18 Year Old PCP

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  • That is an excellent post and so true
    Thanks for summing up the thread perfectly.
  • motorguy
    motorguy Posts: 22,452
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    edited 13 February 2018 at 6:46PM
    Robisere wrote: »
    I am 72 now and my cousin (and lifelong best mate) almost 72, but years ago, we both bought thoroughly innapropriate ways to get mobile. At 17 I borrowed money I didn't have to buy a motorbike. At 18 my cousin borrowed much more to buy a beautiful yellow Ford Zephyr convertible*.

    We both experienced problems paying back the HP and had to sell bike and car, then spent about a year each working off the difference. It was a salutory lesson to both of us and we each received our full share of parental "We Told You So." Neither of us bought anything that we could not comfortably afford, again.

    The point is, we were young. We saw the shiny, 'chick magnet' vehicle of our dreams and every sensible consideration went out of the window. Sad realisation came when we no longer had the vehicles, money and the 'chicks' had gone, but we each had a short good time before crashing back to Earth. But 72 still remembers being 18: how many critics of the young man in question here, were always sensible when they were young? I think it took me to 23 and my first child, to show any signs of maturity.

    The lad has learned the same lesson that my cousin and I learned. I hope it stays with him.

    * Yes, before anyone tells me they were never made, Zephyr and Zodiac convertibles were made: converted by a company called Crayford Convertibles. And my cousin's was beautiful.

    Has anyone criticised the sons choice to buy the car? I know i havent?

    What has been criticised is the "blame culture" attitude that it must be someone elses fault.
  • motorguy
    motorguy Posts: 22,452
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    edited 13 February 2018 at 6:44PM
    That is an excellent post and so true
    Thanks for summing up the thread perfectly.

    It doesnt actually - the criticism has generally been levied at you for trying to find someone else to blame, when in reality its your sons fault and situation and you condoned it (perhaps reluctantly) at the time.

    I'd be the first to admit i've spent (and lost) stupid amounts of money on cars over the years, however (a) i enjoy cars and (b) i own my bad decisions, not try to blame anyone else.
  • motorguy
    motorguy Posts: 22,452
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    Partially agree people should check things out themselves although very few of these mortgages were sold without a hefty endowment (Which I'm sure someone received a hefty commission)

    Hows that related to PPI?
  • Me too but we are talking big numbers these days.
    If he was 25 I wouldn't have asked the question.
    If your 18 you are legally an adult but credit is too easy to get if you've got a good credit score.
    On the other hand the less fortunate pay through the nose.
    Car will be sold and any shortfall will be paid by him and was always going to be the case.
    I really only wanted to know if it was worth asking VW finance to bear this in mind as it's likely to be around £2000.
    He's learned his lesson which is invaluable and maybe it's better at 18 than 25.
  • System
    System Posts: 178,077
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    Oh it is most definitely better learned at 18 than 25 when kids and mortgage are likely to be in the very near future if not there already.

    I have a great long list of stuff that goes into the "If I'd known at 18 what I know now" category.
  • AdrianC
    AdrianC Posts: 42,189
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    Car will be sold and any shortfall will be paid by him and was always going to be the case.
    I really only wanted to know if it was worth asking VW finance to bear this in mind as it's likely to be around £2000.
    So it's worth throwing £2k away - and, presumably, still needing to buy a car - rather than simply wincing and accepting a £120/mo increase in insurance premium?
  • n217970
    n217970 Posts: 338
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    AdrianC wrote: »
    So it's worth throwing £2k away - and, presumably, still needing to buy a car - rather than simply wincing and accepting a £120/mo increase in insurance premium?

    I agree, I think getting some insurance comparative quotes on cheaper cars might be a better first step - if they come in at £2k plus for a lower group he would be as well sticking as his is.
  • agrinnall
    agrinnall Posts: 23,344
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    Robisere wrote: »

    * Yes, before anyone tells me they were never made, Zephyr and Zodiac convertibles were made: converted by a company called Crayford Convertibles. And my cousin's was beautiful.

    Was it like this one? I'll bet they're worth a bit these days.

    139_d.jpg
  • Mercdriver
    Mercdriver Posts: 3,898
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    uknick wrote: »
    If you are referring to the 2016 This is Money article;

    http://www.thisismoney.co.uk/money/cars/article-3644528/Claims-lawyers-looking-mis-selling-PCP.html

    that people were not specifically told PCP may cost more than a bank loan, wouldn't that be covered under caveat emptor? Or, the fact it wasn't explained the balloon payment may be more than the car is worth, isn't a buyer expected to do due diligence anymore?

    I did read the other day interest only mortgages are being looked at because people don't realize they have to find the capital to pay the mortgage off at the end of the loan period. What did they think would happen? The bank would write it off?

    This bit isn't new at all. Years ago there was misselling on endowment mortgages where the borrower too an interest only mortgage and took out an endowment savings out. Many if not most were told that the endowment would not only pay off all the capital, but also leave them with a nest egg as well.
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