Yes Car Credit - Blue {P}
Hi all, I'm going with a mate tomorrow to Yes card credit 'cos he's looking to buy and struggling to get the finance anywhere else.

Has anyone dealt with them? I know their prices are supposed to be extortionate from what I've heard. But are the cars up to the job? Or do they get a load of thrashed ex-renta cars and sell them off to unsuspecting customers?

The whole point of getting the car is that it must be small, have high mpg and be very reliable, he's looking at a Micra.

Also, is it possible to haggle in these places or is it like when I was at Trade Sales, the price you see is what you pay, no offers kinda thing? Only I want to haggle a CD player in for him at the very least!

Any advice would be greatly appreciated... I hate going into these situations blind.

P.S. Quick advice would be even better, I've got to be at his by 9:30 am!

Thanx

Blue
Yes Car Credit - DavidHM
Okay, if he's struggling to get finance, find him a banger in good condition. A 93 K-plate Micra will cost him far less and will have about as much kudos as a 52-plate old shape.

My mate got stitched up (by someone else but along the same lines), essentially gave away his p/x, paid £2k over the odds, masses on APR for an ex-driving school car, as well as being signed up for insurance he swears blind he didn't consent to. If he'd bought a brand new one with a competitive finance deal (as his credit history would justify) it would have cost him less than £5k over five years instead of nearly £13k.

What is the reason for his being rejected? If he is earning good money (£12k+) and has no CCJs it is probably because he hasn't been in his job and or home long enough, or may not show up on the electoral register.

In that case, his problems will only be temporary, probably sorted in 6 months, and the thousands he will pay in extra interest, fees, and so on, will be spent merely on 6 months' having a slightly better car.
Yes Car Credit - Blue {P}
Yeah, I've tried asking him about that, and he isn't set in stone that he's gonna buy from there. But he really doesn't seem to mind paying masses of interest in order to swap the Mondeo for something smaller. Unfortunately there's not many dealers will touch an insurance write off for part ex.

He hasn't actually tried to get credit anywhere else yet AFAIK, he's just assuming he won't 'cos he's 18, I'm gonna tell him I think it would be a good idea to try elsewhere first. I've heard that places such as Yes Credit end up charging way over market value by the time you've got the interest on...

He still wants to go and have a look though, 'cos he wants to drive it away tommorrow if possible!
Blue
Yes Car Credit - slefLX
I somehow managed to get credit from an independent showroom with no real credit history and having only been in my (officially temporary but long-term in practice) job for only 3 months. I did pay quite a high interest rate but I gather not as much as 'Yes Car Credit' type places. The downside was that it did take 2 days to sort out the finance after I'd initially seen the car and decided I wanted it - a terrifying 2 days I might add, to see if I would be accepted for the finance!
Yes Car Credit - DavidHM
Hmmm... the Mondy's gonna be difficult to shift with its history, although if it's cheap enough, it might. Or you could auction it and see what happens, although some auction houses won't touch it. He won't get a fortune for it (~£400) but at least that way you may be able to negotiate a genuine discount as opposed to an overvaluation on the PX that is compensated for by the price.

uk.biz.yahoo.com/loan/ suggests that Abbey National would lend to him at 6.9% APR. They're likely to be quite fussy but they do lend to 18 year olds in theory. One of the questions asked (they can't identify you personally) is date of birth, so it's filtered out all those that expect you to be 21 or 22.

If he's earning £12k or more (this may vary and the more the better), has been with his employer for more than 6 months, has some bills in his own name (e.g., phone, preferably landline), reasomable outgoings, is on the electoral register and has no bad credit history, he has a pretty good chance of getting some normal credit.

How does he pay for his car insurance? If monthly, he may already have some credit history. If he doesn't, it may be worth getting a credit card with a pathetically small limit, just so that there is some history for when he needs a loan.

Oh and if he's still set on getting it tomorrow tell him that it might be cheaper to wait a week and take a holiday in Miami while he's waiting...

Above all, the bank where he has a current account may be the most sympathetic to his needs and he should go there first.
Yes Car Credit - Rob the Bus
I don't mind admitting that my credit history is less than perfetc, and companies such as these would be the only way I would ever get credit on a car.

But I would never use them. I can't remember the direct link, or what thread it appeared in, but if you take a look at www.bbc.co.uk/watchdog and follow the links to the motoring section, you should find information about shady tactics employed by these companies.

FWIW, I wouldn't touch them with a (very long) bargepole.
Yes Car Credit - Rob the Bus
>>I don't mind admitting that my credit history is less than perfetc

Bit like my typing! Actually, if you click on the above link, once the page opens then you will find a link to click on concerning the above company on the right hand side of the page.

