I EXPOSED THE CAR FINANCE SCAM

[@MarkMcCann64]

Thanks to Carvertical for sponsoring this video. DISCOUNT CODE = MARK use the link below for a discount on your next check: www.carvertical.com/gb/landing/v3?a=mark&b=38b26e3a&voucher=mark

[@tomwinn2893]

I used car vertical prior to buying my new tts s recently. 5 star for the money

[@garypaulie]

We need the link for the form please

[@captain_context9991]

These videos are great. The stuff you did with Porsches sales tricks too. But if you could just JUMP a Sterrato at the end of every video, you would double the views.

[@carlhughes7003]

@MarkMcCann64 can we please have the link to the form?

[@chazs6057]

Where is the link to the form plz

[@MrFoxxRaven]

Do insurance next please mate, I'm sure you could find a litany of dodgy deals and insurance companies gouging the life out of us.

[@MarkMcCann64]

It’s absolutely on our list, we’ve already heard some crazy stuff, thanks for watching

[@DefinitelyNotAGuru]

@@MarkMcCann64 this would be good for a collab. I spent 25 years in insurance.

[@CozzyKnowsBest]

Yes this! The "free legal cover" that supplies a hire car for £400 quid a day if you have an accident then forces you to sue the other party to pay for it or you are liable to pay.

[@DefinitelyNotAGuru]

@@CozzyKnowsBest yes

[@royd72]

💯 insurance

[@rodgertim2881]

Poor people buying a new car instead of getting a used one.

[@ClayneBanks]

No doubt being financially free and able to afford these luxuries cannot be overemphasized, making smart plans and setting up diversified investment portfolios is quite essential.

[@LSBContractingLLC]

I'll have to be financially stable in every sense before purchasing my first supercar. The best thing to do with your money is to invest rightly because money left saving will end up with no returns.

[@sebastiaanthijn7982]

Absolutely. I recently connected with Folmar Advisory, a reputable advisory firm that matches individuals with skilled financial advisors. Their personalized approach has had a positive impact on my financial journey.

[@BraddPaisley]

FOLMAR ADVISORY sounds interesting. How did you find them?

[@sebastiaanthijn7982]

I discovered Folmar Advisory through online search of the name. Their commitment to client satisfaction and financial education is impressive. They connect clients with advisors who align with their goals and values.

[@t4nx1l]

This man is on a streak. Banger after banger

[@Nicky_Nacky_Nooo]

How would you know when you left the comment before watching the video? 🤔

[@MegaShirra]

@@Nicky_Nacky_Nooo Why do you care?

[@captain_context9991]

Banger!

[@caio5987]

Crazy what you can achieve when you have the money to hire very good editors and script writers

[@captain_context9991]

@@caio5987 This is not like that.

[@panoply1886]

I bought an Audi S4. Paid 50% with my own money from sale of previous car and got a bank loan for the other half at a rate way lower than car finance companies offer. No mileage limits, loads of interest saved.

[@dd91onyoutube]

Literally done the same thing today. I could’ve bought the car in pure cash but the bank loan is so flexible and the rate is lower and zero balloon payments.

[@Piner5074]

Same here, but I’ve not bought a new car since interest rates have gone up, got spoiled too long with the 2.9%. Some people however can’t get bank loans because the bank knows they probably can’t afford it or it’ll stretch them too much, and that’s when they fall victim to the higher interest rates offered by finance companies through dealerships. I’ve given up with the British ‘keeping up with the Jones’s next door’ attitude with cars, and have now instead gone with the German ‘Alt aber bezahlt’ ideology. (Old but paid off)

[@ericpisch2732]

this is the way, been doing this for 25 years, we also buy dealer demos where they have a lot of stock and you could often get 30% off list on a three month old car with 2k to 3k miles on the clock

[@teamphashash]

​@@ericpisch2732And the demos are usually fully specced. Thats my experience in S.Africa anyway.

[@ScottPC]

I did this too at 2.2%! Best thing I did.

[@macbitz]

The crazy thing is that all the figures have always been there in black and white, all buyers had to do was read the paperwork. Very easy to figure out what the total cost of a car is on finance, but buyers just got caught up in the whole 'new car' thing and threw commonsense out the window.

[@Thireen]

Yeah who doesn't do the maths & think hang on a sec, why am I paying 25k for a 15k car 🤦

[@trainman665]

They get caught up on the monthly cost too. Friend of a friend did this. They obsessed with their “budget” of x per month. They didn’t like it when I pointed out the car they bought on some silly 6 year deal costs more than twice the first one they looked at that was £30 more than her “budget”. It’s scary how much of the general public doesn’t understand basic maths.

[@owen9461]

I looked at it myself when I didn't really know just by googling for financing cars on reddit and it was immediately clear that it was the worst way forward, particularly where the finance loan isn't even actually secured against the car. Literally just pissing money away where you could get an actual bank loan anyway with a lower rate, use 0% deals with Monzo, or just buy within your means.

[@russnunn2456]

@@Thireen probably the same people who get mortgages from the bank end up paying 4 times the original price for a house all finance is a con all you can do is try to get the best deal and take the nock but now you can claim back some of that money for the car finance so happy days

[@edwoodsnowden]

Very true but the people selling the finance should have also been more transparent and not so underhand.

