Olternative Finance Options

[andrew6382]

What year is the one?

2010... if you want to see the full spec its here Bentley GT Supersport. The inside is like new, full service history, infact its had more service than it's age needed, comes with private plate, The dealer is covering labour on work for new plugs, not due till November, but may as well be done now, oil change. 42 month warranty. A car its size has no right doing 3.8 second 62s.... pulls like nothing i have driven before

 

[TomE]

Am feeling so much better about getting out, price already going up.
I would have another year plus to wait, any guessing how much its going to cost then

Understand you have your reasons and we all know the comms have been poor, even worse for people further down the queue for later V6 FEs, i4 FEs and Base Editions. You had an inside track that many people would have gladly stepped in and taken over. A shame that didn't enable you to feel more reassured and give you a means of getting clearer answers to your questions.

The only price increase I've seen is +£81 on the tracker, which is an optional extra. Seems odd that's a factor in your decision, when the alternative car you've bought costs about £150 to fill with fuel every 300 miles!

Lotus have re-declared the £59,995 i4 base price and the i4 FE pricing is in line with what most people had been forecasting. Of course they can still vary the price between now and delivery, but so far they seem to be weathering the cost and supply challenges over the last 9 months pretty well. Financing costs are a factor for some people too, you included, but not entirely within Lotus' control.

My dad collected vintage Bentleys and so I have a soft spot for the older models, pre VW and Vickers. Enjoy yours and maybe you'll get into an Emira sometime down the line.

 

[andrew6382]

Understand you have your reasons and we all know the comms have been poor, even worse for people further down the queue for later V6 FEs, i4 FEs and Base Editions. You had an inside track that many people would have gladly stepped in and taken over. A shame that didn't enable you to feel more reassured and give you a means of getting clearer answers to your questions.

The only price increase I've seen is +£81 on the tracker, which is an optional extra. Seems odd that's a factor in your decision, when the alternative car you've bought costs about £150 to fill with fuel every 300 miles!

Lotus have re-declared the £59,995 i4 base price and the i4 FE pricing is in line with what most people had been forecasting. Of course they can still vary the price between now and delivery, but so far they seem to be weathering the cost and supply challenges over the last 9 months pretty well. Financing costs are a factor for some people too, you included, but not entirely within Lotus' control.

My dad collected vintage Bentleys and so I have a soft spot for the older models, pre VW and Vickers. Enjoy yours and maybe you'll get into an Emira sometime down the line.

Hi Tom, yep the cost of lending money is out of Lotus's control, I did speak our friend, as frustarted as he is with how things are, not much he can do about world events putting things up either. But sure he would try if he could.

I know he has help a few with issues. Top bloke.

Someone did mention resresiduals had come down on the finance ? not sure

I think Lotus will do all they can to keep the price down, nothing they can do about other costs in the world, plenty they can do about how they share information with us, sort delivery dates out, like i said , what they saying is counter to your best guess

As i only do 6000 miles a year, the cost of fuel dont matter to much, my Maserati did less than the Bentley does...
2 or 3 % increase in the cost of loaning money matters more

Never looked at the Bentley before, as a car to own..... have checked out all I can about them, putting big warranty on it,

The car has realy been love by the last owner, the inside is like new . As good as any big couple I have driven before, lots better than many

 

[DJS]

Residuals have come down on the Lotus website especially on the 24 month PCP deal, I guess that Lotus finance playing it safe. The OTRP has gone up £105 as well I take it that is something to do with the car tax not sure.
There is something else I find completely odd on the Lotus finance page and i'm surprised no one has noticed it.

I suppose the examples are only indicative.

 

[TomE]

UK Government increased car taxes from 1 April

 

[duff]

Residuals have come down on the Lotus website especially on the 24 month PCP deal, I guess that Lotus finance playing it safe.

I think the residuals have dropped significantly for shorter terms (down about 10%) but at 36 & 48 months they appear to be much the same as before looking at the values I used as inputs into my man maths calculations.

 

[Tonyshepp]

Do the residuals reflect the reality? you’d expect 24 months the residuals to be higher as Lotus can’t churn the cars out en masse to food the market and therefore impact depreciation as much as the 48 months option.

