WBAC - Not buying cars now.
Discussion
No one is on 5.1% mortgage - even in 2004 when base rates were about 4.5 you could easily get 4.79% mortgages.
If you have switched mortgages any time in the last 5 years you'd be on closer to 2.5 percent.
Also the illustration of the figures 3 or so posts above - you haven't taken the 3 missed payments off your end figure so even with the ridiculously high interest rate of 5.1 percent, you're looking at £3300.
But it's all moot as there's no way you're going to be paying an average rate of 5.1 percent in the next 10 years and probably not for 20 years.
If you have switched mortgages any time in the last 5 years you'd be on closer to 2.5 percent.
Also the illustration of the figures 3 or so posts above - you haven't taken the 3 missed payments off your end figure so even with the ridiculously high interest rate of 5.1 percent, you're looking at £3300.
But it's all moot as there's no way you're going to be paying an average rate of 5.1 percent in the next 10 years and probably not for 20 years.
Greggymagic said:
No one is on 5.1% mortgage - even in 2004 when base rates were about 4.5 you could easily get 4.79% mortgages.
If you have switched mortgages any time in the last 5 years you'd be on closer to 2.5 percent.
Also the illustration of the figures 3 or so posts above - you haven't taken the 3 missed payments off your end figure so even with the ridiculously high interest rate of 5.1 percent, you're looking at £3300.
But it's all moot as there's no way you're going to be paying an average rate of 5.1 percent in the next 10 years and probably not for 20 years.
301 £590.43 £21.74 £568.69 £4,545.86 £80,494.00If you have switched mortgages any time in the last 5 years you'd be on closer to 2.5 percent.
Also the illustration of the figures 3 or so posts above - you haven't taken the 3 missed payments off your end figure so even with the ridiculously high interest rate of 5.1 percent, you're looking at £3300.
But it's all moot as there's no way you're going to be paying an average rate of 5.1 percent in the next 10 years and probably not for 20 years.
302 £590.43 £19.32 £571.11 £3,974.75 £80,513.32
303 £590.43 £16.89 £573.54 £3,401.21 £80,530.21
304 £590.43 £14.46 £575.97 £2,825.23 £80,544.66
305 £590.43 £12.01 £578.42 £2,246.81 £80,556.67
306 £590.43 £9.55 £580.88 £1,665.93 £80,566.22
307 £590.43 £7.08 £583.35 £1,082.58 £80,573.30
308 £590.43 £4.60 £585.83 £496.75 £80,577.90
309 £590.43 £2.11 £588.32 -£91.57 £80,580.01
I did the sums purely based on the figure and payment quoted but yes hopefully no one is on 5.1%
9 payments to pay back the 3 missed.
Greggymagic said:
No one is on 5.1% mortgage - even in 2004 when base rates were about 4.5 you could easily get 4.79% mortgages.
If you have switched mortgages any time in the last 5 years you'd be on closer to 2.5 percent.
Also the illustration of the figures 3 or so posts above - you haven't taken the 3 missed payments off your end figure so even with the ridiculously high interest rate of 5.1 percent, you're looking at £3300.
But it's all moot as there's no way you're going to be paying an average rate of 5.1 percent in the next 10 years and probably not for 20 years.
Yes exactly. There isn't a 100% correlation with the headline rate we see now at 0.1% and fixed term mortgage rates. Though 2 and 5 year wholesale rates have dropped a bit recently too so we may see some Lender offers soon... If you have switched mortgages any time in the last 5 years you'd be on closer to 2.5 percent.
Also the illustration of the figures 3 or so posts above - you haven't taken the 3 missed payments off your end figure so even with the ridiculously high interest rate of 5.1 percent, you're looking at £3300.
But it's all moot as there's no way you're going to be paying an average rate of 5.1 percent in the next 10 years and probably not for 20 years.
Trevor555 said:
If this crisis drags on for more than a couple of months how many people are going to want out of their Lease, PCP, PCH deals?
I wonder if the Government will help people get out?
Could they force finance companies to early terminate for people not being able to keep up payments?
Why would they?I wonder if the Government will help people get out?
