Car finance seems so easy nowadays?

lewishardwick

Indeed. It's all there in the T&Cs and charges are pretty clear. But people either forget or their circumstances change...

engineer_amy

lewishardwick wrote: »

Indeed. It's all there in the T&Cs and charges are pretty clear. But people either forget or their circumstances change...

But how many people actually read the T&Cs? Too many people signing a document, then come on here screaming that they have been scammed because they didnt understand what they were agreeing to

Thrugelmir

MissSJL wrote: »

We are thinking of going down the finance route in the next year or so but I'm worried about getting sucked into a scam or something.

New car prices are inflated. Nothing is free so to speak. You'd be better off buying a low mileage used vehicle.

Nasqueron

lewishardwick wrote: »

Surely car finance is no different than a mortgage.

Stop paying, they reposses and destroy your credit rating.

PCP is popular because we live in a culture that demands the very latest. Car, phone, tablet, laptop etc. It makes it easy for the manufacturer to quite rightly tell you "you can have a new car every three years!" Then sting you for excess mileage, or a 2cm scratch. Easy money!

I went on PCP as it was 0% finance

I went in knowing full well what the deal was and the salesman worked with me to establish how much of a deposit to put down so I could get the monthly payments I wanted and made it clear how much the balloon payment at the end will be (I have no intention of trading it in and getting another load of debt). The mileage rates were explained and agreed on (based on my average mileage in my old car) and the final agreed value was reached. I am well aware I would be stung for excess mileage and scrapes were I to trade it in. Not all of us are unable to read what we are signing up for!

roddydogs

For example,£750 off & 0% finance, you'd be daft to pay cash even if youve got it, and no its not only against MLP (in my case)

fierystormcloud

MissSJL wrote: »

I'm curious as to how so many people I know with credit problems are managing to get hold of car finance these days? It's seems so hard to get bank loans and mortgages.

bengalknights wrote: »

Its usually because its secured against the vehicle which they can sell if you default (albeit at a loss)

This ^^^

Deadbeat wrote: »

Agreed, it seems a bit of a disaster waiting to happen.

Our friends across the Atlantic owe over $1T on vehicle finance.

What is $IT?

Nearlyold wrote: »

If it's HP or a PCP (which in most cases is a form of HP) you don't own the car until all payments have been made, you are hiring it from the finance company hence the name Hire Purchase. As far as I know you can put a personal plate on the car but you would need to liaise with the finance company.

Not all car finance offers are HP based some are Fixed Sum/Term agreements essentially personal loans where you own the car from outset

Really???

So does the same apply to houses? Can you not decorate, or put a conservatory on, or solar panels, or a satellite dish, or a shed in the garden, or convert the loft or garage, unless you get permission from the bank who you have the mortgage with? :huh:

That's news to me. Same with the car situation. I know several people with cars on finance - one owes £8K, and he never got permission from the finance company to put his private number plate on his car.

Nearlyold

fierystormcloud wrote: »

This ^^^



What is $IT?




Really???

So does the same apply to houses? Can you not decorate, or put a conservatory on, or solar panels, or a satellite dish, or a shed in the garden, or convert the loft or garage, unless you get permission from the bank who you have the mortgage with? :huh:

That's news to me. Same with the car situation. I know several people with cars on finance - one owes £8K, and he never got permission from the finance company to put his private number plate on his car.

The plate changes the identity so you should let the finance company know, wasn't aware that liaise
meant seek permission but perhaps you have a different dictionary to me.
See Audi finance's requirement.
https://www.audifinance.co.uk/en/private_customers/manage_your_agreement/need_to_change_your_agreement/changing_your_registration_number.html

molerat

fierystormcloud wrote: »

What is $IT?

1 Trillion US $




Really???

So does the same apply to houses? Can you not decorate, or put a conservatory on, or solar panels, or a satellite dish, or a shed in the garden, or convert the loft or garage, unless you get permission from the bank who you have the mortgage with? :huh:

Read the mortgage documents, some major building works will require the lender's permission. Works that do not affect the fabric of the building obviously will not.

That's news to me. Same with the car situation. I know several people with cars on finance - one owes £8K, and he never got permission from the finance company to put his private number plate on his car.
The finance documents state that the debt is secured against ZZ17 ABC so what happens when the vehicle becomes B16 ARS, they need to read the finance documents to see if they are in breach of contract.

.........................................

takman

Nasqueron wrote: »

I went on PCP as it was 0% finance

I went in knowing full well what the deal was and the salesman worked with me to establish how much of a deposit to put down so I could get the monthly payments I wanted and made it clear how much the balloon payment at the end will be (I have no intention of trading it in and getting another load of debt). The mileage rates were explained and agreed on (based on my average mileage in my old car) and the final agreed value was reached. I am well aware I would be stung for excess mileage and scrapes were I to trade it in. Not all of us are unable to read what we are signing up for!

Surely if it is a 0% interest deal you would want to pay the lowest possible deposit so you can keep the money in your savings accounts for longer earning you more interest!.