General 500 Finance

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General 500 Finance

Simon Bell

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Feb 2, 2008
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Just been looking at the various finance options and have a query about the 500p per day scheme........is it 0%?

http://www.fiat.co.uk/content/?id=12503

The website shows an example as follows:

OTR £7900
24 monthly payments of £152.08 = £3649.92
then
12 monthly payments of £331.90 = £3982.80

TOTAL £7632.72 so assuming deposit of £267.28

Can anyone confirm?
 
Ah rentals...of course.......perhaps those rentals include a service plan payment and there would then be a final payment to own the car, that would make sense.

Fiat really do seem to like to keep people guessing, why is it so difficult to set these things out clearly without ambiguity.
 
Post from the NF500 site explaining the: 500p Per Day

This is a Personal Contract Hire agreement (meaning you never own the car) available over 3, 4 or 5 years.

For the first 2 years you pay £5.00 per day (£152.08 per month) regardless of what mileage you do and how much the car costs.

After the first 2 years your payment goes up accordingly for the remainder of the agreement (the increased payment is stated on the agreement).

Sounds O.K so far, but...

You must keep the car for the full duration of the agreement. The only way out of it is if you pay 60% of the amount outstanding after the initial 2 years is up and hand the car back.

It is a non-maintained Contract Hire agreement, so no inclusive servicing etc will be available. The only 'free' stuff is AA cover for the full term and Road Fund Licence.

Because the car is owned by Fiat Financial Services they dictate that it must be serviced by a Fiat dealer. If it is not a penalty is payable at the end of the contract.
 
my thoughts exactly (n).

Im holding out for the 50:500 deal which will (should) also including free 5yr warranty. I beleive its in the pipeline just waiting on some legal stuff to be sorted according to Fiat. This will I think make up for the higher than competative APR.
I live in hope :D
 
Yep, will probably go for that as well............do you need to sign up when you order or when you take delivery......I've never bought a new car before......I usually prefer to let some else take the hit on the first years depreciation.

I guess if we order end of Feb we will hopefully have a car by end of May early June......
 
You will sign the finance docs on the day you take delivery, the first payment will be approximately one month after that date, assuming you take standard HP.

Standard HP also involves you hiring the car, its the hiring part of hire purchase, however the agreement will include an option to purchase fee, probably about £150 that you pay with the last payment and then you have purchased it.

Cheers

D
 
You will sign the finance docs on the day you take delivery, the first payment will be approximately one month after that date, assuming you take standard HP.

Majority of garages up here work this way, although still a few who will get you in a few days before. So they can have the finance completed before they release the car.
 
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