# Best Finance Deals



## FinFerNan (Feb 28, 2007)

Anyone know who's offering the best finance deals at the mo?

Given the potentially strong residuals on the TT, I'm tempted to go with a PCP or some kind of Balloon payment - Anyone got personal experience of a decent finance company?

Any advice or pointers would be much appreciated.

FinFerNan


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## QuackingPlums (Mar 10, 2004)

I got a pretty good quote from Freeway (about 4.5% I think) with a special offer code from Britannia building society, then got Audi to price-beat it! 8)


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## fut1a (Dec 28, 2006)

Try Kamran Saleen at MHC Finance Ltd and save some money tel 0121 6221369. I have been using him myself after reading reviews on this site and found him very helpful and competitive.

Do a serch on finance and you will see lots of people on here reccommend him.


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## fut1a (Dec 28, 2006)

Should have checked before posting my spelling is a disgrace


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## FinFerNan (Feb 28, 2007)

fut1a said:


> Should have checked before posting my spelling is a disgrace


Speeling Hoo kears :lol:

Thanks for the contact - I'll give it a go. Judging by their phone number they are local to me too.

Many thanks.


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## jampott (Sep 6, 2003)

Another thumbs up for Kam... :-*


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## moley (May 14, 2002)

fut1a said:


> Try Kamran Saleen at MHC Finance Ltd and save some money tel 0121 6221369. I have been using him myself after reading reviews on this site and found him very helpful and competitive.
> 
> Do a serch on finance and you will see lots of people on here reccommend him.


I'm using MHC Finance at the moment and I can thoroughly recommend them. Kam and his colleagues are excellent ... and I've got a great saving over what Audi were offering.

Moley


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## Wondermikie (Apr 14, 2006)

Best residual value, not the best APR though, so do the sums and see

http://www.lexfreechoice.co.uk/


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## jeremyp (Oct 22, 2006)

A lot of dealers (not just Audi) can't get close to Lex because they set their residuals high. Dealerships over the last couple of years have had to become more pesimistic with their residuals as they were being caught out with cars that weren't worth as much as predicted but they still had to buy them back.

Although Lex may look good in the short term because of the monthlies being lower, you may have a suprise when you come to trade the car in. of course it won't be an issue if you keep the car for the term and stick to the mileage agreement


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## Wondermikie (Apr 14, 2006)

You don't trade it if the actual residual is lower, you just give it back and let Lex worry about it.


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## jeremyp (Oct 22, 2006)

Yeah, that's my problem. I can never keep cars for the length of the term. In fact, I struggle to keep them more than a year. And when you're doing 30K+ miles a year, it gets a bit expensive!


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## Wondermikie (Apr 14, 2006)

Ah I see. You're not always buying new cars are you, you'll take a hiding each time if you're changing so quickly?


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## jeremyp (Oct 22, 2006)

Yup.

Mini to Z4 cost me Â£750 to get out of it
Z4 to 535D cost me Â£3000
535D to A3 cost me Â£4000
A3 to TT is going to cost me Â£5000

Ouch!


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## Wondermikie (Apr 14, 2006)

jeremyp said:


> Yup.
> 
> Mini to Z4 cost me Â£750 to get out of it
> Z4 to 535D cost me Â£3000
> ...


Ouch indeed. Nice selection of cars there though, all quite different.


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## FinFerNan (Feb 28, 2007)

Wondermikie said:


> Best residual value, not the best APR though, so do the sums and see
> 
> http://www.lexfreechoice.co.uk/


Thanks Wondermike - Interesting option and an easy/quick web site. I see it would work if you put a low deposit and therefore are not too bothered about loosing that.

Trouble is, my car is on order and don't want to swap to another supplier. Really I'm looking for the best and a reliable finance deal.

Much appreciated in any event.

FinFerNan


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## Wondermikie (Apr 14, 2006)

FinFerNan said:


> Wondermikie said:
> 
> 
> > Best residual value, not the best APR though, so do the sums and see
> ...


 [smiley=thumbsup.gif] if that's the case, then I reckon Kam is best, as per the other posts.


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## FinFerNan (Feb 28, 2007)

Thanks for the advice and reccommendation.

I emailed Kam yesterday AM - No response so far, I will phone him on Monday and let you know how I got on.

Mind you, any "savings" will only result in more items being added to the options list :lol:


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## kmpowell (May 6, 2002)

FinFerNan

Have a read of my two posts on our thinkCAR blog. Essential reading for those in your position...

