Not a happy bunny

[ColinBarber]

3 hours ago, First_Lexus said:

As an aside, if you signed a finance agreement at (say) 7% but interest rates FELL to (say) 4% in the interim period, do we think Toyota Finance would call to reduce your rate?

I assume this is occurring before actual financial contracts are signed and the money has been transferred from Toyota Finance to the Lexus dealer. They can withdraw the offer and provide a new one with increased rates, you can decide not to use them.

Once the contract is signed and the cooling off period has passed then if it is a fixed rate agreement then it won't be altered.

[talaipwros]

Any news on the matter?

[george72]

17 minutes ago, talaipwros said:

Any news on the matter?

Had a call from dealer yesterday saying they are still working on a solution and to bear with them.

[Guest]

On 11/29/2022 at 2:40 PM, george72 said:

Had a call from dealer yesterday saying they are still working on a solution and to bear with them.

can't believe this is dragging on so long. Really poor customer service to say the least

[george72]

still nothing- 😞

[Guest]

24 minutes ago, george72 said:

still nothing- 😞

Terrible experience youre having with Lexus. "bear with us" doesnt suffice  does it ?

[george72]

Emailed them again this morning as it has now been a week and this was their response

'We are waiting on Lexus at the moment regarding how we do things and the reconsignment of the car'

 

[rayaans]

2 hours ago, PaulD68 said:

can't believe this is dragging on so long. Really poor customer service to say the least

 

1 hour ago, PaulD68 said:

Terrible experience youre having with Lexus. "bear with us" doesnt suffice  does it ?

Its only been a week!

I think the fact that they've given OP a loan car to drive around in whilst they're sorting it out is acceptable. Any other manufacturer they'd say "well there's the deal and heres the contract, so take it or leave it". 

I wouldn't really be surprised if it takes 2-3 weeks to sort things out.

[Guest]

1 hour ago, rayaans said:

 

Its only been a week!

I think the fact that they've given OP a loan car to drive around in whilst they're sorting it out is acceptable. Any other manufacturer they'd say "well there's the deal and heres the contract, so take it or leave it". 

I wouldn't really be surprised if it takes 2-3 weeks to sort things out.

i guess we will have to agree to disagree. 

I am of the opinion that we order a car and agree the deal and contract at time of order. no one would place an order blindly not knowing the terms of what the finance offer will be at the time of collection.  Cars are sold on the price and finance offers at the time of order, at least thats what dealers lead us to believe.

This is the first time ive ever heard of such a thing happening. Should this issue not have been picked up before the day prior to the agreed delivery of the car? ,

 

 

[beyond the blue]

44 minutes ago, Guest said:

i guess we will have to agree to disagree. 

I am of the opinion that we order a car and agree the deal and contract at time of order. no one would place an order blindly not knowing the terms of what the finance offer will be at the time of collection.  Cars are sold on the price and finance offers at the time of order, at least thats what dealers lead us to believe.

This is the first time ive ever heard of such a thing happening. Should this issue not have been picked up before the day prior to the agreed delivery of the car? ,

 

 

We are talking about ruthless finance companies here. I sincerely hope that the OP gets the deal that suits him, however if it is in the terms and conditions its 'buyer beware'. There is always the 'unfair contracts act' but l doubt this would stand a chance as the contract has yet to be signed. With a bit of luck the OP will drive away the car he has waited so long for.

[FSPORT3]

6 hours ago, beyond the blue said:

We are talking about ruthless finance companies here. I sincerely hope that the OP gets the deal that suits him, however if it is in the terms and conditions its 'buyer beware'. There is always the 'unfair contracts act' but l doubt this would stand a chance as the contract has yet to be signed. With a bit of luck the OP will drive away the car he has waited so long for.

Ordered my NX350 FSport in Jan 22, estimated delivery of late Aug to mid Sep, arrived end of Nov.  Dealer honoured Jan price and kept the APR at 4.9%, as offered in Jan 22. Unhappy with adjusted trade in price offered in Nov 22 (although was increased by dealer over the Jan 22 value) but managed to secure the £1k loyalty discount running during Q3 on new purchases, although technically not available on an order placed in Jan 22.  

