Financing a car - It doesnt add up??

marco79 said:
I have a collegue who wanted to purchase a 2nd hand corsa bakkie through a 2nd hand car dealer. Purchase price was R65000. He needed a 10% deposit and when the dealerships finance lady called him she told him the payments would be about R2200 per month. We worked it out on the interest rate he was offered at R1700 per month. He asked for a breakdown of the costs and found out the financed amount was R75000 (R11500 more than what it was supposed to be). He left it there and went to a GM dealer and got a much better deal.
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Wow, sneaky bastards!
 
marco79 said:
I have a collegue who wanted to purchase a 2nd hand corsa bakkie through a 2nd hand car dealer. Purchase price was R65000. He needed a 10% deposit and when the dealerships finance lady called him she told him the payments would be about R2200 per month. We worked it out on the interest rate he was offered at R1700 per month. He asked for a breakdown of the costs and found out the financed amount was R75000 (R11500 more than what it was supposed to be). He left it there and went to a GM dealer and got a much better deal.
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Wonder if thats what they did....hmmmm, thanks for the info ;)
 
The dealerships are sneaky.... I agree... quoted me an insane repayment on two cars, we declined both!!

I found that it is cheaper, by far, to buy the car privately, or get one of the few remaining honest dealers to find you the car you want. They usually work hard and do it...
Am now paying less than 1/2 than I would have, had I gone via a big brand dealership..
 
Well, just an update. I didnt go back to this dealership...had a kark feeling the minute I walked in there...should have trusted my gut. Anyways...found a different car at a different dealership, and they gave a quote monthly instalment price almost identical to what the banks online calculators give. So this other dealership....dunno what they were doing cos they got it so wrong. Either way...if it was an error or they did it on purpose...Im glad I didnt pursue it.
 
I think i see what happend here the car is probably R169950 excl VAT. If you buy private you dont pay VAT if you buy through a dealer you do.
So the car is really R193743(incl) minus your R45000

Work it out you come to R3400. It wasn't an error they just told you the car is R169k and you where like "sweeeet" when in fact it was almost R200k :wtf:
 
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Vegeta said:
I think i see what happend here the car is probably R169950 excl VAT. If you buy private you dont pay VAT if you buy through a dealer you do.
So the car is really R193743(incl) minus your R45000

Work it out you come to R3400. It wasn't an error they just told you the car is R169k and you where like "sweeeet" when in fact it was almost R200k :wtf:
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WTF...REALLY glad I walked away! Blerry b@stards!
 
Vegeta said:
I think i see what happend here the car is probably R169950 excl VAT. If you buy private you dont pay VAT if you buy through a dealer you do.
So the car is really R193743(incl) minus your R45000

Work it out you come to R3400. It wasn't an error they just told you the car is R169k and you where like "sweeeet" when in fact it was almost R200k :wtf:
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No way dude, have never seen a car being sold at excl. vat.
If it is the case, then its a ripoff.
 
My experience on buying a new Car in May 2010 from Toyota...

The in branch financial consultant did an amazing job organizing me finance - she showed me all the quotes from many financial institutes. She managed to arrange me full finance at 4.5% interest with no residual or balloon payment from Toyota Finance. It was quick, easy and painless - so I was a very very happy customer.
 
Vegeta said:
Only way to get to R3400pm use excel(=pmt) if you don't have a HP 10B calculator
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Not saying u wrong dude (good out of box thinking), but i think it is illegal to quote on price excl. vat.
Simple answer is probably likely, finance person probably added on stuff for which she gets comission (credit shortfall, ...), although is they never tell him abt it...
I have actually had similar problems with the finance people, they quote u by adding these things on and explaining later (maybe some clueless people dont figure it out).
 
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