Another Carcraft dillema

pwharman

My wife and I took out a finance deal in February at Carcraft so we could afford a bigger car. The ordeal we went through there was the same as so many others I have read about today - a 4 hour wait, overly pushy salesman, hard sell on an extended parts "guarantee" and so on. I would not recommend this company to anyone.

Anyway fast forward 3 months and I decided to see if I could get a better deal on the finance, which I now have. So I called up the finance company (creation) for a settlement figure and have been given a figure higher than the original amount. Now I am prepared to accept that finance companies try to get as much interest paid as possible up front but despite that the amount they are asking seems rather high. Is any recourse to this situation? We have duly paid approx £1500 toward the loan but this seems to have been entirely swallowed up as interest, and yet more plonked on top. The rate is a rather high 18.8 APR, but it seems as if they are not rebating any of that £1500 in the early settlement.

Frustrated, but glad to know I won't be paying for the whole term

MortgageChallenge2011

I know of a friend who went to Carcraft in Sheffield to look for a car and asked why there was no price on the windscreen just a figure per month!! He wanted to pay cash but somehow they didnt want to know him. You can see now why this company has a cushy number with its finance partner/ It will receive a payment from Creation for every customer taking finance and Creation will benefit as who nowadays who will keep a car for 5 years (especially from Carcraft as they will fall apart!!) with a front loaded high interest loan.

pwharman

I agree, they were very attentive once they knew we wanted finance. The only thing I have to be happy about is that I can still save quite a bit by getting out of the agreement. I feel very sorry for people who go there with a bad credit rating.

The only positive thing I can say is that they gave us a good price for our trade in. That does not make up for the underhanded approach to everything else. Here's hoping that the car stays in one piece for a while at least.

Apples2

pwharman wrote: »

. I feel very sorry for people who go there with a bad credit rating.

I find it incredible that someone went there WITHOUT a bad credit rating.
Carshaft are nothing about cars, they are all about selling finance.

We had a poster on here a while ago related to an employee there. He used to tell tales of selling the same car 5 times over, i.e sell it to someone with bad credit, they fail to meet the payments, repossess, "auction" it back to themselves then sell it again to another mug who has no chance of affording the repayments. The cycle continues.

Good news that you have a way out....even at a high price it will be hugely cheaper than letting the finance run it's course.

pwharman

Apples2 wrote: »

I find it incredible that someone went there WITHOUT a bad credit rating.

I know . It'll teach me to do the research prior to the visit.