Finance Payout. Has anyone got this?

hyper-VTEC · 10th January 2007, 13:47

Hi Everyone,

I would book a Swift VXi. In ACi, on the price list section they say that Swift has 100% free Insurance for first year and 3.5% payout of finance deals. Does this mean that i get a 3.5 % discount on the loan amount? Has anyone availed this in Bangalore. I has enquired with Citi, they offered me 3200/lakh for 3 years and Pratham offered me only 100% free insirance, nothing else. Shall i expect anything else. Also does the mats/mud flaps etc. comes with the car or i need to haggle with them for those too.

TBHPians from bangy please help me out...

hyper-VTEC · 10th January 2007, 19:59

34 views, not a reply!

rohitbagai · 10th January 2007, 20:34

You can easily get 4.5% of the loan amount as a discount. Just ask them to adjust it while calculating EMI. Mats/mud flaps etc. you should negotiate with dealer. Ask for a body cover too. Usually they give it free but we have to negotiate.!!

esteem_lover · 10th January 2007, 22:25

Quote:

Originally Posted by hyper-VTEC

34 views, not a reply!

yep, this is probably the least visited section on Team-BHP. Keep the figures of each bank handy & select the best bank, not the best deal, go over to the best bank that you selected & show him the deal you liked & ask him to give that to you. in most cases, it will be done.
regarding mud flaps, door mats, yes, they need to be negotiated. the dealer would take great pride in giving those to you free when it should have been in the car in the 1st place.
cheers

hyper-VTEC · 11th January 2007, 10:28

Hi Rohit ansd el. Thanks.

My current WagonR is financed through ICICI. I had no problems with them so far. The new 3200/lakh EMI was offered to me by Citi, since i have a salary account with Citi. When i logged into ICICI, they said that since i am a customer, i am entitled to a pre-approved loan of Rs 4 lakh w/o showing any docs etc. Though doc etc. are all in place with me, but between Citi and ICICI which one is better. I tried calling ICICI customer care twice, it was busy. Any other bank, which you people consider i should try out?

suman · 11th January 2007, 10:45

hyper-VTEC, all finance deals carry this payout. Its normally 4.5% of the loan amount and you have the option of taking the full discount up front (reduction in your down payment) or have it apportioned over your EMIs.

esteem_lover · 11th January 2007, 12:12

Have you tried SBI ?? some of our members have said that their transactions are clean & the rates are also less.

menonrajesh · 11th January 2007, 12:59

I would suggest you to go with any nationalised bank. Banks like SBI and SBT are giving car loans without much hassles.

I bought Swift Vxi in september 06 and availed car loan from SBT. I got the loan for an interest rate of 9.25% for 5 years and EMI per lack is Rs.2088/-. I got 90% of the on-road price as loan.This offer was way..way better than those offered from CityBank, ICICI, HDFC etc. Corporation Bank gave me some good offer almost matching SBT, but by that time had finalised the deal.There were no hidden costs involved with SBT and they are not charging for pre-closure/pre-payment. Processing fee they took was Rs.2465/- and stamp paper charges were Rs.360/-, which was arranged by the bank itself. I opened a SB account with the bank and gave an auto-debit instruction against the EMI to be paid every month. Paper works were much simple ( I had all the papers ready with me) and the entire process took 5 days. The 5th day post lunch, car got delivered.

I bought the car from Pratham Motors and they could give me the best offer amongst the 5 dealers in Bangalore. Loan was arranged by the in-house loan guy of the showroom and I had to visit the bank just once to sign the papers.

I was also contemplating on getting the bank payout - dicount on the loan amount taken. I thought it was always useful to get a discount while purchasing,eventhough almost the equal amount will be added to the EMI and will be adjusted across the entire tenure. However, once I got the finance of 90% of the on-road price, I dropped the plan.

As far as I know, at present Maruti itself is giving first year insurance free for Swift along with basic accessories like mudflap, rubber mats etc. So, you can always consider these as "default" offers coming with the car. Now, getting any additional offers / discounts from the dealer is something different. For this, you need to bargain hard with them. You will always have an edge over them considering the fact that in Bangalore there are 5 dealers ( I think now there are 6, not sure though!) and there is a good competition among them. Offers I got were, lLumar sunfilm for the car (with single piece on the rear) from the dealer with 2 years warrenty , 20k discount from Maruti, 5k discount as corporate offer and basic acessories like mudflap, mats, car perfume and one ganesha idol

Now, its your call to compare various offers and do the mathematics..

All the vesy best!

cpserrao · 11th February 2007, 12:21

Quote:

Originally Posted by menonrajesh

As far as I know, at present Maruti itself is giving first year insurance free for Swift along with basic accessories like mudflap, rubber mats etc.

I booked a swift at the end of Jan '07. Dealers refused to throw in any freebie like mudflaps, floor mats ... Said maruti has clamped down on freebies offered by dealers and there is a heavy penalty on the dealers( 1 lakh fine) if they are caught giving freebies.

kamy450 · 13th May 2007, 13:53

Quote:

Originally Posted by hyper-VTEC

Hi Everyone,

I would book a Swift VXi. In ACi, on the price list section they say that Swift has 100% free Insurance for first year and 3.5% payout of finance deals. Does this mean that i get a 3.5 % discount on the loan amount? Has anyone availed this in Bangalore. I has enquired with Citi, they offered me 3200/lakh for 3 years and Pratham offered me only 100% free insirance, nothing else. Shall i expect anything else. Also does the mats/mud flaps etc. comes with the car or i need to haggle with them for those too.