First one about why you shouldn't use PCP
Second one about APR


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## FinFerNan (Feb 28, 2007)

kmpowell

Very helpful, I certainly will not be taking the dealers offer although it was at least useful as a benchmark, and a "bird in the hand" so to speak.

To be honest, I would NEVER accept the first offer on any deal (with a few exceptions - but that's not for here :lol: ) And dealing with the Finance guy was not a hassle. I did manage to get the overall cost of the purchase reduced significantly, ie same final payment/fees/deposit etc but a monthly reduction close to 15% .

I have seen the Balanced Payment but will now take a closer look!

Many thanks for your help - I will post my findings in due course.


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## Janker (Oct 27, 2006)

FinFerNan said:


> kmpowell
> 
> I have seen the Balanced Payment but will now take a closer look!
> .


Wait till you see the stealers face when you ask for Balanced Payments!!   

Makes me  every time!

Kam has the best service and lowest rates around - I spent 2 x days shopping/ringing around everyone - no one could touch him, he got my business.

The service is just like 'service used to be' as well..


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## jeremyp (Oct 22, 2006)

OK, some advice then please...

I have ordered a TTR and signed the order so I am committed to the car. I haven't committed to the finance yet but the dealer has quoted me and I've kinda gone with it. I don't have the exact figures but the car is about Â£32000 and over 4 years, 10000 miles a year, they've quoted about Â£611 a month.

Can I go elsewhere to finance this car? I want to do some kind of balloon scheme, I always do 10000 miles 4 year deals to keep the payments low but I will do about 30000 miles a year and I won't keep the car more than 2 years.

What does anyone suggest? Will an independent finance house offer a PCP scheme or similar on a car that I purchase from Audi? (I have , maybe niavely, thought that if you want a PCP then you have to buy the car from the finance house??!!)

What I don't want to do is go for a scheme with a high balloon that is not realistic cos that will only hurt me more when I get out of it early

Help!


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## moley (May 14, 2002)

Jeremy,

Get a quote from MHC Finance Ltd - the link to their website is on here if you search.

I initially got quoted soemthing like Â£550 per month for a Â£29,000 4 year deal from Audi Finance. I'm now getting Â£450 a month for a 3 year deal from Kam at MHC Finance. Audi Finance tried to get as close as they could to the MHC Finance quote, but the best they could do was approx Â£485 over 3 years (quite a reduction on their initial quote :roll: )

Try Kam, you can't lose.

Moley


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## jeremyp (Oct 22, 2006)

Thanks Moley

And they can finance a car I am personally buying from Audi?


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## Janker (Oct 27, 2006)

jeremyp said:


> Thanks Moley
> 
> And they can finance a car I am personally buying from Audi?


Yes its just the same as dealing with the Audi finance person - Kam pay's the garage for you as arranged by the finance company (usually Lombard or BOS) - you walk in and pick up the keys - simple! - Kam is an agent not the actual finance company - just like when you go to an independant mortgage broker.


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## jeremyp (Oct 22, 2006)

Sounds like I need to speak to Kam then!

Not sure he can help with my Â£5k defecit on the A3 though!


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## Janker (Oct 27, 2006)

jeremyp said:


> Sounds like I need to speak to Kam then!
> 
> Not sure he can help with my Â£5k defecit on the A3 though!


No idea - you'd need to check that with him :wink:


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## fut1a (Dec 28, 2006)

Defo speak to Kam. I would be totally shocked if he could not save you money on your Audi quote.


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## FinFerNan (Feb 28, 2007)

jeremyp said:


> Sounds like I need to speak to Kam then!


Jeremyp

Looks like Kams going to be a busy boy. I have emailed, no reply so far - intend to phone him Monday (26th)

Just as another benchmark - Marks & Spencer Money do a pretty good deal similar in concept to the balanced payment method. Check out their web site. (no good a posting links!)

ie Â£25k/3 years is Â£509 and 10k final or over 5 years is Â£378 monthlies and Â£7500 final - no penalty's for early pay off. They are limited to Â£25k and may offer differing rates or play the payment protection game.

Worth a look though as the residuals are low which will help to eliminate your Â£5k issue on the A3??

If nothing else - it will help to force the dealers hand in getting a sensible bid for your business.


