Car Finance

~Brock~

michael1983l wrote: »

Yes it seems they have, I have searched and searched and found nothing. Most companies do ahave a 10 year limit though.

As I said earlier, any lender can put its own underwriting rules in place.

To not lend against (and in the case of HP, share the s.75 liability with the dealer for) a 10 year old pile of rust probably makes good business sense, but it's the lenders own choice and nothing to do with the CCA.

So..........

michael1983l wrote: »

If you don't know something it is better to keep your mouth shut and have people think you are stupid than to open it and remove all doubt.

Would you care to retract this comment?

elrichio86

Having working in car finance, the 10 year thing was just a business decision - the car needs to have some value at the end of the term so that in case of default the bank can get some money back. However it was broken for classics or rarities that would have value irrespective of age. Its definately worth looking into the GAP thing further. Have they said why they're not going to pay out?