metcars 397 Posted October 13, 2018 1 hour ago, stockedup! said: If your business is dependent on selling cars on finance then that could be a big worry, also if you have significant borrowings the banks can just call them in...….bastards!! The overheads never have a bad week, keep your costs down! Yes but its not just a recession for you, but your customers too. They need jobs to earn money to buy cars? Share this post Link to post Share on other sites
BHM 994 Posted October 13, 2018 Isn’t that his point? 1 Share this post Link to post Share on other sites
Nick M.K. 574 Posted October 13, 2018 11 hours ago, BHM said: Some of these financial nutters seem to like working for everyone else but themselves & the need to shift metal has resulted in some poor margins on the mid range stock I have a stocking facility with Close Brothers. 3% interest (annual), more than double that in finance commission (per deal, NOT annual) at the top sell-out rate and at over 35 months lend. Costs me approx £35-40 to finance a £10K car for a couple of months which when sold brings as much profit as 5 newish superminis sold by the PLCs. IF the sale is on finance it brings a few hundred extra in commission and after doing this for a few years I personally think it's NUTS not to go that way (while it exists because it won't always) and continue working with your own money exploring the buy for £1200, prep for £300 sell for £2795 niche. It is the same as buying a house with a mortgage and buying it with your own money. Yes, the mortgage company charges their interest but you will take ALL of the profit margin after you sell it without putting up the capital to buy. They work for you, their money works for you, NOT the other way around. Not a good starting-up strategy though... 1 Share this post Link to post Share on other sites
Mojo121 229 Posted October 13, 2018 6 minutes ago, Nick M.K. said: I have a stocking facility with Close Brothers. 3% interest (annual), more than double that in finance commission (per deal, NOT annual) at the top sell-out rate and at over 35 months lend. Costs me approx £35-40 to finance a £10K car for a couple of months which when sold brings as much profit as 5 newish superminis sold by the PLCs. IF the sale is on finance it brings a few hundred extra in commission and after doing this for a few years I personally think it's NUTS not to go that way (while it exists because it won't always) and continue working with your own money exploring the buy for £1200, prep for £300 sell for £2795 niche. It is the same as buying a house with a mortgage and buying it with your own money. Yes, the mortgage company charges their interest but you will take ALL of the profit margin after you sell it without putting up the capital to buy. They work for you, their money works for you, NOT the other way around. Not a good starting-up strategy though... That really isn't bad at all, is it. I have a friend who's just took a 7k personal loan out for a car over 3 years. He ends up paying back 7,3. Makes you wonder how the lender justify the risk? Share this post Link to post Share on other sites
justina3 518 Posted October 13, 2018 2 minutes ago, Mojo121 said: That really isn't bad at all, is it. I have a friend who's just took a 7k personal loan out for a car over 3 years. He ends up paying back 7,3. Makes you wonder how the lender justify the risk? The lenders are far from stupid, a very high percentage of the uk wouldnt get that rate. 1 Share this post Link to post Share on other sites
MOTORS 25 Posted October 13, 2018 8 minutes ago, Nick M.K. said: I have a stocking facility with Close Brothers. 3% interest (annual), more than double that in finance commission (per deal, NOT annual) at the top sell-out rate and at over 35 months lend. Costs me approx £35-40 to finance a £10K car for a couple of months which when sold brings as much profit as 5 newish superminis sold by the PLCs. IF the sale is on finance it brings a few hundred extra in commission and after doing this for a few years I personally think it's NUTS not to go that way (while it exists because it won't always) and continue working with your own money exploring the buy for £1200, prep for £300 sell for £2795 niche. It is the same as buying a house with a mortgage and buying it with your own money. Yes, the mortgage company charges their interest but you will take ALL of the profit margin after you sell it without putting up the capital to buy. They work for you, their money works for you, NOT the other way around. Not a good starting-up strategy though... We had a stocking facility with Close Bros for 3 years up to 2 years ago. Didn't do any finance deals for three months and they pulled the funding. Every month the rep would come round and ask what are we doing to push sales with finance. If customers can get Santander loans for 3% APR they don't need your 9%+ APR HP Close Bros..... We fund our stock ourselves now but the new Close rep keeps offering stock funding again. No thanks - don't need the pressure to sell finance. Share this post Link to post Share on other sites
