car finance pass time device fitted

WillyWonga

Best advice I can give is to keep the car in tip top condition - check/change oil regularly and give it a proper service every year. The car is 5 years old at least now and this is the time parts can start to wear.

My only concern is that you have this car for another 5 years. An average 58 Focus is about £4k but specialised car finance dealers will mark it up to say £5k. On 25% interest that's 60 x £145 a month (ish) leaving total amount repayable £8600. If you come to sell the car in say 3 years the finance fig to settle will outweigh the value.

But all said and done this can be a lifeline for some and a breakthrough they desperately deserve. So if you have only just got the car take it for a decent run. Take it up to the speed limit on the motorway for a junction or 2 to listen for anything abnormal. If you spot anything take it back to get it repaired by the dealer. Then take it on some winding country lanes.

Apples2

jazzajack wrote: »

Interest rate is 25% car is a 58 focus from a very reputable dealer

Is that the APR?

The Apr and interest rate can be completely different, especially with car dealers. Who is the dealer and who is the finance with?

Hopefully with a 58 plate it should bring you reliable motoring.

jazzajack

its a 36 months deal. The dealer gave me it for a full day with fuel to test drive , and i had it checked out by a friend mechanic whilst i had it. I took it for a 200 mile drive on different roads to check it out thoroughly . I am fully eyes open with it and it has thrown me a lifeline.
Unfortunately my ex got an addiction to bingo sites and has made my credit file look like she threw a hand grenade at it lol.

spacey2012

Does the employer insist you have a car, or is it to travel to work.

Any job where the employer insists you supply a car always equates to one thing .
You will be using your wages to subsidise a poor business plan.
Any capital in the car will be used to subsidise the employer and when the car is shot, there will be no money left to buy a new one as you will still be in mountains of debt with no car.

Please tell us it's just to travel to work.

jazzajack

spacey , I am self employed and will be used for travel to work and return once a week . I work away from home. A site vehicle is provided at work.I will receive a travel allowance from them which will more or less cover the repayments

AdrianC

jazzajack wrote: »

its a 36 months deal.

At 25% APR? For a six year old, £2-3k car...?
<wince>

Unfortunately my ex got an addiction to bingo sites and has made my credit file look like she threw a hand grenade at it lol.

Given that she's your ex, can't you get disassociated from her finances? Or did you guarantee her debts in some way?

colino

As these systems are designed only for the sub-prime market, users are never going to get anything even remotely approaching an average finance deal. Couple that to dealers participating are hardly likely to carry decent stock, the thought of worn out cars plus additional immobiliser hardly fills me with confidence.

Apples2

AdrianC wrote: »

At 25% APR?

I hope I'm wrong but I suspect that is 25% Flat Rate.

Buzby

It would appear that the car self-immobilises monthly without user intervention. Only the entry of a PIN delays the locking by another 4 weeks or so.

AdrianC

Apples2 wrote: »

I hope I'm wrong but I suspect that is 25% Flat Rate.

<prods repayment calculator site>

Holy carp. Damn near double the interest payable over the life of the loan, taking the interest to damn near as much as the principal.