[@CleanTeamSolutions]

Financing cars is ridiculous and shows the level of financial illiteracy in the UK.

[@v4skunk739]

When you actually learn about money! You'll find the entire system is designed to screw you over. We got sold out by Oliver Cromwell. Go look up national debt. It's over when the default happens, and it will in our lifetimes. All by design for the elites to come in and mop everything up for pence.

[@jakeevans1129]

i'll just pull £6k out my arse shall i?

[@geoffs3310]

Financing makes sense when done properly. Use your cash for growth investments and use other people's for depreciating assets. Why do you think rich people have mortgages and loans?

[@ThePoisonDwarf1]

Financing a depreciating asset is by far the most logical thing to do

[@AdrianMcDaid]

​@@jakeevans1129save it ?

[@PipoLipo9000]

Feel so much better for Jane. Was really stressed she couldn’t have her special car when all you have is 10-15 cars in the garage to choose from

[@AdrianMcDaid]

Tuff life

[@AmandaIrwin2022]

Jane likes cars that loose value. Hence the problem with finance and paying a massive extra finance amount.

[@apb3251]

She’s probably stopped gobbling him off until he gets her what she wants

[@fasthracing]

I nearly cried when she got her (latest) car I was so happy for her.

[@stevemk4st649]

@@fasthracing hahaha.....yeah soooooo happy. Now where did I leave the keys to my 10 year old ford fiesta!!!!

[@jaheermk]

Love the car journalism video please make more mark!!!! So many people get scammed in the uk

[@MarkMcCann64]

We love making them too, thanks for watching and your support, enjoy

[@mrzeske1428]

Not only the uk should see Australia we’re worse

[@404maciek]

@@MarkMcCann64 Reckon it would be similar in the south of Ireland?

[@johnferris37]

Love the new advice videos mark it’s making more people aware now of what is really happening in the motoring world.

[@Allaboutdisinformation]

So let me get this straight, £143,000 for the car outright. Even on the new cheaper interest rate of just under £40,000 you’re paying £182,000 for that vehicle. So that equates to 28% extra, roughly a third more that you’ll be paying. I can’t see the logic in that at all. Just want to add this is a general comment and I highly rate Mark’s KZbin content.

[@ondrej185]

I thought I was the only one thinking that, OMFG I hope his wife puts out a good show in the evening :))

[@andreiceban438]

Right? For me the only viable finance is in houses, there yes, hardly you can loose money, but buying any other stuff that I can't afford is a no go, no matter what it is.

[@adampetten1009]

at my current rate, putting 10k down on that same purchase price it would cost 152k... those are horrible rate. i know used vehciles normally have higher rates than used, and i've never purchased a used vehicle or not on finance anyway.

[@paulcs2607]

That’s no different to a mortgage

[@mrneutral5081]

I agree with your observation and there is no logic. Opening credit markets has basically enabled people to do a lot more things and the car market has been a major beneficiary. This can be especially seen in the car industry where the majority of cars are being bought on credit. That is partly why you now see so many new cars on council estates. Nothing wrong with that if you can afford. Personally I think a lot of buyers are aware of the cost but are desperate to have what I call a “look at me” car. The issue I have is after the novelty has worn off they start claiming they have been duped when firstly, they willing entered into a contract knowing the terms and conditions, and secondly, they have a poor credit history, that is why they have to pay more in the first instance. It’s basic economics that is why we have the term risk and return and they are a higher risk. Ultimately if you want the prestige of owning a depreciating asset then you have to be prepared to pay for it.

[@anonymoushuman8962]

I never finance anything. Just walk in there and do a bank transfer. I was shocked Porsche and Mercedes even pushed me to get their financing.

[@awaisrafiqueahmed]

Mercedes tried to get my wife to a 19% interest rate. We got 3% rate at the bank. Never finance from dealer other than zero percent rate if available.

[@Nurwin1]

The trick is to no finance a car! And buy the best car you can for the money you have there are some amazing cars to be had for less than 8k. Granted they are not new but who cares a lot of cars get damaged these days I'd have anxiety attacks owning a new car in the UK.

[@MoAli-wm4of]

Yeah but some of us want a slightly used car .. an M5, for example at 80k ...and putting down 10k, getting private finance at 3/4% ... adding an earmarked chunk of funds into fidelity market index which will give you 7% back no problem... covers outgoing monthly payment from dividends

[@hughwerry6546]

Mark you should do a vid calling out all the influencers/ car influencers who are trying to get money of referrals for trading 👍

[@KRM2981]

If your planning on using the Master Plan detailed in the video please do your own research before committing ‘Cooling off’ period is different to ‘withdrawing’ from finance ‘Cooling Off’ - refers to distance selling regulations (you purchased a vehicle on finance without seeing the vehicle before hand and you return the finance & the vehicle back) ‘Withdrawing’ - Exiting the finance agreement but keeping the vehicle (payment required in full) There are lots of reasons / regulations as to why someone cannot ‘withdraw’ from a finance agreement. All of which are covered in the European Consumer Credit Directive. E.g. you purchase the vehicle via your company / partnership or the value is over £60,262 Please be careful before committing to a deal just to purchase your dream car

[@sterix_gg]

If the price is over 60k, u can't withdraw from the finance even if the vehicle hasn't been delivered yet?

