car finance pass time device fitted

Richard53

forgotmyname wrote: »

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.

With respect, none of that is relevant to the original question. The OP has thought it through, has made a decision, and wanted opinions on the keypad thing.

If the OP had wanted advice on the wisdom of buying a newish car in his circumstances, or the terms of the finance deal, I am sure he would have said so.

jazzajack

Thanks Richard , new job is for at least 2 years , car has new cam belt fitted , this was my condition for buying it , its got 51000 on clock verified. cash price for car was 6500 and i negotiated it down to 5500 and i will be paying back just over 9000. the new job will give me more than enough income to be prepared for any disasters. I can also make overpayments whenever i want and will be paying the extra i am saving from hire car off the finance . my plan is to pay it off within 16 months. so i think i have the financial side covered. still begs the question of the reliability of the immobiliser ..........and yes i will own the car outright
and Richard , glad you got out of that relationship , I really do know what you probably went through

[Deleted User]

forgotmyname wrote: »

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

What did he buy, a Ferrari? :eek:

goonarmy

I would swerve this like the plague even if it meant i missed out on work.

AdrianC

jazzajack wrote: »

still begs the question of the reliability of the immobiliser ...

Well, not really, since - as you already told us - any issue with the immobiliser is their problem. I do hope they'll be removing it at their expense at the end of the finance period?

vikingaero

IIRC you can buy from normal dealers under this scheme, so you avoid the overpriced guff sold by "Guaranteed Car Finance" car sales places.

forgotmyname

Bedsit_Bob wrote: »

What did he buy, a Ferrari? :eek:

Close a French hatchback that i would say was worth £2000 max. But they are paying back over £7500.

facade

That's how these things work, they have desperate people over a barrel.

It is up to the OP as an adult if that is how he wants to proceed.


I passed a shop in town that preys on low income families:
You can buy a £400 TV for £50 a month for only 2 years! Common sense suggests that they get a £50 TV off gumtree and wait another 8 months to buy the £400 TV for cash. However the shop seemed to be doing very well thankyou. If people want something now, and don't have the cash or a good credit rating they take these deals.

jazzajack

goonarmy wrote: »

I would swerve this like the plague even if it meant i missed out on work.

Well I for one cant afford to miss out on work I have bills to pay and this solves that issue

goonarmy

jazzajack wrote: »

Well I for one cant afford to miss out on work I have bills to pay and this solves that issue

Fair enough, im speaking for myself. But if its the only option so be it.