Yes Car Credit No More

purplepixi

Hi All,

I had a letter in the post on Saturday from Yes Car Credit and it said

"You may be aware that yesterday Provident Financial announced that Yes Car Credit was ceasing to take on new business. The consequent withdrawal for Yes Car Credit from the retail market does notin any way alter or affect your contractual relationship or loan status with Yes Car Credit and Direct Auto Financial Services, or your rights under the agreement you signed. Direct Auto Financial Services continues to be in business and it will continue to collect payment from you just as before. If however you require further information or explaination, please contact our helpline on 08702400596"

My first thoughts on this are great - no more people being screwed by their stuipid rates.

But secondly, we looked into paying our car off early with a low interest loan, instead of paying the 28.9% we currently pay with Yes Car Credit, how ever there is a little leaflet from the FLA that says that when ending an agreement early they can charge you up to 30 days intrest on top of the total amount of the car. How ever if you have only had the agreement for a short time, and wish to cancel, the company can charge you more that the total cost of the car and interest, as it costs them money to arrange the finance and they have have not yet made this money back.

We are in the latter catagory, having only had the agreement for 8 months, but we could cut out payments by £70 per month and get it paid off 2 years earlier should we pay off the car with a low interest loan.

If anyone can tell me if Yes Car Credit coming off the market, means we could pay it off early with out that huge penatly, or do I still have to wait until the 2 years of payments have been made, before we can pay it of early.

Anyone with any idea about all of this, please can you let me know.

Thanks

Laura

Xbigman

If you have had the loan 8 months you should get a straight forward pay off. Phone them up and ask for a settlement figure. This is the only way to find out all the numbers so you can make an accurate comparison.

As for YES, it is the retail arm that has shut and not the finance arm. If you have finance with them you will not see any difference at all.
Regards



X

carman_3

purplepixi wrote:

Hi All,

I had a letter in the post on Saturday from Yes Car Credit and it said

"You may be aware that yesterday Provident Financial announced that Yes Car Credit was ceasing to take on new business. The consequent withdrawal for Yes Car Credit from the retail market does notin any way alter or affect your contractual relationship or loan status with Yes Car Credit and Direct Auto Financial Services, or your rights under the agreement you signed. Direct Auto Financial Services continues to be in business and it will continue to collect payment from you just as before. If however you require further information or explaination, please contact our helpline on 08702400596"

My first thoughts on this are great - no more people being screwed by their stuipid rates.

But secondly, we looked into paying our car off early with a low interest loan, instead of paying the 28.9% we currently pay with Yes Car Credit, how ever there is a little leaflet from the FLA that says that when ending an agreement early they can charge you up to 30 days intrest on top of the total amount of the car. How ever if you have only had the agreement for a short time, and wish to cancel, the company can charge you more that the total cost of the car and interest, as it costs them money to arrange the finance and they have have not yet made this money back.

We are in the latter catagory, having only had the agreement for 8 months, but we could cut out payments by £70 per month and get it paid off 2 years earlier should we pay off the car with a low interest loan.

If anyone can tell me if Yes Car Credit coming off the market, means we could pay it off early with out that huge penatly, or do I still have to wait until the 2 years of payments have been made, before we can pay it of early.

Anyone with any idea about all of this, please can you let me know.

Thanks

Laura

Hello Laura.

Plenty of help and advice here.A site dedicated to help vicitms of Yes Car Credit, GoDebt, the debt collection agency, used by them.

Hope this helps.