Good luck.
Yes Car Credit - Blue {P}
Thanks for the advice people, after reading the thing on Watchdog I'm really aprehensive about this.

The problem is, whilst he know's I'm only looking out for him, when i suggested that I wouldn't think about going to such a place for a car and would rather buy an old one outright, I think he thinks that I'm been snobby or that I don't know what I'm talking about. But really, I'm just trying to avoid him getting ripped off. I mean come on, £8000 for an N reg Escort over 4 years is disgusting by anyone's standards...

Never mind, I can only go with him and try and see he isn't ripped off. Of course they've told him, that he qualifys for their low rate finance etc. etc.
Blue
Yes Car Credit - DavidHM
Blue, you've got mail.

The first people he should go to are his own bank, if he wants a new car. I have no problem with people buying cars on finance - I would do so myself, as long as the overall deal justifies it.

If he doesn't have bad history yet, this could also be the quickest way of getting one and being beholden to them forever.
Yes Car Credit - Rob the Bus
I made the mistake of ringing to enquire about one of these companies before I saw the light! Since then, they will not leave me alone. I get about three items of junk mail per week from them. Still, at least I get plenty of paper to use for my shopping lists...

Please post tomorrow, Blue Oval, and let us know how your mate got on. That is, if you get out of there by nightfall...;-)
Yes Car Credit - teabelly
There are quite a few of these types of companies that seem to specialise in people with poor credit records. A lot of the cars I have seen when they are advertised are over priced tat. If he is lookng for a newer car in order to save money then he is likely to find that the small saving in running costs is dwarfed by the repayments on the new car. I would advise him to keep his current car for a while longer and save up even though it could take him a while. He also needs to have the total cost of ownership in his mind rather than the monthly repayments. Be a pain if you go with him and ask awkward questions such as the apr, total cost of the car, total cost of finance etc. If the company won't tell you the answer to any of these drag your friend away. If he does insist make sure he knows his rights of cancellation etc under the consumer credit act.
teabelly
Yes Car Credit - Armitage Shanks{P}
If the company were really providing a value for money service they wouldn't need to saturate the TV channels with adverts, using that girl in the baggy green boiler suit. How much per year do those add to the company's overheads? Many people are only concerned about the "cost per week" of their loan rather than the frightning overall cost over the time of the loan
Yes Car Credit - volvoman
Blue - Personally I'd steer well clear of them!
Yes Car Credit - Altea Ego
>I know their prices are supposed to be extortionate from what I\'ve heard.

Yes they are and the credit terms are worse

But are the cars up to the job? Or do they get a load of thrashed ex-renta cars and sell them off to unsuspecting customers?

[snippette]

A branch opened up near to where I Live. I hear the local trading standards agency have been to visit their colleagues to get up to speed on the looming cases.

AVOID

(when is the moderator going to pull this thread?)

Yes Car Credit - Blue {P}
(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
Yes Car Credit - Blue {P}
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
Yes Car Credit - blank
Buy a price guide and take it with you, so you can show your friend how overpriced the cars are.
Yes Car Credit - Rojer
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
'
Yes Car Credit - Mark (RLBS)
>>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.
Yes Car Credit - ian
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!
Yes Car Credit - Armitage Shanks{P}
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%!
Go in, its Friday! - blank
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
Go in, its Friday! - blank
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.
Yes Car Credit - Altea Ego
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.
Yes Car Credit - Steve G
I bet keeping the Mondeo would work out far cheaper to run than the Micra bought on this kind of finance.

Yes Car Credit - martin
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!
Yes Car Credit - Marc
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.
Yes Car Credit - Dynamic Dave
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.
Yes Car Credit - Rob the Bus
>>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.
Yes Car Credit - Blue {P}
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
Yes Car Credit - Blue {P}
Forget to mention, a big thanks to Mark. i think it's important that people are able to read this.

Cheers

Blue
Yes Car Credit - Miller
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?!
Yes Car Credit - Blue {P}
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
Yes Car Credit - martin
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!!!
Yes Car Credit - bartycrouch
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?
Yes Car Credit - Steve G
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
Yes Car Credit - MarkyMarkD
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.
Yes Car Credit - Wales Forester
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
Yes Car Credit - Blue {P}
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
Yes Car Credit - Steve S
"a particularily annoying "Yes you Can""

Anyone notice how quickly that became "Yes you could"?

Tells it's own tale.
 

Value my car