Car Payments? - Page 3

RPWC · 30th June 2019, 18:51

Quote:

Originally Posted by markypicks

students spend most of there time in pubs and drinking cheap ale in parks n stuff rgds mark

Not all of them do. My daughter has recently finished a 3 year course, she owes £27k in tuition fees, her loan was spent on living costs and food. Perhaps once a moth she would go to to the student union for a few drinks with her course friends, she treated herself to an occasional trip to the theatre, but spending her money in parties and drinking was something she didn’t do. She may be the exception rather than the rule, but neither of us were ones for that type of culture when we were her age, I used to go to the local pub Friday , Sat and Sunday nights, when I was living with my folks, but never one for heavy all night drinking.
She is now back home and seeking employment in the field she has worked hard and studied to get in to for the last three years.
Tuning to the article in question, I think the salesman failed to explain to her the overall cost of the car. My daughter wants a car, as she passed her test last year, but will wait until she starts a job, as it’s jot just paying for the car, it’s the insurance premium that will be the highest cost. Thankfully she has an idea of how much per month she wants to pay for a car, once she starts earning.

victorgte · 30th June 2019, 19:37

I’m afraid many people do not understand or do not care about what they sign up for. Both are dangerous.
My ex partner was horrified when I explained her finance agreement to her. Totally different to how it was presented to her at point of sale. She sold the car.
Having worked in banks and finance companies I’ve seen how they work and it used to be far more cut throat than it is today. At least we have better regulation. In 1986 I could have borrowed against my grandmother’s dentures!
A bit more difficult now.
Having financed a few cars over the years I only pay cash now. £500 for my Streetwise. 2 years of good service and plenty more to come. That’s 2 monthly payments on a used car with a newer Reg plate. Why do it? It’s a depreciating asset for heavens sake.
No sympathy I’m afraid. People see a shiny car and all sense leaves them.

RPWC · 30th June 2019, 20:03

Quote:

Originally Posted by victorgte

I’m afraid many people do not understand or do not care about what they sign up for. Both are dangerous.
My ex partner was horrified when I explained her finance agreement to her. Totally different to how it was presented to her at point of sale. She sold the car.
Having worked in banks and finance companies I’ve seen how they work and it used to be far more cut throat than it is today. At least we have better regulation. In 1986 I could have borrowed against my grandmother’s dentures!
A bit more difficult now.
Having financed a few cars over the years I only pay cash now. £500 for my Streetwise. 2 years of good service and plenty more to come. That’s 2 monthly payments on a used car with a newer Reg plate. Why do it? It’s a depreciating asset for heavens sake.
No sympathy I’m afraid. People see a shiny car and all sense leaves them.

What you say is very true Vic, but some people aren’t capable of doing their own repairs, hence having to buy a newer car that (hopefully) wouldn’t need as many running repairs. This is why we got rid of our 75 almost 2 years ago, I got to the stage I was sick of having to keep repairing it. When we bought the current car, the repayments were well over 200 quid a month, even over 5 years, so we put a much higher deposit down to reduce the monthly payments.

SCP440 · 30th June 2019, 21:19

Quote:

Originally Posted by victorgte

In 1986 I could have borrowed against my grandmother’s dentures!
A bit more difficult now.

So true, when I was buying the house I live in now 20 years ago I rung Abbey National for a Mortgage, I had to stretch the truth a lot on my earning to get the mortgage I needed and my accountant was on standby to back up my claims ( he is my cousin).

I rung them on a Saturday morning and the girl asked me how much I needed and how much I earned, I was sent some forms to sign in the post on the Monday and I returned them first class. My solicitor had the funds on the Friday

. My accountant didn't even get a phone call.

Saying that I have never missed a payment so I must have an honest voice .

Darcydog · 1st July 2019, 12:24

I don’t think we educate our children very well regarding money matters - I remember “Liberal Studies” at school which was usually some crazy spouting forth on their favourite subject.

I remember Global Cooling was all the rage and the preferred belief to be discussed by those predicting the future demise of the world. But we did have one section lasting a couple of weeks that covered all things Financial.

Savings, Bank accounts and debt were all covered.

Specific options such as pensions, endowments and mortgages were explained as well.

As far as I am aware nothing like this is covered in our schools of late.

A real conversation with a young lad went something like this:-

Him “my bank has not paid my DDM!”

Me “what is the balance in your account?”

Him “overdrawn” (not just overdrawn but well overdrawn)

Me “that’s the issue - there is no money in your account to pay the DDM”

Him “how do you work that out Clive - the Bank told me it would pay the DDM! - what has my being overdrawn got to do with it?”

And he is not alone.

30th June 2019, 19:37	#22
victorgte I really should get out more....... MGTF, MGZT, Range Rover Join Date: Sep 2013 Location: Cheltenham Posts: 2,802 Thanks: 395 Thanked 633 Times in 446 Posts	I’m afraid many people do not understand or do not care about what they sign up for. Both are dangerous. My ex partner was horrified when I explained her finance agreement to her. Totally different to how it was presented to her at point of sale. She sold the car. Having worked in banks and finance companies I’ve seen how they work and it used to be far more cut throat than it is today. At least we have better regulation. In 1986 I could have borrowed against my grandmother’s dentures! A bit more difficult now. Having financed a few cars over the years I only pay cash now. £500 for my Streetwise. 2 years of good service and plenty more to come. That’s 2 monthly payments on a used car with a newer Reg plate. Why do it? It’s a depreciating asset for heavens sake. No sympathy I’m afraid. People see a shiny car and all sense leaves them. __________________ MG TF 135, MG ZT, Range Rover P38

1st July 2019, 12:24	#25
Darcydog This is my second home Join Date: Jul 2014 Posts: 5,428 Thanks: 3,123 Thanked 3,170 Times in 2,096 Posts	I don’t think we educate our children very well regarding money matters - I remember “Liberal Studies” at school which was usually some crazy spouting forth on their favourite subject. I remember Global Cooling was all the rage and the preferred belief to be discussed by those predicting the future demise of the world. But we did have one section lasting a couple of weeks that covered all things Financial. Savings, Bank accounts and debt were all covered. Specific options such as pensions, endowments and mortgages were explained as well. As far as I am aware nothing like this is covered in our schools of late. A real conversation with a young lad went something like this:- Him “my bank has not paid my DDM!” Me “what is the balance in your account?” Him “overdrawn” (not just overdrawn but well overdrawn) Me “that’s the issue - there is no money in your account to pay the DDM” Him “how do you work that out Clive - the Bank told me it would pay the DDM! - what has my being overdrawn got to do with it?” And he is not alone.