car finance payment device

molerat

sjbrun wrote: »

I get flyers from a companny called buy as your view or something. Very high interest rates, a brighthouse type company. It says on their flyer if you take anything from them they will fit a simillar device to your new or existing TV. It's another way of securing paymennts

High interest rates and you have to put up with that... I don't know why people use them.

Really ?

Gaz83

sjbrun wrote: »

High interest rates and you have to put up with that... I don't know why people use them.

Some people don't have a choice, for whatever reason.

Other people do have a choice, but can't resist having something new and shiny.

Bonfire_Bride

I work in car finance (not the collections department obviously)

but I have NEVER heard of a car that can be switched off if you miss a payment.

Thank goodness you weren't sat at traffic lights.

And yes, they can do it.

The car is legally theirs until you make that 36th payment.

AnotherJoe

Gaz83 wrote: »

Some people don't have a choice, for whatever reason.

Other people do have a choice, but can't resist having something new and shiny.

Everyone will have a choice because if they can afford a loan like this, they can afford to buy a old car. So I'd say 100% fall into "new and shiny" category.

~Brock~

Please allow me to potentially put the cat amongst the pigeons......

Regardless of the 'it's their car they can do what they like' sentiment, the finance company should not be acting in this way.

Interrupting the peaceful enjoyment of the goods is a form of enforcement which at the every least, in order to comply with the Consumer Credit Act 1974, must be preceded by a Default Notice (that must give 14 days for the breach to be rectified). In the case of HP and Conditional Sale agreements where the borrower has already paid more than one third of the total amount payable, a court order must also be obtained.

Any contractual right that they think that they may have to behave like this - based upon whatever documents you have signed - cannot override statute and would therefore more than likely be judged to be unfair.

I think you will find that the FCA is taking a very dim view of this type of behaviour and I would suggest that if you were to start their complaints process over this and ultimately end up at the FOS they would have some very difficult questions to answer.

Herzlos

Bonfire_Bride wrote: »

Thank goodness you weren't sat at traffic lights. .

It's an immobilizer - they don't just kill the car, they just disable the immobilizer so that you can't turn it back on. Worst that'll happen is you park it somewhere and can't get it going again, then either have to keep feeding the P&D or get a fine/invoice from the council/scammer.

Seems to be a fairly standard approach for sub-prime car finance, usually on grossly overpriced bangers.