Extortionate car finance

browneyedbazzi

OP - did you sign a finance agreement? did you read it before signing?

If you didn't sign the agreement or receive the required paperwork then you may have an excuse for not realising the costs etc, (and possibly a way to get out of it) but otherwise you're stuck with it and it's your own fault for ignoring the information that was given to you...live and learn!

motorguy

attero.attero.attero wrote: »

£6720 is not excessive where as £10,080 is on a car that is valued at £5995
the agreement was set at x apr and from what this person told me is x apr is being charged plus a daily interest rate

No. Thats is not whats happening. Interesting is applied at a daily rate, which equates to the "APR".

attero.attero.attero wrote: »

like I said if they said this is your agreement....this is your monthly payment...and this is what you are paying back I would said no forget it

So are you saying you didnt even know your monthly payment nor how long it was over? Sorry but thats total negligence on your part.

attero.attero.attero wrote: »

stupidly on my part

Yes indeed.

attero.attero.attero wrote: »

I rushed to get a car as my partner was expecting a baby the car was never worth that in the first place £3000 at a push...yes I understand finance means you pay over the top but to equal the value of the car come on is this really what the world comes down to?

Sorry, but why did you "rush"? Correct me if i'm wrong, but is pregnancy not a nine month thing? Or was your partners instant?

It sounds an awful lot like you used one of these car companies that specialise in finance for people who have a poor credit rating.

motorguy

attero.attero.attero wrote: »

you 2 must get off on thinking your superior because I have asked a question....

No, but i strongly object to two things.

(a) the blame culture approach whereby people "blame" others for their own mistakes - its always someone elses fault.

(b) you're specifically blaming the motor trade and finance company, which quite frankly takes enough flack.

attero.attero.attero wrote: »

which is legitimate.....I guess I have answered my own question... is the world really this messed up I look straight at you 2
the car was purchased 3 years ago why would I know off the top of my head who the company was that financed it....do you know where you was at this time 36 weeks ago or 1769 hours ago etc.....doubt it....no wait probably on here making idiot comments
Cornucopia thank you for advise I will look into it

You didnt do a simple calc of monthly payments * period of loan. Thats YOUR fault. Not anyone elses.

disco.stu

attero.attero.attero wrote: »

you 2 must get off on thinking your superior because I have asked a question....which is legitimate.....I guess I have answered my own question... is the world really this messed up I look straight at you 2
the car was purchased 3 years ago why would I know off the top of my head who the company was that financed it....do you know where you was at this time 36 weeks ago or 1769 hours ago etc.....doubt it....no wait probably on here making idiot comments
Cornucopia thank you for advise I will look into it

As much as you may not like to hear it, and you may not like the tone, their message is 100% correct. A finance company or car dealer can offer you the worst deal in the world, but you don't have to sign it. Signing something in desperation because you didn't plan adequately or consider other alternatives (it probably would have been cheaper to rent a car for a month while you sorted things out properly) was never going to end well. Small-time finance houses thrive on this sort of thing, but you are ultimately responsible for accepting their offer.

And yes, it is surprising to hear that you don't know the name of the finance company, given that you signed up to pay a fair chunk of money to them every month. Does it not appear on your bank statements every month? Do you take out that many finance agreements that you can't remember which is which?

If you have funds available, you should be able to settle the agreement. There will almost certainly be a fee involved, but you will save on the interest of the remaining loan period.

londonTiger

such a small price for a car and such stupid terms. 6 year loan on a 6 grand car!!

if you were so poor why didn't you just buy a 1 grand runabout?? you've paid over the odds for this stupid car and now you have the cheek to turn on other people for mocking you.

such silly people about. I bet someone could just set themselves up for life. Set up a used car forecourt with lot of cars, start selling cars on finance, and then add an extra 0 after the loan term. Punters will never check the paperwork. Pension plan sorted. Jog on.

Richard53

jimjames wrote: »

Not sure about law in Denmark.

It's a Hamlet thing. Act I, scene iv.

"Something is rotten in the state of Denmark."

disco.stu

londonTiger wrote: »

I bet someone could just set themselves up for life. Set up a used car forecourt with lot of cars, start selling cars on finance, and then add an extra 0 after the loan term. Punters will never check the paperwork. Pension plan sorted.

Quite clearly, someone has!

Stooby2

attero.attero.attero wrote: »

the car was purchased 3 years ago why would I know off the top of my head who the company was that financed it....do you know where you was at this time 36 weeks ago or 1769 hours ago etc.....doubt it....no wait probably on here making idiot comments

I bought a car 8 years ago from Shipley Bridge Motors from Jim the sales guy, (I think he's still there) using Black Horse Finance on a 36 month plan. I still have the paperwork (although it's really time to get shredding), but that's the thing with buying things on finance- they give you paperwork telling you what the term, rate and repayments are. You need to look after it.

And as others have said, if you're one of those customers that just signs stuff without checking, then you are a salesman's dream.

facade

Look up voluntary termination.

You may be able to simply hand them the car and walk away with nothing, but owing nothing.

In future, ignore interest rates and such, simply multiply the repayment by the number of payments, add the deposit, and see how much more that is than the cash price.

andydiysaver

there is a breed of people who go on these forums who seem to feel much better by calling other people stupid and ticking them off for not reading T&C's and etc and etc.


If I signed up to a ridiculous rated APR on a no win no brainer car loan do you think I'd need to hear how stupid I was/am 100 more times, or do you think I'd be more than aware of this fact every time I saw my monthly bank statement?


needless negativity in my opinion. Stupid people know they're stupid already and people who delight in telling others what rubbish mistakes they've made.......and taking the higher ground without even going outside. Then they're stupid but they're also condescending. I think the latter is worse than the former!