Yes Car Credit on Whistleblower 9pm on BBC1
Discussion
Thing is, many people with poor credit histories have them for a reason. If I were lending money to them, I'd want to reduce the odds against getting my money back, and charge them similar rates of interest.
I'm not saying that everyone with CCJs etc is a apathetic debtor, but many people are.
I'm not saying that everyone with CCJs etc is a apathetic debtor, but many people are.
Yes have been on so many programmes now that everyone must be aware how they work. Since provident took them over they have smartened up a bit, it just seems that if something is successful have a pop.
Yes cater to people that can't get credit else where, so have a captive market, so charge higher rates for the finance & higher prices for the car. However after the 3/4 years of making payments then at least the person involved will have some kind of credit history to help hunt around next time.
Yes fill a gap in the market and many people seem to be happy with them, hence they do so well. I wouldn't deal with them, but am also realistic enough to know what there about and how they work.....they are sales people.....sell more get more commission...simple.
Yes cater to people that can't get credit else where, so have a captive market, so charge higher rates for the finance & higher prices for the car. However after the 3/4 years of making payments then at least the person involved will have some kind of credit history to help hunt around next time.
Yes fill a gap in the market and many people seem to be happy with them, hence they do so well. I wouldn't deal with them, but am also realistic enough to know what there about and how they work.....they are sales people.....sell more get more commission...simple.
What Yes Car Credit is doing is wrong and some of the people going there are desperate but you should ALWAYS read the T&C's of a finance agreement, no matter how much your income is so I have very little sympathy for someone who takes out a loan on a massive APR.
The details will have been on the documents somewhere otherwise it's not legal at all.
However with the thing on the dodgy cars; That's wrong and I feel sorry for anyone who's been conned in that way.
Companies like that should be forced to close and the boses should be in prison along with the mechanics. This is the life of a person and their families and it's just tossed aside like it doesn't mean something.
Terrible!
The details will have been on the documents somewhere otherwise it's not legal at all.
However with the thing on the dodgy cars; That's wrong and I feel sorry for anyone who's been conned in that way.
Companies like that should be forced to close and the boses should be in prison along with the mechanics. This is the life of a person and their families and it's just tossed aside like it doesn't mean something.
Terrible!
Well. that was an uninteresting program. Informative, but uninteresting.
Their undercover bloke came across as incredibly transparent.
The practices in the garage bit didnt surprise me one bit, and I dont imagine for a second that it would be any different at thousands of car dealers across the country. Doesnt make it right of course.
Their undercover bloke came across as incredibly transparent.
The practices in the garage bit didnt surprise me one bit, and I dont imagine for a second that it would be any different at thousands of car dealers across the country. Doesnt make it right of course.
I notice they tried to play the racism card too (usual BBC bias), even though it was a black guy taking the p**s out of his own, and that within the office.
My wife is brown, but I still get fed up of the beeb's
PC crusades.
As for the vehicle servicing shortcomings - no surprises there.
This is all part of our society's 'I want it, and I want it now' attitude.
If the customers are deemed responsible enough to rear children, then they should be able to recognise a con' when they see it.
- Trouble is, they're blinded by stupidity, and then as usual, the rest of us are expected to bail them out.
My wife is brown, but I still get fed up of the beeb's
PC crusades.
As for the vehicle servicing shortcomings - no surprises there.
This is all part of our society's 'I want it, and I want it now' attitude.
If the customers are deemed responsible enough to rear children, then they should be able to recognise a con' when they see it.
- Trouble is, they're blinded by stupidity, and then as usual, the rest of us are expected to bail them out.
You also have to take account of where exactly 'Yes Car Credit' are coming from. Regular folks with a regular credit rating go to regular car dealers to buy cars.
'Yes Car Credit' is not primarily a car dealer, they are a finance house with cars on the side simply as a vehicle (pardon the pun) to sell credit. They happen to target and specialise in folks with a poor credit rating who cannot buy a car from the usual outlets. On the whole these people will buy anything even if overpriced, and they will pay a high interest rate for it too, they are desperate to get into a car.
The problem arises when regular people who do not entirely understand the whole 'were here to sell credit to dodgy folks and the cars are irrelevant' marketing proposition. Regular folks turn up thinking its a car dealer like any other and unfortunately these folks arent perhaps as savvy when it comes to buying cars and end up buying a car and paying over the odds for both the car and the credit.
'Yes Car Credit' is not primarily a car dealer, they are a finance house with cars on the side simply as a vehicle (pardon the pun) to sell credit. They happen to target and specialise in folks with a poor credit rating who cannot buy a car from the usual outlets. On the whole these people will buy anything even if overpriced, and they will pay a high interest rate for it too, they are desperate to get into a car.
The problem arises when regular people who do not entirely understand the whole 'were here to sell credit to dodgy folks and the cars are irrelevant' marketing proposition. Regular folks turn up thinking its a car dealer like any other and unfortunately these folks arent perhaps as savvy when it comes to buying cars and end up buying a car and paying over the odds for both the car and the credit.
the small print in the contract. parrot of doom said:
Thing is, many people with poor credit histories have them for a reason. If I were lending money to them, I'd want to reduce the odds against getting my money back, and charge them similar rates of interest.
I'm not saying that everyone with CCJs etc is a apathetic debtor, but many people are.
its catch 22 though.
you have a bad credit history, for whatever reason, you need a reliable car rather than some wreck that keeps breaking down -for instance a car that can be relied on to get you to work, you can't get a loan, so you end up at one of these sharks.
the shark then bleeds you dry - and adds to your credit worthiness woes.
I worked for them before they were Yes car credit.
The level of workmanship was truly dire.