TBHPians from bangy please help me out...

Please dont go for such a high EMI check with HDFC folks there is lot of bargain i got 2230 from HDFC per lakh
Ensure u take per lakh EMI and calculate it nicely These folks just fool around to get huge interest

10th January 2007, 13:47	#1
hyper-VTEC BHPian Join Date: Oct 2006 Location: Bengal...ooroo Posts: 648 Thanked: 243 Times View My Garage	Finance Payout. Has anyone got this? Hi Everyone, I would book a Swift VXi. In ACi, on the price list section they say that Swift has 100% free Insurance for first year and 3.5% payout of finance deals. Does this mean that i get a 3.5 % discount on the loan amount? Has anyone availed this in Bangalore. I has enquired with Citi, they offered me 3200/lakh for 3 years and Pratham offered me only 100% free insirance, nothing else. Shall i expect anything else. Also does the mats/mud flaps etc. comes with the car or i need to haggle with them for those too. TBHPians from bangy please help me out...
	() Thanks

10th January 2007, 19:59	#2
hyper-VTEC BHPian Join Date: Oct 2006 Location: Bengal...ooroo Posts: 648 Thanked: 243 Times View My Garage	34 views, not a reply!
	() Thanks

10th January 2007, 20:34	#3
rohitbagai BHPian Join Date: Aug 2006 Location: New Delhi Posts: 410 Thanked: 259 Times	You can easily get 4.5% of the loan amount as a discount. Just ask them to adjust it while calculating EMI. Mats/mud flaps etc. you should negotiate with dealer. Ask for a body cover too. Usually they give it free but we have to negotiate.!!
	() Thanks

11th January 2007, 10:28	#5
hyper-VTEC BHPian Join Date: Oct 2006 Location: Bengal...ooroo Posts: 648 Thanked: 243 Times View My Garage	Hi Rohit ansd el. Thanks. My current WagonR is financed through ICICI. I had no problems with them so far. The new 3200/lakh EMI was offered to me by Citi, since i have a salary account with Citi. When i logged into ICICI, they said that since i am a customer, i am entitled to a pre-approved loan of Rs 4 lakh w/o showing any docs etc. Though doc etc. are all in place with me, but between Citi and ICICI which one is better. I tried calling ICICI customer care twice, it was busy. Any other bank, which you people consider i should try out?
	() Thanks

11th January 2007, 10:45	#6
suman Senior - BHPian Join Date: Sep 2005 Location: Kolkata Posts: 4,589 Thanked: 279 Times View My Garage	hyper-VTEC, all finance deals carry this payout. Its normally 4.5% of the loan amount and you have the option of taking the full discount up front (reduction in your down payment) or have it apportioned over your EMIs.
	() Thanks

11th January 2007, 12:12	#7
esteem_lover Senior - BHPian Join Date: Jul 2006 Location: Madras/Py Posts: 7,556 Thanked: 502 Times View My Garage	Have you tried SBI ?? some of our members have said that their transactions are clean & the rates are also less.
	() Thanks

11th January 2007, 12:59	#8
menonrajesh BHPian Join Date: Mar 2006 Location: Bangalore Posts: 211 Thanked: 2 Times View My Garage	I would suggest you to go with any nationalised bank. Banks like SBI and SBT are giving car loans without much hassles. I bought Swift Vxi in september 06 and availed car loan from SBT. I got the loan for an interest rate of 9.25% for 5 years and EMI per lack is Rs.2088/-. I got 90% of the on-road price as loan.This offer was way..way better than those offered from CityBank, ICICI, HDFC etc. Corporation Bank gave me some good offer almost matching SBT, but by that time had finalised the deal.There were no hidden costs involved with SBT and they are not charging for pre-closure/pre-payment. Processing fee they took was Rs.2465/- and stamp paper charges were Rs.360/-, which was arranged by the bank itself. I opened a SB account with the bank and gave an auto-debit instruction against the EMI to be paid every month. Paper works were much simple ( I had all the papers ready with me) and the entire process took 5 days. The 5th day post lunch, car got delivered. I bought the car from Pratham Motors and they could give me the best offer amongst the 5 dealers in Bangalore. Loan was arranged by the in-house loan guy of the showroom and I had to visit the bank just once to sign the papers. I was also contemplating on getting the bank payout - dicount on the loan amount taken. I thought it was always useful to get a discount while purchasing,eventhough almost the equal amount will be added to the EMI and will be adjusted across the entire tenure. However, once I got the finance of 90% of the on-road price, I dropped the plan. As far as I know, at present Maruti itself is giving first year insurance free for Swift along with basic accessories like mudflap, rubber mats etc. So, you can always consider these as "default" offers coming with the car. Now, getting any additional offers / discounts from the dealer is something different. For this, you need to bargain hard with them. You will always have an edge over them considering the fact that in Bangalore there are 5 dealers ( I think now there are 6, not sure though!) and there is a good competition among them. Offers I got were, lLumar sunfilm for the car (with single piece on the rear) from the dealer with 2 years warrenty , 20k discount from Maruti, 5k discount as corporate offer and basic acessories like mudflap, mats, car perfume and one ganesha idol Now, its your call to compare various offers and do the mathematics.. All the vesy best!
	() Thanks