2001 Corsa £6390 - garage robbery!

[George-Roper]

http://www.ebay.co.uk/itm/Vauxhall-Cors ... 3f171f9ad9

Based on an Upfront Advance Cash Purchase Amount of £172.25, your Weekly Loan Repayments Would Then Be £39.86****

REPRESENTATIVE EXAMPLE: Representative 61.5%APR. Flat rate fixed interest of 30% per annum. 156 equal weekly repayments of £39.86. The total amount payable on loan is £6390.41. The cash cost of the car is £3445.

 

Faaaarrrk me!

[warren t claim]

Save up three months loan payments and buy an equivalent Corsa outright.

[George-Roper]

Save up three months loan payments and buy a Car outright from me with a ropey old bird thrown in for one hour.

 

 

E.F.A

[Guest]

How many spotty oiks with a Halfords fetish are going to fall for that.

[Cavcraft]

Absolute and utter robbery. The price of the car alone (£3445) is an effing joke, that's about £1100 on a really good day if he's lucky.

[Richard]

You could be driving a brand new Corsa for the same monthly payment couldn't you? You would have to hand it back at the end, but this will be fit only for weighing in by the time it's paid anyway- especially since it's unlikely to get much maintenance with that amount of money going out.

[Split_Pin]

You should see what happens if you fall into arrears with that.

 

I used to be a collector for Welcome Finance, now thankfully ceased trading. One particular customer had missed a lot of car payments on her completely fucked Citroën Xsara. 8 years old, every panel panned in, windscreen smashed and exhaust roaring away, she owed 7 grand on it.

 

Shocking really.

[messerschmitt owner]

Well I reckon a quick call to the FSA would sort them out as I bet they're not registered for giving credit.

[cort16]

I know this thing had been popular in America in the last few years and they're trying to clamp down on it. The "finance agreement" isn't with an actual finance company the garage itself arrange the payments therefore you don't need to go through a credit check to get the finance. In a normal car finance agreement the finance company pays the garage for the car up front and it's then the finance company who takes the risk of the customer defaulting on payments.

In this case the garage takes the risk but the rates are so hideously over blown that you just need to collect 6 months payments and you've sold the car. When the poor sod then defaults on it you take it back and do the same thing again. As mentioned it's not FSA approved so they're on thin ice. However, the rates they're charging is really a stupid tax as you'd have to be mega thick/desperate to fall for it.

 

 

Apparantly the next thing is they're going to be fitting subprime financed cars with black boxes so they can shut them down if you don't make your payment. If you miss a payment you'll have a number of chances to be able to call up and "top up your car", which will activate it for a set period.

[brickwall]

A fool and his money are easily parted.

[beko1987]

Jesus, we got £1050 for the missus knackered 100k 52 1.2 sxi with bad tyres in a part ex and I thought we got a good deal there!

 

That is daylight robbery. £1400 maybe on a good day, £1000 any other

[bub2006]

A mate of mine bought a y plate corsa,same shape etc. In 2010. Paid 895 for it. As for garages organising finance my ex Mrs owned a 10 year old diesel xsara. Seen a nice looking p plate Renault laguna executive for sale. 695 on screen. I was at work at the time but I got hone and found it on drive. Xsara was an s plate and needed 2 Tyres and back box. Asked her what happened. She said they gave her 150 for xsara which was also deposit on the laguna,12 payments of 79 quid. I took a look round the car and went straight to garage with it. No finance agreement or anything just a scrap of paper my Mrs signed. They tried saying its a written contract etc. Threatened them with legal action. Xsara was already on forecourt when I got there with 1995 on screen price. Got it back and was pleased they put a couple of second hand but legal Tyres on it and new backbox. Never went there again.

[Negative Creep]

Must admit there is a small part of me that thinks good on the company - if people are stupid enough to agree to that it's their own fault..........

[Cavcraft]

FSA involvement or not, surely you cannot just start a sort of self financing scheme like this? Pretty sure you HAVE to have the appropriate permission/licence, even though it doesn't stop incredibly high APR rates.

[brickwall]

I can sub ya a tenner. Will cost you a fiver, though.

[beko1987]

Or, for £7 more a month, providing you pass the finance you can get a brand new SxI

 

http://www.vauxhall.co.uk/offers-finance/cars_offers/new_corsa/flexible_finance0apr.html

 

or if you're feeling really depressed a 1.0 ecoflex is £149!

[cort16]

It looks like it's legit as they've created a finance company of some kind segmented from the dealer but only suppling finance to that dealer.

