Have i understood this car finance correctly?

Kinky

Hanes,

Out of interest, what car was it that you got?

K

SimbaSimon

hanes wrote: »

I have signed the paperwork yes, so i cant go back on it. Yes i could of bought a car £500 but having it break down on me within a month and then shelling out for repairs or ultimately another £500 car didnt inspire me with much joy.

I know i've been mugged off big time, but after being qouted 26.09% i thought that would be all i was paying, i even questioned the guy asking if my payments would be what i stated in my budget and he told me yes, which is £71 weekly.

Im just holding out hope that in 2.5 years i can take it back and be down with it, not have a mark against my credit history and learn a valuable lesson.

Id advise anyone looking at this to steer clear of ACF finanace they dont know what they are doing, only in the respect of giving you a raw deal. Im not angry i know its my own fault, but i was blinded by the fact i would have a decent car to travel to work day in and out.

:rolleyes:

Now you just have to hope the car you've way overpayed for is actually decent. If you get a duff one you'll really regret it even more!

Please, for your own sake, next time you have a big financial decision for any loans/finance/large purchases consult a friend, family member or forum first! You could save yourself a lot of money if you make the right decisions. In my opinion, this is a wrong one!

hanes

The only upside i have is if the car begins to fail within two years then im covered for all parts and labour. But being as it was an ex BT car the service history is pretty vast so im hoping it was well looked after given 80k on the clock for a diesel is pretty average.

But yes i will definately be doing my research once i'm done with this shockingly bum deal. With a bit of luck i'll get low 10% APR on my next gallopy

Thanks everyone for the sound advice given, nice to know people who are willing to give a little time, just wish i'd of posted here first

hougtimo

It's an ex BT car...so it will have been thrashed by engineers / sales consultants from cold every day. It's probably what, and astra or focus? Possibly estate? or a fiesta?

I assume this car is around 3-4 years old with 80k on the clock? You're in trouble. Not a good age or mileage to buy a car. At all.

Goodness, I thought I had been had when I payed £2500 including finance on a car that was only worth 2k. It never has gone wrong though...

harveybobbles

hougtimo wrote: »

I assume this car is around 3-4 years old with 80k on the clock? You're in trouble. Not a good age or mileage to buy a car. At all.

On which plannet? Yours..?!

Also, I find that BT cars are the best ones around from lease companies. I always pay extra for their stuff.

Smi1er

hanes wrote: »

The only upside i have is if the car begins to fail within two years then im covered for all parts and labour.

Ah! So you have a warrenty. You're also under the impression that it will cover any failure during the next two years. Looks like you read the warrenty T&C's as well as your HP agreement. Go back and read it and you will find that for any failure you will have to pay the investigation costs.... and even then most items aren't covered due to wear and tear.

But being as it was an ex BT car the service history is pretty vast so im hoping it was well looked after given 80k on the clock for a diesel is pretty average.

Of course it was looked after......

What car is it? Model/spec/year/engine?

Oh, and don't wander over to PistonHeads as they have spotted this thread and are giving there own comments on it;)

hougtimo

harveybobbles wrote: »

On which plannet? Yours..?!

Also, I find that BT cars are the best ones around from lease companies. I always pay extra for their stuff.

I'm afraid I beg to differ.

Companies get rid of cars at 80k for a reason. Cambelts are due, big services, suspension components, perished rubber parts (again, mostly suspension), brake discs will probably need doing at some point along with pads, again, exhaust may be due (in parts) soon. If it's been driven hard and it's got a smaller engine a clutch is also a possibility.

Any lease car that I've seen has been a bit trouble pit. (admittedly, small stuff like fiestas / corsas / possibly an astra or two).

Kinky

So what car was it?

A 3 or 4 year old ex-BT diesel company car, with 80k.

Fiesta? Astra?

hougtimo

Kinky wrote: »

So what car was it?

A 3 or 4 year old ex-BT diesel company car, with 80k.

Fiesta? Astra?

My money is on a Focus Estate tbh.

Just looked at a load of 2005/6 ex-BT vehicles. Nothing for sale at more than £4k. Hmm.

reevsy

hanes wrote: »

I have signed the paperwork yes, so i cant go back on it. Yes i could of bought a car £500 but having it break down on me within a month and then shelling out for repairs or ultimately another £500 car didnt inspire me with much joy.

I know i've been mugged off big time, but after being qouted 26.09% i thought that would be all i was paying, i even questioned the guy asking if my payments would be what i stated in my budget and he told me yes, which is £71 weekly.

Im just holding out hope that in 2.5 years i can take it back and be down with it, not have a mark against my credit history and learn a valuable lesson.

Id advise anyone looking at this to steer clear of ACF finanace they dont know what they are doing, only in the respect of giving you a raw deal. Im not angry i know its my own fault, but i was blinded by the fact i would have a decent car to travel to work day in and out.

:rolleyes:

:rotfl:Jesus Christ. Are you mad? :rotfl: