PCP Finance

All Range Rover Velar related discussions
Arianne
Posts: 87
Joined: Fri Jul 21, 2017 9:39 pm
Location: UK

Re: PCP Finance

Post by Arianne » Fri Aug 11, 2017 1:49 pm

Oliver, that all makes sense. It's actually what I suspected anyway! But a good call to post your clear, concise statement which helps clear things up.

As I said, my financial management is heading towards basic piggy bank banking. But, if I was using a broker, your email would make me consider Oracle more now than having just seen your adverts alone.

Thanks.

Arianne
D300 R-dynamic with lots of optional toys. Corris Grey, sunroof, activity bracelet, configurable lighting, 825w Meridian sound, heated everything, configurable dynamics, summer / winter tyres & the all important cup holder cover!


dodge1201
Posts: 123
Joined: Mon Jul 24, 2017 10:39 am
Location: UK

Re: PCP Finance

Post by dodge1201 » Fri Aug 11, 2017 8:31 pm

OliverOracle wrote:
Fri Aug 11, 2017 1:11 pm
Hello all

I am a Senior Account Manager at Oracle finance and I would be happy to address some of the issues being raised in this forum to hopefully provide some clarity and understanding.

It’s great to see that a number of our customers have commented on here and are delighted with the service we have provided but I also appreciate some of the frustrations expressed by others.

In no particular order:

We are a finance broker for 15 different lenders. Each of our lenders have a number of different products, each with different rates and terms. Our goal is to try and match our customer’s requirements with the lender and product that 1. most meets our customer’s requirements and 2. is most likely to approve our customer’s application.

A couple of weeks ago, there was a comment that Oracle hadn’t gotten residual values for the Velar yet. It was the case that some of our lenders hadn’t released the balloons/residual values as the model was so new to the market. We hadn’t actually funded our first Velar until last week. I am pleased to confirm now that all of our lenders have now released their balloons/residual values for the Velar so we should be able to provide a range of finance options.

Yes, our application process does require 2 credit searches. We undertake an in-house credit search to assess our customer’s credit status and then the lender that we propose to will undertake their own credit search. This enables us to ensure that we are proposing applications to the most suitable lender who is most likely to approve our customer’s application. Additionally, if we do notice any issues or irregularities with our customer’s credit history, we can address these directly with the customer and, hopefully, mitigate these issues before we propose to a lender and so increase the chance of the customer being approved.

Some of our lenders require that a tracker is fitted but most do not. This is a lender policy stipulation and is not something that a customer’s credit history has a bearing on. This is just the same as some insurance companies may want a tracker and some may not.

Sometimes we do request some additional/supporting information, such as 3 months bank statements. This is requested in order to assist with obtaining approval from a lender on the most competitive basis. Most applications are approved without the need for the customer to supply additional/supporting information but it is not uncommon for the lender to request such information before issuing an approval. Lenders have a duty to treat customers fairly and lend responsibly and sometimes additional information is required in order to ratify their underwriting decision.

Each of our different lenders has a range of different products and these different products have different arrangement fees and option to purchase fees. Exactly the same as when buying a property, you may explore different mortgage products with different fees, our lenders’ different products have different fees also. Oracle do not charge a fee for our services and we do not determine what the arrangement or option to purchase fees are. It may sound misleading that it is called an arrangement fee and seem that presumably this is Oracle’s fee but this is not the case.

All motor finance products regulated by the Consumer Credit Act have the same early settlement terms. In the event that a customer settles their finance agreement early, they receive a rebate of all of the future interest in the finance agreement, with the exception of 1 months plus 28 days. Therefore, inversely, the charge for early settlement is virtually 2 months interest. Each lender does not have the capability to determine their own early settlement charges for products regulated by the Consumer Credit Act, it is standardised in government legislation.

We pride ourselves in the level of service that we provide and we will do everything we can to assist our customers in all parts of the buying process and afterwards. As we act for our customer and have no affiliation to the dealership where the customer bought the car from, we do everything we can to assist our customer if they have any problems, questions or concerns before, during or after purchase. Having a dedicated Oracle Account Manager means that you can call in and speak to the same person, months or years after purchase, should you wish to explore options regards settling your finance agreement or changing your car. As mentioned previously in this forum, customers often return to Oracle to fund other cars for themselves and/or their family.