Nick M.K. 574 Posted October 13, 2018 1 hour ago, MOTORS said: Didn't do any finance deals for three months and they pulled the funding. Exactly. They make so little out of our funding facility it's not economical for them to provide it without the reciprocal business. I have a monthly target of around £11K finance deals (it varies month to month) and I average £25K in deals a month so they are very happy with me. While I can continue to exploit that relationship I will. Share this post Link to post Share on other sites
MOTORS 25 Posted October 13, 2018 14 minutes ago, Nick M.K. said: Exactly. They make so little out of our funding facility it's not economical for them to provide it without the reciprocal business. I have a monthly target of around £11K finance deals (it varies month to month) and I average £25K in deals a month so they are very happy with me. While I can continue to exploit that relationship I will. I agree totally. If it works for you that's great and exploit it 100%. What cheeses me off is we were on target for the year and they pulled the funding for three months worth of zero finance sales. To be fair they have increased the commission considerably since so I just take the commission now with no pressure to sell, and don't have the 90 day funding clock ticking away (not that we had many cars go to 90 days). Share this post Link to post Share on other sites
stockedup! 63 Posted October 13, 2018 11 hours ago, met said: Yes but its not just a recession for you, but your customers too. They need jobs to earn money to buy cars? Of course! Share this post Link to post Share on other sites
have a word with the wife 299 Posted October 23, 2018 On 11/10/2018 at 11:29 PM, Mojo121 said: According to? https://www.bbc.co.uk/news/business-45957674 Share this post Link to post Share on other sites
Area 51 33 Posted October 23, 2018 30 minutes ago, have a word with the wife said: https://www.bbc.co.uk/news/business-45957674 I'd say they are now taking cash for Thanksgiving and Xmas.. they drive the markets and bet against the moves in the index.. Some decent reading out there on this.. If you can get the info, the cash makes itself... these buggers like money, they make it; they never earn it.. Share this post Link to post Share on other sites
Mojo121 229 Posted October 23, 2018 21 minutes ago, Area 51 said: I'd say they are now taking cash for Thanksgiving and Xmas.. they drive the markets and bet against the moves in the index.. Some decent reading out there on this.. If you can get the info, the cash makes itself... these buggers like money, they make it; they never earn it.. I'm with you and your tin foil hat. Problem is we are not far enough up the food chain to be privvy to the free money intel. 1 Share this post Link to post Share on other sites
It's me 615 Posted October 23, 2018 38 minutes ago, Mojo121 said: I'm with you and your tin foil hat. Problem is we are not far enough up the food chain to be privvy to the free money intel. buy it sell it the jobs getting hard you cant beat bread Share this post Link to post Share on other sites
EPV 631 Posted October 23, 2018 Just now, boring dave said: buy it sell it the jobs getting hard you cant beat bread Proper blast from the past that one Share this post Link to post Share on other sites
have a word with the wife 299 Posted October 23, 2018 1 hour ago, have a word with the wife said: https://www.bbc.co.uk/news/business-45957674 when i first posted this link the headline WAS = "world markets slide amidst investor fears" good old bbc hey ? Share this post Link to post Share on other sites
MrC 142 Posted October 23, 2018 Someone better let my customers know about this impending doom, im flat out with work and they seem to be spending like sailors. My lastest customer spent more on the the conversion that he paid for the van. £15k the van £16400 on the conversion. If I get the job on the most recent quote, that will take my diary till Feb. Share this post Link to post Share on other sites
