Cancelling 5 year warranty 2 years in?

Hoof_Hearted

It's such a shame. It is possible to get a very reasonable car for under £2,000 and not saddle yourself with loads of debt. It may not be the latest model but, as Motorguy showed, it will serve its purpose. Inexperienced car buyers would be well advised to take somebody more knowledgeable with them as these companies know just how to press your buttons.

mattyprice4004

10 grand of interest? Who would sign up for that?!

Madelline

Moving forward and to reply.
I did see what I have signed, Just that the car I will pay it off this year.It is the way we have budget it, just we did not want to commit on high monthly payments.The contract says that I can do early repayments so the interest does not bother me so much.(the advertisement does )
Episode 3?: Got a call from Car craft last evening and I went there to sign a new contract.Insurance have been taken off , howsoever they need to sort out my 8 months of payment and interest.Car craft will reimburse for the warranty 50 x 8 months and the finance company needs to get me refund for 8 x 230 pounds.
1) they take the amount off the contract keeping again 60 months
2)they take out 8 months of payment from my contract so left with 52 monthly repayments
3) they reimburse me with money in my account and I can decide what i can do with the money.

I am waiting for their call today.Let's see...

Madelline

chr412 wrote: »

I bought a car off finance, was told because of my age I couldn't get the car unless I agreed to the £2k warranty. Being very stupid, I took it. 2 Years later, gearbox fails, I'm basically told the warranty isn't worth the paper it's written on by the finance company, who advise me to ring Carcraft and they do have the option to remove the warranty. Ring carcraft, get told 'you signed, tough'. Is there any legal way out of paying this? Preferably I would like a refund of the whole policy, as it's a farce, but I'm aware there's no chance of that, but can I even get the payments taken off going forward? How these guys haven't been shut down for this I don't know.

Just found that that guarantee only covers 2500 pounds but everything that is not classified as wear and tear.As I know them they will classify like this.You need to give them a call and see what are the options

OddballJamie

Madelline as you bought the car in November 2011, why are you only getting 8 months of payments back?

Madelline

Because I have paid only 8 months (warranty plus sum fixed loan on car), the rest of the warranty(52 months) has been removed from my contract)

Madelline

OddballJamie wrote: »

]Madelline as you bought the car in November 2011, why are you only getting 8 months of payments back?

Sorry I bought the car in Nov 2012. It must have been very confusing...

OddballJamie

Is arranging a personal loan to clear the finance an option, as 19.5% APR is massive, that's into credit card rates.

HoofeHearted

Carcraft and other firms were exposed on this program on Wednesday night.
http://www.bbc.co.uk/iplayer/episode/b036xvt7/Your_Money_Their_Tricks_Cars/

Madelline

OddballJamie wrote: »

Is arranging a personal loan to clear the finance an option, as 19.5% APR is massive, that's into credit card rates.

Now we are moving toward another subject:Car finanace.

I do plan to do a 50% early repayment, So I need to understand, if they are going to lower the monthly instalments and keep the 5 years up
if they are going to keep same instalments but for 2.5 years

While I was wondering the internet I have seen something that basically, they say that x amount of months not to be paid, and after that period expires, you start your monthly instalments again?
Which basically you pay upfront interest and loan, but your settlement figure does not go down...which this is what I want.

In case I will have the last option, yes I will do a personal loan to cover for the fixed sum loan on the car and add my 50% early repayment as deposit.Then with a bank shall be easier to make early repayments..lol


And of the story: they will reimburse the full amount paid for 8 months inclusive of interest to my bank account this week.