(when is the moderator going to pull this thread?)
That's a good point, sorry Mark, I didn't intend for this to turn into a direct attack against any particular company, if you could possibly remove the said company name from the thread I would be grateful :)
Blue
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Thanx to everyone who has posted so far, it's been most useful. But gotta go pack a Thermos, combat rations and a small survival kit 'cos we set off at 9:30 am. (presumably so that they can keep us waiting *all* day)
I'll give everyone an update tonight...
Blue
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Buy a price guide and take it with you, so you can show your friend how overpriced the cars are.
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Don't let him do it Blue!
You're our only hope
They will feel his presence and their (selling) force is strong ...
rojer@lycos.co.uk
1.3 'A' Astra
'W' Renault 18
'H' Renault 25 TXi
'H' Astra Est
'K' Passat
'
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>>when is the moderator going to pull this thread?)
Thinking about it.
Here is the dilemma. Yes Car Credit are all over the place at the moment, and its a relevant discussion - not to mention that I think the blonde in the boiler suit is rather cute.
For as long as we are talking about their credit deal and whether or not it is expensive, then we\'re ok.
For as long as we are talking about the value/price of their cars then we\'re ok.
And certainly discussing whether or not something is a good deal is valuable here.
However \"...and sell them off to unsuspecting customers?\" starts to get into the realm of them doing something possible illegal and certainly unethical, and that\'s not ok.
So, I\'ll leave it running, if you lot keep away from any intimation of something illegal or unethical. If you do start down that route then I shall pull the thread.
As I have said many times \"I got awful service from Company X\" is usually fine.
\"Company X did something illegal (for example charged me for work they didn\'t do)\" is absolutely not acceptable.
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Seems to me Blue, you have done all you can to help your impetuous friend out. If he is so adament to do a quick swop for a sunny easter weekend car then let him. Someone was said, there are two kinds of people in this world..those who are destined to always pay compound interest and those who are earning it!
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Yes she is cute but she isn't relevant to the goods on offer (!!) and the boiler suit makes her look a bit like a Shar Pei dog (spelling?). There is a lot of inappropriate advertising around; one of the magazines for the older amongst us has some items on sale with an APR, for paying over 4 months, of 35.9%!
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Link removed. Too much bad language and stuff, sorry. M.
I expected this to be better, but it is still vaguely amusing.
Easter weekend wishes to all!
Andy
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mmm
Suppose you're right. I'd not read it very carefully becauseI was in a hurry. The place I work gets me rather used to coarse language!
It's not Friday either! I need a holiday I think.
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Ok
Lets get this thread a little factual. "Yes car credit" is a trading name of a company called
DIRECT AUTO FINANCE LIMITED
Registered office
COLONNADE
SUNBRIDGE ROAD
BRADFORD
WEST YORKSHIRE BD1 2LQ
The loan is taken out with a Company called
DIRECT AUTO FINANCIAL SERVICES LIMITED
Same Adress as above.
Two different companies registered at companies house.
The BEST rate they offer is 19.9% APR, which is basically an unsecured loan. This may not be the rate you are offered, this depends on your credit scoring and the deal you negotiate.
The system works on offering the loan first in principle, depending on your risk, ability to pay and available deposit. Given this amount, you are then offered a limited selection of cars from the stock. There is no negotiation over price. You are offered a car to fit the loan.
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I bet keeping the Mondeo would work out far cheaper to run than the Micra bought on this kind of finance.
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Absolutely, stop him going there using any means at your disposal, tie him up if need be.
At his young age, try egg or his own bank or even a main dealer such as Peugeot, just about anyone will offer a better deal than YES!
A friend is paying £185 a month for a 306 new, with one yrs tax, insurance and 3 yrs warranty or exchange in case of serious manufacturer fault all for free!!!! He went to main dealer in Sheffield!
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Is this the one that Jim Davidson advertises? If so, Viz ran a spoof of the ad recently but renamed it "kneecap finance"
Says it all really.
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Is this the one that Jim Davidson advertises?
No, I think that's another one. This one is advertised by the rather atractive blonde girl in a green boiler suit with what sounds like a mild Scottish accent and a particularily annoying "Yes you Can" comment to every question asked by Joe Punter.
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>>This one is advertised by the rather atractive blonde girl
Ah, but she's not a patch on the lovely brunette who used to do it before she took over. Mmmmm....
Watch out for squirrels' tails. Far too bushy for my liking.
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Time for the update people!
We had to wait about an hour whilst they sorted out the allowed monthly repayment etc. before getting to see the cars. He said my mate could afford four from their selection:
V reg Whit Skoda Felicia
P reg Escort Encore (i.e. base model) 65K IIRC
R reg Tatty Renault Clio which was a diesel and scratched to death.
R reg Rover 214i with 45K on the clock
They decided the Rover was the nicest, and it really was, quite tidy and clean.
The cost worked out as follows:
Deposit £200 cash
Give them the Mondeo
4 years at £165 per month.
Total cost for a 98 Rover = £8120 plus a fairly nice car as wel, which takes the actual cost to somewhere around £8500!
When ringing to get insurance quotes the salesman told my mate that the car was worth £5100!
I checked with AutoTrader whilst the salesman was away and £5K bought a V plate 214 with 25,000 miles from a main dealer. So I think they've been slightly optimistic in their valuation by about £2000.
