car finance pass time device fitted

jazzajack

the interest is high , i am in the process of dissassocisting myself with my ex, and i needed a car pronto . ( was hiring one at 150 a week ) . I have no issue whatsoever with the amount i am paying back , it is actually saving me money in a roundabout way. My only concern is making sure that there are no problems with the immobiliser /tracker system (which incidentally saved me a lump of money on insurance as if stolen I can have it immobilised and tracked )

Mobeer

Can't you just find a used for for much less money?

AdrianC

jazzajack wrote: »

My only concern is making sure that there are no problems with the immobiliser /tracker system

Presumably this immobiliser/tracker is provided by the lender on a fully-maintained basis, so it's not your problem if it does?

jazzajack

yes it is fully maintained by the lender i have no extra costs to pay for it.
Mobeer , as I said , my ex wiped me clean out , so no spare cash to lay out.
This deal was also no deposit / fees and first repayment is not till mid february

AdrianC

jazzajack wrote: »

yes it is fully maintained by the lender

There y'go, then. Nothing to worry about. If it gives you grief, you throw it at them. I would _hope_ that includes a loan car whilst it's out of action...

[Deleted User]

So, exactly how much is this costing, over the 36 months?

Also, is it finance, as in the car is yours after 36 months, or lease, as in it goes back to the dealer?

forgotmyname

Im guessing the car will be overpriced 50% anyway then add another 50% interest.

You could buy this car for cash in less than 6 months. If you use that £150 a week your spending on renting.

Buy something cheap. Something slightly older/petrol with few extra's to break.

Maybe something that people may strike up a conversation. Rather than a glance at why dont you have a decent car. Older classic?

Richard53

What a shame some people are having a go at the OP for his choices. He's cleaned out, he needs a decent car, and he's found a way of getting one in a way he can afford (he says the travel allowance will more or less cover the payments). OK, it's not an ideal arrangement, but then he is not in ideal circumstances. Give the guy a break!

OP, I hope the car does what you need it to, and after 36 months you are in a better position to replace it, and have your finances on the way to recovery. You know the interest rates are high, but you have factored that in and are happy with it. Good luck with it.

I have lived with a spendaholic, and getting out from under is no fun at all.

Tiddlywinks

The OP has said he has NO SPARE CASH... so stop telling him to buy something cheaper.

His back is clearly against the wall and he says he has fully thought the deal through and it is his only way to get a newish car.

Just accept that. He only wanted opinions on the immobiliser.

OP - it is an expensive deal but you already know that and accept it... good luck with it and let us know how it goes for you.

forgotmyname

And what happens when the car needs a big service in the meantime? Missed payments and unable to use the car to goto work to earn money to pay for it.

The potential for financial ruin could be a breakdown or 2 away. Its a 5/6 year old car so repairs are not to be unexpected.

Cambelts, Tensioners, Pulleys, Clutch/Flywheels may all need replacing whilst still paying for it.

I know someone that bought a 2005 car just over a year back and will be paying £7500 for it with the interest.

Its had countless parts replaced, Some by the seller and mostly by them. Its a complete lemon with a noose hanging around their necks because they cannot afford to do anything else.