[george72]

1 hour ago, FSPORT3 said:

Ordered my NX350 FSport in Jan 22, estimated delivery of late Aug to mid Sep, arrived end of Nov.  Dealer honoured Jan price and kept the APR at 4.9%, as offered in Jan 22. Unhappy with adjusted trade in price offered in Nov 22 (although was increased by dealer over the Jan 22 value) but managed to secure the £1k loyalty discount running during Q3 on new purchases, although technically not available on an order placed in Jan 22.  

Interesting, and this is exactly my argument. Others on this forum have also had dealers honour the original agreement. A precedent has been set so I don't see why mine cannot be honoured. 

Many thanks 

[rayaans]

23 hours ago, Guest said:

i guess we will have to agree to disagree. 

I am of the opinion that we order a car and agree the deal and contract at time of order. no one would place an order blindly not knowing the terms of what the finance offer will be at the time of collection.  Cars are sold on the price and finance offers at the time of order, at least thats what dealers lead us to believe.

This is the first time ive ever heard of such a thing happening. Should this issue not have been picked up before the day prior to the agreed delivery of the car? ,

 

 

It's quite clear you've never read the finance terms and conditions like many people on this forum. It doesn't matter what dealers make you believe, it matters what's written down in the fine print. Simple really.

14 hours ago, george72 said:

Interesting, and this is exactly my argument. Others on this forum have also had dealers honour the original agreement. A precedent has been set so I don't see why mine cannot be honoured. 

Many thanks 

Yes but you didn't buy from the other dealers did you? 

You bought from a specific dealer who probably has no relation to any of the other dealers who did honour the offers for their customers

[Dippo]

I realise this won't make the OP feel any better, but it's more ammunition to use in his arguments. I finally collected my Premium Edition today - ordered in February. I got the £2K deposit contribution, and a rate of 4.99%. This is purely a guess, but I wonder whether the OP's dealer failed to submit a credit application to Lexus Finance at the same time as they placed the order. I know my dealer did do that; in one of our conversations shortly after I'd placed the order, he told me that my credit application had been accepted. As I say, it's only a guess, but I can't think of any other reason why Lexus Finance would apply those terms to some orders and not others.

[george72]

6 minutes ago, Dippo said:

I realise this won't make the OP feel any better, but it's more ammunition to use in his arguments. I finally collected my Premium Edition today - ordered in February. I got the £2K deposit contribution, and a rate of 4.99%. This is purely a guess, but I wonder whether the OP's dealer failed to submit a credit application to Lexus Finance at the same time as they placed the order. I know my dealer did do that; in one of our conversations shortly after I'd placed the order, he told me that my credit application had been accepted. As I say, it's only a guess, but I can't think of any other reason why Lexus Finance would apply those terms to some orders and not others.

Thank you Dippo,this is interesting and makes a lot of sense. This is incredibly helpful information.

 

18 hours ago, FSPORT3 said:

Ordered my NX350 FSport in Jan 22, estimated delivery of late Aug to mid Sep, arrived end of Nov.  Dealer honoured Jan price and kept the APR at 4.9%, as offered in Jan 22. Unhappy with adjusted trade in price offered in Nov 22 (although was increased by dealer over the Jan 22 value) but managed to secure the £1k loyalty discount running during Q3 on new purchases, although technically not available on an order placed in Jan 22.  

Interesting, and this is exactly my argument. Others on this forum have also had dealers honour the original agreement. A precedent has been set so I don't see why mine cannot be honoured. 

Many thanks 

[george72]

1 hour ago, Dippo said:

I realise this won't make the OP feel any better, but it's more ammunition to use in his arguments. I finally collected my Premium Edition today - ordered in February. I got the £2K deposit contribution, and a rate of 4.99%. This is purely a guess, but I wonder whether the OP's dealer failed to submit a credit application to Lexus Finance at the same time as they placed the order. I know my dealer did do that; in one of our conversations shortly after I'd placed the order, he told me that my credit application had been accepted. As I say, it's only a guess, but I can't think of any other reason why Lexus Finance would apply those terms to some orders and not others.

Just checked experian no search entry from lexus or Toyota financial services? Mmmmm

[george72]

1 hour ago, george72 said:

Just checked experian no search entry from lexus or Toyota financial services? Mmmmm

Correction and update 

2 searches. 1 in Feb 22 a day after ordering the car. 

