?? Absolutely fuming ??

[Cloggsy]

I’ve just received a phone call from my dealership; Drive MG Darlington, to advise me that the finance deal I have in place for my yet-to-arrive MG ZS Trophy can no longer be honoured as ‘the financial market has changed significantly’ since signing the agreement & Santander can no longer offer the rate anymore.

So now, if I want to keep the car on order, I have to agree to the increase in rate to 7.9% APR.

I have absolutely no comeback on the deal whatsoever. It cannot be challenged. ??‍

At the moment I feel like telling them to stick the car where the sun doesn’t shine, but I know I will be in exactly the same boat if I go elsewhere, including an extended wait time for a new order…

Feel kinda between a rock & a hard place. But very pissed off ?

Feel like I’m paying an extra for their incompetence ??

 

[Alb]

Was the original deal preferential or did it just reflect current market rates?

 

[Cloggsy]

Was the original deal preferential or did it just reflect current market rates?

It was the Affinity deal, so 5.9%APR & not the 4.9%APR that everyone else was being quoted…

 

[Ron61]

Unfortunately interest rates could easily go much higher. It's a real dilemma knowing when to buy. I'm locked into the deal I have because I was lucky enough to get my Mg5 on a 0% deal and I'd be mad to change it.

 

[Cloggsy]

Unfortunately interest rates could easily go much higher. It's a real dilemma knowing when to buy. I'm locked into the deal I have because I was lucky enough to get my Mg5 on a 0% deal and I'd be mad to change it.

Yes. 100%, but I still think it is shocking that through no fault of my own I am being penalised. When I made the deal, it was made in good faith, now, because it suits them, they see fit to change it… It is not my fault MG are experiencing supply chain issues ??‍?

 

[Ron61]

Yes. 100%, but I still think it is shocking that through no fault of my own I am being penalised. When I made the deal, it was made in good faith, now, because it suits them, they see fit to change it… It is not my fault MG are experiencing supply chain issues ??‍?

Hi Cloggsy, I don't think it's right but unfortunately this is the world we are in right now. Good luck I wouldn't like to be in your position.

 

[Lovemyev]

Hi Cloggsy, I don't think it's right but unfortunately this is the world we are in right now. Good luck I wouldn't like to be in your position.

I agree !.
It's a very large and bitter pill to swallow unfortunately, but looking at the way interest rates etc are heading right now, it was a accident just waiting to happen.
A very close relative of ours is a financial forecaster and he has been warning / predicting the country was heading back into a recession for the last 3 months.
He came to this theory after attending a meeting at the Bank Of England in London.
The recent mini budget was only intended to buy more time, he said.
As the budget actions have now been almost totally with drawn, the clock is ticking very quickly now !.
Regarding your order, I guess the way to look at it is this.
Cancelling your order, will result in somebody else taking your place and then paying the same price increase as you really.
If this price increase put's too much pressure on you financially, by making the deal too expensive, then you just have to walk away.
Sad, but a time to think with your head and not with your heart ! .

 

[hmadsen]

Yes. 100%, but I still think it is shocking that through no fault of my own I am being penalised. When I made the deal, it was made in good faith, now, because it suits them, they see fit to change it… It is not my fault MG are experiencing supply chain issues ??‍?

On the contract on my MG ZS EV, due for delivery August 2023, they also state that the price of the car might change and if it does, i have to pay the price of the car as it sits the day it is delivered.

I think there is a 5% max they can raise it, before i can cancel, but if the car situation continues, it would be silly to not get it, as i would atleast probably be able to get as much, if not more, if i sell the car on.

 

[hmadsen]

I agree !.
It's a very large and bitter pill to swallow unfortunately, but looking at the way interest rates etc are heading right now, it was a accident just waiting to happen.
A very close relative of ours is a financial forecaster and he has been warning / predicting the country was heading back into a recession for the last 3 months.
He came to this theory after attending a meeting at the Bank Of England in London.
The recent mini budget was only intended to buy more time, he said.
As the budget actions have now been almost totally with drawn, the clock is ticking very quickly now !.
Regarding your order, I guess the way to look at it is this.
Cancelling your order, will result in somebody else taking your place and then paying the same price increase as you really.
If this price increase put's too much pressure on you financially, by making the deal too expensive, then you just have to walk away.
Sad, but a time to think with your head and not with your heart ! .

To be honest, if i am being a bit selfish i kind of hope that if there is a recession, they will have "a lot" of cancellations, because i have the money for the car in the bank, from the insurance, when our first ZS EV was totalled.

The only way to get the car faster right now, is if someone leaves the line, putting me closer to the front

Prices for cars, used and new right now are insane, i have seen 6 year old cars with a 120.000 miles on the clock, being advertised for about 60% of the from-new price.

 

[Tim Green]

A friend of mine had a Mini EV, bought new in 2020, only done about 5000 miles and recently sold back to the same dealer for £600 more than he paid for it. Bonkers!

 

[Rutsy]

I’ve just received a phone call from my dealership; Drive MG Darlington, to advise me that the finance deal I have in place for my yet-to-arrive MG ZS Trophy can no longer be honoured as ‘the financial market has changed significantly’ since signing the agreement & Santander can no longer offer the rate anymore.

So now, if I want to keep the car on order, I have to agree to the increase in rate to 7.9% APR.

I have absolutely no comeback on the deal whatsoever. It cannot be challenged. ??‍

At the moment I feel like telling them to stick the car where the sun doesn’t shine, but I know I will be in exactly the same boat if I go elsewhere, including an extended wait time for a new order…

Feel kinda between a rock & a hard place. But very pissed off ?

Feel like I’m paying an extra for their incompetence ??

