MB Agility/Personal contract

[steve333]

Hi, a question for anyone that has recently bought a new mb on agility or personal contract,how quickly could you pay off your balance & what fees/penaltys/interest we're chargeable?(reason i ask is i am looking to part x/sell my cls & have enough in a pension fund tax free lum sum to buy a new e-coupe but by getting it on agility i will get a retailer contribution of £3,000 & a monthly interest rate of 2.3% so was thinking of doing this & paying the balance off after a month thus saving around £2,500 off the list price as a cash buyer).

 

[Jay9SLK]

Hi Steve

This is the contract I was sent, it may help, but I'd suggest you speak directly to MB don't tell them your plan just ask if there's any penalty for early repayment. Most finance agreements have interest built in to them so you may end up having to pay the interest for the full term even if you pay off the capital early.

Hope that helps.

Jay

 

[steve333]

Hi Jay,thanks for taking the time to post details of your agility/finance agreement,i actually did a deal on a new e350cdi amg sport saloon with delivery miles & registered in november by mb Croydon.as the facelift is out in march & no new orders we're being taken for the current model i managed to get the car for £32989(list price £40k),after negotiating a part x for my cls & paying a deposit of £3989 i put the balance of £17k on mb finance at a rate of 7% apr with the first payment end feb.As i will be able to pay the finance off on april 1st i will only have to pay an additional 1 months interest over & above the 2 months i would have already paid so a total of 3 months interest is all it will cost me(double checked before signing the agreement).

 

[BigladUK]

Wow, thats a great discount ;-)

Well done Steve

Si

 

[steve333]

Wow, thats a great discount ;-)

Well done Steve

Si

Thanks Si-i nearly went for a 3 month old used e220cdi9sept 2012 with 4k on the clock)with a lesser spec that was just under £30k until i found the e350cdi i have bought!

 

[Rory]

Hi Steve

This is the contract I was sent, it may help, but I'd suggest you speak directly to MB don't tell them your plan just ask if there's any penalty for early repayment. Most finance agreements have interest built in to them so you may end up having to pay the interest for the full term even if you pay off the capital early.

That's a lease / contract hire deal.

With HP or PCP (which is HP by another name) it's the law that the deal can be terminated on payment of 1 month interest (plus the outstanding principal, of course).

 

[steve333]

That's a lease / contract hire deal.

With HP or PCP (which is HP by another name) it's the law that the deal can be terminated on payment of 1 month interest (plus the outstanding principal, of course).

^ Exactly right Rory which is why i took it,with some of the dealer contributions you can get on new mb's all you need do as a cash buyer is get part of the deal on finance(7% apr in my case) then pay it off after a month.

 

[gIzzE]

The other way to do it is put a massive deposit down and be left with nothing to finance really, and simply do it over 6 months. They still have to honour the finance contribution.

 

[steve333]

The other way to do it is put a massive deposit down and be left with nothing to finance really, and simply do it over 6 months. They still have to honour the finance contribution.

You could do that but 1 months interest is all you need to repay by law

 

[WG M-B]

The other way to do it is put a massive deposit down and be left with nothing to finance really, and simply do it over 6 months. They still have to honour the finance contribution.

The other way is don't try and buy what you can't afford!

 

[mika]

Hi Alf
if you check back through the thread the OP was describing how he gained extra discount
by "rinsing" the deal with the finance element
I doubt he was over extending himself

 

[gIzzE]

The other way is don't try and buy what you can't afford!

That's a pretty dumb comment.

Have you actually read the thread??

 

[gIzzE]

You could do that but 1 months interest is all you need to repay by law

Of course, but 1 months interest at 7% apr on £17000 is £99 over 1 month, leave £1000 on fianance and pay it over 6 months you pay just £35 interest, plus it is a lot less hassle than having to get settlement figures etc.

 

[mika]

That's a pretty dumb comment.

Have you actually read the thread??

thats what i was trying to say, but i thought 2013 might be my year of diplomacy !

 

[gIzzE]

thats what i was trying to say, but i thought 2013 might be my year of diplomacy !

I always try and stay diplomatic, but when someone tries to be a righteous mother f**ker it rubs me up the wrong way.

 

[steve333]

Of course, but 1 months interest at 7% apr on £17000 is £99 over 1 month, leave £1000 on fianance and pay it over 6 months you pay just £35 interest, plus it is a lot less hassle than having to get settlement figures etc.

Did the maths before doing the deal & as my tax free pension lump sum doesn't pay out until april 1st i had a shortfall of £17k so was quite happy to loose £297 in interest payments in return for a £40k car at £33k

 

[Jay9SLK]

Always good to get the car you want at a price you're happy to pay. Remember it's only worth what someone is willing to pay for it ;-)