I do hope the above helps explain our processes more clearly and provides some clarity. I would be delighted to assist anyone directly, whether they are purchasing a new Land Rover or any car, new or used, purchased from any dealership, independent or franchise, or even being sold by a private seller. I am available directly on 01423 795800 or email oliver.clarkson@oraclefinance.co.uk

Thank you.
Hi Oliver,
Thanks for the info. I also have been looked after very well and look forward to receiving my car with financing through Oracle. Im sure you will get lots more business from the forum when members see the benefit of saving money and not going direct with JLR/Blackhorse.
D240 R-Dynamic SE, Silicon Silver, Black Roof & 21" Dark Satin Wheels. :D


VelarMan
Posts: 548
Joined: Mon Mar 06, 2017 10:31 am
Location: London, UK

Re: PCP Finance

Post by VelarMan » Sat Aug 12, 2017 12:30 am

OliverOracle wrote:
Fri Aug 11, 2017 1:11 pm
Hello all

I am a Senior Account Manager at Oracle finance and I would be happy to address some of the issues being raised in this forum to hopefully provide some clarity and understanding.

It’s great to see that a number of our customers have commented on here and are delighted with the service we have provided but I also appreciate some of the frustrations expressed by others.

In no particular order:

We are a finance broker for 15 different lenders. Each of our lenders have a number of different products, each with different rates and terms. Our goal is to try and match our customer’s requirements with the lender and product that 1. most meets our customer’s requirements and 2. is most likely to approve our customer’s application.

A couple of weeks ago, there was a comment that Oracle hadn’t gotten residual values for the Velar yet. It was the case that some of our lenders hadn’t released the balloons/residual values as the model was so new to the market. We hadn’t actually funded our first Velar until last week. I am pleased to confirm now that all of our lenders have now released their balloons/residual values for the Velar so we should be able to provide a range of finance options.

Yes, our application process does require 2 credit searches. We undertake an in-house credit search to assess our customer’s credit status and then the lender that we propose to will undertake their own credit search. This enables us to ensure that we are proposing applications to the most suitable lender who is most likely to approve our customer’s application. Additionally, if we do notice any issues or irregularities with our customer’s credit history, we can address these directly with the customer and, hopefully, mitigate these issues before we propose to a lender and so increase the chance of the customer being approved.

Some of our lenders require that a tracker is fitted but most do not. This is a lender policy stipulation and is not something that a customer’s credit history has a bearing on. This is just the same as some insurance companies may want a tracker and some may not.

Sometimes we do request some additional/supporting information, such as 3 months bank statements. This is requested in order to assist with obtaining approval from a lender on the most competitive basis. Most applications are approved without the need for the customer to supply additional/supporting information but it is not uncommon for the lender to request such information before issuing an approval. Lenders have a duty to treat customers fairly and lend responsibly and sometimes additional information is required in order to ratify their underwriting decision.

Each of our different lenders has a range of different products and these different products have different arrangement fees and option to purchase fees. Exactly the same as when buying a property, you may explore different mortgage products with different fees, our lenders’ different products have different fees also. Oracle do not charge a fee for our services and we do not determine what the arrangement or option to purchase fees are. It may sound misleading that it is called an arrangement fee and seem that presumably this is Oracle’s fee but this is not the case.

All motor finance products regulated by the Consumer Credit Act have the same early settlement terms. In the event that a customer settles their finance agreement early, they receive a rebate of all of the future interest in the finance agreement, with the exception of 1 months plus 28 days. Therefore, inversely, the charge for early settlement is virtually 2 months interest. Each lender does not have the capability to determine their own early settlement charges for products regulated by the Consumer Credit Act, it is standardised in government legislation.

We pride ourselves in the level of service that we provide and we will do everything we can to assist our customers in all parts of the buying process and afterwards. As we act for our customer and have no affiliation to the dealership where the customer bought the car from, we do everything we can to assist our customer if they have any problems, questions or concerns before, during or after purchase. Having a dedicated Oracle Account Manager means that you can call in and speak to the same person, months or years after purchase, should you wish to explore options regards settling your finance agreement or changing your car. As mentioned previously in this forum, customers often return to Oracle to fund other cars for themselves and/or their family.

