Applied for finance

[dentalwizard]

Applied for finance on a MG iM5. Now it is out of my hands

 

[MG Clive]

Welcome to the forum @dentalwizard, and good luck with the finance.

 

[Jomarkh]

Applied for finance on a MG iM5. Now it is out of my hands

Was that at Richmond Botley?

 

[dentalwizard]

Applied for finance on a MG iM5. Now it is out of my hands

That's very kind keep you informed

 

[dentalwizard]

No Poole hendy

 

[Sloucher]

I'm going with MG finance (Santander) through MG Bristol North for my PCP arrangement. Slightly better terms than through Lloyds with whom I had my current MG4, if I don't pay the balloon payment.
I.e. for the LR version (through the Affinity scheme), my own figures work out at £5876.50 cost spread over 35 months with Lloyds or £5075.66 spread over 37 months with Santander.
Santander's balloon price would £1182.50 higher if I were to keep the car however.

 

[dido]

I'm going with MG finance (Santander) through MG Bristol North for my PCP arrangement. Slightly better terms than through Lloyds with whom I had my current MG4, if I don't pay the balloon payment.
I.e. for the LR version (through the Affinity scheme), my own figures work out at £5876.50 cost spread over 35 months with Lloyds or £5075.66 spread over 37 months with Santander.
Santander's balloon price would £1182.50 higher if I were to keep the car however.

Can you please explain ، thie 5876 figure ? Is it the cost of finance ie interest? How much would you end up paying per month on the pcp over 36 month

 

[Sloucher]

These are the figures I personally have been quoted for a PCP agreemnent of 3 years and a low annual mileage:-

IM5 LR retail price = £44583
Cash price of the car after adjustment = £37295.80 inc VAT.
For me, this adjustment figure is the retail figure plus delivery charge (£346.50), first registration fee (£55), ev fueling charge (£30!), road fund licence (£10), Nevis Blue paint surcharge (£545) and Affinity discount (which is minus £8274.21)

PCP With Lloyds:
Putting down £14000 as a deposit and borrowing the balance of £23295 at 6.9% results in a cost of £5876.50 (£167.90 pm for 35 months) with a balloon payment of £21952.
NOT including deposit, cost over 3 years is £5876.50 + £21952 = £27828.50

PCP With MG Finance (Santander):
Putting down £14000 as a deposit and borrowing the balance of £23295 at 6.9% results in a cost of £4777.18 (£137.18 pm for 37 months) with a balloon payment of £23134.
NOT including deposit, cost over 3 years is £4777.18 + £23134 = £27911.18

As you can see, not much difference at the end of the day unless, as is more than likely in my case, you intend giving up the car after 3 years. Bear in mind that the size of your deposit, length of contract and yearly mileage will have a big impact on any PCP quotes.

 

[BishiBoshi]

These are the figures I personally have been quoted for a PCP agreemnent of 3 years and a low annual mileage:-

IM5 LR retail price = £44583
Cash price of the car after adjustment = £37295.80 inc VAT.
For me, this adjustment figure is the retail figure plus delivery charge (£346.50), first registration fee (£55), ev fueling charge (£30!), road fund licence (£10), Nevis Blue paint surcharge (£545) and Affinity discount (which is minus £8274.21)

PCP With Lloyds:
Putting down £14000 as a deposit and borrowing the balance of £23295 at 6.9% results in a cost of £5876.50 (£167.90 pm for 35 months) with a balloon payment of £21952.
NOT including deposit, cost over 3 years is £5876.50 + £21952 = £27828.50

PCP With MG Finance (Santander):
Putting down £14000 as a deposit and borrowing the balance of £23295 at 6.9% results in a cost of £4777.18 (£137.18 pm for 37 months) with a balloon payment of £23134.
NOT including deposit, cost over 3 years is £4777.18 + £23134 = £27911.18

As you can see, not much difference at the end of the day unless, as is more than likely in my case, you intend giving up the car after 3 years. Bear in mind that the size of your deposit, length of contract and yearly mileage will have a big impact on any PCP quotes.

Or you could lease it for 3 years for <£20k

 

[rgledhill]

Or you could buy it from New Car Discount for £36,480, then it's probably worth about £20k after 3 years, so it would be about £16k.

 

[BishiBoshi]

Is that place actually legit? How can they do 8k off RRP?

 

[rgledhill]

Yep. Seems a few people have used them and when I contacted them, they explained that it's basically a broker for dealers who have bought up a load of stock somehow quite cheaply, or need it for their quarterly/annual numbers.

 

[Sloucher]

Yep. Seems a few people have used them and when I contacted them, they explained that it's basically a broker for dealers who have bought up a load of stock somehow quite cheaply, or need it for their quarterly/annual numbers.

It seems to be the same amount of discount as through the Affinity scheme

 

[rgledhill]

I thought so too, but it seems to be higher than through Affinity, based on the prices people have put on here.

 

[LenEV2016]

They GFV is really low as well (£15700ish) for a long range IM5 compared to £19600 odd from MG.