The Car Loan Company Portsmouth

John_roberts75

Hi

i would like to offer anyone advice whos thinking of taken finance with these "cowboys"..

Dont...


I wish my wife and i had known the true payment details regarding how our first 8 months payment s .. We was told on the day of signing for our lexus that it has been serviced etc etc. I brought the car home checked filters oil plugs etc and nothing had been changed. We have paid 8 months payments of over 2300 pound on a car of 6500 .when i rang up to get a settlement figure qe was told 3 different figures ranging from 6350 to 6560. So where has the 2300 pound off the interest.which we was never told this is how they operate if i had known i would not bothered.you asume so much comes of the car ever month and also the interest not just interest all fpr the first year ( what i was told) .so i have now gone to the ombudsman service to explain that i feel.i was mis sold this agreement as we were never told about a major decision regarding this factor..not only this the customer service skills are shocking! !!! They threaten you with legal.action for 1 missed payment and also issue a repossession order. They are not concerned that i was out of work for 3 months due to a work injury , they just wanted money money money..please stay away from these. . They are well known to the ombudsman ,if only i had known.

Gaz83

John_roberts75 wrote: »

Hi

i would like to offer anyone advice whos thinking of taken finance with these "cowboys"..

Dont...


I wish my wife and i had known the true payment details regarding how our first 8 months payment s .. We was told on the day of signing for our lexus that it has been serviced etc etc. I brought the car home checked filters oil plugs etc and nothing had been changed. We have paid 8 months payments of over 2300 pound on a car of 6500 .when i rang up to get a settlement figure qe was told 3 different figures ranging from 6350 to 6560. So where has the 2300 pound off the interest.which we was never told this is how they operate if i had known i would not bothered.you asume so much comes of the car ever month and also the interest not just interest all fpr the first year ( what i was told) .so i have now gone to the ombudsman service to explain that i feel.i was mis sold this agreement as we were never told about a major decision regarding this factor..not only this the customer service skills are shocking! !!! They threaten you with legal.action for 1 missed payment and also issue a repossession order. They are not concerned that i was out of work for 3 months due to a work injury , they just wanted money money money..please stay away from these. . They are well known to the ombudsman ,if only i had known.

It's highly doubtful that they would have front-loaded all interest. It's just that you pay higher interest at the start of the loan due to having a larger capital balance. Post the figures and APR here if you want and I'll have a look for you.

Lexx0r

Ive actually had a good experience with these bunch.
Just remember to set-up new finance (after you have made good payment history to these lot) once your able to VT.
This way you dont overpay for the car which they always overprice and wack a huge interest rate on.

The main suggestion of getting a older car first is the best way though!

helsbels1975

Don't touch this company with one!!


They pressure sell and mis-sell overpriced vehicles.


I really wish I had not purchased a vehicle from them and after months of battling with them to do the right thing and refund my money I will be going to court in the new year.


They openly admit pressure selling me my car but think that fobbing me off with the old "staff training will be given" line makes it alright.




I would rather drive round in a £250 banger than buy a car through these people.

Tosh576

I contacted this company as an enquiry as i was unable to obtain car finance or a lease agreement. Thus hiring a car at silly money per month.

I spoke on the phone with there office and they said I can go and buy any car I want from any garage I choose. I thus proceeded to source a vehicle and met the agent at the dealership and did the paperwork etc.. Yes I'm aware I'm paying a lot in interest but it's less than half the price of flexi lease etc

I'm hoping to get the call Friday say the dealers been paid and I can go and collect the car .. So far I'm utterly shocked as the smoothness of things. I'm aware you also have a pin device to activate the car, hence non payment means the car is immobilised until you pay. Not a bad idea really although not ideal I get the car I want from a dealer I want. NO pressure no hassle just provided all my details ,wage slips etc ..highly impressive set up and I had no idea just had big the business is until it was on sky news.

May be i will be let down by Friday but so far so good..

I will post once again once I get The Come and collect your car phone call !!

All seems good so far......

nicholaswitchell

tosh576 wrote: »

I contacted this company as an enquiry as i was unable to obtain car finance or a lease agreement. Thus hiring a car at silly money per month.