A full service (their style) was about 30 quid using the absolute cheapest, crappiest parts they could find.
Theyd only do what they absolutely had to for MOT work, and the mot's were a bit dodgy too.
The level of workmanship was truly dire.
A full service (their style) was about 30 quid using the absolute cheapest, crappiest parts they could find.
Theyd only do what they absolutely had to for MOT work, and the mot's were a bit dodgy too.
I bought a brand new car for £3500 cash and £3500 trade in on my old car! I have two other cars all taxed, MOTed and insured! The value of which is £15K in total! The thing that bugs me is that if a person was driving a car that was sold with known faults then it is the salesman and the service technician that are guilty and not the driver. However the law says the driver is responsible.
It is amazing how some people simply don't bother to read the terms & conditions of a credit agreement. My sister is a prime example...
She doesn't have a poor credit rating, earns decent money and bought a car from a regular dealer a couple of years ago on finance through the garage.
I didn't think too much about it at the time, but she's changed again within the past week, taking another car on finance through another dealer. She said she'd be a bit better off this time round as the previous car was costing her a fair bit in fuel on top of the monthly repayments.
I asked her what the APR was on her first agreement - 24.9%!!! I asked if she'd considered going to a bank for a loan instead, as she'd be able to borrow the same amount at an APR of around 6%. Overall, if she was to do this, she could have borrowed more money at a lesser APR, bought a better and more expensive car but still paid the same amount or less in total than the deal she'd gone for with the dealer.
She never 'kin bothered! She said she likes the idea of getting everything done under one roof, rather than having to go through "the hassle" of visiting garage, going to the bank then back to the garage etc. Even though it's costing her hundreds if not a couple of grand more long-term.
How can saving money be a hassle? How long does it take to go online and sort out a loan?
As Jim Royle would say, she's a lazy streak of p!ss.
She doesn't have a poor credit rating, earns decent money and bought a car from a regular dealer a couple of years ago on finance through the garage.
I didn't think too much about it at the time, but she's changed again within the past week, taking another car on finance through another dealer. She said she'd be a bit better off this time round as the previous car was costing her a fair bit in fuel on top of the monthly repayments.
I asked her what the APR was on her first agreement - 24.9%!!! I asked if she'd considered going to a bank for a loan instead, as she'd be able to borrow the same amount at an APR of around 6%. Overall, if she was to do this, she could have borrowed more money at a lesser APR, bought a better and more expensive car but still paid the same amount or less in total than the deal she'd gone for with the dealer.
She never 'kin bothered! She said she likes the idea of getting everything done under one roof, rather than having to go through "the hassle" of visiting garage, going to the bank then back to the garage etc. Even though it's costing her hundreds if not a couple of grand more long-term.
How can saving money be a hassle? How long does it take to go online and sort out a loan?
As Jim Royle would say, she's a lazy streak of p!ss.
fid said:
What's wrong with good old saving before you spend? I think that the people that resort to companies like 'Yes' should do themselves a favour and buy a cheap car that they can actually afford.
I agree but have you ever been poor ?
It's society as a whole that looks down on people with OLD stuff (including cars) but I GIVE you respect if you live within your means.
I'm not poor, I've got a perfect credit history, and cash in the bank or Building society but If I were poor and needed a car I could find one : Here goes :
This one :
1987 E Reg VAUXHALL CAVALIER 2 litre GLSi,
4 Doors, Manual, Saloon, Petrol, 23,000 miles, Blue (Ice Metallic), Manual, Alloys, Central Locking, Electric Windows and Mirrors, Sunroof. Stereo.MOT TO JANUARY 2006.GOOD SOUND & TIDY CONDITION.DRIVES VERY WELL.VERY CHEAP MOTORING.P/EX TO CLEAR HENCE VERY LOW PRICE & NO WARRANTY. Web: www.citikars.co.uk. E-mail: sales@citikars.co.uk. £295.
Or this :
C REG : Cavlier CDi Auto 6 Months MOT 2 months tax, a few minor faults (leaks a bit of petrol, but 25 p of tube will sort it) 2 owners full history manuals etc FREE to good Home.
SimonT@ ???
I bought this one !!
Or this
C reg : Cavalier SRi 2 Owners from new 78K 6 months tax 1 weeks mot, suspected head gasket failure and a dented door, £40
I bought this too. (my current daily driver)
Or recently SOLD
1984 A reg, Gold, 51,000 miles, Petrol, Manual.
Velour interior, PAS, Electric Mirrors.
MOT till September 2005, Geuine good condition, beginings of rust on bottom of doors and wheel arches. Very few dings and chips considering the age.
It has had :-
New cam belt + water pump
New Battery
New front discs and pads
New rear wheel cylinders
New brake fluid
New fuel pump
New front tyres
New exhaust
Lots of new hoses (fuel/air etc) to replace original braided hoses!
New spark plugs and oil filter and oil.
Almost all the parts were from Vauxhall
The car has done 51,000 miles which we are unable to prove as there is no service history or old MOTs etc, but we bought the car based on the excellent condition and nothing about the car suggest that the mileage is false.
The garage we got the car from even HPi'd it! It came back clean including accident history.
£250.
Or this :
CAVALIER estate 1.6, D reg.,
tax/test June, 73,000 miles,
£250.
Tel. 0795 22*****
(Im waiting for "person interested" to get back to me.)
Or This :
1986 VAUXHALL CAVALIER 1.6 5dr Hatchback
Beige.MOT October. 58500 miles. £100.
Tel: 01823 277342
Distance: 185 miles
Price: £100
or this :
www.cavweb-forums.co.uk/showthread.php?t=43545
All found advertised at www.mk2cav.com
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