Could they force finance companies to early terminate for people not being able to keep up payments?
Payment holidays on mortgages, fair enough. If people's homes get repossessed the government ends up having to pay for their accommodation, so forcing a few months of relief on that makes sense.
Paying someone's PCP or forcing the finance co' to take the hit would be absolutely ludicrous and unnecessary.
PorkInsider said:
Trevor555 said:
If this crisis drags on for more than a couple of months how many people are going to want out of their Lease, PCP, PCH deals?
I wonder if the Government will help people get out?
Could they force finance companies to early terminate for people not being able to keep up payments?
Why would they?I wonder if the Government will help people get out?
Could they force finance companies to early terminate for people not being able to keep up payments?
Payment holidays on mortgages, fair enough. If people's homes get repossessed the government ends up having to pay for their accommodation, so forcing a few months of relief on that makes sense.
Paying someone's PCP or forcing the finance co' to take the hit would be absolutely ludicrous and unnecessary.
I went on to say
"The Government will probably just force a payment holiday like mortgages, but you never know".
My point is how long will the government keep paying 80% of peoples salaries before they look for other means to lessen the burden on their pocket?
Say six months go by, I wouldn't be surprised to see some drastic measures taken then.
Trevor555 said:
PorkInsider said:
Trevor555 said:
If this crisis drags on for more than a couple of months how many people are going to want out of their Lease, PCP, PCH deals?
I wonder if the Government will help people get out?
Could they force finance companies to early terminate for people not being able to keep up payments?
Why would they?I wonder if the Government will help people get out?
Could they force finance companies to early terminate for people not being able to keep up payments?
Payment holidays on mortgages, fair enough. If people's homes get repossessed the government ends up having to pay for their accommodation, so forcing a few months of relief on that makes sense.
Paying someone's PCP or forcing the finance co' to take the hit would be absolutely ludicrous and unnecessary.
I went on to say
"The Government will probably just force a payment holiday like mortgages, but you never know".
My point is how long will the government keep paying 80% of peoples salaries before they look for other means to lessen the burden on their pocket?
Say six months go by, I wouldn't be surprised to see some drastic measures taken then.
It still stands: I don't see a scenario where there's a benefit to the economy/nation in the government stepping in over car repayments.
Worst case scenario is people can't pay, and don't pay, so cars are repossessed and people get CCJs, etc., but if the cars are now worth worse less than owed on finance, and people can't service the payments, that in itself would/should be incentive enough for the lenders to do something.
I just don't see why the gov't would want to get involved on the borrowers' behalf.
It is of course only an opinion and yours may well be different.
PorkInsider said:
Trevor555 said:
PorkInsider said:
Trevor555 said:
If this crisis drags on for more than a couple of months how many people are going to want out of their Lease, PCP, PCH deals?
I wonder if the Government will help people get out?
Could they force finance companies to early terminate for people not being able to keep up payments?
Why would they?I wonder if the Government will help people get out?
Could they force finance companies to early terminate for people not being able to keep up payments?
Payment holidays on mortgages, fair enough. If people's homes get repossessed the government ends up having to pay for their accommodation, so forcing a few months of relief on that makes sense.
Paying someone's PCP or forcing the finance co' to take the hit would be absolutely ludicrous and unnecessary.
I went on to say
"The Government will probably just force a payment holiday like mortgages, but you never know".
My point is how long will the government keep paying 80% of peoples salaries before they look for other means to lessen the burden on their pocket?
Say six months go by, I wouldn't be surprised to see some drastic measures taken then.
It still stands: I don't see a scenario where there's a benefit to the economy/nation in the government stepping in over car repayments.
Worst case scenario is people can't pay, and don't pay, so cars are repossessed and people get CCJs, etc., but if the cars are now worth worse less than owed on finance, and people can't service the payments, that in itself would/should be incentive enough for the lenders to do something.
I just don't see why the gov't would want to get involved on the borrowers' behalf.
It is of course only an opinion and yours may well be different.
If anyone thinks they will miss payments, get on the phone early and discuss this with your lender. Just my opinion.
nikaiyo2 said:
LOL I was toying with upgrading to an 840- after the 840i lease thread.