[@Andy-gti]

Buying a new car on finance is so stupid and something i would NEVER do... The minute you drive out out of their garage, you start losing the money and never ever get it back once you sell it again

[@jaden19991]

Mark you truly do the lords work here on the channel fun content, exposing criminals and scams while still keeping a happy family and fan base thanks for all the hard work man

[@melvinbarreto818]

One of the best channels out there, really focusing on niche topics everyone is wondering about.

[@ArthurTanner-d7s]

I seriously doubt that "everyone" is wondering about paying £182,000 for a car.

[@melvinbarreto818]

@@ArthurTanner-d7s you're missing the point

[@cp4512]

You’re making great videos investigating these scams and car theft issues. You’re also helping people be better aware. 👍

[@tomm6525]

I’ve just bought a used M2 from a main dealer who was offering a decent deposit contribution. Went along with the whole finance quote only to be told it was ‘illegal’ to pay it off immediately and that they would no longer offer me finance

[@mikey_bb]

As you're aware, it's not illegal whatsoever, they just don't like it 🤣 personally, I wouldn't have bought the car based on that comment. Just because one loophole they use has been closed off, dealers will ALWAYS find a way around it to maximise their profits.

[@StephenCrossman-n9q]

As pointed out it's not illegal to pay off early. If you do so within the first month there's no penalty charge. You shouldn't have told them that's what you were going to do.

[@stevegrainger6367]

As they said, it's not illegal. But you will find the dealer has to pay all or part of the commission back if you pay it off within 3 months or so.

[@g-man827]

I don't get it... you're still paying 9% APR which is ridiculous for a depreciating asset. If you can't afford it outright - don't buy it, it's as simple as that. Obviously there are some exceptions like people who need cars for work but a vast majority of people are buying it for the sake of convenience and can easily go without that luxury

[@mettbonbon2186]

Nobody is financing their cars but 90% of the cars are financed. Like nobody watches reality TV but its the most viewed format - Interessting.

[@g-man827]

@@mettbonbon2186 where did I say that no one is financing them? I'm saying that it's not a smart idea to do so, unless you have a need for a car. Unfortunately, the modern day consumerism have convinced people that they need the "latest thing" to get by.

[@alexmyers4934]

Why would you put your own money into a depreciating assett? People don't buy houses with there own money and they go up in value, of it drives flies or floats lease it

[@jacksonbrown8920]

I will never finance a car as long as I live. This interest on these cars is literally an evo. Or in my own personal currency 20-30 2001 buicks. 1 2001 buick century = ($1000 cad)😂😂😂

[@g-man827]

@@alexmyers4934 people don't typically buy houses outright because it is unaffordable on a median wage even for the bottom 5% of the market. Completely different story with cars. And again, it's one thing if you need a work van that you cannot otherwise afford but in most cases people overextend themselves for cars that they do not need.

[@Grant.G.Simpson]

its been going on longer than before 2007 too, i was a carsalesman from 1998 to 2008 for franchised dealers and we were ALWAYS actively encouraged to increase the rate to as high as we could, especially when the customer told us their monthly budget beforehand, this also gave us room to move if they cancelled next day stating it was too dear, we could adjust it, save them a chunk and still clean up.... and don't even start me on payment protection, that was even more lucrative

[@cvn6555]

Like the extended warranties and other items offered at closing. Always detest that part of the car buying process.

[@mariuszarszylo1476]

Here in the US we can go to local credit union and get pre-approved by a not-for-profit entity that works in your best interest(pun intended). These rates are almost always better than the big banks, and better than the dealerships. If you are in the US please start banking with credit unions. They actually treat you like a person, not a number.

[@drewjames8594]

100% I always go through my local credit union. Interestingly, the ram dealership I got my last truck through offered half a point lower than the rate I was given through the CU. Have perfect credit. My thinking was, I would accept and refinance few months later as the CU had a deal that they would beat any rate to refi. I just had a bad feeling and am always assuming dealers are sketchy so I declined. Wonder how they had a lower rate.

[@mariuszarszylo1476]

@@drewjames8594 Stellantis dealers are all pushing their volume and trying to usurp Chevy from the number 2 spot in sales. If this means lowering their rates then that's what they'll have to do.

[@tomchloe3208]

I’ve never worked in car sales, or anything similar. But calling this a scam is such an overstatement. People used to get offered an interest rate based on their credit and income, and alot of people have shite credit, hence the higher rate charged.

[@Daytonafox1]

Awesome Mark lovin the content lately. Paying back to the public helping people out with inside knowledge. Killing it as always, keep em coming Mark.

[@faheemwalji9736]

Amazing video Mark. I used the refinance trick as well when I bought my dream car. The dealer would not sell my allocated car, unless, I financed through them. I reluctantly agreed since I had ordered the car a long time ago and wanted to take delivery since they weren’t going to make the car anymore. The dealer financed me at 8.2% with excellent credit. I refinanced the loan 1 month later to 4.14%.

