Discussion in 'M5 (1984-present)' started by Biggles, Jul 20, 2019.
M5 Competition Designation to Boot Lid in Black
is the car a CP or non-CP
The way pcp deals are sold is a disgrace. The very wording of it is deceitful.
Gfv - are these always guaranteed? Some are. Think some are balloons.
Deposit - not a deposit at all. It’s an initial payment.
The whole thing is deliberately designed to be confusing. You only have to look at any thread on here re pcp and how it works to see the confusion and there are some really smart cookies amongst us and half of us (including me) don’t understand it all.
I can see pcp being the new ppi.
I hope it is the new PPi, I’ve had loads of them, I’ll get all my money back and buy a new car for cash
I suspect its an option on a non CP. On a non CP M4 you can spec option ZZB 'Black pack' to have black front grille, side gills, back badge and tailpipes.
I spoke to a dealer yesterday...
Me - any M5 deals?
Dealer - yes , 15k if current BMW owner
Me - what about Peter Vardy deal @27k
Dealer - oh yes can match that if you have a current BMW
Me - ok, so 27k is where negotiations start
Dealer - nope, that would be the max and only on stock cars. But we can only do that if you are ready to buy today
Me - it’s ok , I’ve heard that a few times and it isn’t true. So (politely) don’t use that phrase.
Dealer - ok, so have you owned M cars
Me - yes a few
Dealer - so would you have a trade in?
Me - yes possibly 2
Dealer - what?
Me - X5M and 3CS ( think at this point he thought I was possibly a buyer lol)
Details of PX’s given - have I heard **** all today - no!!
Think I’ll speak to another dealer then lol
People who took PCP shouldn’t have any right to redress - most knew the score, it was all about the monthlies. PPI was just very sneaky and lots didn’t know they had it.
Agree 100%, it won’t stop claims companies from trying to bull it up.
Claim culture, another thing we can thank the US for
I have little doubt that some people were very deliberately mis-sold the problem is proving it. The biggest likelihood is in how GFVs/Optional finals were described plus the non highlighted ticking of GAP, Paint, alloy all of which becomes interest bearing.
I also agree though that people need to take responsibility for their own actions and separately though I think its massively wrong that salespeople with no regulation are incentivised on selling consumer debt products.
The big problem is who does anybody go after ? The finance house for providing the product ( i cant see that as the product itself is fit for purpose) or the retailers for the way in which they sold it. The problem with the latter is that it if it went to PPI levels of claim volumes the process would bankrupt the dealer groups.
Managed to get hold of the VIN to check things on the car spec wise, seems the car in question was actually built on 14th Dec 2018.....i can see why they need to throw the deals out there now.
Is there anything to be concerned about with this? potential issues with a car sat around for 6 months doing nothing?
I suspect the target of such claims companies would and should be the manufacturers. They've got the deepest pockets and are doubtless responsible for the sales atmosphere that drives the PCP selling market.
They're the ones shifting cars that just would not sell without PCP.
Some of the M3 and M4s were sat around for up to 12 months before being sold and they don’t seem to have suffered.
The down side is that the first service (not RIS) comes sooner than expected.
Wow same spec as what I had for £10K cheaper in just over 2 months, thank fook mine went back
Driving assistant plus is great option BTW, active cruise control is amazing, gutted I havnt got it now
Agreed mate, part of my thinking when going down the audi route was that it will be nice to buy something that you know they won't devalue the **** out of by selling them for peanuts within weeks of me buying,
Im afraid BMW are just royally taking the piss out of there customers by offering huge discounts on cars that days/weeks earlier they were selling for tens of thousands more
You also have to remember that the vast majority of there customers have no idea of these discounts and are paying up to list price in the first place
I know its nice to get a good deal but its fookin criminal really when you think that said car could be sold for £93K to those not in the know then they would happily sell same car with £30K off
Agree with others now that the only way to buy BMW is wait for 1-2 year old car that someone else has been ripped off on and buy it for BMW peanuts
Nice to see you back my mate...
Oh and trust your gut and wait for the RS6
I know....I’ve just got to be patient.
New RS6 is what I really want, but would have to wait even longer for the Performance...grrr lol
None of them are GFV are far as I am aware - GFV was a term used many years ago and now it is an optional final payment
The banks were fair game for PPI post the tax bailout - the car industry will have a much stronger voice imho.
Anyhow the FCA are looking into these areas around PCP :
Are firms taking the right steps to ensure that they lend responsibly, in particular by appropriately assessing whether potential customers can afford the product in question?
Are there conflicts of interest arising from commission arrangements between lenders and dealers, and if so are these appropriately managed to avoid harm to consumers?
Is the information provided to potential customers by firms sufficiently clear and transparent, so that they can understand the risks involved and make informed decisions?
Are firms managing the risk that asset valuations could fall and ensuring that they are adequately pricing risk?
Interestingly, it is PCP on used cars which has the greatest concern given the proportion of profit coming from finance vs. Margin on car...
In case it is of interest I stumbled upon the initial findings from March 2018...they said an updat was due in Sept 18 so will track it down if possible...
Most of the growth in motor finance has been to lower credit risk consumers (higher credit scores). They are less likely to face repayment difficulties. Arrears
and default rates generally remain low. However, we are mindful that these appear to have increased somewhat, particularly for higher credit risk consumers (lower credit scores). This is despite favourable credit and economic conditions. So, we are focusing on how lenders assess affordability and whether current procedures are working in the interests of consumers.
• The largest FCA solo-regulated lenders are adequately managing the prudential risks from a potential severe fall in used car values. The financial impact of such a fall wouldn’t materially affect their overall financial soundness. We remind all FCA solo- regulated firms to regularly consider changes in the market, which could affect their assumptions of residual car values and their financial soundness.
• Some types of commission arrangements can provide incentives for brokers to arrange finance at higher interest rates for their customers. We are assessing whether the risks are adequately controlled by lenders, to minimise the potential for harm to consumers. This includes whether lenders and brokers acting on their behalf comply with current regulatory requirements. We are also testing whether commission structures have led to higher finance costs for consumers, because of the incentives they create for brokers.
• We are looking at the customer journey, including through a mystery shopping exercise. We are assessing whether firms are complying with current regulatory requirements and whether consumers are being given the right kind of information, at the right times, to make informed decisions.
Some are some aren’t, depends on manufacturer / lender.
I suspect it is described as such to people all the time whether it is actually guaranteed or not in the small print.
As an example it is mentioned about 5 separate times on page 1 of this thread that is specifically discussing a pcp deal on a bmw