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## jeremyp (Oct 22, 2006)

Yeah, heard of the Marks & Spencer one. The problem is the limit of Â£25K. They are unsecured as well.

Dealers generally think that you have to go to them when you present another deal. I went to mine the other day with a Lex quote and they just said they couldn't match it. That was with Lex supplying the car. If I can get the car and then finance it separately then they can't moan and unless they beat it (which I doubt) they will loose the business


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## Wondermikie (Apr 14, 2006)

jeremyp said:


> Yeah, heard of the Marks & Spencer one. The problem is the limit of Â£25K. They are unsecured as well.
> 
> Dealers generally think that you have to go to them when you present another deal. I went to mine the other day with a Lex quote and they just said they couldn't match it. That was with Lex supplying the car. If I can get the car and then finance it separately then they can't moan and unless they beat it (which I doubt) they will loose the business


Have you tried ringing Lex and seeing if they'll finance the car you have on order, I reckon they probably would - keep us posted.


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## Wondermikie (Apr 14, 2006)

FinFerNan said:


> Just as another benchmark - Marks & Spencer Money do a pretty good deal similar in concept to the balanced payment method. Check out their web site. (no good a postinf links!)


Interesting, cheers for the info Link in case anyone wants a look


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## FinFerNan (Feb 28, 2007)

Wondermikie

Cheers for posting the link (I'm a bit of a Ludite with these grey box thingies!)

FYI - I have used M&S for a couple of car purchases, worked out fine for me.

However I do intend to try Kam out to see how he compares.

FinFerNan


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## kmpowell (May 6, 2002)

FinFerNan said:


> However I do intend to try Kam out to see how he compares.


I don't have any personal experience of Kam so I can't comment on his service, however I can highly recommend Gareth Williams at Bespoke Automotive Consulting. He is very popular on BM3W and lots of Porsche forums etc. He did all my finance on my R32 and saved me a fortune over dealer finance!

Give him a bell on 01276 855171/07887 950400 and tell him Kevin Powell sent you from the TTF.

It would be good to benchmark his quote against Kam's


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## FinFerNan (Feb 28, 2007)

kmpowell

Sorry, my comment was a kind of paraphase, I assume people have read the thread and picked up your helpfull advice.

Believe me (I work in procurement, ie tight git!) I have every intention of checking your contact too.

Thanks again.

Paul


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## PATT (Apr 2, 2003)

Worth also checking with Prestige Car Finance as I've nothing but praise for them as well as Kam at MHC Finance Ltd who has been excellent.

http://www.prestigecarfinance.com/index.html

Good luck


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## FinFerNan (Feb 28, 2007)

A few people asked if I would report back on my findings.

Firstly the disclaimer: I'm not in the finance business and would not want to mislead anyone, so please make sure you do your own homework.

As a starting point KMPowell put a couple of links on a post on this thread. These explain the PCP/Balanced Payment options far better than I could.

The links are well worth a read.

Of the deals available, from what I have gathered I would suggest looking into the Balanced Payment option. To me it offers more flexibility. ie you are not tied into a PCP Term, and can pay off all or some of the balance at any time.

As I say, I'm no finance expert, so sorry if this is a bit "Noddy" but in essence (as I understand it) in any loan you are paying off the capital and interest. With this arrangement however, you pay off more of the capital earlier in the agreement making settlement figures lower at any given time during the term. This is unlike PCP's where the final value is guaranteed (but you pay for that peace of mind)

Further, unlike PCP's there are risks related to interest rates moving - ie if they go up you may adjust your monthlies or will pay a higher final payment. You can of course negate this by choosing a fixed rate deal - It sounds a bit like your mortgage only over a much shorter term, and in a sense that's not too far of the mark!

Despite this, on the basis of my little experiment perhaps not suprisingly, the dealers or PCP deals do not come out too well, but in some circumstances they are not that far out. You need to check for your own circs.

As for actual figures, I am not keen to publish these as they are dependant on personal circumstances etc.

However as a guide I found over all, ie where the total cost of the deal = Deposit + total value of monthlies + balloon + fees.

