Car Finance

benclark_2

We recently applied to get finance on a car with our current car as part exchange, sadly the finance didn't go through so we approached my parents to see if they would be able to do it for us. Again sadly they are trying to get a loan themselves to do work on their house and so the bank has recommended them not to take out any finance agreements as it will probably hurt their already poor chances of getting a loan.

So the only other possible option I have is to ask my grandparents however is age a matter in getting finance, they are both in their mid 80's now so I wonder if a finance company would see them as being too old (ie likely to croak soon).

Or does someone have any other idea about how we could go about this?

Oh and to complicate matters in the process of doing the finance we found out the car we brought from a garage last year that we were doing the part exchange with was already on finance and so the garage we brought it from did not have the legal right to sell the car to us so we are in the process of seeking the complete refund of the money we paid for the car while in the meantime we are left with a car that we technically don't even own, talk about crap luck!

Thanks for any help and advice!

[Deleted User]

i`m tempted to say that your attitude to your elderly granparents means you deserve all the bad luck !

Apples2

You want to swap your granny for a rip off second hand car??

Staggering opinion of your own Grandparents that you are considering burying them in debt whilst in their 80's so you can chav it up in a new car.


Why don't you grow up and stand on your OWN two feet. Your life is YOUR making, it isn't for those around you to support you for the rest of your life.

What a complete couple of wasters!!!

benclark_2

First of all politely p*** off, how dare either of you comment on my family. Perhaps you need to look to what your parents and grandparents taught you and remember that unless you have something nice or useful to say then firmly keep your traps shut. Your replies are exactly the kind of unhelpful and uninformed crap that I would expect to get from some of the business' that everyone on this forum has the displeasure to deal with not from people who I don't even know and after this care little too. My question was a valid one as I know they would help me but I don't want to ask them if it is pointless as they are nearly 90 and I don't want to give them any more problems to worry about should they not be able to help. If they can't this is not the end of the world, we we're merely looking to upgrade our car to accomodate our expanding family which while not an immediate priority is something we are thinking about doing. I have no intention of burying anyone else in debt, the finance would be in their names but I will be quite happily paying it all the way, I have been standing on my own 2 feet for far longer than you've probably been out of diapers. Guess I'll remember that next time I need an answer to a financial question this forum will be the last place I come, shame as I had thought quite highly of this place.

BTW Apples I love the family portrait of yourself, and you call me a chav!

chazzee

Hi Ben,

Awesome post there, I agree there are far too many people waiting to put their politically correct daily mail boot in.

What I would say though is what is the reason for the replacement car? if you are in the process of obtaining a claw back from the previous car for mis-selling then cold you not wait and save a little for something better? What sort of car are you looking at getting (and why) and what have you got at the moment?

All the best,

Charlie.

Apples2

There is one reason your application for finance failed, and one reason only....

They consider the risk in lending to you too high.

In their opinion, you aren't going to make the repayments.
There could many factors attributing to it, but ultimately, the risk in lending to you is too high.

For whatever reason (not that reasons count for anything), you are unable to support yourself so you have turned to family in the vain hope you can persuade them to take the risks the banks won't.

Who knows why your own parents have slim hopes of obtaining a loan for themselves, maybe they are a good risk but are sensible enough to fob you off.
Maybe they can see you won't repay them and leave them in the brown stuff whilst you drive off happy as Larry in the car they are left to pay for.

Now you shift target onto your Grandparents in their 80's to get them to take on the risk (truly brings disgrace to new levels!!)

Maybe you see some inheritance so they owe you already, time to cash in early??

You truly are a disgraceful excuse for a man....

benclark_2

Chazee we currently have a 55 plate Ford Focus 1.6 Ghia Saloon and we we're looking at getting a 07 Mazda 5 2.0 TS2 MPV/Estate car. I think we are just going to have to wait to be honest until we get the money back from the "old" car be that in the form of the garage being honest and going whoops or us taking them to court (small claims I think goes up to £5000 which is what we paid for the car). We currently have 2 girls and during the next year we are looking at trying for another baby so we figured now would be a good time to upgrade before we lose more value on our car over the following year.

Apples, you truly live up to your name, looks sweet to start with but goes rotton real easy. I won't be responding to you any more.

bouncydog1

Have you taken legal advice on how to recover the money that you paid out for the car that the garage shouldn't have sold you?

No expert, but I think you would be on sticky ground expecting to recover the full price as the garage or their legal reps will argue that you have had the use of the vehicle for the year and there will also be the depreciation to take into account, which would be the case if they could have legally sold you the vehicle.

In your shoes I would wait and get this sorted out and then look around for a vehicle when the time comes that you actually need it. You may just end up with two children and then won't need a bigger car.

Perhaps the garage where you bought the original might have something legal they would swap for the focus for that would suit your needs.

I personally don't agree with trying to involve your grandparents or your parents in your financial business - your grandparents will not be able to get finance because of their age and your parents are unable to help.

Have a look at your finances and see what you can do to improve the situation before you actually need to buy another car - that way you might be able to finance the deal yourself.

