My car on finance is falling its mot

Grumpy_chap

Jesterrmum1703 said:

No the car was bought in 2017 what he didn't know is that this car has always had alot of mechanical issues since first mot 2012 especially with electrically faults. The car finance company is go car credit and the place he got the car from is concept car credit in Radcliffe once the car payment have finished next year the total including the high interest rates that go car credit charge the car would have cost over £18000

Confused now.  Is @Jesterrmum1703 the mother of @david0901 ?  There is a lot in this post that was not stated by the OP.

It is still difficult to see how a 2009 S-Max purchased in 2017 (8 years old) either now or then had £18k purchase cost  - it's typically a £5k - £10k car.

For what is now a 11 y.o. car, £700 a year in maintenance costs is probably to be expected.  £200 for back-street garage service and MOT plus £500 for either parts that are just age-related worn out and / or genuine consumables that wear on any car of any age and condition such as tyres, brakes.

If the outstanding finance is truly £18k, that just seems wrong.  As Adrian suggested, outstanding finance of £1.8k seems more plausible, but still high on an older used car after 3 years.

lcc86

Grumpy_chap said:

Jesterrmum1703 said:

No the car was bought in 2017 what he didn't know is that this car has always had alot of mechanical issues since first mot 2012 especially with electrically faults. The car finance company is go car credit and the place he got the car from is concept car credit in Radcliffe once the car payment have finished next year the total including the high interest rates that go car credit charge the car would have cost over £18000

Confused now.  Is @Jesterrmum1703 the mother of @david0901 ?  There is a lot in this post that was not stated by the OP.

It is still difficult to see how a 2009 S-Max purchased in 2017 (8 years old) either now or then had £18k purchase cost  - it's typically a £5k - £10k car.

For what is now a 11 y.o. car, £700 a year in maintenance costs is probably to be expected.  £200 for back-street garage service and MOT plus £500 for either parts that are just age-related worn out and / or genuine consumables that wear on any car of any age and condition such as tyres, brakes.

If the outstanding finance is truly £18k, that just seems wrong.  As Adrian suggested, outstanding finance of £1.8k seems more plausible, but still high on an older used car after 3 years.

I think the post you quoted is saying that in total once all the finance is paid off it will have cost £18k not that it was 18k to buy. Unless I have misinterpreted?

OP unfortunately cars generally start to cost a bit more with age due to wear and tear. As others have said keep on top of the servicing and this might help keep on top of some of the issues you've had. Even if you're spending a bit on your MOTs it's still cheaper than starting all over again with a new car.

Car_54

Darkslider said:

Jesterrmum1703 said:

AdrianC said:

photome said:

Is an 8 year old Smax really £18000 ? 

Or an 11yo one with £18k outstanding...

But there are 107 £17-19k SMaxes on Autotrader.
The five oldest are 2015. There are another 17 2016. The bulk - 65 - are 2017. 13 are 2018, 7 are 2019.

The 30 2008 SMaxes go from £6k to sub £1,500.

I suspect a typo in the OP, and the outstanding finance is actually £1,800.

The financier are, of course, equally liable for faults after three years of ownership as the vendor. On a now 11yo car, that liability is going to be minimal. £700 across two MOTs for a 10-11yo car is not expensive at all, especially if the MOT is being regarded as maintenance.

No the car was bought in 2017 what he didn't know is that this car has always had alot of mechanical issues since first mot 2012 especially with electrically faults. The car finance company is go car credit and the place he got the car from is concept car credit in Radcliffe once the car payment have finished next year the total including the high interest rates that go car credit charge the car would have cost over £18000

We all dread MOT time and more often that not it results in unexpected bills that you weren't budgeting for

If you’re dreading it, are they really unexpected?

Darkslider

Grumpy_chap said:

Jesterrmum1703 said:

No the car was bought in 2017 what he didn't know is that this car has always had alot of mechanical issues since first mot 2012 especially with electrically faults. The car finance company is go car credit and the place he got the car from is concept car credit in Radcliffe once the car payment have finished next year the total including the high interest rates that go car credit charge the car would have cost over £18000

Confused now.  Is @Jesterrmum1703 the mother of @david0901 ?  There is a lot in this post that was not stated by the OP.

It is still difficult to see how a 2009 S-Max purchased in 2017 (8 years old) either now or then had £18k purchase cost  - it's typically a £5k - £10k car.