I had the same from MG Tunbridge Wells when I called in to see them on Saturday. This was despite being told the rates were fixed when we agreed to buy the car last December. If it's PCP then I think the 7.9% rate includes a deposit contribution (although £1000 not the £1500 I was originally offered) which may help.

Not sure what to do myself yet. At the moment I'm just waiting to see what the deal is when/if the car eventually arrives. No doubt heated words will be involved.

 

[Silver estate]

A friend of mine had a Mini EV, bought new in 2020, only done about 5000 miles and recently sold back to the same dealer for £600 more than he paid for it. Bonkers!

The dealer I pX my Kia Ceed has it up for £3k more than I paid 2 years ago for it
I paid £12400 it’s up for £15300 ?

 

[Silver estate]

I got lucky with my MG5 finance it was kept the same as when I put the deposit down in June

 

[Ayoull]

Yes. 100%, but I still think it is shocking that through no fault of my own I am being penalised. When I made the deal, it was made in good faith, now, because it suits them, they see fit to change it… It is not my fault MG are experiencing supply chain issues ??‍?

The finance isnt binding to either party until receipt of the vehicle, so while it seems immoral it's not illegal

 

[DB Go Rex]

Financial market instability plus long car lead times are not a good mix. Dealers should be making crystal clear finance deals can change come delivery time.

 

[slmorgan42]

I’ve just received a phone call from my dealership; Drive MG Darlington, to advise me that the finance deal I have in place for my yet-to-arrive MG ZS Trophy can no longer be honoured as ‘the financial market has changed significantly’ since signing the agreement & Santander can no longer offer the rate anymore.

So now, if I want to keep the car on order, I have to agree to the increase in rate to 7.9% APR.

I have absolutely no comeback on the deal whatsoever. It cannot be challenged. ??‍

At the moment I feel like telling them to stick the car where the sun doesn’t shine, but I know I will be in exactly the same boat if I go elsewhere, including an extended wait time for a new order…

Feel kinda between a rock & a hard place. But very pissed off ?

Feel like I’m paying an extra for their incompetence ??

Not sure if you can or if it helps but I checked a little while ago and a short-term loan my bank (Tesco) was a lower rate than this. But it was only up to about 10k.

 

[hmadsen]

The finance isnt binding to either party until receipt of the vehicle, so while it seems immoral it's not illegal

But this sort of makes sense doesn't it.

I mean, if i could ask for a quote now and then wait a year to take out the loan, it would be a bad business for the loan company.

If the interest stayed the same, it would not matter, if the interest rose, they would be out of pocket, because they also loan the money that they loan you, somewhere, and if the interest rate dropped, you would just demand a new quote.

I understand the problem with finance, when the interest rates change a lot, but as long as you have not taken out the loan and begun paying interest and paying back on the loan, it is a bit unfair to complain. Not that i don't understand that it is very "annoying" that it happens, but i dont think it is possible to get a quote with a locked interest rate for a year anywhere.

 

[Cloggsy]

But this sort of makes sense doesn't it.

I mean, if i could ask for a quote now and then wait a year to take out the loan, it would be a bad business for the loan company.

If the interest stayed the same, it would not matter, if the interest rose, they would be out of pocket, because they also loan the money that they loan you, somewhere, and if the interest rate dropped, you would just demand a new quote.

I understand the problem with finance, when the interest rates change a lot, but as long as you have not taken out the loan and begun paying interest and paying back on the loan, it is a bit unfair to complain. Not that i don't understand that it is very "annoying" that it happens, but i dont think it is possible to get a quote with a locked interest rate for a year anywhere.

The trouble is, when you order a car & pay a deposit, you expect that to be the deal. Not to then have the rug pulled out from under you whilst you are still waiting for the car…

Granted, supply chain issues aside, I can see why this has happened, but having been faithfully promised by the dealership that the deal would be honoured, then to be told something different further down the line is frustrating to say the least…

The whole process of waiting, with the lack of communication has been ridiculous to be frank. It has not left me with the most positive outlook on MG as a brand… ???‍

 

[hmadsen]

The trouble is, when you order a car & pay a deposit, you expect that to be the deal. Not to then have the rug pulled out from under you whilst you are still waiting for the car…

Granted, supply chain issues aside, I can see why this has happened, but having been faithfully promised by the dealership that the deal would be honoured, then to be told something different further down the line is frustrating to say the least…

The whole process of waiting, with the lack of communication has been ridiculous to be frank. It has not left me with the most positive outlook on MG as a brand… ???‍

I Completely agree, the main problem here is MG not being able to supply cars at anywhere near the "demand rate".

From what i have heard the supply problem into the factories are not as big a factor anymore, so the only reason they do not keep up with demand is because they produce to few.

And then they release a new model, that is also going to need components and production lines, when they can not keep up with demand on their existing cars.

Absolutely silly, would have been a lot better if the additional production lines were focused on catching up with the waiting line for the existing cars.

I fear that the August 2023 delivery date i have on my contract is going to be pushed back, and i have to say, that in the EV market, more than a year, maybe 1½-2 years is a long time.

If something else comes around before i take delivery of the ZS EV, i am going to jump ship, and just get that, i bet that in late 2023, there will be even better cars with even better batteries and so on.

Making people wait a whole year, is likely to get people so annoyed that they just go somewhere else.

I know that right now all the other places you can go, also has waiting lines, but again, from what i am hearing the component shortage is not that bad anymore, so maybe other manufacturers will be able to increase production and make cars that you can actually get in a short time.

 

[Barlyb]

Happened to me too! By the time I got the car the price had gone up and my part exchange car value had gone down! Gutted!