Have i understood this car finance correctly?

goldspanners

hanes wrote: »

I did not know the dealer had to service it? last service was 04.09.08

they dont need to but probably would if it was going to secure them a sale.

its all about money saving man. be cheeky and ask them to service it. it saves you a good few quid.

tiggerbabe16

Hi there,

I used to work for Clydesdale Bank Asset Finance and we used to offer GAP insurance with our finance deals if the customer wanted it.

At that time it was a £99 payment that was added to the finance agreement and covered the "gap" between the insurance value of the car and the outstanding finance (settlement figure) in the event of your car being a write off after an accident etc. :eek:

Hope that helps - I would recommend GAP insurance to anyone (especially those with a higher APR) as God forbid your car is involved in an accident and the insurance deem it uneconomical to repair, then you could be left with a horrific balance to pay - especially if you are at the beginning of your agreement!

Good luck, I really feel for you in this as I previously had a Trust Deed in the past and I know how difficult it is to obtain credit afterwards, not that I want any having now learned to pay cash for everything!!

There is always light at the end of the tunnel, but sometimes it seems very far in the distance!

hanes

Yes a lesson learnt, i've managed to reduce some the amount by cancelling parts of the insurances that they offered as i've found them cheaper elsewhere, just hoping that the car will not suffer anything mechanical for the term that i have to keep it, well nothing serious anyway. Im hoping that once i've achieved a better credit profile i will be about to find a 0% credit card and pay the outstanding balance, i know its just a snowball of debt but i believe and hope its the better thing to do.

cheers

Gompo

Did you buy the car from ACF, or just had them provide the finance but get the car from elsewhere?

..If the latter, who is the garage you are getting the car from?

Cheers, Greg.

hanes

it was bought from ACF and financed through another company.