Poor show from Lexus

[Eggie]

Had an interesting call from my local dealer today. My car ordered last year has arrived. However apparently Lexus finance is declining to honour the agreed apr of 4.9% due to recent increases in car costs etc. and have quoted over 9% now.  Full credit to my dealership they have told me they will ensure I only pay the agreed costs and payments involved from my order date even if they have to give a vehicle discount to massage the figures. Lexus should not be putting dealerships in this situation.

Very disappointed with Lexus who encouraged people to pre order and then now start to attempt to wriggle out of things offered at time of order.

[talaipwros]

6 minutes ago, Eggie said:

Had an interesting call from my local dealer today. My car ordered last year has arrived. However apparently Lexus finance is declining to honour the agreed apr of 4.9% due to recent increases in car costs etc. and have quoted over 9% now.  Full credit to my dealership they have told me they will ensure I only pay the agreed costs and payments involved from my order date even if they have to give a vehicle discount to massage the figures. Lexus should not be putting dealerships in this situation.

Very disappointed with Lexus who encouraged people to pre order and then now start to attempt to wriggle out of things offered at time of order.

What the???

[royoftherovers]

19 minutes ago, Eggie said:

Had an interesting call from my local dealer today. My car ordered last year has arrived. However apparently Lexus finance is declining to honour the agreed apr of 4.9% due to recent increases in car costs etc. and have quoted over 9% now.  Full credit to my dealership they have told me they will ensure I only pay the agreed costs and payments involved from my order date even if they have to give a vehicle discount to massage the figures. Lexus should not be putting dealerships in this situation.

Very disappointed with Lexus who encouraged people to pre order and then now start to attempt to wriggle out of things offered at time of order.

The name of the fair playing Dealer is ?

[steve2006]

Surely if you signed a finance agreement with specified interest rates it has to be honoured or would it not be a breach of contract by Lexus finance?

[steve2006]

Oh……….small print!

[AndyRC]

Interesting development, certainly Toyota have told customers who have placed orders for GR Yaris and GR86 who may have to wait 12/18 months that they will honour the price they bought at and the finance rates. The only caveat being if the govt alter any taxation rates on vehicles they would be passed on. 

[Starlight]

I insisted on having the price protection agreement in writing. Not a smart move by Lexus, after all the delays and customers who stood by them. 

[First_Lexus]

1 hour ago, Eggie said:

Full credit to my dealership they have told me they will ensure I only pay the agreed costs and payments involved from my order date even if they have to give a vehicle discount to massage the figures.

I’m sure you will, but be careful that it is a vehicle discount and not some playing with the GFV, which might leave you out of pocket later if you wanted to buy the car outright or having reduced equity for a trade in.

[rayaans]

2 hours ago, Eggie said:

Had an interesting call from my local dealer today. My car ordered last year has arrived. However apparently Lexus finance is declining to honour the agreed apr of 4.9% due to recent increases in car costs etc. and have quoted over 9% now.  Full credit to my dealership they have told me they will ensure I only pay the agreed costs and payments involved from my order date even if they have to give a vehicle discount to massage the figures. Lexus should not be putting dealerships in this situation.

Very disappointed with Lexus who encouraged people to pre order and then now start to attempt to wriggle out of things offered at time of order.

It is usually in the small print to be fair that they can change the finance agreement until youve actually started paying it

Almost the same way that the buyer can pay off the finance within 14 days

[Starlight]

1 hour ago, rayaans said:

It is usually in the small print to be fair that they can change the finance agreement until youve actually started paying it

Almost the same way that the buyer can pay off the finance within 14 days

That is true to a point. If the seller knowing what is in the fine print offer you a sale agreement/contract with a price protection guarantee, it is only fair that they honour that guarantee and not playing 'ducking and diving. One would expect that from Lexus of all brands.

