Have I been ripped off by dealer?

[Ootohere]

Binzie,

cheers.   DOH, sorry, so many Race Blue oil users, i lose track.

 

JVickery92,

If that car turns out to be an Oil User, get back onto Skoda UK,

it should have been rejected possibly right off.

 

That Dealer is a Classic.

Question every penny on that Invoice.  

[BossFox]

Hi,

I pay £384 a month, there was a one month payment put down as a deposit and yes it is on the 0% finance deal. Definitely feel like they took advantage of my young age and ripped me off as much as they could!!

 

Is that on a PCP then over 3 years?

 

If so many PCP deals have a built in clause that lets you hand the car back when you have paid half or more.

That could be a good option as it'll still be in negative equity then, even though that 13 months away...

 

My concern is there is not much you can do now.

If you have paid £384 x 6 payments (£2,304) you are in hefty negative equity.

If you went and bought something else you'd probably have to find £5,000 or more to clear off the agreement.

And you would then have to find more money to buy something else...

[JVickery92]

Yes Pcp over 3 years, I understand that I can take it back after half the term so I will be doing that.

I will be ringing them to discuss the car mats and also the fact that they promised a free tank of fuel that I am still yet to receive!

[Furbytom]

Yes Pcp over 3 years, I understand that I can take it back after half the term so I will be doing that.

I will be ringing them to discuss the car mats and also the fact that they promised a free tank of fuel that I am still yet to receive!

Just be aware that it's not actually half way through the agreement that you can hand it back. It's once you have paid "half the amount due" under the agreement - I.e once you have paid £10k in monthly installments..... Which is nearly the full term :-(

[Keitht]

Presumably you got the free services as part of your finance deal so at least you won't have to pay for those.

And see if your gap insurance can be transferred to your next car, if you change at 18 months.

Good luck with the mats and the fuel, I bet, sadly, they will have short memories!

[pearce_jj]

Servicing isn't included with the 0% (only the interest-bearing credit).

[JVickery92]

Yes I did get the 3 years free servicing luckily

[wrightcnc2009]

I think that vag group are playing a business strategy. Across the vag range there is demand for the product and waiting lists for most models, especially if you insist on a particular spec they don't happen to have at the doc's, they have also got/had some sort of incentive like 0% or cash back vat free etc so unless your an outright cash buyer for something they are desperate to get shot of or they need that extra sale to meet there monthly/quarterly figures then it is a case of it's gonna cost this much or the door is over there.

[vrskeith]

Sorry to hear your news .

 

Yeah they did screw you!

 

Harsh but true.

 

Put it down to a painful experience with a Real Stealer- Dealer.

 

You won't make the same mistake again , we've all been there at some point in our lives.

 

Hope that you can eventually get the outcome you want.

[Gyp]

I think this is being slightly unfair to the dealer, after all they are there to make money. If they don't make money, then they'll no longer be in business.

 

Typically when selling a new car the dealer will start by telling the buyer the full list price as it is at the time. Typically the buyer will negotiate a lower price, but if they simply say "OK", then it's unlikely that the dealer will negotiate themselves down on price! Some may offer the car at a lower price to start with if they're looking for a long term relationship with the buyer, but that sort of thing is becoming less common these days.

 

Just because the OP didn't negotiate hard to buy the car doesn't mean that the next buyer of that car won't do so!

 

Looking at the what car valuation (as Parkers don't have this young), they expect you'd have to pay a main dealer £12k to buy it, and they expect you'd get £10.5k on trade in

 

 

The £10k trade in offer is clearly the starting point for negotiation and it's up to the OP to drive a hard bargain this time rather than just saying "OK".

 

In the same position, I think I'd grit my teeth financially and just get on with enjoying the VRS, especially as to make much of a difference to the monthly payments the OP would have to go for something a lot further down the food chain than the VRS

[Auric Goldfinger]

Hi,

I pay £384 a month, there was a one month payment put down as a deposit and yes it is on the 0% finance deal. Definitely feel like they took advantage of my young age and ripped me off as much as they could!!

 

You didn't have to sign the paper work, you were quite happy to do the deal.

 

Why blame the Dealer, Did they hold a gun to your head?

 

 

 

The End

[Ootohere]

He has admitted he is young, and now knows his error, hardly necessary to be like that,  the Thread started as a Question from the OP.

 

As to Glass, Parkers, Blue books are out the window with mk2 vRS,   Skoda Dealers are sitting with Ex Demonstrators not selling,

and yet they need to maybe take in Trade in vRS.

They can not come right out and say we do not want them unless dead cheap, we can not get them sold.

 

So you might get a Good Trade in where they are sitting with a New or Demo vRS they want gone.

 

Skoda UK is going to start having to address the 'Elephant in the room', which is that now CTHE engine cars are failing.

[promethian]

GAP insurance is a real con... I always laugh at a dealer when they try and offer me it, and they look so disappointed when I refuse.... I wonder why???????????

 

GAP insurance on a 2nd hand motor ffs... they were having a laff.

 

Mind you... if it was written off in an accident, you could get your money back of course

Edited 8 February, 2014 by promethian

[BossFox]

So you might get a Good Trade in where they are sitting with a New or Demo vRS they want gone.

 

Problem is though George, he is sitting on at least £5,000 of negative equity.

[Ootohere]

I know that in this case, but then paying too much and considering changing so soon does do that.

[@Lee]

Anybody else think there wouldn't be as much of a problem with trade in if they'd made a MkII vRS diesel, :think:

[BossFox]

I know that in this case, but then paying too much and considering changing so soon does do that.

 

Yes, agreed.

But you suggested swapping to another car.

