Hi,
another question after a test drive today in a RRS2

regarding the dealer contribution to finance, they have offered £1500 if £20k taken

Have read in the past that you could then pay off the balance a month later, which would cost about £60 in interest, can this still be done or is it in practice more difficult than it seems on paper

any one done it recently

I paid mine off the same day (literally) and it cost less than £1 in interest. You just have to ring them up and cancel it and pay the loan back, keeping the £1,500. There is, however, a maximum time in which you can do this (which I believe is 14 days), otherwise it becomes an operating hire purchase deal with entirely different cancellation terms. (All explained in the paperwork).

Thanks for that,

the salesman did mention finance and suggested "up to you if you pay of after a month"

would be reading the small print but help appreciated by those that's done it

I could cope with £1

The reason the salesman say "after a month" (which they did in my case) is that they get a kick-back from LR if the customer doesn't cancel under the 'change your mind' scenario but allows the loan to mature into an h.p. deal. (You still have the right to cancel even then, but not on the same terms). If you cancel immediately, they get bupkis!

As already suggested, "withdraw" from your finance agreement with 14 days and you only pay for the days interest accrued. You get to keep the deposit contribution.
I've done this and it works.
Don't mention to the salesman since he loses commission so will try to talk you out of doing it before the initial period.

Google Search, there are many threads and links with information...

Hi,
had another test drive today and suggested that I would need finance and were there many options

No contribution unless on a new car, not possible on a used

I paid my LR finance off after about two months and paid only the interest for the two months. It was very easy and I encountered no snags. You can ring them anytime and get an automated response as to how much you need to pay and then you get it in writing and SMS. Now sold 2010 TDV8 Santorini black, lots of extras and best car I ever owned, and there's been a few. I will be back.

I came back with an L405 FFRR

The reason I didn't want to leave it that long, apart from the interest, is that legally the car belongs to the finance company during that period. If you 'change your mind' and cancel during the cooling-off period, that technicality never arises.

riverblanche wrote:

Hi,
had another test drive today and suggested that I would need finance and were there many options

No contribution unless on a new car, not possible on a used

I didn't want to leave it two months before paying it off but I had to wait for the next tax year to draw company dividends to be able to pay it. I didn't plan to buy the car before I had the money but it's a bit like going to look at puppies, you usually end up buying one. When I came across the perfect spec and colour etc. I decided to do it in this way. It worked out well in my circumstances. Now sold 2010 TDV8 Santorini black, lots of extras and best car I ever owned, and there's been a few. I will be back.

I came back with an L405 FFRR

Hi,
you got it right Donny, it is a used car I am looking at and the first dealer did offer finance on it with the contribution

the second said "No way"