Caterham introduces race car finance package
Discussion
hothatchery7 said:
Gitwhoismiserable said:
Oh no here come the financed up lower classes to the race track
What’s the problem with that?? Sorry if we lower class scum don’t have multiple silver spoons up our arse and money coming out our ears. Money or lack of shouldn’t stop anyone chasing their dreams
hothatchery7 said:
What’s the problem with that?? Sorry if we lower class scum don’t have multiple silver spoons up our arse and money coming out our ears.
Money or lack of shouldn’t stop anyone chasing their dreams
Money or lack of shouldn’t stop anyone chasing their dreams
it was said in jest, i'm a peasant like you, keep chasing your dreams
hothatchery7 said:
Sorry if we lower class scum don’t have multiple silver spoons up our arse and money coming out our ears.
0ddball said:
Cool. Now all the middle class people can have a go too.
Blimey. How much do people imagine the Caterham Academy costs? A lot of PHers blow a similar amount on thoroughly boring diesel repmobiles. Blimey!
The FCA is truly asleep at the wheel. PCP/HP/leasing a car is bad enough for people with low incomes but can probably be overcome in a few years.
Now, we are lending to race cars (?!?) at a stupendous APR (?!?). This has the potential to financially cripple whole families for decades.
Caterham should be embarrassed for being an enabler
The FCA is truly asleep at the wheel. PCP/HP/leasing a car is bad enough for people with low incomes but can probably be overcome in a few years.
Now, we are lending to race cars (?!?) at a stupendous APR (?!?). This has the potential to financially cripple whole families for decades.
Caterham should be embarrassed for being an enabler
I 8 a 4RE said:
Blimey!
The FCA is truly asleep at the wheel. PCP/HP/leasing a car is bad enough for people with low incomes but can probably be overcome in a few years.
Now, we are lending to race cars (?!?) at a stupendous APR (?!?). This has the potential to financially cripple whole families for decades.
Caterham should be embarrassed for being an enabler
Yep, given the recent regulatory noise, this is an interesting development..The FCA is truly asleep at the wheel. PCP/HP/leasing a car is bad enough for people with low incomes but can probably be overcome in a few years.
Now, we are lending to race cars (?!?) at a stupendous APR (?!?). This has the potential to financially cripple whole families for decades.
Caterham should be embarrassed for being an enabler
HustleRussell said:
hothatchery7 said:
Sorry if we lower class scum don’t have multiple silver spoons up our arse and money coming out our ears.
0ddball said:
Cool. Now all the middle class people can have a go too.
Blimey. How much do people imagine the Caterham Academy costs? A lot of PHers blow a similar amount on thoroughly boring diesel repmobiles. 0ddball said:
HustleRussell said:
hothatchery7 said:
Sorry if we lower class scum don’t have multiple silver spoons up our arse and money coming out our ears.
0ddball said:
Cool. Now all the middle class people can have a go too.
Blimey. How much do people imagine the Caterham Academy costs? A lot of PHers blow a similar amount on thoroughly boring diesel repmobiles. so assuming the numbers are the same:
Vehicle Cost £29,885.00
Less Deposit £6,554.00
Payable by 48 monthly payments of £299.99
1 Final Payment of £14,942.50
Customer PAF
Annual Percentage Rate 7.9%
Total Amount Payable £35,896.02
HustleRussell said:
hothatchery7 said:
Sorry if we lower class scum don’t have multiple silver spoons up our arse and money coming out our ears.
0ddball said:
Cool. Now all the middle class people can have a go too.
Blimey. How much do people imagine the Caterham Academy costs? A lot of PHers blow a similar amount on thoroughly boring diesel repmobiles. Gribs said:
It's hardly the same spending a few hundred pounds a month on a leased diesel as opposed to ~£30k on a season of racing. It's not likely they wouldn't need a practical car as well,
It’s a bit disingenuous to describe it as ‘£30k for a season of racing’ when you finish up with a car which is worth £20k+I 8 a 4RE said:
Blimey!
