Final Contract Signing

[SteveB]

From what I've been hearing when the time comes, Ineos are asking for final non-refundable commitment ahead of outlining finance and part exchange options. Is this correct and does anybody else find this odd and a little concerning?
It doesn't seem logical from a customer perspective at all and is at odds with how vehicle purchasing is usually managed i.e. agree price, talk about part ex value (if you have a part ex) then discuss the various finance options (and residuals). Consider that signing a contract first  could even result in committing to the purchase without even knowing whether financing is approved! Paying in full up front with no part ex is less of an issue but right now I have full faith in the Grenadier but less so around the support and administrative efficiency.

 

[Ferrugenfish]

Maybe they need your deposit to hire the support staff they need to have a conversation with you about what you just paid for lol.

 

[emax]

If you buy a car at a dealership in traditional mode, you will go there,make a configuration together with the sales representative and then take the configuration with you and go home to sleep a few nights over it.

You will likely have some changes, but at the very end, comes what? Right: An order.

You then will get a contract and have to sign it. It is binding in that the dealer has to order it and the manufacturer has to build it. Both of them enter into an obligation, and so you have to as well. That's the procedure in traditional business. And that is what Ineos does here.

The financing question is in that moment by no means an obligation of the dealer. You are solely responsible for the financing. The dealer can make you a financing offer, but strictly speaking it's not their business.

I agree that Ineos could assist and help the customer to clarify the financial matters. But we are in fact making an internet-buy, and thus there is no nanny behind us to protect us from being stupid.

 

[Sebastian]

I signed a binding contract for a car at an "established" manufacturer over a year ago - the only difference was that there was no down payment required. Regarding financing / payment options it was just stated that it would be discussed at delivery (which is in 2023). So quite comparable I think.
Ineos has at least a finance calculator on their website (btw a few weeks ago the interest for the financing was 3,x% and now it's already 6,x%). No leasing conditions though. 

 

[SteveB]

Interesting, thanks. The on line finance calculator is something I haven’t been able to open so I assumed it hadn’t gone live. I’ll try again.

 

[emax]

I don't think it will work, but try it and tell us please your experience.

This is something where I agree with you: It's embarrassing that these buttons don't work. They document their claims to  "have a financing offer" but they end in nirvana.

They'd better remove these buttons from their website until they work.

 

[Sebastian]

absolutely true and one could expect that they would have fixed this weeks ago. 

but have you seen the finance calculator when you start the configuration of a car?
   

 

[SteveB]

Thanks Sebastian, no I haven't seen that finance detail. When I configured back in May and paid the deposit the only option on the configurator was to tick the box that said "Yes, I’d like to know more about finance options". I can't see any live link to a finance calculator? 

 

[Sebastian]

If you go to the configurator again and choose an option, for example Fieldmaster, it will start showing the price for the current config. Next to the price or checkout, there should be a calculator symbol. click it
 

 

[Sebastian]

I think bank financing could even be cheaper than what Ineos offers, in Germany it is around 4% at the moment (edit: depending on a lots of factors of course).

 

[SteveB]

Thanks, I tried a new configuration as an example and still no options to go into a calculator, just the tick box at checkout expressing an interest in finance options. I'm guessing this may be a country specific feature at the moment.

 

[Sebastian]

Could be, too bad ?

 

[Steven]

I have been told by Ineos that they still expect a firm commitment to purchase a Grenadier this month (July), but they are not providing any models to view, let alone test drive, until August/September or later. It seems incredible that they expect customers to commit to a £50-60,000 purchase with such an approach: buyer beware! 

 

[emax]

You have a choice: test drive and later delivery or early delivery but no test drive.

You're not forced into anything - it's an offer.

 

[cheswick]

[QUOTE username=Steven userid=9014097 postid=1332988039]I have been told by Ineos that they still expect a firm commitment to purchase a Grenadier this month (July), but they are not providing any models to view, let alone test drive, until August/September or later. It seems incredible that they expect customers to commit to a £50-60,000 purchase with such an approach: buyer beware! [/QUOTE]

Some people are willing to, I guess if you’re not someone who wants to buy without a test drive then you will just have to wait until you’re ready.

I think the main thing Ineos need to do is work out how to shuffle these people back without going to the end of the queue.

 

[Steven]

No doubt some are willing to take a risk with a start-up company, start-up car, and spend £50-60,000, while never having seen or driven the vehicle. There's one born every minute!

 

[Ferrugenfish]

I'm in the U.S., but when I was chatting with customer service on the Ineos website a week ago, she said that if I do not make the down payment within the WI dow of time allotted, I forfeit my "spot in line" for a custom order that year. I would have to ask for a refund of the $450 reservation fee, and it could not be used to be ahead in line for the following production year (2024). Personally I thi k we should be able to be in the front of the line in the future year, but I can understand how that might not be fair for others who paid reservation for the future year. I feel for you guys over there having to commit before a test drive... seems a very reasonable ask as a consumer of a massive purchase. 

 

[cheswick]

[QUOTE username=Ferrugenfish userid=9004165 postid=1332991491]I'm in the U.S., but when I was chatting with customer service on the Ineos website a week ago, she said that if I do not make the down payment within the WI dow of time allotted, I forfeit my "spot in line" for a custom order that year. I would have to ask for a refund of the $450 reservation fee, and it could not be used to be ahead in line for the following production year (2024). Personally I thi k we should be able to be in the front of the line in the future year, but I can understand how that might not be fair for others who paid reservation for the future year. I feel for you guys over there having to commit before a test drive... seems a very reasonable ask as a consumer of a massive purchase. [/QUOTE]

Nothing unfair in shuffling people in a queue. If I’m 5th in line and position 3 & 4 switch around I haven’t lost anything.

 

[Steven]

Hi, how many ‘customers’ on this list actually work for Ineos? Would you like to self-declare?

 

[cheswick]

[QUOTE username=Steven userid=9014097 postid=1332993835]Hi, how many ‘customers’ on this list actually work for Ineos? Would you like to self-declare?[/QUOTE]

Ive noticed in various INEOS related Facebook groups that INEOS staff make it known straight up. I don’t think there is any conspiracy!

For the record I am neither an employee of INEOS or the Illuminati ?