Pwnage by car finance

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Destroyed.
 
The Clio guy is in a terrible situation. It has subscribed a real fraud instead of a real deal, and probably part of him noticed the thing since the first comments he got about his new car. But he simply can not admit it, particularly to himself. It would be too painful.

So he puts up all the funny excuses like "it's my car", "who cares if I pay much", "important thing is I like it" and everything...

Bad day when he'll wake up.
 
Give the guy a break, is this really such a bad deal for him?. These finance companys work on the basis of offering finance to just about anything with 2 legs and a pulse and a brain is not essential. I am assuming the OP of the OT on that forum has either bad credit or no credit otherwise he would get a decent deal just about anywhere else and his only option of obtaining a 1/2 decent car is shocking APR rate and inflated value of the vehicle other than saving hard cash, which some pple just can't do most notable is myself.

He is happy he has a newish car (although how any1 can be happy with a base model Clio is beyond me), the car is happy got a owner who loves it and is going to look after it (paying 10k for it he should) and the finance company is happy they are making huge profit. (assuming the car is infact going to get paid for, which is assuming A LOT).
 
^ This is the problem we have with the world, I'm not trying to offend you mate, but when people stick up for stupid people when they do dumb things it really irks me.

A friend of mine rents out a house he owns while he is overseas, which I manage for him. Now the tenants had a reasonable car that ran fine, and was perfectly suitable for their needs it was just an older car that's all. Till one weekend they got a new car on some finance deal. Now they are missing rent all the time and say they can't afford it. Alot of their appliances are on tick too. I'm trying to get through to them how finance works, as I don't want to have to evict them, but like this guy it just goes in one ear and straight out the other.

This guy has spent 9k on a shit car that's worth maybe 1-2k. Period. He could have bought a brand new Clio straight from the dealer for that money. He's a complete muppet, and really doesn't deserve all the help he's getting in the other forum.

I mean he talks about money and possesions not bothering him and he has a bloody iPhone.... Jesus. I don't even want to start on the "credit ladders"

I've had my rant, now

:blowup:
 
ediesbra said:
This guy has spent 9k on a shit car that's worth maybe 1-2k. Period. He could have bought a brand new Clio straight from the dealer for that money.
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Yeah he "could" but I am guessing that he don't have 10k in disposable cash and I am also guessing that if he goes to a dealer and ask for a Clio on finance they are not going to ask him what colour he wants and give him a delivery date they are going to have a good laugh.

Those finance comanys take a risk when they offer finance in 12-18 months that same car is likley to be in a car auction under a repossection order.
 
He obviously had (at least) 150 pound a month spare.... 4 months = 600 quid. Now I know you could get a half decent car with an MOT in Britain for that. Then save the money and buy a Clio, if that's what you want.

People don't know how to wait any more, and stupid people breed too much, their the problems.

rant, rant, rant.
 
zaybxcwd12 said:
Yeah he "could" but I am guessing that he don't have 10k in disposable cash and I am also guessing that if he goes to a dealer and ask for a Clio on finance they are not going to ask him what colour he wants and give him a delivery date they are going to have a good laugh.

Those finance comanys take a risk when they offer finance in 12-18 months that same car is likley to be in a car auction under a repossection order.
Click to expand...

He bought an old, bottom end Clio, he didn't NEED 10k. If he was smart, he would have gone to the bank and found out how much they were willing to lend him (as he likely didn't have the money on hand), and THEN decide what car he could afford by looking at classifieds and whatnot. He likely could have gotten a similar car for way less money if he would have just played it smart.
 
Billion, ediesbra was talking about the bloke getting a brand new Clio which is roughly the same price as what he is paying for that used model. so yeah 10k is requered in that instance. I again don't think it was a case of "using" his head, if he could not get a finance deal that wasn't legalised robbery then he is even less likely to obtain a loan from a bank, after all it is there duty to look after other pples money, a job they don't seem to be very good at but that not exactly a issue in this instance. ediesbra I think makes a good point 4 payments of 150 gives you 600 quid after a look at the classifiedes I found a rather nice looking 99 Focus TDi with T&T for that money which in my mind is better car than the newer model Clio in that thread but private sale is "sold as seen" which might be another factor.

There is no getting around it he is getting ripped off, these companys work on pple unable to obtain credit elsewhere, it is how they operate. Same deals can be found for all sorts of household goods and mail order catalgues for that matter. Rightly or wrongly not the kind of money I would pay for a old car but beating the guy up for not being able to get the kind of credit deals you and I take for granted isn't good sport.
 
A bank likely wouldn't give him a loan for 10k, but they would likely authorize a much smaller loan, something around 2-3k. Less risk with smaller money, after all. In that case, he could have managed a similar Clio.

These companies operate on more than simply people not being able to get credit elsewhere. They operate on them also wanting something newer. People who should be looking at a small bank loan and 3k to build a rating (relatively easy to get) are convinced to go for something overpriced and 20k, because they "deserve it." Banks would never agree to those numbers.
 
I think the real problem here is the credit company. Anybody with a little bit of conscience and minimal honesty would have refused that loan to a guy who wanted to buy a 2005 renault Clio worth less than half that amount of money, and clearly had no idea what he was doing, because he could have bought the same car for a lot less money elsewhere.

But they did give him the loan. They're like drug dealers: they know they're selling s**t, but they still sell it, hiding behind things like "It's not my fault, they want it, I give them what they want". We all know how wrong this is.

The guy here is like a drug addict. He's destroying himself, he's a victim. Yes, he's smart as a doorstop, and we may also think he deserved this, but he's a victim nonetheless.
 
There is a reason people have bad credit, it is because they are financially stupid. Banks don't want to give loans to stupid people, hiking up the interest rates evens out the risk/retard levels so idiots can have cars too. If you have bad credit there is a reason you have bad credit and you shouldn't be buying things if you don't have the money. (There are exceptions I know. . .)
 
You can buy an MX-5 for ?1500... but no, I want a base model FWD econobox, and i would like to pay ?10k for it.
 
I have never bought a car over $4,000 USD. Its hard for me working part time to save up that much cash, so I just get a small, low interest 2 year loan from my bank for a partial amount and pay the rest in cash. Did it twice, although I'm still paying off my Civic that I don't even have anymore. Nearly debt free now though. Never missed a payment, and I have fairly good credit now.

What this guy has done reminds me of several people I know. A girl I know paid something like 11k for a '99 Prelude, and another girl paid around 10 for a 2000 New Beetle, neither of which had particularly low miles or were that nice. I have to admit I'm fairly impulsive after I find the car I want, but I usually do a ton of homework before I even go look at a car.
 
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