Old cars on forecourts at silly money

rev_henry

Strider590 wrote: »

What they've done there is given too much for the cars and now refuse to sell them at a loss.

I think this is it rather than dodgy loans - its a proper main dealers. Up here (Cumbria) most dealers want silly money. They take advantage of mostly old folk who have money but no clue.

colino wrote: »

All sorts of permutations from money laundering to sub-prime finance (with £1k minimum trade-in for a welly boot), or even worse, a buy-here-pay-here operation. Unfortunately there is a bum for every seat and people who are at the bottom of the credit scale often pay far more for all of their goods.

What's one of them?

DKLS wrote: »

Do you have a link for that 540i? please, am looking for cheap a luxo-barge for a european charity roadtrip.

Its on a local members only facebook group. PM me if you like. All I ask is that you give me the car as commission on your return from said roadtrip.

TradePro

DKLS wrote: »

Do you have a link for that 540i? please, am looking for cheap a luxo-barge for a european charity roadtrip.

I doubt it would make it to the ferry.

artichi

I always thought it was down to stock valuations on their books. If they buy a p/x for £2k, goes on the forecourt at £3k, goes on their P&L as a £3k asset. To drop the price would mean to take a hit on their assets and devalue the company/make them insolvent.

colino

Buy-here-pay-here is a building phenomenon that has really taken off in the US, but has always been around here as the bomb-site guy who allows people to drive bangers and pay them off, on tick, to him. Downsides are the people who buy BHPH junk is that they have no credit choices, are bound to the guy they bought them from, who all appear oblivious to consumer rights. The favourite is inviting someone who has been late for payment or short one week in for a free service. When the driver is distracted and out of the car, it is put at the back of the yard and barricaded in to be re-sold to the next unfortunate. No comeback as the paperwork was never in their name. Don't discount BHPH as a US anomaly. It has got so big Investment Houses are getting involved and we know how brilliant their history is in creating bonds from sub-prime mortgages.
BHPH, OFT or not (who would have thought pay-day lending would have taken off here) is coming to the UK.

spacey2012

Its a cover for a gambling den.

rev_henry

colino wrote: »

Buy-here-pay-here is a building phenomenon that has really taken off in the US, but has always been around here as the bomb-site guy who allows people to drive bangers and pay them off, on tick, to him. Downsides are the people who buy BHPH junk is that they have no credit choices, are bound to the guy they bought them from, who all appear oblivious to consumer rights. The favourite is inviting someone who has been late for payment or short one week in for a free service. When the driver is distracted and out of the car, it is put at the back of the yard and barricaded in to be re-sold to the next unfortunate. No comeback as the paperwork was never in their name. Don't discount BHPH as a US anomaly. It has got so big Investment Houses are getting involved and we know how brilliant their history is in creating bonds from sub-prime mortgages.
BHPH, OFT or not (who would have thought pay-day lending would have taken off here) is coming to the UK.

Ah yes think I've seen that on watchdog a few years ago, though not given that succinct name! They don't bother with paperwork/FSA authorisation and just say 'pay me £25 a week' or whatever?

[Deleted User]

Dodgy back street traders and small time taxi firms are usually just fronts for organised crime.