So roughly working everything out, the cost of borrowing and interest came to about £5,500! Which equals £114 per month interest!
I was desperately trying to warn them that they were about to get a VERY poor deal. Fortunately, the insurance wasn't affordable, and after looking at a badly chpped and even rusting W reg 1.2 Punto that looked like it had a hard life for the same money, we walked. :)
Later that day we went to a mian dealer and he's now buying a brand new (old shape) Micra over 5 years at £130 per month. :) Much nicer deal.
What else struck me about Yes, was that most of their cars were fairly new, but they were soooo tatty. An S reg Vectra had badly scratched paintwork which had gone totally dull after spending a lifetime in a car wash and there were loads of other manky examples of overy other car you can think of.
I pity anyone who ends up buying one.
Oh, and I'm flavour of the month at the moment 'cos I found the new Micra offer at Reg Vardys. :)
Blue
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Forget to mention, a big thanks to Mark. i think it's important that people are able to read this.
Cheers
Blue
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Reading your figures blue it is amazing anyone buys from them. IN MY OPINION I think you have to be
a) Stupid
b) Desperate
to in effect pay £8500 for car that would struggle to fetch £3500 in a private sale. Reminds me of that woman on watchdog who would of ended up paying £8k for an N reg escort, surely she could of read the finance agreement before signing and simply walked away?!
I'm a loser, baby....so why don't you kill me?!
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As has been said on here, people often are only interested in the monthly/weekly payment and don't seem to care about total cost.
When the dealers increased the weekly payment on the Micra he is buying by £2 per week he blindly agreed saying that it wasn't a big increase. Unfortunately I wasn't there when he did that, but I had to point out that he had just agreed to a £520 price increase on the car over the 5 year terms! :(
Unless it goes back down we're gonna haggle like hell to get a CD player, new mats, free tank of petrol and 12 months tax. I think they can afford seeing as they'll get an extra £500 off him. Unfortunately he's not too confident at haggling, and would rather not bother, so I'm gonna do it for him when we go back. After the £500 increase he didn't even manage to haggle the tank of petrol for £20! He's too nice for his own good.
Blue
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it has to be seen to be believed, the things some people will sign their future earnings away for....why are some people so gullible? I simply can't understand the psychology behind such decisions, decisions that you will have to live with for years to come, no matter what your circumstances and how live may change. It's madness!!!
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I'm afraid there will always be people with less grasp of the basics of Personal Finance then the average kiddie with their pocket money.
Am I right in thinking that in the Seventies (before financial deregulation) there was a minimum deposit you had to have before you could get a car loan?
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A point worth remembering Blue is that all credit agreements have a 7 day cooling off period.
I would use this to your advantage when you go back with your friend (within the next 7 days).
Unless you get those items you mentioned (fuel,mats,road tax....) make it clear you are prepared to use the cooling off period and go elsewhere. Any sensible dealer will agree to this just to close the deal.
I sympathise with your experience Blue. I often get roped into friends car buying decisions because i work in the trade. Never ceases to amaze me how people will fall for crazy credit deals or those famous £1500 minimum for your part-ex adverts.
I believe YCC cars are from auction typically lease vehicles.
Happy haggling
Steve
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A point worth remembering Blue is that all credit agreements have a 7 day cooling off period. I would use this to your advantage when you go back with your friend (within the next 7 days). Unless you get those items you mentioned (fuel,mats,road tax....) make it clear you are prepared to use the cooling off period and go elsewhere. Any sensible dealer will agree to this just to close the deal. I sympathise with your experience Blue. I often get roped into friends car buying decisions because i work in the trade. Never ceases to amaze me how people will fall for crazy credit deals or those famous £1500 minimum for your part-ex adverts. I believe YCC cars are from auction typically lease vehicles. Happy haggling Steve
The credit agreement might have a cooling off period, but the contract to buy the car doesn't unless I am mistaken.
So if he's paid any deposit, he might have lost it.
Or if he hasn't paid any deposit, they could (in theory) enforce the contract and ask him to make up any loss if he chooses to breach the contract.
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Sounds like your friend needs you with him Blue.
I doubt the dealer will allow you to haggle for your him now though on what is technically a done deal, especially seeing as you'll be returning on a different day and you're not the person who's making the purchase.
Be very interested to hear if you manage to alter that finance deal or get any of the extras you mention.
Good luck.
PP
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Well, I'm gonna do my best, as he has dealt with two different salesman we're gonna try and play one off against the other.
He agreed with the first salesman to pay a deposit on the basis of £30 per week. When he returned with the deposit another salesman said that at the worst case he was accepted at £32 per week, but they would keep trying to get the £30 per week.
My mate paid the deposit anyway (yes I could've killed him) but the way that we're gonna proceed is on the basis that the deposit was made on the basis of them getting the finance down to £30 per week, and that if they didn't then we would have to consider our options.
When he returns he will be dealing with the original (much nicer) salesman again. So fingers crossed we might get somewhere. :)
My mam is an expert at the fine art of haggling with dealers and she is considering going along as "his auntie". If she can't squeeze more out of the deal then no one can. She's made car salesman sweat before (no rude comments please:)
Blue
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"a particularily annoying "Yes you Can""
Anyone notice how quickly that became "Yes you could"?
Tells it's own tale.
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