I do hope the above helps explain our processes more clearly and provides some clarity. I would be delighted to assist anyone directly, whether they are purchasing a new Land Rover or any car, new or used, purchased from any dealership, independent or franchise, or even being sold by a private seller. I am available directly on 01423 795800 or email oliver.clarkson@oraclefinance.co.uk

Thank you.
Still incorrect information in this clarification as there is no early redemption penalty on JLR finance and any of you can check this with your dealer.


velarios
Posts: 30
Joined: Sat Aug 12, 2017 6:01 pm
Location: USA

Re: PCP Finance

Post by velarios » Sat Aug 12, 2017 9:28 pm

Question moved to related post!


OliverOracle
Posts: 6
Joined: Fri Aug 11, 2017 1:03 pm
Location: UK

Re: PCP Finance

Post by OliverOracle » Mon Aug 14, 2017 2:24 pm

Unfortunately you are being misinformed VelarMan. You can check this by requesting a settlement figure from JLR Finance after your 14 day cooling-off period but before you make your first monthly repayment. The settlement figure that you receive will be greater than the amount you have borrowed. The difference will be approximately 2 months interest. Dealerships are experts at selling cars but sometimes have less expertise regards to advising on finance and sometimes can, unintentionally I’m sure, give incorrect advice. JLR Finance is provided by Black Horse and Black Horse is part of the Lloyds Banking group, which also includes Halifax and Bank of Scotland. All of these finance providers and all of Oracle’s panel of lenders have to employ the same early settlement terms as dictated by the Consumer Credit Act. When you request a settlement figure from Black Horse, it clearly states that the rebate has been calculated in accordance with the Consumer Credit Regulations 2004. This rebate is exactly the same as Oracle’s panel of funders offer; you receive a rebate of all future interest with the exception of 1 month plus 28 days. It may be the case that dealerships tell you there is no penalty for early redemption but you will certainly not find that being the case in writing on any of your JLR Finance documentation. Oracle prefer to provide absolute clarity when giving advice so that there are no surprises when a customer takes out the finance agreement or when, in a number of years’ time, they come to settle the finance agreement.


VelarMan
Posts: 548
Joined: Mon Mar 06, 2017 10:31 am
Location: London, UK

Re: PCP Finance

Post by VelarMan » Mon Aug 14, 2017 4:32 pm

No mention of any settlement fees here either:
https://landrover.rockar.com/finance-made-simple


JKVelarF1
Posts: 166
Joined: Fri Apr 07, 2017 7:08 pm

Re: PCP Finance

Post by JKVelarF1 » Mon Aug 14, 2017 4:40 pm

Great posts and information, currently a Black Horse customer but will be looking for new finance on a Velar soon so will be good to get some comparison quotes for sure.


OliverOracle
Posts: 6
Joined: Fri Aug 11, 2017 1:03 pm
Location: UK

Re: PCP Finance

Post by OliverOracle » Mon Aug 14, 2017 4:40 pm

Yes, it does touch on it right at the bottom:

Early Settlement - this is when you pay off a finance agreement before the agreed term is complete. By doing so you may save on the interest that would have been charged for the remainder of the agreement.

It says you may save on the interest. It does not say that you will save on all of the interest.


JKVelarF1
Posts: 166
Joined: Fri Apr 07, 2017 7:08 pm

Re: PCP Finance

Post by JKVelarF1 » Mon Aug 14, 2017 4:44 pm

OliverOracle wrote:
Mon Aug 14, 2017 4:40 pm
Yes, it does touch on it right at the bottom:

Early Settlement - this is when you pay off a finance agreement before the agreed term is complete. By doing so you may save on the interest that would have been charged for the remainder of the agreement.

It says you may save on the interest. It does not say that you will save on all of the interest.
Must say all my early repayment quotes from Black horse have two figures, one that's the current balance and the second an early repayment figure, the early repayment figure is always lower so must be minus the interest.


OliverOracle
Posts: 6
Joined: Fri Aug 11, 2017 1:03 pm
Location: UK

Re: PCP Finance

Post by OliverOracle » Mon Aug 14, 2017 4:48 pm

Yes that is correct JKVelarF1. The settlement figure is minus all of the future interest, except for 1 month plus 28 days interest.


Post Reply

Return to “Main Range Rover Velar chat”


Who is online

Users browsing this forum: No registered users and 3 guests