 

[DJS]

Do the residuals reflect the reality? you’d expect 24 months the residuals to be higher as Lotus can’t churn the cars out en masse to food the market and therefore impact depreciation as much as the 48 months option.

The residuals definitely don't reflect the reality, id say a 24 month old Emira with say ten thousand miles on would fetch in the high 60k's. This is Lotus taking higher payments upfront to reduce risk with the current unknowns ahead of us, a sensible move really and it seems they have put the GFV around the same as the competitors.

With the current used car market as crazy as it is god only knows what the Emira value will be with in 24/36/48 months time my guess is strong

 

[r1lee]

Here in Canada. I will probably use the equity on my house, since the mortgage rate is about 1.75% and I can get promotional interest rates on savings accounts from 2.8 - 3%. It would mean I will coming out ahead.

If the mortgage rate is higher than any savings account interest rate I can get, I will just pay it in cash.

 

[Gibbo205]

The Lotus finance has definetely changed with lower final payments resulting in higher monthlies.

Does anyone know if the Lotus finance is a regulated agreement?

If I decide to pay it off in 3-6 months time will I get an interest rebate or are they front loading all the interest? I’m guessing it’s regulated so they won’t be front loading but just want to be sure.

My plan is to pay £25,800 deposit with £342.03 monthlies but if I decide to sell in 6-12 months just want to make sure I’m not still going to be handing £5096 over in interest payments?

 

[DJS]

The Lotus finance has definetely changed with lower final payments resulting in higher monthlies.

Does anyone know if the Lotus finance is a regulated agreement?

If I decide to pay it off in 3-6 months time will I get an interest rebate or are they front loading all the interest? I’m guessing it’s regulated so they won’t be front loading but just want to be sure.

My plan is to pay £25,800 deposit with £342.03 monthlies but if I decide to sell in 6-12 months just want to make sure I’m not still going to be handing £5096 over in interest payments?

It will definitely be a regulated agreement however this does not stop them front loading the interest slightly as Porsche finance does. Don’t get be wrong this isn’t like a non regulated agreement when all the interest is lumped straight up front from month 1. It will be worth asking Lotus financial services about this to confirm and they do have to tell you what the settlement figures after one two and three years anyway.

Ending credit agreements early can go against you on your credit report but does not affect your credit score.

 

[Leonard]

The Lotus finance has definetely changed with lower final payments resulting in higher monthlies.

Does anyone know if the Lotus finance is a regulated agreement?

If I decide to pay it off in 3-6 months time will I get an interest rebate or are they front loading all the interest? I’m guessing it’s regulated so they won’t be front loading but just want to be sure.

My plan is to pay £25,800 deposit with £342.03 monthlies but if I decide to sell in 6-12 months just want to make sure I’m not still going to be handing £5096 over in interest payments?

This was what concerned me
I'd like to keep my cash as you never know in current climate... BUT don't want to be paying unnecessary interest

 

[DJS]

This was what concerned me
I'd like to keep my cash as you never know in current climate... BUT don't want to be paying unnecessary interest

PCP deals are pretty waistful what ever way look at it, even with a fairly low APR.

If you have to finance best way is with or along side your mortgage especially if you have a decent size deposit.

 

[Tonyshepp]

Here in Canada. I will probably use the equity on my house, since the mortgage rate is about 1.75% and I can get promotional interest rates on savings accounts from 2.8 - 3%. It would mean I will coming out ahead.

If the mortgage rate is higher than any savings account interest rate I can get, I will just pay it in cash.

You are lucky our mortgage rates are still quite low like 1.6% on most products but savings rates are mostly 1% at best.. but borrowing from the mortgage is still the best option (provided you pay back the difference youve taken quickly)

This was what concerned me
I'd like to keep my cash as you never know in current climate... BUT don't want to be paying unnecessary interest

Especially 5.9%

 

[Kentviking]

It can be complex.... yes. I try and find a good deal, then any extra money make extra payments. some times pays to look at payment table.... found this on Lotus on site, first is 42 month second cheaper 41... third 43 month.. some please explain why 42 month is cheaper than both 41/43
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You are focusing on the monthly payments when the real "cost" of the deal is the amount you pay for the credit...which is cheapest for 41 months and most expensive for 42 months, as you might expect.