I spoke on the phone with there office and they said I can go and buy any car I want from any garage I choose. I thus proceeded to source a vehicle and met the agent at the dealership and did the paperwork etc.. Yes I'm aware I'm paying a lot in interest but it's less than half the price of flexi lease etc

I'm hoping to get the call Friday say the dealers been paid and I can go and collect the car .. So far I'm utterly shocked as the smoothness of things. I'm aware you also have a pin device to activate the car, hence non payment means the car is immobilised until you pay. Not a bad idea really although not ideal I get the car I want from a dealer I want. NO pressure no hassle just provided all my details ,wage slips etc ..highly impressive set up and I had no idea just had big the business is until it was on sky news.

May be i will be let down by Friday but so far so good..

I will post once again once I get The Come and collect your car phone call !!

All seems good so far......

All seems a bit like you work for the said company.

forgotmyname

tosh576 wrote: »

I contacted this company as an enquiry as i was unable to obtain car finance or a lease agreement. Thus hiring a car at silly money per month.

I spoke on the phone with there office and they said I can go and buy any car I want from any garage I choose. I thus proceeded to source a vehicle and met the agent at the dealership and did the paperwork etc.. Yes I'm aware I'm paying a lot in interest but it's less than half the price of flexi lease etc

I'm hoping to get the call Friday say the dealers been paid and I can go and collect the car .. So far I'm utterly shocked as the smoothness of things. I'm aware you also have a pin device to activate the car, hence non payment means the car is immobilised until you pay. Not a bad idea really although not ideal I get the car I want from a dealer I want. NO pressure no hassle just provided all my details ,wage slips etc ..highly impressive set up and I had no idea just had big the business is until it was on sky news.

May be i will be let down by Friday but so far so good..

I will post once again once I get The Come and collect your car phone call !!

All seems good so far......

Did you see some flying pigs whilst you were there?

MikeMouse

If they accept you .........

They quote 49.6% Representative APR but if you have a poor credit history as you say in your original post you are likely to be put on a much higher rate.

They have a button at HQ to immobolise your car the minute you miss a payment at this extortionate rate and you will have to continue paying your very expensive insurance during this period plus what ever penalty charges they will apply for late/non payment before they allow you drive your over priced car again.

If your application is declined they already have your agreement to pass your details on to other lenders - the type you are trying to avoid by looking at this deal in the first place - and these companies will look to charge redicolously higher APR's than 49.6%, will record searches on your credit file and lower your chances of anything decent in the near future. They will probably call you and text you a lot over the next few months as well as leads like yours are gold to these folk.

However on the plus side if you buy a car through them they will enter you into a draw for a 2015/2016 Portsmouth season ticket. Portsmouth are 3 points away from being a non league club right now. So if you like football, if they accept you for their over priced finance product and if you then go on to win the draw you may get free non league football for a year!

Skip the car idea, get the bus, work on your credit file for a while and then get a proper car loan from a bank at something like 14% APR or perhaps a little higher if your credit file is better than it is now but still not great.

AVOID

Tosh576

I most certainly don't work for them - as I run my own business I'm paying double for flexi lease hire which I've had 2-3 years. So I'm over halting my payment and getting a car after 3 years. Yes I agree it's the greatest deal in the world but a dam site better than flexi leasing or hiring. I need a car for work and don't envisage any issues paying them... Worst scenario is guys are spot on and I simply give up the vehicle..

Tixy

tosh576 wrote: »

Worst scenario is guys are spot on and I simply give up the vehicle..

From other similar companies people have posted their worst case scenario as being that a payment is missed, the car is disabled, which could be at a truly inconvienent time/place (stuck at a motorway services miles from home/stuck at a petrol station/ the day you are going to an important customer/ about to drive wife in labour to hospital etc).
Then at some point later the car is repossessed but that the customer still ends up owing and being chased for an outstanding balance.

If the APR is 49.6% APR (or more) I'd be amazed if it worked out as cheaper than leasing a car.

But what APR have you been offered by them? what are your monthly payments going to be? how long are you taking the loan over?