[Starlight]

5 minutes ago, Starlight said:

That is true to a point. If the seller knowing what is in the fine print offer you a sale agreement/contract with a price protection guarantee, it is only fair that they honour that guarantee and not playing 'ducking and diving. One would expect that from Lexus of all brands.

Similar to getting a mortgage offer from a bank pursuant to exchange of contracts and the bank withdraws the offer at exchange. They can at the fine print but they rarely do unless your financial circumstances have drastically changed to the point you can no longer afford the mortgage.

[Escanor]

Interesting, if it's from Lexus finance then shouldn't everyone else have the same problem? Isn't that a centralised UK finance provider?

[Al D-Much]

Its not Lexus, it'll be the finance underwriters 

[Eggie]

2 hours ago, Al D-Much said:

Its not Lexus, it'll be the finance underwriters 

I could be wrong but a search shows Lexus financial services are owned by Toyota so dont think underwriters involved.  

[ColinBarber]

27 minutes ago, Eggie said:

I could be wrong but a search shows Lexus financial services are owned by Toyota so dont think underwriters involved.  

That's correct, it is Toyota that is the financial institution that is lending the money. Most of the large vehicle manufacturers put their cash in hand to get a good return, which also helps sell their products.

But the point Escanor was making is not who is the provider but why are some people being allowed to kept their existing deals and others not when it is the same provider no matter which Toyota or Lexus you are purchasing.

[Eggie]

11 hours ago, ColinBarber said:

That's correct, it is Toyota that is the financial institution that is lending the money. Most of the large vehicle manufacturers put their cash in hand to get a good return, which also helps sell their products.

But the point Escanor was making is not who is the provider but why are some people being allowed to kept their existing deals and others not when it is the same provider no matter which Toyota or Lexus you are purchasing.

I not disagreeing with Escanor but responding to Al-de-much.
I fully agree with what Escanor iterates.

 A further bit of info I gleaned is that Lexus are stating that they are not obliged to stand by the original price if delivery takes longer than 12 months.  If this is correct then buyer beware. Luckily I dont fall in this category.

I will let all know of the outcome.  To be fair Bolton Lexus are trying their best and they promise a satisfactory outcome.  We will see.

[talaipwros]

1 hour ago, Eggie said:

I not disagreeing with Escanor but responding to Al-de-much.
I fully agree with what Escanor iterates.

 A further bit of info I gleaned is that Lexus are stating that they are not obliged to stand by the original price if delivery takes longer than 12 months.  If this is correct then buyer beware. Luckily I dont fall in this category.

I will let all know of the outcome.  To be fair Bolton Lexus are trying their best and they promise a satisfactory outcome.  We will see.

My experience with Bolton Lexus has been good so far. 

[Al D-Much]

Complain to Claire Davies.
Not sure how far you'll get, but worth a try as nothing to lose.

https://uk.linkedin.com/in/claire-davies-8921a877

[Eggie]

3 hours ago, Al D-Much said:

Complain to Claire Davies.
Not sure how far you'll get, but worth a try as nothing to lose.

https://uk.linkedin.com/in/claire-davies-8921a877

Thank you. Will go down this route should no resolution.

 

[Eggie]

As promised here is an update.  Lexus have declined to amend their stance and to be honest I am extremely disappointed with their customer service in this instance.

However Lexus Bolton have been superb.  They amended the deal, gave discount, gave more money for my trade in and all in made the deal attractive. As a result I take delivery of my vehicle on Monday.

 

 

To sum it up, very poor show Lexus, excellent service from Lexus Bolton.

[Starlight]

7 hours ago, Eggie said:

As promised here is an update.  Lexus have declined to amend their stance and to be honest I am extremely disappointed with their customer service in this instance.

However Lexus Bolton have been superb.  They amended the deal, gave discount, gave more money for my trade in and all in made the deal attractive. As a result I take delivery of my vehicle on Monday.

 

 

To sum it up, very poor show Lexus, excellent service from Lexus Bolton.

Same with me, they declined, paid it off via my bank. I feel better with no PCP. Collected my car yesterday.