On 22/02 I got a value for my M140 of £19,210... just done it now, £11,185!!!
Yeah similar here . Ours is a 2019 car and thats the sort of figures we are seeing - and thats before they'd knock off £££s for microscopic stone chips they've found, marks on alloy wheels, etc.On 22/02 I got a value for my M140 of £19,210... just done it now, £11,185!!!
Frimley111R said:
nikaiyo2 said:
On 22/02 I got a value for my M140 of £19,210... just done it now, £11,185!!!
Blimey! I take it you won't be selling 
I doubt a classified ad for a car would get much response at the moment.
Someone said Arnold Clark have stopped buying completely.
https://www.arnoldclark.com/newsroom/4316-arnold-c...
Arnold’s are closing all branches from Wednesday.
Arnold’s are closing all branches from Wednesday.
Trevor555 said:
I feel pity for anyone that is forced to sell at their now lower prices.
I doubt a classified ad for a car would get much response at the moment.
Someone said Arnold Clark have stopped buying completely.
eBay auctions with no reserve is going to be busy. I doubt a classified ad for a car would get much response at the moment.
Someone said Arnold Clark have stopped buying completely.
However, many are panicked by what might be. We don't know if this will be relatively short and sharp or prolonged. Maybe offloading now, if you don't need to, will not be a good move...
It's not clear to be it is now legal to retail cars. So what on earth is going to happen to all the cars coming off PCP/Lease over the next few months I have no idea.
No idea if the usual disposal channels will be open and no idea who will buy them if usual buyers are unable to move them on at retail. And if they can, they will be marked down massively so large losses for whoever underwrote their future value.
Chuck in people stopping payments and/or handing cars back and a few leasing companies could be in enormous trouble.
No idea if the usual disposal channels will be open and no idea who will buy them if usual buyers are unable to move them on at retail. And if they can, they will be marked down massively so large losses for whoever underwrote their future value.
Chuck in people stopping payments and/or handing cars back and a few leasing companies could be in enormous trouble.
VWFS rang last week to see what I was thinking of doing when my Octavia 245 vRS lease ends in Sept. I said I was thinking about buying it. They offered to provide a quote now to include early termination cost. Said car cost value would be comparable to WBAC. I declined but agreed they could call back 90 days before the end with a quote.
Interesting they were actively pursuing a sale... or is this normal for VWFS? I've emailed them this morning as if there was the opportunity of 55% of the remaining couple of lease payments plus WBAC pricing now; if bite their hand off. (it'd be under £19k total cost and it's got quite a few options).
Interesting they were actively pursuing a sale... or is this normal for VWFS? I've emailed them this morning as if there was the opportunity of 55% of the remaining couple of lease payments plus WBAC pricing now; if bite their hand off. (it'd be under £19k total cost and it's got quite a few options).
ncjones said:
VWFS rang last week to see what I was thinking of doing when my Octavia 245 vRS lease ends in Sept. I said I was thinking about buying it. They offered to provide a quote now to include early termination cost. Said car cost value would be comparable to WBAC. I declined but agreed they could call back 90 days before the end with a quote.
Interesting they were actively pursuing a sale... or is this normal for VWFS? I've emailed them this morning as if there was the opportunity of 55% of the remaining couple of lease payments plus WBAC pricing now; if bite their hand off. (it'd be under £19k total cost and it's got quite a few options).
I called VWFS for same reason. My car value has dropped on WBAC so thought I would check to see if there was option to purchase from Audi at discounted rate (my lease ends in June). Interesting they were actively pursuing a sale... or is this normal for VWFS? I've emailed them this morning as if there was the opportunity of 55% of the remaining couple of lease payments plus WBAC pricing now; if bite their hand off. (it'd be under £19k total cost and it's got quite a few options).
Received settlement figure and it was £26k - only few hundred pounds cheaper than in January. By comparison WBAC was around £16k. Perhaps they haven’t updated their prices yet and quote might be cheaper in few months.
As an aside it appears WBAC are not generating any further quotes and they have temporarily suspended business - tried today and came up with message.
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