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Discussion Starter · #1 ·
If anyone is looking to buy their car through PCP finance I have managed to get a decent deal with a prestige car finance company. Spoke to my LR dealer and they couldn't move on the monthly payment at all - what it shows online on the build configurator is what it is. No negotiation at all! On my payments I have saved at least £60 per month and they are still trying to get me a better deal! Not a massive amount but saving over £700 for the year so adds up to a decent amount. (pays for the insurance!) Residual value is the same so its just that they are working on a better APR than the 6.9% with LR/Blackhorse. If anyone wants to know the details of my client manager then let me know and i'll PM the details over.
 

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dodge1201 said:
VelarMan said:
Is this Oracle Finance?
Yes. They seem ok to deal with. I'll pm details over shortly.
What a shame! I tried oracle several times but they hadn't gotten the residual values yet so couldn't quote me on a pcp deal. The guy I spoke to told me my deal with LT/Blackhorse was pretty competitive so I went ahead with them. This was about a week ago

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Discussion Starter · #7 ·
VelarSam said:
dodge1201 said:
VelarMan said:
Is this Oracle Finance?
Yes. They seem ok to deal with. I'll pm details over shortly.
What a shame! I tried oracle several times but they hadn't gotten the residual values yet so couldn't quote me on a pcp deal. The guy I spoke to told me my deal with LT/Blackhorse was pretty competitive so I went ahead with them. This was about a week ago

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Bugger! The lady I have been speaking to for about 2 weeks has been great and dealt straight with their underwriting team.
 

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IMHO they are a bunch of bloody cowboys! They gave me some fantastic quotes on the Velar to entice me in to an application - they do two credit searches which is a bad thing for your credit score - one search for oracle and then another the finance company does - in the end they were unable to get the finance they quoted me for! They decreased the balloon payment which resulted in an increase of £200 a month and bought them very close to JLR finance. When I told them I am going with JLR finance they magically managed to get the balloon increased slightly again so this time a difference of £100 a month...they then wanted me to get a tracker on the Velar - their finance company will NOT give you the money if the car does not have a tracker - my insurer NFU Mutual did not even ask me to get a bloody tracker!

Further more they wanted proof of income and bank statements etc to organise.

I went in to my dealer and signed the JLR docs and drove out with the car - painless and no hanky panky!

Tread carefully with Oracle chaps.
 

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Discussion Starter · #9 ·
VelarMan said:
IMHO they are a bunch of bloody cowboys! They gave me some fantastic quotes on the Velar to entice me in to an application - they do two credit searches which is a bad thing for your credit score - one search for oracle and then another the finance company does - in the end they were unable to get the finance they quoted me for! They decreased the balloon payment which resulted in an increase of £200 a month and bought them very close to JLR finance. When I told them I am going with JLR finance they magically managed to get the balloon increased slightly again so this time a difference of £100 a month...they then wanted me to get a tracker on the Velar - their finance company will NOT give you the money if the car does not have a tracker - my insurer NFU Mutual did not even ask me to get a bloody tracker!

Further more they wanted proof of income and bank statements etc to organise.

I went in to my dealer and signed the JLR docs and drove out with the car - painless and no hanky panky!

Tread carefully with Oracle chaps.
Thanks, sounds like you had a shit time! I'll definitely tread carefully and may end up just going with JLR if they are going to be a pain in the arse!
 

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The JLR Finance process was quick and painless for me, so I must say I'm not regretting going with them, even if I could have saved a some money with a better APR

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Do your maths properly - I forgot to mention there is a £300 arrangement fee and also a redemption penalty of 2 months interest if you pay up earlier!!! None of this nonsense with JLR finance.

Tracker £800 (ish)
Arrangement Fee £299
Redemption Penalty Depends on amount finance but guessing around £500

Whats the point?
 

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Thanks Velarman,

Im looking through all their terms now, the arrangement fee was £199, they never mantioned tracker or the early redemption fee ive asked the question, i will certainly redeme early so this will be a big one.

Ill probably end up staying with the JLR finance to be honest.
 

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Well there you go - they wanted £299 from me! So just goes to show they would do what they can to get some extra money off you. If there is an arrangement fee it should be the same for all. They then tried to tell me that there is an arrangement fee and redemption penalty on JLR finance too but it is hidden in the cost - when I asked my dealer they showed me the T&C which clearly state there is no arrangement fee or redemption penalty so another big fat lie from them :(
 

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Discussion Starter · #19 ·
Just had this reply from Oracle when i asked them about Velarman's findings:

"Thanks for your email. That is disappointing to hear given Oracle are the Official Finance partner for the Ferrari & Porsche Owner's Club in the UK which is testament to the level of service we deliver and we do pride ourselves this. We help finance over £140 million of cars each year with the majority of this coming from repeat customers.

Regarding the process- I have provided you with ballpark figures at this stage. I am not able to tie down these figures for you until I get your permission to carry out a credit search and propose you to the lender. This will involve two searches- one from Oracle and the other by the lender. The lender's search will also consider any fraud warnings and associated credit- both of which my search does not throw up. Once I have a decision back from the lender- which is usually the same day- I then have a formal credit line in place (which is valid for 90 days). Depending on the size of lend and lender, bank statements may be requested, but I will advise you of this at the earliest opportunity.

Regarding the tracker-I have checked with my underwriter and this is not something Oracle request but it can be a requirement of the lender. I can look to propose you to a lender who will not require a tracker on a Velar, but this could have an effect on the rates available to you.

The only reason we wouldn't be able to offer you the finance we quoted is if something cropped up on your credit file- otherwise, we do achieve the rates quoted."
 

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I can assure you NOTHING crept up on my credit file :) Everything else I said is confirmed in their response to you. Go ahead with the search and my other points will come true too - they won't honor what they have quoted you - I can assure you this.
 
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