My figures assume a loan of about Â£23 - 25k and a deposit in the region of Â£3k ie car value around Â£26-27k

If it's lowest monthlys and bugger the final payment - I would go for a Balance Payment Plan with a higher final payment. The cost per Â£1000 borrowed over 48 months is about Â£13.85 but the balloon was about 51% of the cars original value. ie bang goes most if not all of your deposit at sale time. Factor this in and in reality your monthlys are really about Â£60 higher (deposit/term)

If like me, you prefer to maintain the deposit, again look at the Balance Payment Plan but with a lower Balloon and therefore obviously higher monthlys. Here (for the same term/deposit etc) the monthlies are around Â£15.85 per Â£1000 borrowed, with a final of Â£11.5k or so. There is half a chance that you might see some of your deposit back with this.

As an alternative - Marks and Spencer do a car purchase scheme - using my example (48 months etc) the monthly payment is Â£18.05 per Â£1000 but the ballon is only Â£7050 - I'm guessing a nice 4 year old TT will do better than Â£10k at sale time, therefore your deposit is safer. Certainly safer than the other options but you pay for it. Like the Balance Payment there's no penalties if you pay off earlier, but the figure is "Subject to Staus" - Worth a look for loans upto Â£25k.

Hope this helps.


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## paulie1 (Mar 6, 2007)

Im a couple of months in to my PCP from an Audi dealer,does anyone know if i can re-finance the car with someone else (i.e Kam) without losing out or am i stuck?.
After reading these threads i think i've been ripped off by stealer-now theres a thing.


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## FinFerNan (Feb 28, 2007)

paulie1 said:


> Im a couple of months in to my PCP from an Audi dealer,does anyone know if i can re-finance the car with someone else (i.e Kam) without losing out or am i stuck?.
> After reading these threads i think i've been ripped off by stealer-now theres a thing.


Things might not so bad - Audi do seem to try to keep the final payment down it seems.

Anyway my advice is contact either Kam or Gareth, I'm sure if they can help the will.

Good luck - let us know how you get on.


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## jeremyp (Oct 22, 2006)

paulie1

Kam can refinance a car. Essentially you would get a settlement figure from Audi finance and this would be the amount that you would need to re-finance


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## paulie1 (Mar 6, 2007)

Thanks all.
From what i understand,the whole interest for the term goes onto the lump sum owed on day one-you then spend the first year paying off interest.This might mean i actually owe more than the cars worth right now.
Might have got that wrong but i will certainly call Kam and others to discuss.
Again, many thanks.
Paul


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## kam100 (Oct 7, 2006)

Hi Paul, first port of call, get a current settlement figure and ask for a breakdown of how its been calculated, you will find there is a an exit charge i.e. some interest charge which is charged for exiting the agreement early. I think you will find a chunk of interest which is not yet payable will be deducted off, but in the first year it is quite painful to get out. However let us know you're figures, and we'll see what we can do for you.


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## paulie1 (Mar 6, 2007)

Great cheers Kam,i'll PM you when i get figures(or is it easier to e-mail?).


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## GarethW (Oct 12, 2006)

kmpowell said:


> FinFerNan said:
> 
> 
> > However I do intend to try Kam out to see how he compares.
> ...


Thank you for that referral Kevin :wink:

Hope you're well and enjoying the R32.

Gareth

p.s. also enjoyed reading that blog too


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## GarethW (Oct 12, 2006)

Hi FinFerNan 

Just a word of warning on the M&S loans. They are personal loans (not PCP or Balanced payment agreements) with an element of deferment where the amount deferred has nothing to do with the exact nature of the car/mileage/agreement in question. The interest on these loans does have an element of loading and the amount of interest paid doesn't decrease-as it does with a balanced payment lease purchase loan-and the amount of capital repaid doesn't increase-again unlike a balanced payment agreement.

Also the 6.4% APR rate that is commonly advertised is rarely the one offered and most clients I've spoken to recently have actually been underwritten at 9.2-9.4% APR for their deals-hence why calling us :wink:

Hope that helps.

Gareth


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## FinFerNan (Feb 28, 2007)

GarethW said:


> Hi FinFerNan
> 
> Just a word of warning on the M&S loans. They are personal loans (not PCP or Balanced payment agreements) with an element of deferment where the amount deferred has nothing to do with the exact nature of the car/mileage/agreement in question. The interest on these loans does have an element of loading and the amount of interest paid doesn't decrease-as it does with a balanced payment lease purchase loan-and the amount of capital repaid doesn't increase-again unlike a balanced payment agreement.
> 
> ...


Thanks Garath.

I am aware that the M&S loan is as you describe it. However, it is an alternative that works for some people. Clearly if you are not being offered a deal or rate that suits you, then look elsewhere.


