Apple business finance UK

[dom.c]

Hi,

I have just had a quote through from Apple for business finance on a iMac 27" @ £1,449 inc. VAT and I was wondering if anyone can help me with FMV.

Hire Purchase
£99 Documentation Fee
VAT Paid Upfront
24 months £58.18 ex Vat
36 months £41.06 ex Vat
Ownership at the end £50.00

Rent:
Fair Market Value
£99 Documentation Fee
VAT included in instalments
24 months £49.92 ex Vat
36 months £36.95 ex Vat
Ownership at the end FMV

3 Year 0%
£99 Documentation Fee
VAT included in instalments
36 months (per quarter only) £100.62 ex Vat
Ownership at the end FMV

As you can see for the second and third options there will be a FMV fee at the end period. Can anyone give me an approximate as to what I can expect? Obviously its hard to compare deals like for like when I don't have any idea of what it could be.

Any help would be appreciated.

 

[coldsweat]

Please excuse my stupidity, but how can the 3 year 0% have a FMV fee at the end - surely it then ceases to be 0% as you'll be paying more than the cost of the machine & in effect be paying interest?

 

[admwright]

The payments for 0% does not make sense, 36 at £100.62 is £3,622.32. For 0% I would expect payments of £40.25.

 

[richb330]

I think the poster means 3yr deal at £100.62 per Q (so 12 payments during the term).

Regardless, my preference would be the 3yr, 0% deal. ownership at the end would make more sense, certainly with a Mac as they retain their value very well.. If it was a Dell laptop for example with little residual value at the end of the term it would be a difference conversation.

My 2p.

 

[dom.c]

Please excuse my stupidity, but how can the 3 year 0% have a FMV fee at the end - surely it then ceases to be 0% as you'll be paying more than the cost of the machine & in effect be paying interest?

Not at all, I'm asking the same question. Unfortunately the person who sent me this quote doesn't work there anymore and I'm waiting for a reply from someone else.

The payments for 0% does not make sense, 36 at £100.62 is £3,622.32. For 0% I would expect payments of £40.25.

Read my OP. "36 months (per quarter only) £100.62 ex Vat"

I think the poster means 3yr deal at £100.62 per Q (so 12 payments during the term).

Correct.

Regardless, my preference would be the 3yr, 0% deal. ownership at the end would make more sense, certainly with a Mac as they retain their value very well.. If it was a Dell laptop for example with little residual value at the end of the term it would be a difference conversation.

My 2p.

Sure, I'm leaning towards this although I don't know why I was quoted "ownership at the end FMV". It doesn't really make sense.

 

[richb330]

Sure, I'm leaning towards this although I don't know why I was quoted "ownership at the end FMV". It doesn't really make sense.

I agree. what would make more sense is to buy one with an education discount outright. this is around 15% less if you can work it, i.e if you're completing any accredited course at the moment like an open university (i think they do free courses that get you on their books so to speak. sign up for one and claim the discount, then either finish the course or not.. - don't take my word for this, i'm not sure they do offer these anymore), or kids at school maybe. go to an apple shop and ask what options they have. put this on a standard 36 month finance agreement with Apple and you'd still be paying less overall than the deals you've been quoted.

Going to a bank and obtain a personal loan would be a better way. First Direct is offering 7.5% on 3 year loans of £1500. that's £46 a month with no documentation fee or FMV fee to be concerned with.

 

[dom.c]

Nobody else who has Apple finance can help me with this?

Apple's communication is shocking. Still haven't heard back from them, I may ask for another person to be assigned to my account.