warning

[lefrog]

there is a caravan company in Derbyshire that will tell you their interest rates are 5.9% this is not apr, its the monthly rate actual is somewhere in the region of 13%. this is just a warning check before yoyu purchase.

also same company does not give you a cooling off period, so make sure you know what you are signing & that you are sure you wish to purchase.they will not let you back out whatever.

 

[ThePlotter]

Tom.first of all I have nothing to do with the dealer you refer to which is it is obvious to whom you refer.If the APR was 5.9 the flat rate would be around 2.3% (never going to happen) under the terms of the consumer credit act as the 'deal' was written on dealer premises there is not a cool.oing off period this would only occur if the paperwork was signed at your home address.You appear to have had a bad experience what was the nature of this.Do not link you comments to a specific dealer as the Mod will delete.I spent most of my working life in the finance industry and a good part as national manager for caravan finance for one of the big banks subsids.

 

[ThePlotter]

PS 5.9 as a monthly rate would equate to over 60% pa and pro rata so that is clearly not correct and if true which is very unlikely would under the act be regarded as an 'unfair credit bargain'.

 

[ThePlotter]

PPS. %5.9% flat per annum and pro rata is in todays financial position not too bad a rate and equates to an APR of circa 13% so I do not understand the problem.A word of advice you may or may not get it marginally cheaper elsewhere but beware if you arrange the finace from the dealer if you have problems with the van the finace company is jointly and severaly liable to put it right,this is called a connected agreement and is worth a little bit on the rate.

 

[lefrog]

Hi Plotter

it is not just the interest rate that there were problems withthere was also the fact that the day after i signed my wife was theatened with redundancy, i went to cancel & was told i hear that excuse tens of times a day & was not allowed to cancel.

there is obviously no chance of anyone being allowed , hence the warning.

 

[lefrog]

Anyway Plotter

the message was meant as a warning to read/check before signing anything

 

[Icemaker]

The dealer you mention is my local dealer and although my curant van was not purchased from them my previous 5 vans where, my parents have allso purchased 3 vans from them my sister one van and just two weeks ago my sister inlaw has purchased her first van from them.

In all this time and with all 10 of these purchases we have never once had a problem, i am fortunate that with my last two vans i have not needed finance but every other van i mention has been financed through glossop and we have never had cause to complain.

Glossop use Black horse as there first and prefered finance house, black horse is probably the largest caravan finance provider in the country and is a wholely owned subsidary of lloyds tsb so i doubt very much that you have been offered anything other than a perfectly legal and fair contract, the only exception to this is if you have for some reason been refused by black horse glossop will then with your permission look at other more expensive providers who less restrictions.

Having had many years of dealings with this company i have heard stories of people who go out on a sunday to buy a van only to cancell it the next day, the car industry has the same problem with these addicted purchasers, I am not saying you are in any way one of these people Tom as i don't know you so can't judge you but you have to understand that the van you have purchased was taken off sale the minuite you signed the paperwork so glossop potentially have missed out on selling to another purchaser whilst you hold the sale, with this in mind can you not see the frustration that they suffer from people buying only to cancel.

I do happen to know that you can cancel if the deal they offer is changed in anyway, my sister recently bought a new van only to be rang the next day and adviced that the re-payment was going to be higher than expected, she was able to cancell and had her deposit returned no problem.

In your case since the deal is as you signed and the reason for your cancellation is just speculative in that your wife "may" be made redundant i would expect glossop to allow the cancellation but i would allso expect you to lose the deposit you paid as per the agreement you signed.

It is sad when things like this happen and i wish you and your wife the best with regards to the potential redundancy but we all must understand that the dealer allso needs to protect his interest.

 

[ThePlotter]

Icemaker I would go along with what you say and I should point out that I have never bought from this dealer as it is about 70 mile from where I live although I have had a look when passing.

I was as some may know the national caravan finance manager for another finance company linked to a major bank originally from the midlands!The dealer is within his rights as Tom you have no right off cancellation under the consumer credit act you would only have this if the paperwork was signed other than on the dealers premises.It is down to the individual dealer to decide how to treat the situation many will allow the deal to be cancelled but forfeit the deposit however this will only happen if the finace company agrees as the deal with them is done when you sign on the dotted line.

 

[lefrog]

Icemaker

thanks for your comments, glad you have never had a problem.

however maybe the company concerned should not then tar everybody with the same brush & should check details first.(not hard to do if you value your custemers)

we spent 3/4 weeks with the worry of redundancy. during this time we had no contact from the company involved.

I phoned them only to be told over the phone that it was in the hands of their solicitors (more worry).

we were forced under these circumstances to purchace from them, at no time did they show any concern for our predicament.

i consider this matter closed as this was just as i said a warning to other people to beware of the way some of these companys treat their (valued custemers)?

 

[Val & Frank]

Hi Tom

I have read this thread with interest, and as you rightly point out people need to be very careful when entering into a financial agreement. One point did they not offer you sickness/redundancy insurance when setting up the deal ??? It may be a way out.

Val & Frank

 

[johnwolves]

hi second van purchased from said dealer friends of ours also bought from them no probs bought at nec matched and bettered other dealers and got a bailey van even though not bailey dealer now bailey doing transient warranty just need to go to local dealer ,i was fortunate from time of order to delivery to pile in o/t at work so did not need loan/finance it would be wise to search around for finance as there are better deals out there eg moneysupermarket will give you a list of banks / finance companys etc

 

[Gazza1]

Tom,

Without nameing the Caravan Dealer can you tell me in which part of Derbyshire we are talking about, I have obviously missed the bit where the dealer got mentioned. Only I have recently had bad dealings with a Derbyshire Dealer, just wondered if it was the same one.

Cheers

Gazza

 

[PeterT]

Another point with this dealer is do not plan on picking up a new 'van on a Monday. Having made clear, written, arrangements to collect on a Monday, we duly arrived with our p/x van to be greeted with "Oh - not on Mondays". Having travelled over 300 mils to Derbyshire, we put our feet down and eventually left with our 'van at just gone 7pm. Luckily had arranged a night halt three miles away - lucky because as we backed onto our pitch, one of the wheel studs fell off. Many other similar things with useless PDI, we are not going back.

 

[Moonstone1]

We have just purchased a caravan from the dealers other branch. We found them helpful and look forward to picking the van up this Saturday.

However, when we looked at the main dealer site, we were hounded by a salesman who was intent on pushing finance on to us, as they get more commission from a finance sale than on a cash sale. As we were paying cash, (a payout from the insurance) we were in no need of using finance. He wasn't deterred at all and kept pushing and pushing and eventually lost the sale, as we decided not to buy that day and went to another branch as I felt pressurised. At the other branch, the experience was fantastic, left to our own devices to browse the vans and the salesman couldn't have been more helpful. We even got a cracking deal for cash and not once was finance mentioned.

I would always check anything I signed carefully and check all the figures and to be honest would probably go for a bank loan (online usually best), rather than finance.

Your words of warning are appreciated and I'm sure will be taken on boards by many people.