CRW 73 Posted August 30, 2019 (edited) Just wondered how you guys deal with the Acceptance Fee that Close Brothers charge? I have had a long discussion with a customer here today who has been offered finance at a much lower APR elsewhere through Motonovo, due to the fact that they aren't charging an acceptance fee. Those of you that use Close Brothers, do you find the acceptance fee is an issue when quoting figures? Mine sits at £340, just wondered if that's the same across the board? Means that generally I cant get the APR under about 12%, where others can quote sub 10%. (I know the obvious answer is deal with Motonovo!) Edited August 30, 2019 by CRW Share this post Link to post Share on other sites
Stalker 180 Posted August 30, 2019 Use another finance company, we use Santander, they dont have acceptance fees. Close do have a no fees product, but you wont get as much commission. Share this post Link to post Share on other sites
David Horgan 564 Posted August 30, 2019 Dont think Blue Motor Finance charge fees either . We use Close Brothers with no fees but dealt a high commission because of the amount we put through with them . Moto novo are great for a lot of deals as well , we can vary rates a lot with those guys too so it works on the deals that need a deal with the customer . Share this post Link to post Share on other sites
David Ayers 171 Posted August 30, 2019 Blue do charge. Close build it into the repayment. Where as Blue add an additional payment on the end which is equal to 1 months payment. Share this post Link to post Share on other sites
David Horgan 564 Posted August 31, 2019 13 hours ago, David Ayers said: Blue do charge. Close build it into the repayment. Where as Blue add an additional payment on the end which is equal to 1 months payment. We always have the same number all the way through on Blue 1st and last payment buys the car and all same figures . Depends on rep sometimes and how its set up Share this post Link to post Share on other sites
David Ayers 171 Posted August 31, 2019 46 minutes ago, David Horgan said: We always have the same number all the way through on Blue 1st and last payment buys the car and all same figures . Depends on rep sometimes and how its set up Mine works as a 48 month agreement is £x per month x 49 payments Share this post Link to post Share on other sites
David Horgan 564 Posted August 31, 2019 36 minutes ago, David Ayers said: Mine works as a 48 month agreement is £x per month x 49 payments We quote 48 mths and its 48 months £x per month and is completed with Blue David . Moto novo Charge an extra fee at the end of around £200/£400 Share this post Link to post Share on other sites
justlooking 48 Posted August 31, 2019 19 hours ago, CRW said: Just wondered how you guys deal with the Acceptance Fee that Close Brothers charge? I have had a long discussion with a customer here today who has been offered finance at a much lower APR elsewhere through Motonovo, due to the fact that they aren't charging an acceptance fee. Those of you that use Close Brothers, do you find the acceptance fee is an issue when quoting figures? Mine sits at £340, just wondered if that's the same across the board? Means that generally I cant get the APR under about 12%, where others can quote sub 10%. (I know the obvious answer is deal with Motonovo!) motonovo build their fees into the repayments, so your customer should check the total amount to repay as the motonovo figure is likely to already have the 340 built in Share this post Link to post Share on other sites