Author Topic: 5 year service plan  (Read 3709 times)

Beaver

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Re: 5 year service plan
« Reply #30 on: January 28, 2023, 02:11:35 PM »
I've just paid mine off after 6 monthly payments.   I phoned the number given on one of their letters at purchase and it was very straightforward, taking about five minutes.   A bank transfer made the same day.

The interest charged was £169.03.

davejazz

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Re: 5 year service plan
« Reply #31 on: January 28, 2023, 05:13:51 PM »
I've just paid mine off after 6 monthly payments.   I phoned the number given on one of their letters at purchase and it was very straightforward, taking about five minutes.   A bank transfer made the same day.

The interest charged was £169.03.

Seems more interest than I thought, (even though  itís a brilliant deal, considering the complementary service plan).  Perhaps you had a slightly higher balance, than the usual 5k?

tfw7

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Re: 5 year service plan
« Reply #32 on: January 28, 2023, 05:46:59 PM »
My 6 months are up at the end of March so will be paying it off straight away. Glad to hear it was very straightforward to do.

Beaver

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Re: 5 year service plan
« Reply #33 on: January 28, 2023, 09:51:06 PM »
I've just paid mine off after 6 monthly payments.   I phoned the number given on one of their letters at purchase and it was very straightforward, taking about five minutes.   A bank transfer made the same day.

The interest charged was £169.03.

Seems more interest than I thought, (even though  itís a brilliant deal, considering the complementary service plan).  Perhaps you had a slightly higher balance, than the usual 5k?
The loan was for the basic £5000.   The interest was more than I'd expected too, as the salesman had estimated it (taken a wild guess) to be around £70 when I took out the policy!

Jazzik

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Re: 5 year service plan
« Reply #34 on: January 28, 2023, 10:34:48 PM »
the salesman had estimated it (taken a wild guess) to be around £70 when I took out the policy!

The interest charged was £169.03.

...taken a wild guess... £70 plus 141,5% of £70 (= £99) added... A hell of a salesman!
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5thcivic

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Re: 5 year service plan
« Reply #35 on: January 29, 2023, 01:48:41 PM »
The terms said settlement is 28 days after you make the request to terminate plus 30 days - which might explain the total?

My 5k was an interest shown as £265.75 which works out at 5.3%, not the 5% I was first told by the dealer, nor the 5.1% he said it had gone up to by the time I signed the deal.

Six monthly payments payments of £210.63 would be £1263.78 off the capital, leaving £3736.22 to pay.

The full payment would be 24 x £210.63 plus a final of £220.63 for a total of £5275.75 because there is a final £10 fee somewhere.

If we assume the total interest would be £275.75, and we have borrowed for 6 months out of 24, one would assume a rough calculation of 6/24 of the total interest £275.75  is ~£69.
 
Say if you can only make the request after six months then the 28 days plus 30 days make that 8 months out of 24 and total would be ~£92.

So I would be asking for a breakdown of how they calculate the final amount.

In any case it still remains a great deal for the servicing.

JJazz

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Re: 5 year service plan
« Reply #36 on: February 04, 2023, 10:21:21 AM »
Plan duration is 5 years or 62,500 miles from the date of first registration, whichever comes first.

Terryp

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Re: 5 year service plan
« Reply #37 on: February 06, 2023, 02:20:41 PM »
I have done the same £5000 loan to get the service deal. Just to ask, do you still pay for any parts or is that included?
I was told Iíll get breakdown cover, is this part of it and who is that with? Thanks

Kremmen

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Re: 5 year service plan
« Reply #38 on: February 06, 2023, 02:44:37 PM »
Full normal servicing costs covered and the breakdown is AA Hondacare.
Let's be careful out there !

JJazz

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Re: 5 year service plan
« Reply #39 on: February 06, 2023, 07:18:34 PM »
g
I have done the same £5000 loan to get the service deal. Just to ask, do you still pay for any parts or is that included?
I was told Iíll get breakdown cover, is this part of it and who is that with? Thanks

See feedback from Honda - breakdown cover for 3 years with your new car. Honda Breakdown Assistance 02079493185. Honda AA Assistance app. There is an 0800 521728 number too.  Nothing to do with service deal

BROC

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Re: 5 year service plan
« Reply #40 on: February 06, 2023, 09:36:01 PM »
The 5 year care plan I got with my Jazz a year ago provides 5 years service/warranty/breakdown cover.

This was 'free' when taking Honda Finance.

Lord Voltermore

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Re: 5 year service plan
« Reply #41 on: February 07, 2023, 10:13:53 AM »
I think Hondas 'standard' international warranty is 3 years.   A 5 year warranty is an 'extra  which either you pay for separately ,  or Honda decide to  include free as part of a car or finance sales promotion. 

The extra 2 years  involves extra risk of warranty claims .The extra costs for more services and longer breakdown coveris presumably factored into the cost to you ,or Honda.   

My 5  year warranty papers   bear Honda logos ,but seems  to be administered by an independent warranty provider company. Or put simply   Honda insure their risk.     The independent company administer claims  ,and like all insurance type companies seek to minimise claims that may not be  eligible.   This saves Honda having to employ their own administration staff and spreads their risk.  The downside is ,like insurance companies, the more claims that can be rejected,or servicing not taken up  within the eligible time /mileage periods   the greater the profits for the warranty provider - and Honda.

The warranty company (presumably) also  provide  breakdown cover via one of the big  recovery networks  such as AA, RAC or Green flag.  With access to their 24 hour call centres, network of recovery vehicles and  recovery agents, and  reciprocal deals with foreign breakdown  clubs/services.  They may have a dedicated Honda only phone number  to help identify who you are, but it will be answered by AA (or whoever)  call handlers.
Many businesses, car insurance companies  etc negotiate a 'fleet' deal with the RAC, AA etc, with the cost per eligible vehicle  much less than taking out individual  private membership.  The risk of fairly new ,well serviced  Honda vehicles breaking down is less than individual older cars. 

I may be wrong on some of the details  and might be stating the obvious .And it may work differently outside the UK.
« Last Edit: February 07, 2023, 10:17:39 AM by Lord Voltermore »
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Whiteshark

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Re: 5 year service plan
« Reply #42 on: February 10, 2023, 09:13:09 AM »
In the past I have taken out extended Guarantees , through my local Honda Dealer, for my wifeís then CRVíS. I subsequently needed to make two claims , one for a new aircon condenser and the other a new alternator. All the admin was handled by the Honda dealer, with a pretty seamless experience for me. No problems whatsoever, which really was what I expected and got.

MKredcar

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Re: 5 year service plan
« Reply #43 on: February 18, 2023, 04:56:44 PM »
I bought my Jazz EX new in December 2021. The free 5 year service plan was offered with a Honda Finance loan. I borrowed £5k, paying back £427 per month for a year. Thatís £124 in interest, a lot less than paying for 5 services so I signed up. Itís ended now, the car had its first service in December and Iím happy, not least because the £427 per month has stopped!

5thcivic

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Re: 5 year service plan
« Reply #44 on: March 06, 2023, 03:33:43 PM »
Just paid my last 6 month payment of 210.63, total paid £1263.78. Remaining capital owed is 5000 - 1263.78 = £3736.22

Quote today for closure of loan is £3884.55 (includes 58 days extra interest for closure).

Difference bewteen the two figures = £148.33, effectively what the 5 year service costs.

So 148.33 on 5k is effectively 3% for the 7 months from buying the car to paying off loan.


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