Car Payments? - Page 2

macafee2 · 29th June 2019, 20:25

Quote:

Originally Posted by sworks

Wow so many opinions, and no sympathy at all. Was nobody ever young and made a mistake? We live in a different world now, times have changed.

this was my sympathy "they have both learnt an expensive lesson."

If anyone has seen "can't pay we'll take it away" there are people there
who have to pay up because they are guarantors and the debtor has failed to pay or their children live at home and have run up a debt they cant pay and bailiffs can take whatever cannot be proved to belong to anyone else.

This too is a lesson if you are going to be a guarantor, if you cant pay, don't sign.

macafee2

Les4048 · 29th June 2019, 21:04

I have every sympathy for that youngster, she was talked into something, you could almost say subtle bullying. I’ve no sympathy whatsoever with the salesman or the credit companies

jackatesme · 29th June 2019, 21:16

I blame T.V. advertising,there are so many "you gotta haves."

SCP440 · 29th June 2019, 21:31

Quote:

Originally Posted by jackatesme

I blame T.V. advertising,there are so many "you gotta haves."

They are also all trying to bigger better faster than there friends and there will only ever be one winner and it wont be them.

You see it with everything these days, this years phone is better than lasts years because it can xxx but in truth do they even use 10% of the phone they have capabilities?

I was listening to some young women talking the other day about an event they were all going to attend, one asked what the others were going to ware? One replied it will have to be something new as I don't want to be seen in anything that I have been seen in before

. Have clothes now become disposable as well as everything else?

Going back to the cars, there are adverts everywhere about pay nothing now and have an x GLS for £199 a month. What they don't tell you is that is for 2000 miles a year over 4 years and the balloon payment is £9000 and if you try to hand it back with anything more than a minor scratch or a mile over the aloud miles it will cost you so much you might as well give them the £9000.

The problem is they don't want a £1000 car, it has no street cred.

Astraeus · 30th June 2019, 07:14

It's an odd thing but it isn't really new. Back in 1982 I left school to work in the TSB bank. Great job back then. Anyway, it meant I could take driving lessons. My parents had no car back then.
Passed my test when I was 19 and wanted a car. My parents were in no position to 'fund a car as is done often today' and I would have to pay for it myself.
They were not keen on me driving a wreck. You should have seen my late friend Richard's cars. Utter heaps that would fail an MOT today without them looking at it...

Anyway I took at a bank loan and bought an utterly mint , 17k Mark 1 Escort 1300XL.

Was the envy of many friends.

Difference being back then banks tended not to lend to folk who wjould have difficulty paying it back. Loans tended to be shorter terms. You had to have a decent deposit. I am afraid like said elsewhere I don't have much sympathy for the banks and credit companies. They tie people up with seemingly too good to be true payments. As they say 'if it is too good to be true it generally is.'
I know quite a few young people who have ended up in financial difficulty with these type of things.
As for the loan companies that offer loans at ridiculous interest rates that folk often turn to in times of difficulty.....it is legalised theft! It is high time that government introduced a cap on interest rates. I cannot believe the interest rates charged by these Pay Day loan companies. Well over 1000% some of them.
Once in their clutches it is an ever decreasing circle of misery.

As for the banks....it is incredibly sad what they have become....

Chris

SideValve · 30th June 2019, 14:02

Speaking to a friend yesterday. He spends £700 a month on a car for his missus. Bad news is that they've separated and its not amicable. She's just got a new car and he's now left with the "old" car and payments & no way out that doesn't involve a substantial loss. These deals look good and, to be fair, can be good but they are a huge commitment in an uncertain world.
Me, I'll stick with a car I paid cash for three years ago. If it goes bang tomorrow, for the equivalent of a few months payments, I'll buy another one. I think I'm allergic to interest payments and depreciation :¬)

gnu · 30th June 2019, 14:28

Though I'm from the 'if you can't afford it, don't buy it' school of thought, I do have sympathy for the students of today. Imo the government's normalized debt for everyone. A 3 year student is leaving uni with £50-65k's worth of debt before they even start work. £9k p.a. tuition, and up to that p.a. living allowance (dependent on parental contribution). Any wonder they think borrowings ok for other stuff?

I've always bought my cars with cash, normally privately. But I love MG-R's, and as most people don't, there's still stonking bargains out there!

wraymond · 30th June 2019, 15:20

There are several parts to the problem. One is the financial background to today's 'students'. Not so long ago uni students were from higher income families, fees were very different, and emergencies could usually be met by the Bank Of Mum And Dad. As a result of changing methods of electoral bribery the demographics changed. Now, the Bank Of Mum And Dad have hugely expensive commitments to manage, whether or not they are justified, and funds are not so easy to draw on.

