Wing Commander wrote: ↑Sat Jan 07, 2023 11:45 am
I agree at present, that the OPC would happily sell the car on at list, or higher, as discussed above.
But if demand did not exceed supply, and there were no waiting lists, the OPC could technically withhold the deposit, if the customer backed out of a purchase contract after lockdown.
I do wonder what would happen here - because the customer would be backing out of the purchase, but only because Porsche backed out of a finance agreement in the first place. Why is it fair for one party to back out but not the other?
I would how a court would see that. Not that I'm planning to take VWFS to court haha.
With a mortgage offer, the terms are valid for a certain period, for example for three months from the date of the written mortgage offer. After that, the lender reserves the right to amend the terms. Worth checking the fine print of any finance paperwork from Porsche, to see if they mention a period for which the offer is valid.
Simon
Sold: 2016 Rhodium Silver Macan 2.0
Sold: 2013 Platinum Silver 911 (991.1) C2
Sold: 2017 Carmine Red Panamera 4
Mine: 991.2 Carrera T Racing Yellow 06/04/2018
AllanG wrote: ↑Sat Jan 07, 2023 11:05 am
Surely, this issue is no different to a mortgage rate increase, if it goes up, you have to pay it, whether it be immediately, or when your mortgage agreement comes to an end.
Well, not quite - because you don't already own the thing you're taking finance on.
What it would be exactly like, is if you got a mortgage in principle, went to exchange and the bank turned around at the 11th hour and told you that the mortgage in principle everyone agreed too is actually nonsense and the real rate is 5% and then acting surprised when your mortgage broker says you can't afford that.
If you’re taking out a PCP contract, then you’d don’t actually own the car until the loan is paid off in full so, until this happens, the loan company are the owners of the car.
Wing Commander wrote: ↑Sat Jan 07, 2023 5:01 pm
With a mortgage offer, the terms are valid for a certain period, for example for three months from the date of the written mortgage offer. After that, the lender reserves the right to amend the terms. Worth checking the fine print of any finance paperwork from Porsche, to see if they mention a period for which the offer is valid.
Yes, so in my example - imagine you are within your MIPs validity period, you've gone out, found a house that fits in your budget, and then the bank tells you as youre about to exchange that actually the rate isn't what they said in the MIP and you can no longer afford that house.
AllanG wrote: ↑Sat Jan 07, 2023 5:05 pm
If you’re taking out a PCP contract, then you’d don’t actually own the car until the loan is paid off in full so, until this happens, the loan company are the owners of the car.
I'm well aware how PCP works! Was making an analogy and an analogy only.
AllanG wrote: ↑Sat Jan 07, 2023 5:05 pm
If you’re taking out a PCP contract, then you’d don’t actually own the car until the loan is paid off in full so, until this happens, the loan company are the owners of the car.
I'm well aware how PCP works! Was making an analogy and an analogy only.
Wing Commander wrote: ↑Sat Jan 07, 2023 5:01 pm
With a mortgage offer, the terms are valid for a certain period, for example for three months from the date of the written mortgage offer. After that, the lender reserves the right to amend the terms. Worth checking the fine print of any finance paperwork from Porsche, to see if they mention a period for which the offer is valid.
Yes, so in my example - imagine you are within your MIPs validity period, you've gone out, found a house that fits in your budget, and then the bank tells you as youre about to exchange that actually the rate isn't what they said in the MIP and you can no longer afford that house.
I’ll agree that if the Porsche/VAG finance agreement states that their quote at say 6.9% is valid until say 28/02/2023, then they can’t/shouldn’t change the rate (upwards) before 1st March.
Simon
Sold: 2016 Rhodium Silver Macan 2.0
Sold: 2013 Platinum Silver 911 (991.1) C2
Sold: 2017 Carmine Red Panamera 4
Mine: 991.2 Carrera T Racing Yellow 06/04/2018
We are in funny times. Really any Macan should have been built and delivered within the finance quote term. It's just now, it's taken Porsche over 12 months to build the car.
With a Mortgage, you don't get an offer then go looking at houses that won't be built for the next 12-16 months.
Porsche must understand that not everyone who orders one of their cars can suddenly justify an extra £200-300 a month. Especially as everything else has go up too.
