was if I took an Agility finance deal for 4 years on an relatively high APR (11.5%).

The current deal is £3,500 up front + 48x365 + £13,250 (cost of finance = £8k+) for 12k miles a year.

So you have initially saved £10k but will pay £8k for the finance. This leaves you with a very modest discount for a discontinued car.

If you are within the finance cooling off period (30 days?) I would contact MB immediately.

 

[darrellr]

6yr loan with 7k to find after 4 years? good job you save a bit up front...

Does doesn't it But then Mercs aren't cheap! Should be worth about £14k-ish after 4 years so I will be able to put a fair bit more up front next time round.

Would leasing one have been easier? or do you do too many miles? just sounds a lot over the period of time.

I actually intended to lease but the best I could get back in July was well over 500/month with £2.5k up front. (I cannot re-claim VAT)