Finance rate "under review"

[Tonyshepp]

This talk of finance percentage increasing has me somewhat concerned. I had my finance application approved as part of the checkout process back on the 17th October, was phoned to say it had all gone through and on the checkout dashboard it stated "Application approved". However when I check the dashboard now I can go back and edit things I couldn't before like the service plan and paint insurance etc and the part where it previously said "approved" has changed to "Please contact your retailer directly for more information on your application".

Can they go back on it after they have already approved it, or could this (hopefully) just be an error on the page?

I think it’s just an error. It would be bad practice to approve you and then “unapprove you”.

 

[Dommo]

This talk of finance percentage increasing has me somewhat concerned. I had my finance application approved as part of the checkout process back on the 17th October, was phoned to say it had all gone through and on the checkout dashboard it stated "Application approved". However when I check the dashboard now I can go back and edit things I couldn't before like the service plan and paint insurance etc and the part where it previously said "approved" has changed to "Please contact your retailer directly for more information on your application".

Can they go back on it after they have already approved it, or could this (hopefully) just be an error on the page?

I’ve spoken to a 3rd party finance provider for comparison. They are a broker and they told me most agreements are held for 6 weeks BUT the finance companies are not obligated to stick to the agreed rate until the finance is actually set up fully.

It might be different for Lotus but I’d assume it’s not!

 

[Matthaus]

If they keep edging everyone forward a couple of months here and there they no people will probably hang on. If they now tell us the reality of 5/6/7/8 months we will start dropping like flies. I think most of the new January batch will yet again be disappointed 😔

This is the issue. July 7th 2021 deposit and I don't know now when I'm likely to see my car any more than I did then (same goes for most of us)

I think it's going to be another 8 months but who knows for the AMG.

I can only see the APR going up again soon.

 

[grahamgreen]

I sold my GT4 last winter for £67k I had just serviced it in Porsche Teesside and it was ready to go. Again buckets carbon, all bells and whistles with 7k miles (I was second owner).

It was resold at £72k a few months later. Ended up buying a cheap boxster to run around in ready for Emira. I’m in the same place as others if interest rates suddenly jump making the monthlies a step too far.

As much as I want one I won’t pay silly monthlies opting to put the bulk of it into my house project. Only time will tell.

All very well buying and “flipping” but with a reduced market and inflated prices there will be less buyers out there; again facing the larger interest rates.

We’ve seen these cycles before mind. The ship will steady it’s just a case of when

 

[prestonc]

This talk of finance percentage increasing has me somewhat concerned. I had my finance application approved as part of the checkout process back on the 17th October, was phoned to say it had all gone through and on the checkout dashboard it stated "Application approved". However when I check the dashboard now I can go back and edit things I couldn't before like the service plan and paint insurance etc and the part where it previously said "approved" has changed to "Please contact your retailer directly for more information on your application".

Can they go back on it after they have already approved it, or could this (hopefully) just be an error on the page?

Mine says exactly the same as yours. A change in the finance rate would be a proper killer for me.
I received a call on Friday telling me that the car is ready and we're just waiting for delivery dates. After that call I did email asking about possible changes to the rate, but haven't received a reply yet. Granted, I sent the email Friday afternoon, and that didn't give them much time to come back to me.
I hope you hear news early this week, and I hope it's good news for me, and you mate!

 

[Leonard]

Mine says exactly the same as yours. A change in the finance rate would be a proper killer for me.
I received a call on Friday telling me that the car is ready and we're just waiting for delivery dates. After that call I did email asking about possible changes to the rate, but haven't received a reply yet. Granted, I sent the email Friday afternoon, and that didn't give them much time to come back to me.
I hope you hear news early this week, and I hope it's good news for me, and you mate!

At this point I wouldn't be reminding them about changing it 😉😂

 

[prestonc]

At this point I wouldn't be reminding them about changing it 😉😂

Website still says 6.9% 🤞

 

[Matthaus]

Website still says 6.9% 🤞

Yeah and it can change at any time.

If it suddenly jumps a few % I'm out. But that could happen any time in the next 8 months and I'll miss out on other cars too.

Such a dilemma.

 

[Matthaus]

Anyone heard any more about this changing? as I am on the verge of giving up and buying something else.

 

[Lots_Of_Trouble]

Anyone heard any more about this changing? as I am on the verge of giving up and buying something else.

The imminent change will also decide if I'm slipping to a base and another car for now.

Time will tell

 

[Matthaus]

The imminent change will also decide if I'm slipping to a base and another car for now.

Time will tell

My concern is when will it happen? How long do we wait?

I'll be mega pissed if Lotus up their rates and then everyone else has done the same already.

 

[Lots_Of_Trouble]

My concern is when will it happen? How long do we wait?

I'll be mega pissed if Lotus up their rates and then everyone else has done the same already.

And other people get their cars on lower rates whilst we have to wait because of Lotus delays and then receive a higher rate....that's what will persuade me away

 

[RENDERMAN]

I read on Facebook that LCS had told a customer that the 6.9% pcp rate was under review. VAG are moving their rate to 10.7% so I expect at some point lotus will do the same. Depending on your deposit this could increase the monthly by a substantial amount. and could make it hard to justify for some, me included

So this is my dilemma...

I've not had the call yet but expect my November delivery to be bounced back to Jan/Feb at best.


My gt4 is not selling easily, it looks like I'm going to take a fairly sizable financial hit selling it in the winter. It's currently on a 6% pcp deal

So I sell my gt4 now, take the hit and then come Feb time when my emira lands and lotus have put the rate up to 10-11% in line with porsche (lotus CS has already stated its under review) and the emira will likely come out near 50% more a month than my gt4, as much as I want the emira and its a great chance to be in one of the first cars (well other than the rest of the world that have been supplied first) that's a hard pill to swallow. I really can't decide what to do
I don't even think with the way things are going there'll be much to gain by flipping the emira.

And all this is assuming the FE list price doesn't increase.

I'm old enough to be your Dad, so, I say, keep the GT4 and think of the Emira as that beautiful girl that got away, 5 years from now the Gt4 still going to be a very solid, fun car, not sure about that girl named Emira, not to mention having to mortgage your house to keep her happy... BTW "I'm not your dad!"

 

[prestonc]

The website now says 7.9%
Expected a rise, and 1% added I can handle.
Phew

 

[Leonard]

The website now says 7.9%

And I'm out ☹️

 

[Matthaus]

And I'm out ☹️

What's it adjust the monthlies by?

 

[RENDERMAN]

And I'm out ☹️

Luke my son, let the force guide you....at least wait until it hits 10.1%

 

[Matthaus]

The website now says 7.9%
Expected a rise, and 1% added I can handle.
Phew

That's already 2%

When will it stop? Seriously looking at other stuff now

8 months before I'm likely to get a car means it's only going one way

 

[g_l9wco]

My quote has gone up another £43 per month with the added 1%, that's with a 20k deposit

 

[Magicman]

And I'm out ☹️

Possibly me also, just spoken to LCS (i had to call them), I'm now officially Feb delivery. By which time I think it'll be higher,

I do think they should have honoured the first 500 deals or whatever as the delay is their doing.

I'll leave my deposit on for now but I'm going to actively explore other opportunities and see where I'm at