[@billB101]

You sir, are an automotive investigative journalist extraordinaire. Love your vids.

[@Chrissmills]

Happened to us in Australia and now there’s billion dollar class action lawsuits. I’m just glad I grew up understanding finance and never went off the payments, always wanted the out the door price with the interest rates. If it was above 5% I’d just pay cash and if I financed (usually get a better deal) I’d make double repayments and have it paid off in just over 2 years instead of 5. When the car market was super inflated during Covid, I sold my car for a $9000 profit after driving it for a year then drove around my work car until the market come back down

[@ChargedMX5]

Mark's recent videos are honestly some of the best automotive content that's came out within the last year

[@KingandTitanRacing]

Agreed, this and the Porsche GT3 expose are streaming platform quality!

[@deepfiix]

I recently applied for finance on a 3 series bmw, I decided to cancel the application because it was taking too long..and a few days later I received a letter saying they were refusing my application, after I cancelled! As a result of that my credit rating dropped and when I bought a car a few weeks later, my insurance company wouldn't let me pay my insurance monthly, they wanted the whole year payed up in full. I feel proper scammed considering I was the one who cancelled the finance application.

[@JWL-UK]

Your credit rating dropped because of the search that the finance company carried out. All credit searches done within 6 months (getting a mobile contract counts as a search, for instance) will have an impact on your credit score followed by missed payments, too many credit cards or loans ongoing, etc.

[@LeeM74]

What an awesome video. Even slightly welled up at Jayne getting her beloved G-Wagen. I cannot believe how good your videos are (especially of late) and the fact that you are exposing these corrupt practices. One reason why I always buy my cars with a personal loan that I am happy with. 👌👌👌

[@kevinf2231]

Great that your getting this out there, love that you are educating people. If you have bad credit your getting your pants pulled down even further with finance rates around the 40% apr mark or higher!

[@dwaynne_way]

I've always been wary of car finance. After I passed my test I went to buy a Renault Clio 1.2 turbo valued at £2995 and they had me paying £168.50 per month. The final bill was for almost £6000 😮

[@MarkMcCann64]

That’s mental, what year was this? You could get some money back

[@dwaynne_way]

This was 2019 so going back about 5 years

[@RealityClubX]

This is common sense anyway. I don't see how this is a scam? You borrow money, you pay more back. No business is going to spoon-feed you free money. I wouldn't even call this a scam, it's taking advantage of broke people's desperation, and people are doing it by choice knowingly.

[@havefun1226]

@mightywatcher5894in belgium if you go to bank there’s a fixt rate they show them on there websites only thing is a car older then 3 years is always a bit more expensive lets say a new car is like 2.2% vs a older car is 3.8% at the bank

[@cvn6555]

Most of the time, yes. Those with better credit scores get the best rates. There is less risk to the finance company or bank with people that have high net wealth and tend to pay off their loans.

[@simont4708]

Ive already put my claim in for this but great to see you highlighting this issue. 8% finance is still crazy with car values today.

[@oww6467]

It’s not a scam. It’s not a scandal. It was perfectly allowed. At the end of the day it’s offer and acceptance. Here is the offer, do you accept it? Same principle as everything else when something is sold. Here is the price of the car… do you accept it or not? Now the FCA want to make a huge deal of it. It’s like its wrong to earn a profit - genuinely ridiculous

[@jasonmesser4012]

100 percent true And also by using the dealership's financing leaving and financing through your own bank just to get a deal is scamming the dealership. If both parties agree to the deal and shake hands that should be it. I'm not saying there's no Shady dealerships out there. Do you research and if you like the deal you're getting and everything should be fine

[@FreeAsABirdSydneyAustralia]

I understand what you mean but he did just point out if you wanted a certain expensive car then you would need finance to purchase, otherwise you don’t get it, that’s pretty 💩 personally I wouldn’t buy it then.

[@markmac9225]

Oh look, a dodgy salesman.

[@oww6467]

@@FreeAsABirdSydneyAustralia live within your means is the moral of the story

[@oww6467]

@@markmac9225I’d bet my life that the hero of the video Tom Harley once upon a time sold discretionary rate finance and he also would agree exactly with my initial comment

[@ekowhackman1150]

Amusing how the word “savings”is bandied around ! The difference between the ripoff and the light con ! Borrowing on a depreciating asset is crazy

[@Metal05]

Same thing is happening now on VW transporters. Leighton Vans as an example seem to sell them for £60/70/80k!

[@JamesFretwell-wn2qm]

They sell modified vans entirely different

[@Metal05]

@@JamesFretwell-wn2qm a set of wheels and budget tyres at best, body kit, and they then want to charge a stupid premium for the privilege.

[@Drzee1968]

@@Metal05 Don't buy it then, no ones forcing you.

