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50:50 Purchase agreement payment holiday - heads up


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I bought my Evora from Bell & Colvill in September 2018 and they were offering their usual 50:50 payment option ie 50% up front and balance after 2 years at 0% APR. After all the negotiations and

No, I don’t need to extend and had it been B & C providing the finance, then I wouldn’t but given it’s the bank who provided it and given how they’ve behaved towards businesses in the recent past,

I was assured it would absolutely not affect my credit rating and since it is a 0% agreement, there will be no additional cost implications.  It is a situation many thousands of people all over the

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Good to hear the banks are actually giving some back to their customers. Not that they have much choice, political pressure after the bailouts a couple of years ago has been huge. I'm sure some people will be very grateful for the break.

However, a lot of businesses are going through hard times as well. The automotive sector has been hit hard, so if you don't really need to extend the loan, it could help them out. That's assuming they provide the loan and didn't get paid in full by a bank at the time of the sale.

Filip

 

I have made many mistakes in my life. Buying a multiple Lotus is not one of them.

 

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They get paid in full by the bank at time of purchase. They do have to pay a decent premium out of the 50:50 too, they effectively cover the interest on the loan out of their margin on the car. 

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88 Esprit NA, 89 Esprit Turbo SE, Evora, Evora S, Evora IPS, Evora S IPS, Evora S IPS SR, Evora 400, Elise S1, Elise S1 111s, Evora GT410 Sport

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Thanks for claryfying Bibs! In that case, no reason why you shouldn't take advantage of the opportunity. 🙂

I know some brands over here do the financing in house, but those are big companies so easy for them to spread the burden.

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I have made many mistakes in my life. Buying a multiple Lotus is not one of them.

 

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5 hours ago, Spinney said:

know the banks are, unusually for them, being more helpful at the moment re loan repayments, so I called to check and it seems yes I could defer the final balance for 3 months, still at 0% and without affecting my credit rating.

Be very very careful.  The knock on implications are coming to light now in the mortgage sector which shows folks who have taken up payment holiday options are indeed being stung.

Only here once

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It's 0% interest Barry. 

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88 Esprit NA, 89 Esprit Turbo SE, Evora, Evora S, Evora IPS, Evora S IPS, Evora S IPS SR, Evora 400, Elise S1, Elise S1 111s, Evora GT410 Sport

Evora NA

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@Bibs be very clear - you are actually defaulting in a credit agreement with their consent - it could have implications as many are finding out only now in the mortgage sector.

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2 hours ago, Escape said:

Thanks for claryfying Bibs! In that case, no reason why you shouldn't take advantage of the opportunity. 🙂

I know some brands over here do the financing in house, but those are big companies so easy for them to spread the burden.

GM does, and has done for years, make more money from it's financing of vehicles than it does from selling its vehicles. Indeed, cars like the new C8 probably only turn a profit for GM when they sell them on a GM finance scheme of some sort.

The Lotus 50:50 was a very good deal to be honest. 60:40 over three years would have been a hoot!

Alcohol. Sex. Tobacco. Drugs. Chocolate.  Meh! NOTHING in this world is as addictive as an Evora +0. It's not for babies!    

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1C8D73C5-E66A-4294-A16D-0F31366DD3F8.jpeg.a471e74ae4c6330afddbb6268dc7c9ea.jpeg
 

@Spinney I’d not trust them one bit. They are screwing folks on mortgages right now...

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In which case crack on 👍👍

folks do need to be aware that the banks will screw them over later if they get the chance that’s all.

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I would just pay it on the original date, it’s not as though you (Or any of us)are gettIng great rates of interest.

I agree with Barry, pay late and the bastards will use it against you if they can.

 Re finance.It’s about time time Lotus done 0% over 4 years in my opinion, also they might have to if they don’t start rolling some new models out

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No we’re not but this afternoon I used the money to buy premium bonds so at least I stand a chance of getting something out of it. 

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1 hour ago, Barrykearley said:

1C8D73C5-E66A-4294-A16D-0F31366DD3F8.jpeg.a471e74ae4c6330afddbb6268dc7c9ea.jpeg
 

@Spinney I’d not trust them one bit. They are screwing folks on mortgages right now...

Shouldn't come as a surprise they always said interest would be charged on interest just a payment holiday.50/50 deals are probably not the same

hindsight: the science that is never wrong

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At the same time, is it better to take a mortgage holiday and put the money elsewhere or risk throwing good money after bad if the housing market tanks/takes a hit. Many people will be underwater from the get go if prices go down - maybe better to keep the money and deal with the implications with regards to interest at a later stage?

With that said, I'm gonna call my bank and see if Sweden is up to the same tricks. 

Vanya Stanisavljevic '91 Esprit SE | '97 XK8

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