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## jeremyp (Oct 22, 2006)

A colleague of mine just got an M&S loan for Â£22K at 5.8% APR


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## GarethW (Oct 12, 2006)

jeremyp said:


> A colleague of mine just got an M&S loan for Â£22K at 5.8% APR


doesn't make it cheaper than a decent balanced payment deal however....the devil is in the detail!! :twisted:


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## jeremyp (Oct 22, 2006)

GarethW said:


> doesn't make it cheaper than a decent balanced payment deal however....the devil is in the detail!! :twisted:


Well the balloon was Â£7K I believe and it was a four year deal to finance a Ford S-Max so the balloon sounds quite reasonable. In this case, and because APR is a measure used to 'level' finance deals, the rate is much lower than you would get on most finance deals so I think it probably is cheaper!

I am sure a balanced payment deal will pay off more of the balance earlier though.

Obviously, that wouldn't necessarily be the case in other examples!


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## FinFerNan (Feb 28, 2007)

jeremyp said:


> GarethW said:
> 
> 
> > doesn't make it cheaper than a decent balanced payment deal however....the devil is in the detail!! :twisted:
> ...


Spot on Jeremyp - in short, it's not a one size fits all answer. Take a look at all options and choose the one which best suits your circumstances.

What is useful though - I mentioned the info picked up off this forum and he (even though I had already knocked him down on the deal) was suddenly even keener (real word?) to get my business. We shall see :wink:


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## GarethW (Oct 12, 2006)

"Spot on Jeremyp - in short, it's not a one size fits all answer. Take a look at all options and choose the one which best suits your circumstances"

Couldn't agree more :lol:


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## GarethW (Oct 12, 2006)

FinFerNan said:


> jeremyp said:
> 
> 
> > GarethW said:
> ...


Who is that through??


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## FinFerNan (Feb 28, 2007)

[/quote]

Who is that through??[/quote]

Well it's not likely to be Audi Finance is it? To be honest at this stage I did not ask. Their "improved" offer was not AF but I can't remember who (it was a big name though)

I will PM you my details - you are free to have a go for me if you like.


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## GarethW (Oct 12, 2006)

FinFerNan said:


> Well it's not likely to be Audi Finance is it? To be honest at this stage I did not ask. Their "improved" offer was not AF but I can't remember who (it was a big name though)
> 
> I will PM you my details - you are free to have a go for me if you like.


ok :lol:


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## burtonm (Jan 19, 2007)

Hi,

Slightly different angle:

I am fortunate to have the cash to buy mine. However, was wondering if to apply for an Audi credit card to buy the car and take advantage of the 6 months interest free. Anyone looked into this ?


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## jeremyp (Oct 22, 2006)

I just applied for the credit card to take advantage of the 10% off maintenance plans!

Do you think you would get a credit limit big enough to buy the car with the card?


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## FinFerNan (Feb 28, 2007)

jeremyp said:


> I just applied for the credit card to take advantage of the 10% off maintenance plans!
> 
> Do you think you would get a credit limit big enough to buy the car with the card?


Jeremyp - how much are the maintenance plans ie what's the deal?


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## jeremyp (Oct 22, 2006)

I am looking at about Â£90 for maintenance for two years @ 30,000 miles a year. That is all the maintenance plus the tyres.

10% is a reasonable Â£200ish over the two years


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## FinFerNan (Feb 28, 2007)

jeremyp said:


> I am looking at about Â£90 for maintenance for two years @ 30,000 miles a year. That is all the maintenance plus the tyres.
> 
> 10% is a reasonable Â£200ish over the two years


Thanks - I'll do 36k in about 3 years!! I think I might get a quote though, I do know that the BMW 3.0ltr Z4 was (for me) less than Â£500 for the 3 years.


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## jeremyp (Oct 22, 2006)

The dealer said the quotes were based on warranty rates so it should be cheaper than if you were to pay for servicing and tyres as and when.


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## FinFerNan (Feb 28, 2007)

jeremyp said:


> The dealer said the quotes were based on warranty rates so it should be cheaper than if you were to pay for servicing and tyres as and when.


You are no doubt right and the chances are BMW are doing some kind of package deal - It's worth asking though.

I reckon (although I did not check) the BMW would cost upto Â£950 for 3 services (ie over 3 years) Making the Â£500 "up front" payment seem good value.


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