They will not finance another car for £5,000 more than it's worth.

So he's got to find the money.

 

While I don't know the OP's situation he bought this one with a minimal deposit and a high monthly payment.

Two things that suggest sacrificing the ability to save up any money, advance in life, get your own place etc... just for the kudos of driving a new car.

So I suspect that (unfortunately) he's not likely to able to trade out of the car for quite some time.

Or save up much money to do much else. :(

 

If it turns out to be an oil user that's just the icing on a great big turd cake.

[Ootohere]

Lee01,

Its nothing to do with what a vRS mk2 is, residuals have been good up to now on them.  & the car is near at end of life.

More are selling New now then in they did previously.

 

But they have been selling new cheap, and also building faulty ones, and Dealers are asking sometimes more for used ones than 

people have been buying new for.

 

EDIT, 

BossFox,  

i was not suggesting he swaps for another car.

As you say, he is in negative equity, he paid too much, and has had it no time.

 

Another member did the same and now has a SEAT, that really also lost lots of money in no time.

 

I was suggesting with the likes of FurbyTom, you get a better price on a vRS you have had for long enough, 

when they want to shift a vRS they have in stock.

[FOX1429]

I'm sorry to hear about the deal you got mate.

 

No one's dead and its not the end of the world.

 

As others have said we all make mistakes but just learn from it and i'm sure you wont do it again.

 

I'm in my mid 30's now and I still end up changing my cars too soon and having to clear £1000/£2000 negative equity each time (as you can see from my recent car history!)

 

Don't take it to heart and just enjoy the VRS (its a good car) for the next couple of years then look to change when you can afford it.

 

In the past ive confounded my car mistakes by changing way too soon and then you just end up getting a much lower spec'd car for almost the same money (as your carrying too much negative equity into the deal) so just avoid this by keeping it for a while.

 

Chin up and remember we've all been there so don't be too hard on yourself.

 

Take it easy.

Edited 9 February, 2014 by FOX1429

[logiclee]

I'm sorry but the dealer would have had a good laugh when you left.

 

When the VAT offer is not running you can usually haggle a good 15% off a Fabia especially if playing dealers against each other. GAP and Paint protection are common cash cows for the dealers, if you wan't these products they are available online for a third of the price and less.

Premium dealers like Audi, BMW and Merc also push Tyre insurance which is another cash cow for them.

 

So yes the OP paid several thousand pounds more than he needed too but it's too late now. Best bet is to hand it back when 50% is paid.

 

For comparison you are paying £384 a month on pcp for a Fabia. There are people paying less than that for 2.0 Turbo M-Sport BMW's on another forum I use.

 

All a learning curve and I know you will be more clued up next time.

 

Another point although financial regulations allow you to hand the car back when 50% is paid and you can't be black listed financially some finance companies will refuse you next time. So if you do hand it back early you may have to cross VAG off your choices of your next car.

 

Cheers

Lee

Edited 9 February, 2014 by logiclee

[vrskeith]

I think this is being slightly unfair to the dealer, after all they are there to make money. If they don't make money, then they'll no longer be in business.

 

Typically when selling a new car the dealer will start by telling the buyer the full list price as it is at the time. Typically the buyer will negotiate a lower price, but if they simply say "OK", then it's unlikely that the dealer will negotiate themselves down on price! Some may offer the car at a lower price to start with if they're looking for a long term relationship with the buyer, but that sort of thing is becoming less common these days.

 

Just because the OP didn't negotiate hard to buy the car doesn't mean that the next buyer of that car won't do so!

 

Looking at the what car valuation (as Parkers don't have this young), they expect you'd have to pay a main dealer £12k to buy it, and they expect you'd get £10.5k on trade in

 

 

The £10k trade in offer is clearly the starting point for negotiation and it's up to the OP to drive a hard bargain this time rather than just saying "OK".

 

In the same position, I think I'd grit my teeth financially and just get on with enjoying the VRS, especially as to make much of a difference to the monthly payments the OP would have to go for something a lot further down the food chain than the VRS

Dealers also like repeat business.

 

Also like word of mouth recommendation,not criticism.

 

Greed will turn Customers off, also Dealer unlikely to get the servicing contract over the 3 years,if it were me.

[Gazbull17]

JVickery92, just keep a hold of it for at least 2 years, you're on 0% finance so every penny of your monthly payment is paying off the capital so you should get to somewhere reasonable regarding money owed by then.

GAP and Paint protection is money lost, they're worthless come trade in so are most optional extras that's why I never take them or add extras. This has added to the negative equity so once these have been swallowed up you'll be in a better position to trade in.

I know some are giving you a hard time but it's a lesson learnt and it'll sort itself in a couple of years, just be wary of salespeople, they only want your cash, as much as they can get off you.

[bobjob49]

mfsw = multi function steering wheel.

 

I`m 50 and still crap at negotiating with dealers but I have a freind who I take along. He is a real cheeky, negociating hard ass. I just keep my mouth shut.

[Brian69]

Folk on these Isles don't like haggling - it just seems awkward - I've only haggled like hell once and got a cracking deal (I think because it was the end of the month they wanted to shift the car for their figures) - other times I haven't been too bothered for the sake of a couple of a few hundred quid (when you're parting with over £10k it's not much in the scale of things).

 

I feel for the OP - however, I'm sure many of us have had to learn the hard way now and again!

[pearce_jj]

When the VAT offer is not running you can usually haggle a good 15% off a Fabia...

 

With the 0% credit and free servicing, working it out on the numbers provided here it's equivalent to 15% off list on the car and 6.9% APR over the maximum 42 months. The problem is only arising due to the desire to change the car so soon.