BBC News Story "Car payments are ruining our lives"

[111gsi]

'Car payments are ruining our lives'

One mum tells us how her daughter's car finance payments have led to stress and sleepless nights.

www.bbc.co.uk

Rarely have I read such a pointless story. In summary, "Our daughter bought a £20k car with a £300 deposit and a 5yr HP deal despite being a student with a part time job, is 2 months behind with the payments and we're looking for someone to blame".

I'm no fan of car finance and the sales tactics, but if you can't multiply your monthly payment by 60 to get the total cost, you deserve all that's coming to you.

I hope the girl isn't studying Maths or Business, or she could be in trouble...

 

[407_hdi]

Yep, you need to think of the consequences of losing your income before locking yourself into a long finance deal. I'm surprised this story isn't accompanied by a Daily Mail style Compo Face photo. To be fair though finance companies and in some cases dealers to need to be more responsible when it comes to lending

 

[Dervhead]

I think it goes something like this - tough tittie.

 

[da.murf]

Sounds like princess went to without parents to ‘look’ at car options and ended up signing for a car.

Does it say anywhere why she can’t get another job and help finance it?

Or as it’s hp sell it and pay of a substantial amount of it.

Or look at VT options

Etc
Etc

Must be a quiet news week

 

[stevieturbo]

'Car payments are ruining our lives'

One mum tells us how her daughter's car finance payments have led to stress and sleepless nights.

www.bbc.co.uk

Rarely have I read such a pointless story. In summary, "Our daughter bought a £20k car with a £300 deposit and a 5yr HP deal despite being a student with a part time job, is 2 months behind with the payments and we're looking for someone to blame".

I'm no fan of car finance and the sales tactics, but if you can't multiply your monthly payment by 60 to get the total cost, you deserve all that's coming to you.

I hope the girl isn't studying Maths or Business, or she could be in trouble...

She'll make the new chancellor of the exchequer ?

If you're dumb enough to buy something at £20k when only a student with no real job.....really you need a good ****ing slap. Not sympathy or to be spouting some sob story. If anything that's just making her out to be an even bigger dumbass.

 

[Gaz]

This is unfortunately typical of many nowadays who refuse to take any personal responsibility for their own actions and believe everyone else owes them.

Note the wording in the article - all designed to imply that the girl was a hapless bystander brainwashed into purchasing this car by unscrupulous dealers.

“Sold the car” - aka, she bought the car.
“Has to pay £329 a month for 5 years” - er . . . Yeah, that’s the way it works when you sign a financial agreement for a £20k asset.
“She was persuaded to buy the Audi” - aka, she went to buy something cheaper but fell in love with the Audi and her eyes overtook her pockets.

Complaints about car finance have increased sharply in the past year, according to figures seen by Money Box, and Mandy feels that her family should never have been put in the position they now find themselves in. Her 23-year-old daughter, Victoria, was sold a second hand Audi A1 on a five-year hire purchase deal in early 2017.

Victoria put down £300 as a deposit and has to pay £329 a month for five years.

As a first year university student with a part-time job she'd originally gone out looking for a much smaller - and less expensive - car to help her get to and from lectures. But she was persuaded to buy the Audi, which will end up costing her more than £20,000. Mandy says her other daughter, Natasha, also took out car finance and was told to bring in three pay slips to prove she could afford the repayments.

Articles like this are in no way helpful because they imply that she is an innocent party who has been conned somehow, and simply help reinforce this culture of absolution of responsibility.

 

[Artoir]

It's 100% her fault. But...

I really think there needs to be more education on personal finances in secondary school. Everything from banking, loans, mortgages, car finance, etc. Literally a few hours as part of the curriculum would suffice. Most people don't have a notion about the ins and outs of it and yes at 21 she should know better but I'll admit at 18 if someone offered me an Audi for £300 upfront I might have even fallen for it.

 

[Coog]

Whatever isn't covered in GCSE maths could perhaps be picked up in GCSE common sense?

 

[gerryp]

How does a student even qualify for a 20k loan.

 

[cormac81]

Read the story yesterday and thought the same. Unfortunately there seems to be no end to their stupidity.

 

[DC.]

“Never underestimate the predictability of stupidity” - Bullet Tooth Tony

 

[Lee]

A story about someone taking out finance on a car and not keeping up the payments

Maybe the government will pay it.

 

[da.murf]

A story about someone taking out finance on a car and not keeping up the payments

Maybe the government will pay it.

Crowd funding page



Bless her

 

[stevieturbo]

It's 100% her fault. But...

I really think there needs to be more education on personal finances in secondary school. Everything from banking, loans, mortgages, car finance, etc. Literally a few hours as part of the curriculum would suffice. Most people don't have a notion about the ins and outs of it and yes at 21 she should know better but I'll admit at 18 if someone offered me an Audi for £300 upfront I might have even fallen for it.

If by 18 you are still that stupid and naive....maybe serving time at some hard labour to earn enough money to buy back their freedom might teach them the value of it ? Maybe instead of crying to the BBC...as well as having her credit score destroyed after handing the car back, there should be some sort of penalty that would teach her a better lesson ?
But yes given mortgages these days are much harder to get...how the hell does a dealer or finance company even offer such a person the car and those payments ? Probably more snowflake just out of school students in the sales position and the finance company !