[@Metal05]

@@Drzee1968 don’t worry I’m not. Just pointing out the ridiculous price for things since Covid. The way these companies like Porsche have just over inflated prices for the sake of it. 🤷🏼

[@jackcook3981]

Worked in detailing for a dealer I’ve seen some things ceramic coatings done in 15 mins with left over products and will last a week and it’s quoted 3+ years and the cost you don’t want to know always felt bad for the customers Because I knew they wasn’t getting what they paid for if you want a coating go to a specialist detailer will be a similar price but you will have a proper ceramic coating that will last

[@jack14kd]

As bad as this is. No one forces people to buy a car on finance

[@Mainstreamirl]

Bro if you take cash nowdays they even try to make you finance still. Ok youre might be right on "force". But they will do anything to make you finance. Im telling you because i bought a new car recently i had cash, and my own check from a credit union already approved. Literaly one dealership did not want to sell me the car unless i financed with them. Like dead ass

[@DanielSadjadian]

@@Mainstreamirl Bloody hell I didn't know it had gotten that bad. Isn't it illegal for them to force you finance instead of buying cash?

[@MLB975]

@@DanielSadjadian nope. It’s in their interest to get you into finance. When I was in car sales, they used to call a cash deal a ‘flat deal’. The tactics you were told to employ to get people onto finance were endless. 😢

[@Stealthbwoy]

That G Wagon is going to do nothing but depreciate at a crazy level. Women’s car choices honestly. Who needs a 4x4 with a sports car engine in it which handles like a cruise liner.

[@scratastic1]

How is this a scam? Just bad parenting and schools not educating about how interests work, I was always told growing up to never borrow money for anything but just save up if I really wanted something. Except a house because that's just impossible to buy without a mortgage, especially nowadays.

[@wynhughes9072]

Manufacturers/dealers would not sell any cars (except for the very wealthy) if it wasn't for PCP/lease deals. HP would be far to expensive as would a bank loan. Car manufacturers would sell only base models that would be affordable. Don't think many people have a spare £40k+ floating around in their accounts to blow on a car

[@scratastic1]

@wynhughes9072 Since when is it necessary to buy a £+40k car? Your reaction shows how much is wrong with society today, and of course banks and dealers will thankfully make use of that sentiment

[@bestcrazyboy8487]

@@scratastic1 you’ve got no clue how the real world works, jog on you 🤡

[@garyclay9812]

Can't see it as a scam either. All figures are there in front of you on the paper you have to sign . To me, if you buy a car with balloon payments etc etc you can't really afford it. Everyone wants maximum profit from whatever they sell. You don't have to buy it !

[@lynnmckenney1987]

In the US, they call it the "four square" method. If you want a lower payment, they reduce the monthly payment, but increase the interest and total cost. You get what you ask for....sort of....but you also "pay for" getting what you wanted in the end.

[@maximdaoud2070]

im not sure what im doing here , all the way from Moldova but man i love his vids .

[@BenExell]

Only wallys finance cars. Buy a banger.

[@meneeya]

I love where youre taking your channel! Keep them coming

[@Eatongee]

I did the "Master Plan" by accident on a car purchase. I had $50K cash in the bank from a car accident that totaled my car and resulted in a small injury. I wasn't planning on paying cash for a car. I wanted to finance to build my credit and pay off some higher interest loans with the cash. The salesman and I haggled a bit. I threw out the cash idea at one point and he mentioned I had better buying power if I financed it. But the interest rate wasn't much better than the credit card I wanted to pay off. They lowered the cost of the car $9K! Yes $9,000 USD if I financed it with them vs cash. He said, the only thing he asks is that I make the first payment before I pay it off in cash if that's what I decide. Like I owe him a favor? lol I agreed. When I received the payment book. Lol yes a payment book. This was 15 years ago. I went straight to the lending bank and gave them a cashier's check for the full amount.

[@tankie2ndrtr]

The Martin Lewis of the automotive world! Content keeps getting better, more informative and more entertaining! Well done no:2 x

[@caio5987]

Good advice for the minted only though

[@mikey_bb]

Except Martin Lewis has already done quite an in-depth explanation of this some time ago? 🤔🤣

[@mikey_bb]

​@@caio5987money is money 🤷🏽‍♂️ anyone can make savings if they research properly & shop around

[@neil1997]

I'm pretty sure Martin Lewis would say buy a 3 year old Hyundai for cash and live within your means

[@DefinitelyNotAGuru]

Can’t believe I’ve appeared in a Mark McCann video - collab?

[@tomspain6696]

Great video Mark. My experience of approaching Hyundai finance regarding the DCA is that they're trying everything to deny I was a customer. They're obviously aware of how big an issue these pay-outs will be

[@cvn6555]

Not the fault of the dealer if the people are enormously stupid. You always get the numbers before you sign. Rate. Length of loan. Total amount to be paid over the life of the loan. I knew this when I bought my first dealer car 30 years ago. There have been consumer advocates warning people about high APR loans taken for lengthy periods for forever. And remember that you owe the dealer no allegiance, either. If you find a much better rate a month later, and the additional closing costs are less than the potential savings, refinance. We have remortgaged our home twice to an obscenely low rate. Both our vehicles have such low rates it would crazy to pay them off- they are lower than the interest on the cash at our bank.

