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I just bought a Mercedes C220CDI on a finance deal and think I've made a huge mistake due to clever salesmanship and my ignorance.
1st deal: £4k for my part exchange plus £2k deposit, then 36 months at £304 = end cost around £18,500 - car on sale at £18,700. This looks good but then I have to return car or pay a minimum of £8,000 to keep it. All he kept saying was it would be worth a guaranteed £8,000 at the end of the term but it won't be to me. However it might be worth more, in which case I can have that excess to use on another car from them. 2nd deal: £4k for my car plus £7k deposit and 36 months at £324 = around £22,000 (obviously you have to pay for credit) but then the car is mine. Any ideas? I should still have time within the 30 day cooling off period.

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Your sums don't add up. £4,000 + £2,000 deposit + £304 x 36 = £16,944. (£8k GFV.) £4,000 + £7,000 deposit + £324 x 36 = £22,664. (No GFV.) So deal 1 theoretically costs £2,350 more than deal 2.

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