The FCA is truly asleep at the wheel. PCP/HP/leasing a car is bad enough for people with low incomes but can probably be overcome in a few years.
Now, we are lending to race cars (?!?) at a stupendous APR (?!?). This has the potential to financially cripple whole families for decades.
Caterham should be embarrassed for being an enabler
If you think financing motorsport is a new thing, you’re very very wrong...The FCA is truly asleep at the wheel. PCP/HP/leasing a car is bad enough for people with low incomes but can probably be overcome in a few years.
Now, we are lending to race cars (?!?) at a stupendous APR (?!?). This has the potential to financially cripple whole families for decades.
Caterham should be embarrassed for being an enabler
I wonder how this works with insurance? I was under the impression you could not finance anything without having it insured. Given the finance is for a race package does this package come with some sort of safety net if you get into an incident on track?
Taking your financed car on a track day is one thing but to then go and race wheel to wheel seems like a big risk.
Taking your financed car on a track day is one thing but to then go and race wheel to wheel seems like a big risk.
hothatchery7 said:
Gitwhoismiserable said:
Oh no here come the financed up lower classes to the race track
What’s the problem with that?? Sorry if we lower class scum don’t have multiple silver spoons up our arse and money coming out our ears. Money or lack of shouldn’t stop anyone chasing their dreams
I wonder if there's any requirement for racing insurance (and if that's punitive). Imagine binning the car and then stopping payments - the lender wouldn't have an asset to recover. Well, the would have the asset to recover, but it would be FUBAR!
andyj007 said:
credit credit credit, if you want something save up for it.. you will appreciate it more..
Or more likely never do it.It’s not that surprising how little people on here understand about racing at a club level. All this talk of ‘how irresponsible’ and ‘yeah great....finance on a race car’. Well.....shocking news....racing is less cost efficient than burning £50 notes to keep warm. It’s financially crippling, costs relationships and is as addictive as any class A. And yet 50 odd people do the Academy every year because they realise that they only have one life and can just about make it work whilst living in a bed sit, eating a can of beans every two days and working 30hrs of overtime a week.
Talk to anyone who’s funded themselves in motorsport and I doubt you’ll find one person who hasn’t racked up some sort of unofficial credit with a race team, put race entries on a credit card or sold something they probably need to pay for a test day. But I highly doubt any of those people would regret doing it.
So far from being irresponsible, Caterham are actually allowing people to more sensibly plan their spend. Previously people were using high Apr credit cards or similar to pay for the car. Not everyone, but certainly most of us you youngsters (at the time) who had eyes on ‘making it’.
Sure, I could have ‘saved up’ forever to do it, but then I wouldn’t have cried in my helmet after winning a championship, started in 30th and won a race, done 7/8ths of a season of British GT in an Aston Martin, driven a GT4 car around Spa, done 3 24hr races (in a Citroen C1
) or, more importantly, got the job I do now developing road cars. Instead I’d probably still be a CAD designer sat in an office, wondering what could have been. But at least I wouldn’t have ever taken out finance. Scum of the earth those people. If you can’t buy it outright you can’t afford it. End of 
So credit, credit, credit indeed. I’d do it all again in a heartbeat. I’ve got a lifetime of stories and memories, lifetime friends and a career I love. Probably should save some money now....
AussieFozzy said:
I wonder how this works with insurance? I was under the impression you could not finance anything without having it insured. Given the finance is for a race package does this package come with some sort of safety net if you get into an incident on track?
Taking your financed car on a track day is one thing but to then go and race wheel to wheel seems like a big risk.
You can get race insurance. Caterham usually negotiate a season deal with one of the the motorsport insurance companies and offer it to the Academy drivers each year.Taking your financed car on a track day is one thing but to then go and race wheel to wheel seems like a big risk.
Regardless, it’s next to impossible to write off a Caterham. I know people that have managed to do a chassis, but it’s £12k for a new chassis from memory. Sure....you might need to spend a while paying stuff back, but it’s actually relatively low risk. But arguably the situation is no different if you own the car yourself. You’d still need to fix it to sell or race.
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