Area 51 33 Posted October 23, 2018 2 hours ago, Mojo121 said: I'm with you and your tin foil hat. Problem is we are not far enough up the food chain to be privvy to the free money intel. I have a pal who works with money (all legit - fund manager stuff), he told me in the mid 90's he likes money, therefore he works with it.. He has been good at that.. very good at that! Me? I did what i enjoyed too, but it was earning money, now I'm making money.. it aint on anything like the scale but its nice to make it rather than earn it..... I'd say the internet is your friend these days for most things; even making money! 1 Share this post Link to post Share on other sites
Screenman 47 Posted October 24, 2018 Even the dent game has gone quieter this week. Share this post Link to post Share on other sites
grant8064 219 Posted October 24, 2018 20 hours ago, MrC said: Someone better let my customers know about this impending doom, im flat out with work and they seem to be spending like sailors. My lastest customer spent more on the the conversion that he paid for the van. £15k the van £16400 on the conversion. If I get the job on the most recent quote, that will take my diary till Feb. LIKE We talked about these conversions today after seeing a really nice older one a punter rolled up in. Doesn't suit my lifestyle and 30K buys a lot of hotel rooms with room service, pools and relaxing baths but if I was gonna buy one I know who i'd be calling for a top job! Share this post Link to post Share on other sites
MrC 142 Posted October 24, 2018 4 hours ago, grant8064 said: LIKE We talked about these conversions today after seeing a really nice older one a punter rolled up in. Doesn't suit my lifestyle and 30K buys a lot of hotel rooms with room service, pools and relaxing baths but if I was gonna buy one I know who i'd be calling for a top job! These things really hold the value well, your buying in to the lifestyle and the fact you can just up sticks on a whim. £30k buys a lot of hotel rooms but as these things do depreciate like a car you wont lose than much over a few years. Few years later sell for £27k. £3k could have bought a few years worth of memories.. Bottom line is, You have to use it Share this post Link to post Share on other sites
sparky 274 Posted October 25, 2018 On 10/23/2018 at 10:41 PM, MrC said: Someone better let my customers know about this impending doom, im flat out with work and they seem to be spending like sailors. My lastest customer spent more on the the conversion that he paid for the van. £15k the van £16400 on the conversion. If I get the job on the most recent quote, that will take my diary till Feb. On 10/23/2018 at 10:41 PM, MrC said: Someone better let my customers know about this impending doom, im flat out with work and they seem to be spending like sailors. My lastest customer spent more on the the conversion that he paid for the van. £15k the van £16400 on the conversion. If I get the job on the most recent quote, that will take my diary till Feb. Mega Like. Share this post Link to post Share on other sites
Rory RSC 596 Posted October 25, 2018 8 hours ago, MrC said: These things really hold the value well, your buying in to the lifestyle and the fact you can just up sticks on a whim. £30k buys a lot of hotel rooms but as these things do depreciate like a car you wont lose than much over a few years. Few years later sell for £27k. £3k could have bought a few years worth of memories.. Bottom line is, You have to use it I would love one and ideally head to destinations with no phone signal and some mountains, but when would I ever get time for weekends or days off. I think the way they barely depreciate is the key. Share this post Link to post Share on other sites
sparky 274 Posted October 25, 2018 43 minutes ago, Rory RSC said: I would love one and ideally head to destinations with no phone signal and some mountains, I'll get the kettle on Share this post Link to post Share on other sites
Rory RSC 596 Posted October 25, 2018 28 minutes ago, sparky said: I'll get the kettle on Sometimes it all gets a bit much 1 Share this post Link to post Share on other sites
It's me 615 Posted October 25, 2018 personally i just see them as the next jangly we had the big i am pickups pre 08 then they died off due to nobody who does mostly jack all day getting finance for them then came the range rovers with silly bits nailed on now comes the day vans pimped up like a whores bedroom im not knocking by the way good on anyone who sees the trend and runs with it and profits but like all latest trends just make sure when it all dies and it will you are not holding overpriced babies just sayin like.............................. 1 Share this post Link to post Share on other sites
