Close Brothers - The Acceptance Fee Question

[CRW 73]

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

[Stalker 180]

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.

[David Horgan 564]

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 .

 

 

[David Ayers 171]

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.

[David Horgan 564]

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 

[David Ayers 171]

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 

[David Horgan 564]

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 

 

[justlooking 48]

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