[@bestcrazyboy8487]

There’s a name for individuals like you

[@cvn6555]

Smart? Informed? Prepared? "Those not easily duped by freaking car salesmen"? Not sorry. One of the reasons the world is in the spot it currently resides is because we have become loathe to tell anyone how stupid they have been. Nobody wants to correct anyone anymore and a lack of ability or expertise is shrugged off and accepted. Yes, stupid people get taken in by car dealers. And everyone else. It has always been this way and always will be.

[@uytgggffghj8797]

add on sales !. I bought a new peugeot some time ago from a main dealer. They had a zero % deal. the gross price of the car was more than acceptable and I could easily cover the large deposit required. The dealership tried various pressure tactics to get me to put down a lesser deposit and take their finance. After refusing that, the salesman and his manager didn't really want any further involvement. They passed me over to there finance guy, who credit checked me, did all the paperwork and knew what was going on with finance at the dealership. He told me that the % deal was a loss leader that the majority of purchasers couldn't afford, but it got people through the door. He also discreetly advised me not to take the gap insurance, or the protective treatments that they were trying to sell me for several hundred pounds. He pointed out that for the internal one (scotchguard ?) he had witnessed the prep guys just opening the door to a car and just empty the tin into the car.

[@dreammachine86]

So was the 0% deal only available if you put down a big enough deposit, or was the 0% rate only applicable for a certain duration of the finance and then changed to a higher percentage? Would've thought any 0% deal would make sense to take advantage as much as possible, by keeping as much of your own money in the bank getting interest. A bit cheeky if they know that hardly any prospective buyers would actually qualify for a 0% deal, so they can use it to attract people in but when they run a credit check people find out they are only allowed a 10% deal but by then they so close to getting the car on their driveway they just go ahead anyway with a less favourable deal.

[@roikles]

A few years ago we went to purchase a golf for cash and VW made us sit through an hour long finance presentation. About halfway through we said we weren’t interested and the sales greaseball became pushy and said things like “well if you can afford it…”. Showed him the bank balance on the way out and took our cash elsewhere./ Don’t get me started on the 1500 quids with of autoglym products they were also pushing

[@AHStrongsville]

Mark, you’ve created one of my favorite KZbin channels. Growing up in the States, I had not heard of you until I saw you on Matt Armstrong’s channel (where you couldn’t get the Lambo to move!) The topics you cover are very interesting, informative and well thought out. Thanks so very much for such great content. I’d like to shake your hand one day, as you’re really an inspiration. Well done. 👍🏼

[@jazedftw1108]

Never seen someone not be excited about a $150k gift. A G Wagon.. I'd jump through the roof.

[@jimmyjt16]

Bear in mind these guys are fairly well off, so cars to that value don’t excite them. The richer you get the harder it is to buy something that excites you. That’s not an insult to these guys. It’s just facts.

[@espenbrathen7156]

It's crazy that some people buy a car without looking at the interest rate. Do you not give a shit about your money?

[@IsmaelMartinezPR]

Hello : You have a classic math mistake at 18:55 when you say that from 13.9% to 8.9% the reduction is 5%. That calculation is flawed and its much better the 5% you say. The interest reduction from 13.9% to 8.9% is 5 percentage points (pp) or 36% less interest. You confirm the calculation in 19:05 as you say that interest went from $61,200 to $39,900, which is a reduction of 34.8% in interest to be paid.

[@Heartofaloin]

I've never had finance on a car. Work hard and save even if it takes afew years. Never pay the screen price. Remember it's just a car. It's not worth getting into debt for a piece of metal no matter what it is

[@SmartfoolGB]

Wow you have a tonne of cars and she can't have a g wagon because you can't get the finance deal you want. Just buy it outright FFS. You're financially blessed

[@jimmyjt16]

He probably did. There’s no way he’s gone with 8.9% apr. Even I wouldn’t go for rates that high and I’m no where near his level financially.

[@tom9571]

So pleased you haven't been suckered into the trend of fixing a trashed car content becasue you have been producing some amazing content recently. Can't wait to see how many £££ I get back, Thanks Mark!

[@fazer12779]

Never spend more than 20k on a car, & only get a loan if needed directly from a bank, at a much lower APR rate thus cutting out greedy brokers! You're welcome :)

[@ravitaheem4272]

I can tell you there are certain well known prestige dealers in the north who will not work with customer nominated finance houses, in which case one walks away

[@kaskovic1993]

This is why Finance is forbidden according to my religion

[@widowmaker666u]

also its forbidden because your a mug if you sign up for it

[@stephenlawrence9130]

I still dont understand why people finance cars? Im 23 bought my 4year old Audi s5 at 21, paid 10k cash which i have saved up on an apprentice salary while still paying rent and saving a few hundred a month. Got a loan of 15k at 2.9% for a car which i wll own with no millage restrictions. Finance is purely as far as i can tell, to buy a car you cant truly afford and want to have a new car to show off to mates . Why not buy one 3 or 4 years old with 30k miles for 1/3 of the price of it new ?

[@rob2738]

So Helen is still ripping you off but just not as much? 🤔

[@GAVINHR]

Massive red flag when you walk in a dealership and they say “how much do you want to pay per month” er… no, give me your lowest price thanks

[@JasonSmith-oc8ov]

Just buy it cash

[@MarkMcCann64]

Not always an option

[@JasonSmith-oc8ov]

@@MarkMcCann64 you have plenty 😂

[@Vauba812]

In Italy, if the price is superior than 5k, you can’t pay it cash. You’d be subjected by the law with fines from 3k-50k.