Lease Purchase isn't purchase! Yes, we all know that, but it is designed to increase sales - to anyone. We used to able to say 'the value is remembered long after the cost is forgotten', now the cost is repossession and a dreaded Credit Reference Agency number. It used to be called Hire Purchase, nothing changes. Except now they don't even require a deposit!

Simondi · 30th June 2019, 17:22

I often wonder how many of the new cars you see on the roads are actually purchased or being purchased via traditional loans or HP. I suspect that the vast majority are PCP where there is no ownership at all.

BoroRover · 30th June 2019, 17:45

[QUOTE=SCP440;2744383]They are also all trying to bigger better faster than there friends and there will only ever be one winner and it wont be them.

You see it with everything these days, this years phone is better than lasts years because it can xxx but in truth do they even use 10% of the phone they have capabilities?

I was listening to some young women talking the other day about an event they were all going to attend, one asked what the others were going to ware? One replied it will have to be something new as I don't want to be seen in anything that I have been seen in before

. Have clothes now become disposable as well as everything else?

Going back to the cars, there are adverts everywhere about pay nothing now and have an x GLS for £199 a month. What they don't tell you is that is for 2000 miles a year over 4 years and the balloon payment is £9000 and if you try to hand it back with anything more than a minor scratch or a mile over the aloud miles it will cost you so much you might as well give them the £9000.

The problem is they don't want a £1000 car, it has no street cred.[/QUOTE

Yes, I have a great friend whose job it is to inspect lease cars upon return. Believe me, no stone is unturned during these inspections. He regularly hand big, big, bills to leasees re damage. There is much wailing, and gnashing of teeth.

29th June 2019, 21:16	#13
jackatesme This is my second home rover 75 saloon.Renault Captur 1.5 diesel. Join Date: Mar 2013 Location: rhymney Posts: 3,661 Thanks: 2,269 Thanked 1,242 Times in 702 Posts	I blame T.V. advertising,there are so many "you gotta haves." __________________ - John B signing out Maralyn was born 9th Sept 2004 14.44.48. 103,597 of 112,381 (75s) 3,021 of 4,744 Connie SE 239 of 1.685 Platinum Gold. "Maralyn": Platinum Blonde,Troublesome,Unpredictable.

30th June 2019, 07:14	#15
Astraeus Regional Secretary North Scotland MG ZS Exclusive 1.0T Auto 2022 Join Date: Feb 2008 Location: Tayport Posts: 5,754 Thanks: 1,676 Thanked 1,855 Times in 1,058 Posts	Odd thing.. It's an odd thing but it isn't really new. Back in 1982 I left school to work in the TSB bank. Great job back then. Anyway, it meant I could take driving lessons. My parents had no car back then. Passed my test when I was 19 and wanted a car. My parents were in no position to 'fund a car as is done often today' and I would have to pay for it myself. They were not keen on me driving a wreck. You should have seen my late friend Richard's cars. Utter heaps that would fail an MOT today without them looking at it... Anyway I took at a bank loan and bought an utterly mint , 17k Mark 1 Escort 1300XL. Was the envy of many friends. Difference being back then banks tended not to lend to folk who wjould have difficulty paying it back. Loans tended to be shorter terms. You had to have a decent deposit. I am afraid like said elsewhere I don't have much sympathy for the banks and credit companies. They tie people up with seemingly too good to be true payments. As they say 'if it is too good to be true it generally is.' I know quite a few young people who have ended up in financial difficulty with these type of things. As for the loan companies that offer loans at ridiculous interest rates that folk often turn to in times of difficulty.....it is legalised theft! It is high time that government introduced a cap on interest rates. I cannot believe the interest rates charged by these Pay Day loan companies. Well over 1000% some of them. Once in their clutches it is an ever decreasing circle of misery. As for the banks....it is incredibly sad what they have become.... Chris

30th June 2019, 14:02	#16
SideValve Gets stuck in Rover 75 Saloon Join Date: Apr 2012 Location: Oxford Posts: 767 Thanks: 141 Thanked 204 Times in 141 Posts	Speaking to a friend yesterday. He spends £700 a month on a car for his missus. Bad news is that they've separated and its not amicable. She's just got a new car and he's now left with the "old" car and payments & no way out that doesn't involve a substantial loss. These deals look good and, to be fair, can be good but they are a huge commitment in an uncertain world. Me, I'll stick with a car I paid cash for three years ago. If it goes bang tomorrow, for the equivalent of a few months payments, I'll buy another one. I think I'm allergic to interest payments and depreciation :¬) __________________ The Story So Far: Austin A35, Morris Oxford, Triumph Herald, Mini 850, Mini 1000, Austin Allegro, MG Midget, MGB GT, Rover SD1 2600, Austin Maxi, Rover 200, Rover 825, Rover 800, Bedford TK, Range Rover 3.9 efi, Rover 400, Rover 100, MGF, Rover 25, Rover 75 1.8, Rover 75 Connoisseur SE 2.0 V6, MGF 1.8i, Rover 75 Connoisseur 2.0 V6 Auto, Morris Eight Series E, Morris Minor 1275.

