Finance calcs

[Tommyboy1986]

Just the heads up that magnitude finance now have the emira on there system so you can now get finance quotes ..
residual value between £35-£40k after 4 years with 12k miles a year .
There rates aren’t great but least you can get a rough idea of worst case Scenario.
There rates were 5.8% pretty sure we will be doing better than this .
Just thought I would let people know 👌🏽

 

[sslater006]

That is really useful - thanks Tommyboy1986. Slightly frustrating that a third party finance broker can release their finance deals BEFORE Lotus?!?

 

[Tommyboy1986]

That is really useful - thanks Tommyboy1986. Slightly frustrating that a third party finance broker can release their finance deals BEFORE Lotus?!?

Wouldn’t expect it any other way would we when the best into we have had so far was from a Australian lotus dealer 🤣🤣.
My finance broker has all ready told me he can better them rates so make sure you shop around .
Fingers crossed the lotus finance deals will
Be good 🤞🏻

 

[TomE]

I suspect Magnitude are taking a bit of a punt on residuals to get their packages out quickly - I think their figures are slightly on the low side.

From what the Lotus sales folks said at roadshows they are looking to match or better the current Porsche packages, which I think are around 5.9% currently? They were also expecting 3-year residual to be 51-54%, so better than Evora and not quite as strong as an equivalent Cayman.

Lotus packages should be announced before 3rd deposit/commit date.

 

[sslater006]

Wouldn’t expect it any other way would we when the best into we have had so far was from a Australian lotus dealer 🤣🤣.
My finance broker has all ready told me he can better them rates so make sure you shop around .
Fingers crossed the lotus finance deals will
Be good 🤞🏻

Absolutely. Would you be happy to share the contact details of your finance broker? You might want to ask them for some referral commission if you publish their details on this forum!

 

[sslater006]

I suspect Magnitude are taking a bit of a punt on residuals to get their packages out quickly - I think their figures are slightly on the low side.

From what the Lotus sales folks said at roadshows they are looking to match or better the current Porsche packages, which I think are around 5.9% currently? They were also expecting 3-year residual to be 51-54%, so better than Evora and not quite as strong as an equivalent Cayman.

Lotus packages should be announced before 3rd deposit/commit date.

Yes Porsche are around 5.9% APR. But I hope Lotus go one step further and match the APR on a new Alpine A110 (which is probably a closer competitor) which is currently 4.9%. That 1% makes a big difference to the monthly payments...

 

[sslater006]

If you're listening Lotus - this is the finance deal you need to match...
file:///C:/Users/sslater/OneDrive%20-%20Busseys%20&%20Sabberton%20Bros%20Ltd/Downloads/AL55100_Alpine-UK-Finance-offer-V4%20(3).pdf

 

[Mknight702]

Yes Porsche are around 5.9% APR. But I hope Lotus go one step further and match the APR on a new Alpine A110 (which is probably a closer competitor) which is currently 4.9%. That 1% makes a big difference to the monthly payments...

Given the sales numbers for the Alpine I'm not surprised they had to lower the interest rates to generate interest.

 

[SJR202]

If demand outstrips supply & this is the last ever ICE from Lotus (same for many other sports car makers pending), then there will never be a new Emira so to speak. Maybe a mid life refresh or GT/specials so would that keep prices even stronger? You cant buy an Evora S for under £40k last time I looked, and Cayman S' (981) are still over £40k etc

 

[EspritGuy]

Just the heads up that magnitude finance now have the emira on there system so you can now get finance quotes ..
residual value between £35-£40k after 4 years with 12k miles a year .
There rates aren’t great but least you can get a rough idea of worst case Scenario.
There rates were 5.8% pretty sure we will be doing better than this .
Just thought I would let people know 👌🏽

They are assuming a 50 percent depreciation in that period.?

 

[DJS]

Some more residual figures for you gents.....

Lloyds Bank Lotus Emira 4.9APR

V6 FE Auto 8,000 MPA

24 months 50k
36 months 45k
48 months 41k

Lloyds will only borrow you up to 60k though.

 

[sslater006]

Some more residual figures for you gents.....

Lloyds Bank Lotus Emira 4.9APR

V6 FE Auto 8,000 MPA

24 months 50k
36 months 45k
48 months 41k

Lloyds will only borrow you up to 60k though.

Now we're talking! Great work DJS

 

[sslater006]

Now we're talking! Great work DJS

Some more residual figures for you gents.....

Lloyds Bank Lotus Emira 4.9APR

V6 FE Auto 8,000 MPA

24 months 50k
36 months 45k
48 months 41k

Lloyds will only borrow you up to 60k though.

Do you have to be a Lloyds customer to qualify?

 

[DJS]

Do you have to be a Lloyds customer to qualify?

I do bank with Lloyds but not sure if that’s a preferential rate for customers only.
Give it a go see how you get on.

I think there is much better deals to be had from Lotus so fingers crossed 🤞🏻

They have to beat the competition.

 

[sslater006]

I do bank with Lloyds but not sure if that’s a preferential rate for customers only.
Give it a go see how you get on.

I think there is much better deals to be had from Lotus so fingers crossed 🤞🏻

They have to beat the competition.

I just called Lloyds and they confirmed you need to have an account with them for three months to qualify. Fingers crossed Lotus will at least match that, and if not, I'll just switch my account to Lloyds

 

[New to Lotus]

Yes good work better than porsche. Come on lotus!

 

[Tommyboy1986]

I just called Lloyds and they confirmed you need to have an account with them for three months to qualify. Fingers crossed Lotus will at least match that, and if not, I'll just switch my account to Lloyds

You have plenty of time …. Take an account out and by the time we get the emira delivered in 2058 Lloyds should be happy to lend 🤣🤣🤣

 

[as7920]

Lloyds banking group possibly to qualify as it applies to Halifax customers too. I opened a Halifax a/c a couple of years ago just for this purpose though I haven't as yet gone with them.

You can borrow £60k so you can still get an £80k car you just need to put in a £20k deposit.

Their residuals are definitely lower than magnitude but with the lower APR, the total amount payable is less.

Have been looking at Cayman/Boxsters this way.

I even looked at a 911 T, just about affordable but the interest over 4 years was £14k. Madness.

 

[Leonard]

If I needed it I'd just get 2 x £25k personal loans at 2.8%

 

[as7920]

If I needed it I'd just get 2 x £25k personal loans at 2.8%

Never tried that. But can't afford £1100 pm payments.