Finance rate "under review"

[Matthaus]

This would be a nightmare for me if the APR jumps again. Would really grind my balls having to pay a few hundred more a month even with a biggish deposit around £30k

Makes me want to go buy a BMW tomorrow and walk away for a few years.

 

[New to Lotus]

Me too!!!!

 

[emiraspain]

As we are sharing @Magicman I will chuck my 2 pence worth in.
When the world was rosey I had the cash put aside in 2021 for the Emira.
Roll on only 14 months and that cash is now going to my other half to buy her out the house.
My mortgage needs reviewing which is going to leave a minimum 450 pound hole in my finances a month, plus I'm taking on all the bills.
80% of my investments are on their arse and I'm not cashing them in now just to buy a car.
So like you I'm left with PCP and a decent sized deposit to keep the monthlies down. If that interest rate rises then I would be daft to waste money each month on a very nice car when I could be investing it elsewhere and hopefully making a decent return in a few years.
So I think the moral of the story is you need to do what's right for you at the time and remember that it is just a car at the end of the day. Cars come and go, but will always be there if your circumstances change. As nice as the Emira is its not an investment, it won't give you a better life, it is just a luxury good. Heck you don't even get that luxury goods feel good factor from Lotus as part of the pre purchase experience

says the guy that deals in luxury high end watches.. haha
yes, it could be a tough 2023.... not just for Lotus....

 

[emiraspain]

Never underestimate the power of free decent coffee, cake and a pretty smile

have you been to my house???

 

[Lots_Of_Trouble]

There was a time I could have bought this Emira outright, they've messed about with deliveries,that time has come and gone.

I have succumbed to having to use PCP at 5.9%,then the rise to 6.9%,I'm OK,not ideal but OK.

For this to increase to an amount whereby I put a max pcp deposit down and rate rises from 290 a month to a few hundred more,my heart has said all along I'll have this car no matter what but if there is a sharp rate my head will have to intervene,I can't justify that.

I will be gutted,but I am so angry that Lotus have let this happen with their constant delays,prioritising other countries,meaning our rates will.suffer because of it,but yet I would have stayed.

If they rise,I will have no choice but to opt back for base,I can't justify an extra price hike (rates) for all the add ons I won't need.

I'll get something fun in the meantime, if they do indeed rise rates before January,I really hope they don't,but I'm really at the end of my tether with Lotus...

 

[jmn444]

agree with all this. the likely increase of finance rates 100% played into my decision to get a diff car now vs wait.

 

[Dommo]

Surely when the MD 'guarantees' that the price you were quoted is the price you'll pay, that should include the finance rate. After all , most people will be financing a car at this price point, so actually an increased APR rate is as bad (if not worse) than a price increase on the car itself.

 

[New to Lotus]

It's already gone up 1%.

 

[TomE]

Surely when the MD 'guarantees' that the price you were quoted is the price you'll pay, that should include the finance rate. After all , most people will be financing a car at this price point, so actually an increased APR rate is as bad (if not worse) than a price increase on the car itself.

I think that's stretching the point on the promise he made. The list price of the car is what they agreed to honour. The government could change VED and VAT but Lotus have no control over those. Nor over the rates for finance which are set by the banks. Unfortunately the rate increase is likely to make the monthly costs more now than people are prepared to pay.

I guess we'll see people cancelling, deferring into next year hoping rates will fall (they probably will but not until H2) or switching to Base Edition and taking less cost-options.

 

[New to Lotus]

Totally agree Tom.

 

[donskibeat]

I agree with Tom there is no way Lotus can honour interest rates, it is not something they have any control over, and I doubt it is them directly providing the finance anyway, and most people I suspect will sort finance themselves anyway as better rates can always be found rather than going direct with Lotus.

The BOE base rate is expected to rise again by between 0.5 and 0.75% next week and most financial experts you speak to say the current base rate of 2.25% will rise to around 5.5% by July 2023 so no sign of them coming down for a while so the APR on loans is only going to go in one direction for a while at least, effectively pricing quite a few people out of the car.

 

[Dommo]

I think that's stretching the point on the promise he made. The list price of the car is what they agreed to honour. The government could change VED and VAT but Lotus have no control over those. Nor over the rates for finance which are set by the banks. Unfortunately the rate increase is likely to make the monthly costs more now than people are prepared to pay.

I guess we'll see people cancelling, deferring into next year hoping rates will fall (they probably will but not until H2) or switching to Base Edition and taking less cost-options.

I’d agree with this if the increased rate happened within our original delivery slot window but as Lotus has delayed us and the rates have gone up after the point that we should’ve had our cars, the onus should be on Lotus IMO.

 

[Leonard]

says the guy that deals in luxury high end watches.. haha
yes, it could be a tough 2023.... not just for Lotus....

My watches are my emergency fund. If we get to the stage where I'm selling them we are all fooked

 

[Leonard]

have you been to my house???

No but I want to...

 

[Leonard]

There was a time I could have bought this Emira outright, they've messed about with deliveries,that time has come and gone.

I have succumbed to having to use PCP at 5.9%,then the rise to 6.9%,I'm OK,not ideal but OK.

For this to increase to an amount whereby I put a max pcp deposit down and rate rises from 290 a month to a few hundred more,my heart has said all along I'll have this car no matter what but if there is a sharp rate my head will have to intervene,I can't justify that.

I will be gutted,but I am so angry that Lotus have let this happen with their constant delays,prioritising other countries,meaning our rates will.suffer because of it,but yet I would have stayed.

If they rise,I will have no choice but to opt back for base,I can't justify an extra price hike (rates) for all the add ons I won't need.

I'll get something fun in the meantime, if they do indeed rise rates before January,I really hope they don't,but I'm really at the end of my tether with Lotus...

You can't blame Lotus for the state of the economy, BUT the half truths have meant that folk IF Informed correctly could have gone out and got other deals on other cars in the last 6 months, that's the rub. And this isn't changing... this is what is POSSIBLY happening now with V6 Auto, imagine if these don't appear for another 8 months and there is no update from Lotus...

 

[Matthaus]

Having had an i4 deposit since before Goodwood 2021 I've waited as long as most people and there is no sign of them.

Don't think I'll see it before June 2023 and if interest rates are going up from Lotus I need them to tell me now so I can cancel and buy something else before everything is too late

 

[Lots_Of_Trouble]

You can't blame Lotus for the state of the economy, BUT the half truths have meant that folk IF Informed correctly could have gone out and got other deals on other cars in the last 6 months, that's the rub. And this isn't changing... this is what is POSSIBLY happening now with V6 Auto, imagine if these don't appear for another 8 months and there is no update from Lotus...

Exactly this, their lack of clear and concise information has kept us interested with that hanging carrot,if we'd have known they were nowhere near giving us a model in May this year,when we were first quoted,we could have gone for something I the meantime,on a better rate.

Their lack of clarity is causing us to miss out on the better rates

 

[Tonyshepp]

Lotus could have got x millions already pre purchased at a good interest rate and so can give 6.9% to x amount oif cars until that money has gone. BMW are offering 4.9% on some new cars.

 

[scoates]

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?

 

[DJS]

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