TUS

Ben - whilst Apples has been a bit, ahem, direct in his response - the basic message is valid I'm afraid. The facts are:

* You cannot afford a new car at the moment if you need finance
* Lenders see you as a risk otherwise they would lend to you (ie, they don't think you can afford repayments)
* Your parents were probably your best bet going down the family route
* Although your grandparents will lend to you, it is not fair asking them to do so. Using your own terminology ... if they were to 'croack it' they would be left with the debt. The loan company wouldn't just let you continue repaying it. I assume you are aware of this? It's really not a very ethical thing to do .. so you either haven't thought this through or you are happy for that to happen. If the latter, it's disgraceful.

Please do the MONEYSAVING thing and wait until you can afford a new car first. Does it have to be such a new car? We have just had a third child and I'm going to be getting a second hand Zsara Picasso shortly for under £2k. I'll sell my Vectra which should raise about £1200 so I only need to save £800 which I'm in the process of doing. It doesn't need to be so expensive.

Hope you take this constructively.

benclark_2

Hi bouncy, yeah we've spoken to Consumer Affairs (CA) already and they have told us what to do, the garage are in breach of contract under the Sale of Goods Act 1979 having sold us a car they legally cannot and also having said they HPI checked it when obviously they haven't (or worse if they have, then lied about the outcome and knowingly sold a car they legally cannot), this is even something confirmed by their website that all cars are HPI checked so CA have said legally they have to either return our car we part exchanged with them and any additional money we paid or in the case where they do not have the car (which they don't) then they have to give us the full value in cash instead.

Having dealt with the garage for the last 6 months I wouldn't deal with them again in this lifetime or the next, they seemed reputable but over the past six months due to other problems with the car relating to the condition they sold it to us in they have turned out to be the biggest bunch of wheeler dealers around so I wouldn't seek to swap a car with them, although I do understand your point about depreciation from what I have been told by the CA I don't believe that comes in play (I think what they have done verges into the territory of theft as they have sold property which wasn't theirs to sell so the money we paid would be deemed to proceeds of crime which returns to the victim, us, although it may take going to court to get that, oddly though the guy who had the finance that sold the car to them hasn't broken the law in doing so as long as he keeps up his finance payments, go figure lol)

Thanks for confirming what I thought about my grandparents, I won't be mentioning any of this to them then which is the reason I asked as I know if I mention it I know they would offer to help and I wouldn't want to get their hopes up if they wouldn't even be considered, maybe if Apples and Woodbine knew the reason for my asking they would have different attitudes but after seeing the portrait I doubt it.

We've decided to see if Mazda will either a) give us our deposit back (thank god we only gave them £100 and not the £500 they wanted), or b) keep it but on the proviso we will be buying from them in the next 6 months and that can go towards that car instead, or c) that they are ok to wait till this situation is sorted and we get our money back as the car we are buying is only their demo car anyways, although I think d) on your bike and we're keeping your deposit is more likely lol

Once we get our money back (which I think will take 6 months at least) we will of been able to save pretty much the full price of the car anyways, finance was just an easier lower cost (yes i know you pay more in the long term) option, never know by the time that happens something newer and better may well come along although after seeing the Mazda 5 I think I have my heart set on it, a 6+1 seater that doesn't look like a tank or a boat lol

Thanks to those who gave helpful advice :T

benclark_2

Hey TUS actually hadn't realised or thought of that about my grandparents, to be honest I would consider anything age wise up to 2005, anything older whie cheaper will start to cost more money as the years go on as things start to go wrong, the 07 Mazda was perfect as it's only just had its first MOT (literally last week) and only has 25k on the clock but I would consider back to 05, our previous car that we traded in for the Focus was a 52 Audi A2 and that had more than it's fair share of problems for its age and they were just getting more numerous and more expensive as time went on during the 6 years I owned it.

When we upgraded we thought this Focus would be perfect but within the first day of owning it we noticed a rattle from the engine, took it back to the garage and they said it was under warranty and they would fix it, after 3 months of them p***ing us around they then tried to pull the warranty has expired card, that didn't wash with me and so when we went to Canada in March to see my wifes family they had the car for 5 weeks and were supposed to fix it, which needless to say they didn't so they had me to answer to when I got back and a month later they finally did the work. Thanks to their delaying tactics however they screwed themselves and went from needing to replace a broken valve, damaged piston and liner to needing an entirely new engine along with the massively increased cost.

Since it's been fixed the car has been fine so keeping it longer isn't a problem although right now it's just getting this legal matter sorted out, hopefully it'll tie up nicely with our savings as while we'll get £5000 back from the car we'll need to have saved more to get the car we want so hopefully this will take 6 months as this will give us time to save just over £2000 (provided that we're careful).

Oh and yes your reply was very constructive, I get at exactly what Apples was saying however you at least wrote it politely, I would never dream to do anything to hurt my grandparents which is why I wanted to know the answer to my question as I think it would hurt them to know I was in a problem and they couldn't help. Thanks once again