I don't think this is that hard to do.

 

http://www.mmmcarfinance.co.uk/

 

You can charge anything you like as long as you're up front about APR and total amount financed. If you lay the facts out there and still choose to do it then no matter how moraly dubious it is, it's probably legal.

This is what wonga and pay day loans do. They lend on massive APR's but are VERY clear about how much you need to pay back so they can't be touched.

I hate the use of APR as it's a massively confusing figure and sometimes shields the true amount of interest you're paying. The base rate is alway what you want to look out for (I know too much about this as I write car finance calculators for work).

[freebird]

I think this one tops the Corsa.

http://www.ebay.co.uk/itm/Ford-Focus-Gh ... 3f171d4508

Nearly Five grand, in total, for a 13 year old Focus and the fuggin ugly booted version too.

They appear to have a shit load of cars for sale at eye watering prices.

I know nothing about the finance side of things but, it would appear, it all seems legit. They are a registered business with three named directors, fucking rich ones now too, im guessing.

[face]

Or, for £7 more a month, providing you pass the finance you can get a brand new SxI

 

http://www.vauxhall.co.uk/offers-finance/cars_offers/new_corsa/flexible_finance0apr.html

 

or if you're feeling really depressed a 1.0 ecoflex is £149!

 

....providing you have a massive deposit also

[Mr_Bo11ox]

Theyre obviously trying to capture the market for people who only have a fortnight to live and dont give a fuck, no-one else is gonna take up those finance deals. I strongly suspect we were having exactly this conversation about exactly this corsa at least 6 months ago. they must have purplehelmet-rivalling stock turnover skillz.

[RedSparrow]

I am reminded of ye olde legend of the £6500 ten year old Clio. Aaarrr!

[HillmanImp]

I am reminded of ye olde legend of the £6500 ten year old Clio. Aaarrr!

 

http://forums.overclockers.co.uk/showthread.php?t=18019506&highlight=carcraft+username_james07

[Bobthebeard]

Theyre obviously trying to capture the market for people who only have a fortnight to live and dont give a fuck, no-one else is gonna take up those finance deals. I strongly suspect we were having exactly this conversation about exactly this corsa at least 6 months ago. they must have purplehelmet-rivalling stock turnover skillz.

 

The market for people who " just want their chosen car RIGHT NOW " is huge. No credit checks, drive away for £99 and repent at leisure. WooHoo, a "new" car! It's only £x per month after all etc etc... Realisation dawns later. Borked, semi worthless car with £1000's still owing. That is the way of car finance*. As for GAP insurance, how many people will shell out for that? Not taking the extra insurance can be a Big Mistake.

It's the way it works! Guess many of us here have been there, done that and said never again. I did it twice. Once with a car, once many years later with a motorcycle.

Truly never again! Financial misery.

[RedSparrow]

I'm going to make a massive, horrible, generalisation here, but the people I know on facebook who routinely proudly post pictures of their new cars bought on the never-never like this are always the ones who, shall we say, didn't to too well at school.

 

/massive snob.

[Bobthebeard]

I'm going to make a massive, horrible, generalisation here, but the people I know on facebook who routinely proudly post pictures of their new cars bought on the never-never like this are always the ones who, shall we say, didn't to too well at school.

 

/massive snob.

 

That was what I should have said, rather than trying to be 'politically correct'

Well said Mr Sparrow.

( Ps.. I didnt do that well at school, but have hopefully made up for it since.)

[The Reverend Bluejeans]

MR MONEYMAN...............SHABBA!

 

 

They're getting rich off Essex thickos. Fair play I say.

[Bobthebeard]

MR MONEYMAN...............SHABBA!

 

 

They're getting rich off Essex thickos. Fair play I say.

 

Take it that you have never ever bought a new* car on finance then?

[The Reverend Bluejeans]

I am reminded of ye olde legend of the £6500 ten year old Clio. Aaarrr!

 

http://forums.overclockers.co.uk/showthread.php?t=18019506&highlight=carcraft+username_james07

 

He'll have finished paying for it in four month time! £9000 on the strap, and it's now worth £650.

 

What a retard.

[cort16]

They should have that on their website "Getting rich off Essex thickos since 1993"

[Conrad D. Conelrad]

Look at some of their nicer stuff:

 

2010 Polo with 38k = Total payable £17,058

2007 BMW 325d M Sport Coupe 3.0 Diesel with 64k = Total payable £27,817