30th June 2019, 14:28	#17
gnu Gets stuck in MG ZT Join Date: Apr 2018 Location: Bristol Posts: 695 Thanks: 332 Thanked 164 Times in 133 Posts	Though I'm from the 'if you can't afford it, don't buy it' school of thought, I do have sympathy for the students of today. Imo the government's normalized debt for everyone. A 3 year student is leaving uni with £50-65k's worth of debt before they even start work. £9k p.a. tuition, and up to that p.a. living allowance (dependent on parental contribution). Any wonder they think borrowings ok for other stuff? I've always bought my cars with cash, normally privately. But I love MG-R's, and as most people don't, there's still stonking bargains out there! __________________ gnu

30th June 2019, 15:20	#18
wraymond This is my second home 75 Auto 2.5 SE Join Date: Feb 2010 Location: Westcliff on Sea Posts: 5,193 Thanks: 423 Thanked 1,680 Times in 1,014 Posts	There are several parts to the problem. One is the financial background to today's 'students'. Not so long ago uni students were from higher income families, fees were very different, and emergencies could usually be met by the Bank Of Mum And Dad. As a result of changing methods of electoral bribery the demographics changed. Now, the Bank Of Mum And Dad have hugely expensive commitments to manage, whether or not they are justified, and funds are not so easy to draw on. Lease Purchase isn't purchase! Yes, we all know that, but it is designed to increase sales - to anyone. We used to able to say 'the value is remembered long after the cost is forgotten', now the cost is repossession and a dreaded Credit Reference Agency number. It used to be called Hire Purchase, nothing changes. Except now they don't even require a deposit! __________________ member no. 235

29th June 2019, 21:04	#12
Les4048 This is my second home Rover 75 Tourer/ MG ZT-T 400 Join Date: May 2012 Location: Lhanbryde Posts: 3,278 Thanks: 2,627 Thanked 1,523 Times in 869 Posts	I have every sympathy for that youngster, she was talked into something, you could almost say subtle bullying. I’ve no sympathy whatsoever with the salesman or the credit companies

30th June 2019, 17:22	#19
Simondi Regional Secretary MGTF, MG ZS EV Exclusive Join Date: Sep 2007 Location: Kilwinning Posts: 14,046 Thanks: 1,460 Thanked 3,563 Times in 1,857 Posts	I often wonder how many of the new cars you see on the roads are actually purchased or being purchased via traditional loans or HP. I suspect that the vast majority are PCP where there is no ownership at all. __________________ Simondi FAQ How do you do that? Club Flyers Looking for a car seen in a film or on TV? Fancy a change in colour or wheels - paint configurator OBD - Trip Meter Ultimate Buyers Guide Post YouTube videos

30th June 2019, 17:45	#20
BoroRover Posted a thing or two Rover 75 Join Date: Sep 2016 Location: Middlesbrough Posts: 1,518 Thanks: 1,861 Thanked 723 Times in 471 Posts	[QUOTE=SCP440;2744383]They are also all trying to bigger better faster than there friends and there will only ever be one winner and it wont be them. You see it with everything these days, this years phone is better than lasts years because it can xxx but in truth do they even use 10% of the phone they have capabilities? I was listening to some young women talking the other day about an event they were all going to attend, one asked what the others were going to ware? One replied it will have to be something new as I don't want to be seen in anything that I have been seen in before . Have clothes now become disposable as well as everything else? Going back to the cars, there are adverts everywhere about pay nothing now and have an x GLS for £199 a month. What they don't tell you is that is for 2000 miles a year over 4 years and the balloon payment is £9000 and if you try to hand it back with anything more than a minor scratch or a mile over the aloud miles it will cost you so much you might as well give them the £9000. The problem is they don't want a £1000 car, it has no street cred.[/QUOTE Yes, I have a great friend whose job it is to inspect lease cars upon return. Believe me, no stone is unturned during these inspections. He regularly hand big, big, bills to leasees re damage. There is much wailing, and gnashing of teeth.