[@Brickhazard]

I was one of the 10%. I bought my GR86 cash last September and the dealership didn't want anything to do with me because they couldn't fleece me with finance or other aftersales tat. You would think being a cash buyer would give you better treatment but how the tables have turned over the last 10-15 years. The quicker the online car buying model takes off the better. Dealerships have dug their own grave.

[@mikey_bb]

The online car buying model has already 'taken off' during COVID. Problem is, since then it's shown it's not the way whatsoever - look at the state of Cazoo, for example

[@jackharmston8592]

That’s so lovely to see, how happy you’ve made Jayne after years of waiting for the G wagon she’s finally got one 🙌 could you possibly do an undercover video on how to talk to a salesman how to trade in and buy a car and how to get the best deal, I often find myself just going with the flow and letting them dictate to me the price I’ll accept on my car and they never knock anything off of their car, I feel so cheeky asking for a better deal 😂😂

[@v9photoworks700]

Wife was always moaning at me changing my cars constantly between 2007 - 2021, all on PCP. I've now got 5 claims in so hopefully get a few quid back!

[@JADGBR]

Thanks for another corker mark and team. So good to actually see a sale from the Hartley showroom - should have filmed more of the experience!

[@OctaneStreet]

Very very interesting. With any research you'll find that it's smart to go into a dealership with a pre-approved line of credit or finance rate with your own bank, but I never read or thought to agree to the inflated dealer terms to squeeze them on the actual price of the car, to then go and refinance the car the same week for even more savings. If that trick works in other parts of the world (because laws ofcourse), that's such a dope hack! Thanks for sharing this with us Mark! And congrats on the new beautifully spec'd G-Wagen!

[@mikey_bb]

Always worth shopping around, but it's no guarantee that your own bank isn't always best or easiest though 🤷🏽‍♂️ it all comes down to the rate, payment & total amount paid - the best deal is the combination that makes the lowest of all of those.

[@AndrewChilds-x3n]

This definitely happened to me, I just an x5 out on finance originally when I went to buy the car they said 6.9% paid the deposit and left well they sorted out the finance. Then got a call to say best they could offer was 15% when I had a glowing credit score. So just used to complaints tool thank you for sharing Mark

[@stephenwatkins]

After working in used car sales. This still happens. We still bump up the interest rates over a longer period. One of the first strategies your taught in the first week of working. Most of these are still being used on used cars of a different manufacturer than the dealership too. Say we part ex a merc at BMW. This merc will be sold above market value with then higher APR. Already making money on the above market price we’d get commission based on the higher interest rates.

[@sly200sx]

Blown well out of proportion by you and Martin Lewis. I submitted 5 separate enquiries with 3 separate finance companies and all came back with no DCA's. Might work for some but none for any of mine.

[@bea1z]

I suspect that Helen will receive ALOT of business after this. Great video Mark, I myself was looking to buy a newer car and was put off by the high interest rates that they try to work around without really mentioning because as you said, its all about the monthly price.

[@Scott-lz2nd]

This explains why car sales people weren’t interested when my wife wanted to buy a car outright without any service packages in 2019.

[@peanuts2105]

The content, editing and script is on ball. No BS, no hyperbole. You are a credit to us petrolheads Marky Mark

[@nathanaelwarden]

This is very interesting, but I can't help but think 95% of viewers can't comprehend spending even a third of that money on a car! Just seems like a flex to me....

[@Roginator007]

Thanks Mark, Mrs had 2 cars sold to her on finance and they both extended the agreement to 5 years so I presume they were doing this exact scam. I remember working out how much they would cost her and being gobsmacked.

[@MLB975]

I worked at a large car supermarket a few years ago which had huge volumes of footfall. As a salesman you’d make £10 commission for the car sale itself, and the rest made up on finance and extras. Finance APRs were pulled out of thin air as and when it suited. It was nothing but a shark tank. The GM and BM we merciless! Best thing I did was walk out of the trade.

[@Mark__A]

Before watching it: I'm shocked most of the finance stuff is you pay the interest first balance after. So if you want to do a 1 year early repayment on a 2 year loan... There is no point as you already paid all the interest and you save nothing. This should be illegal. They need to make it a LAW, equal percent interest and balance at every paid instalment. Period. I got many other ideas if the government wants to contact me...

[@crazycjk]

Mark these videos are awesome. I assume you have a videographer, editor, and script writer or similar - with you presenting, your team are absolutely smashing it. Well done all of you

[@spokeanddagger]

These new style videos (car thieves and GT3RS series) have been absolutely bloody fantastic. Loving these.

[@blawicki]

FYI: This also happens in the housing market. Lenders can put whatever they want in the sale...cover it up however they see fit i.e. closing costs, fees, ect. They call it adding in 'green' internally.