It really does seem that all schools produce today are spoilt snowflake *******s where they expect everything done for them, they can never be told their thick as **** and need to step up/improve, that everything they do is everyone elses fault and as you allude to, there is zero preparation for anything to do with actual daily life...and almost indeed the future workplace too !
And the BBC are equally as bad here if that's the sort of crap they're stooping to for an actual news story with all that is going on around us. The headline itself is ****ing diabolical, when it should read "another dumb **** buys a car they can't afford then blames everyone else"

 

[stevieturbo]

A story about someone taking out finance on a car and not keeping up the payments

Maybe the government will pay it.

They'd probably take the money off a disabled person to give it to her, and any left over they'd pocket it for themselves

 

[gizmo98]

It happens with 1000s of people everyday,what’s so different about this Cnut ?

If you cant afford it don’t buy it !

 

[Artoir]

If by 18 you are still that stupid and naive....maybe serving time at some hard labour to earn enough money to buy back their freedom might teach them the value of it ? Maybe instead of crying to the BBC...as well as having her credit score destroyed after handing the car back, there should be some sort of penalty that would teach her a better lesson ?
But yes given mortgages these days are much harder to get...how the hell does a dealer or finance company even offer such a person the car and those payments ? Probably more snowflake just out of school students in the sales position and the finance company !

It really does seem that all schools produce today are spoilt snowflake *******s where they expect everything done for them, they can never be told their thick as **** and need to step up/improve, that everything they do is everyone elses fault and as you allude to, there is zero preparation for anything to do with actual daily life...and almost indeed the future workplace too !
And the BBC are equally as bad here if that's the sort of crap they're stooping to for an actual news story with all that is going on around us. The headline itself is ****ing diabolical, when it should read "another dumb **** buys a car they can't afford then blames everyone else"

The first line in my post said it was 100% her fault.

And she will have consequences. If her parents don’t bail her out she’ll lose the car and I imagine have a default recorded on her credit report.

 

[southsky sunrise]

Someone Facebook her there and tell her il give her £400 and scrap it... if she’s that gullible we’ll never know...

 

[rollinstone]

Are the days gone of a guaranteur if you didn't have decent enough credit history? I remember my dad having to take out a mobile phone contract for me in his name because I couldn't even do that never mind a 20grand car!

 

[111gsi]

If they're trying to make an argument for mis-selling, I think there's a world of difference between some cold caller confusing someone into taking a useless life insurance policy, and a numpty voluntarily signing up for a car she can't afford.

 

[Artoir]

If they're trying to make an argument for mis-selling, I think there's a world of difference between some cold caller confusing someone into taking a useless life insurance policy, and a numpty voluntarily signing up for a car she can't afford.

Deadline for PPI stuff is approaching. Vultures need to find the next big thing! In fairness car selling practices around credit products are being investigated currently and a lot of people in the motor trade think a change in regulations is on the way.

 

[pizza85]

Deadline for PPI stuff is approaching. Vultures need to find the next big thing! In fairness car selling practices around credit products are being investigated currently and a lot of people in the motor trade think a change in regulations is on the way.

I've finance on my current car. Not hugely expensive by any stretch of the imagination but the dealer didn't even ask me my salary when filling out the form lol.

Really, for all he knew I was working for min wage somewhere. Was far too easy really.

 

[AlpineF30]

The issue I have is the PCP deals where the dealers are speccing the lowest miles per annum possible to keep the monthlies down then telling the customer the miles don't count then they exceed the mileage. The car is worth less than what the finance company are expecting at the end of the term and a lot of people are in for a shock when that happens.

 

[Artoir]

The issue I have is the PCP deals where the dealers are speccing the lowest miles per annum possible to keep the monthlies down then telling the customer the miles don't count then they exceed the mileage. The car is worth less than what the finance company are expecting at the end of the term and a lot of people are in for a shock when that happens.

The huge balloon payments are definitely an issue I think. Again, personal responsibility yada yada but a lot of people find at the end they can’t afford the final payment like you said so end up refinancing and get stuck in the cycle.

 

[AlpineF30]

The huge balloon payments are definitely an issue I think. Again, personal responsibility yada yada but a lot of people find at the end they can’t afford the final payment like you said so end up refinancing and get stuck in the cycle.

Which is of course what the dealers want and will probably get the person into another car on the lowest miles possible whilst also moving the debt owed into the new deal but telling the customer that the miles have been written off only for the same thing to happen 4 years down the line.

We have the Mrs car on PCP and have went over the miles as she changed jobs and her new one has a lot more travelling but had the sense to store the money for the balloon from day one. Dealer rang me not long ago saying I am in a bad position with the miles but they can get me into a newer car which will get me out of it. Just said no thanks I am going to pay the balloon as we like the car. Well why would you pay the balloon on a car thats not worth what the balloon is. Just responded with sooner or later the piper needs paid.

We were running a car and not paying the true cost per month due to the mileage so by hook or by crook that gap needs to be bridged.

Its a worrying trend as how many people will fall for the scare tactics.