For what is now a 11 y.o. car, £700 a year in maintenance costs is probably to be expected.  £200 for back-street garage service and MOT plus £500 for either parts that are just age-related worn out and / or genuine consumables that wear on any car of any age and condition such as tyres, brakes.

If the outstanding finance is truly £18k, that just seems wrong.  As Adrian suggested, outstanding finance of £1.8k seems more plausible, but still high on an older used car after 3 years.

As I suspected GoCarCredit offer car finance for buyers with poor credit history. At nigh on 50% APR I'm assuming the car was £10k or thereabouts. 

I'm sorry OP but this is what you signed up for, perhaps treat it as an expensive lesson in not signing paperwork you don't understand in future. As I said, look into seeing if you can pay the finance agreement off early to save yourself some interest payments.

Darkslider

Also I should add that's 49% APR representative, so it's possible the OP's agreement is higher still! 

A crying shame people let themselves in for these deals  the same folk who shop at Brighthouse and take out payday loans I suppose. 

Grumpy_chap

lcc86 said:

Grumpy_chap said:

Jesterrmum1703 said:

No the car was bought in 2017 what he didn't know is that this car has always had alot of mechanical issues since first mot 2012 especially with electrically faults. The car finance company is go car credit and the place he got the car from is concept car credit in Radcliffe once the car payment have finished next year the total including the high interest rates that go car credit charge the car would have cost over £18000

Confused now.  Is @Jesterrmum1703 the mother of @david0901 ?  There is a lot in this post that was not stated by the OP.

It is still difficult to see how a 2009 S-Max purchased in 2017 (8 years old) either now or then had £18k purchase cost  - it's typically a £5k - £10k car.

For what is now a 11 y.o. car, £700 a year in maintenance costs is probably to be expected.  £200 for back-street garage service and MOT plus £500 for either parts that are just age-related worn out and / or genuine consumables that wear on any car of any age and condition such as tyres, brakes.

If the outstanding finance is truly £18k, that just seems wrong.  As Adrian suggested, outstanding finance of £1.8k seems more plausible, but still high on an older used car after 3 years.

I think the post you quoted is saying that in total once all the finance is paid off it will have cost £18k not that it was 18k to buy. Unless I have misinterpreted?

OK, especially with the Darkslider post about the finance provider, maybe a £10k car that costs £18 including all finance.

I am still surprised that the OP @david0901 simply told us:

• they bought a car 3 years ago (=2017)
• MOTs cost £700 a time
• 2009 S-Max (8 yo then, 11 yo now)
• Finance  >£18k

Yet, @Jesterrmum1703 was able to tell us all the following extra information that was not provided by the OP:

• car had problems ever since 1st MOT in 2012 (= 5 year before OP purchased the car)
• finance company is go car credit
• dealer is concept car credit in Radcliffe
• credit payments finish next year (2021 = 4 year agreement)
• total including the high interest rates £18000
  

Where did @Jesterrmum1703 obtain this extra information?  It cannot be found from this thread.

Murielson

Lessons to be learnt here are buy a car that has been checked out and not a Joey that is attached to the garage by elastic and also get a loan separately at decent rates and not those of the shark involved with selling the car originally

Herzlos

All cars are going to need maintenance and some cost to get through an MOT is expected on an older car but that shouldn't be too bad. With that much negative equity your only choice is going to be fixing it.

What's hurting is the hideous APR you're paying on the finance, I'd be looking hard at refinancing it. Or potentially look to see if there's a point where you can Voluntarily Terminate the contract and hand the car back.

macman

The OP still owes the finance co. anything up to £5,250 (could be a lot less, depending on when in 2021 the 48 months is up). I'm guessing they are paying around £375pm? So, if the car is worth about £4k (seems optimistic), even with a new MOT, they are still going to owe money on the finance.
This has to be one of the most breathtakingly bad deals we have ever seen on here.
I don't see that VT is an option here? Is this not simply a personal loan secured against the vehicle?

fred246

My 16 year old car has had one advisory in it's last 11 MOTs that cost £40 to repair. If it costs £700 each time it implies it isn't being maintained properly and includes things like tyres that should have been replaced previously. In my experience even if you let an independent garage fix problems they aren't normally that expensive. Welding is the most expensive I have paid. Never paid more than £300 for that. Normally things like CV boots, brakes, shock absorbers. Nothing very expensive. Need to post exactly what you are paying for. Maybe using an expensive garage? Expensive brand tyres?