[@igorkoske8376]

Dealers are not up charging customers with 12% APR over the bank’s bank rate in America. In America the most dealers can upcharge on rate is 3% points so if the bank approves you at 2.99% APR the dealership can upcharge you only upwards of 3% points and sell you the loan for 5.99% APR for 60 months but if you take longer loan terms like upwards of 72 months than the dealer is limited to upcharge you upwards of 2% points and if you take 84 months or longer term that it’s only 1% point over the buy rate. You didn’t exposed anyone, we all know about this practice at dealerships and we knew about it for years.

[@AutoShenanigans]

I used to sell cars many years ago and yep, it's been going on in one way or another for a lot longer than you think. Like you said, most people just care about the monthly payment figure, they don't check what they're actually paying for. Would anyone be interested in a Supaguard coating and tyre insurance?

[@GLH8]

That would be wicked sweet awesome!

[@leccy9901]

Love this video. The finance scam really is bad. My Mrs wanted a bmw m240i about 3 years ago. Went looking on her own, picked one she liked, then I went with her, she wanted me to look at it with her. When we went through the paperwork, they added £800 to the price, and they had her interest set at 12% 😂. I told her to walk away. They then said if we got the paint protection for £600, the interest would go down to 9.9%. They put the price back to the original after I googled the car and showed them their own picture of the car with the original price put in the window. In the end we went elsewhere for the car. But they really tried to pull the wool over her eyes because she wasn't looking, she just wanted the car, and to spend £400 pcm. This was bmw warrington btw. Id never, ever buy from them.

[@joelchattaway9442]

A great video. It’s also worth considering that bespoke lenders not only get your better rate but can get you better residuals on the guaranteed future value of the car. The higher of the guaranteed future value the lower the monthly payment. For example, this G wagon that Mark bought would have a lower monthly rate because it’s a year newer and the guaranteed future value would be higher

[@usuallyfixingtinkering]

What a well researched video and I have no doubt this will help many people! However the elephant in the room that has not been mentioned in the comments - when I was growing up we had a saying in the family, if you can't afford something except it, move on or start saving up. Now that simply doesn't exist apparently because of finance and lack of financial education to the point of financial debt. There's a way out of this - don't get into finance in the first place and accept if you cant afford something you can't have it! Simple.

[@NunyaBusiness_6]

Thanks Mark. Because of this video I did some checking from past cars I've financed and it has shown a DCA was in place on my cars. I'll hopefully be getting a much needed payout!

[@nav_pk]

Here in the US, a saleswoman flat out told me that BMW let them mark up the BMW finance APR by 1% on M3 and that was the first time I ever came to know such a thing existed.

[@lukewes7]

I walked into a dealer 4 years ago and said exactly that.. "I want to pay between £300-£400 a month for my car finance"... I then agreed a deal where I would pay £460 a month for the car. And it a was the added extra interest that burnt me up. That was my last time ever having finance. I am so careful with money now and so much better off. I drive round in a second hand car which I purchased for £4,000 and I love it. Never again will I go down the finance route, but I've recently found out my car had the DCA Model applied to my finance contract as I approached the finance provider. Now I'm in a queue waiting to know the verdict in September 👍

[@jordanr1987]

this is why we need to get rid of dealerships and sales people - absolutely no need for them anymore - most don't even know what they are selling without reading the brochure

[@jonathanthorpe7448]

I went in Mercedes and it felt like a finance company rather than a car garage. All they wanted to do is get me on finance when I was paying cash. Repeatedly asked so I walked out.

[@markoon139]

Here in the US you can refinance your cars as many times as you want. So if a dealer is willing to discount it if you finance with them, you can just refinance whenever you want later with a better deal.

[@idfisher]

An even cheaper option is often your own bank. I bought a new 73 plate BMW X3m40i and did this. BMW offered 9.9% Apr on the deal for 4 years PCP with a £15K deposit. Just before the interest rate changes last September, I did a finance quote on the banks website which was 5.5% and was accepted. When I wanted to up the deposit, I was told it would be a new proposal and the new rate was 6.5%. So basically apply to the bank. Tell the dealer you are possibly going to finance and get the discount BEFORE finance discounts. Then when you go to buy switch the source of funds and pay with the bank money who pay the dealer directly. I have also done the 14 day switch and whilst useful to know, you may not get both as it is a lot of credit to apply for in a short time and so will impact credit score or may get rejected. So be cautious!

[@gavinstreet9694]

Great video again Mark, my mate is an independent finance broker and I used him rather than the dealer finance and saved a ton and got my car on a decent 6.9% interest rate. Looks like we may have a historic finance claim too 😊

[@sneaky5549]

Whos ur mate I want that apr

[@lambotama]

What's really great is if you refinance right after you buy the car, the dealership gets hit with a chargeback and there's nothing they can do about it

[@1kontrabida]

Very good topic Mark! I hope people will compute and think on how much interest their paying for the car their buying and not be carried away.

[@silv3rArrow]

I don’t understand how people just ignore the interest rates. So if they were told it would be half the payment per month but twice the time they would be like “sound good to me”? Wow.

[@GLH8]

This is the sort of maths they should teach at school! People were misled, but no one forced people to use finance or buy cars at prices advertised. Should always read the small print.

[@finnervlogs3402]

They teach compound interest