2nd hard search 27th Sept 22.

[Dippo]

38 minutes ago, george72 said:

Correction and update 

2 searches. 1 in Feb 22 a day after ordering the car. 

2nd hard search 27th Sept 22.

I guess that blows my theory then. Good luck with getting a successful outcome.

[FSPORT3]

1 hour ago, Dippo said:

I guess that blows my theory then. Good luck with getting a successful outcome.

I don't think so, I believe some dealers did fail to process correctly, and anyway there is always wiggle room as I found with the £1k additional incentive Lexus (not the dealer) offered last month. 

[STE041]

23 hours ago, george72 said:

Interesting, and this is exactly my argument. Others on this forum have also had dealers honour the original agreement. A precedent has been set so I don't see why mine cannot be honoured. 

Many thanks 

I’m on my 3rd Lexus since 2016, with all deals via a Lexus dealer and using Lexus finance.

In the first deal with and IS300h, the delivery was long, I paid a cash deposit and the deal was honoured.

In the 2nd trade in deal, going from a 16 plate IS to an ES300h F Sport with Takumi pack, the deal was done, ES ordered, which was then followed by a 9 month wait for delivery. The only thing that changed was the % on the finance and the trade in value of the IS due to mileage difference from the time of the deal to the point of sale. In order to keep the same monthly payment I dropped miles per annum from 20k to 15k. Everything else was honoured.

The 3rd deal - my current ES was a weird one as they wanted my 69 plate back before 10k miles and offered  my current deal, same car and grade, (moved from a 69 plate to 21 plate when the 21 came out) for a £500 refundable deposit and 2.9%. The car was in stock so I suppose it may have been a cancelled order plus they could sell my 69 plate as nearly new and make their £4K margin.

In all the time form 2019 to now, bouncing one lease off of another, the one constant I’ve noticed is that the finance part of the deal is done on top of the delivery date at current rates as it is impossible to tell what the rates will be after waiting the thick end of a year for delivery. Guess I must have been lucky so far.

That said, I would love to go for a new NX but don’t like their prices or rates at the moment. Equally the 23 ES facelift looks unfinished where the screen has been shifted forwards and the list price has risen from the MY21 so a new ES won’t be my next Lexus. Current % on PCPs don’t look good compared to the 2.9% I got at the time of my deal so I will be staying with what I have for the foreseeable future.

[kam]

On 12/3/2022 at 2:46 PM, Dippo said:

I realise this won't make the OP feel any better, but it's more ammunition to use in his arguments. I finally collected my Premium Edition today - ordered in February. I got the £2K deposit contribution, and a rate of 4.99%. This is purely a guess, but I wonder whether the OP's dealer failed to submit a credit application to Lexus Finance at the same time as they placed the order. I know my dealer did do that; in one of our conversations shortly after I'd placed the order, he told me that my credit application had been accepted. As I say, it's only a guess, but I can't think of any other reason why Lexus Finance would apply those terms to some orders and not others.

Pick mine up sometime this week, dealer hasn't mentioned any changes to the original agreement, as of yet. Fingers crossed.

[george72]

Update Dec 6 common sense has prevailed. 

After what felt like an eternity, I finally have confirmation from the dealer that they will indeed honour the original finance deal that was agreed. 

Whilst I am really pleased, I am still at a loss to why I was put into that position knowing that other folk on here who had  identical deals had their honoured without the fuss that I have had. 

Huge thank you to those who showed support and solidarity, it made a big difference to my morale and confidence knowing that I was not being awkward or obstructive by requesting that they stick to the original agreement. 

To those who argued that dealers were fair game with the rate change, well i fundamentally disagree. And whilst legally and technically permissible, it is morally reprehensible and discordant with the lexus customer service philosophy. 

Will of course post a few pics when I get it over the weekend. 

Many thanks to you all. I hope this not happen to anyone else. 

 

[Cs150]

Well done, like you say a shame you were put through the stress involved. The car is great and you will enjoy it. The limited turning circle can be fun though!

[Dippo]

Excellent result.

[beyond the blue]

Well done, a lot of people would have given up the fight, me included. Enjoy your new toy.