Welocme Car Finance

Artic7 · 16 Mar 2008 at 21:03

In January 2005 like a idiot because we could not get finace anywhere else i bought a car from Welcome car finance
The total amount payable including interest and various other fees is £10162.12 which according to my credit agreement is £211.69 over 48 monthly payments which comes to £10161.12 using my calculator.
The thing is that i pay weekly £52.93 i have every payment on my spreadsheet so i can keep record of the finance,i have just worked out now that the total cost of everything will be paid off in the first week of October this year and not january 2009 as thats when my 48 monthly payments are finished.
i understand that when i`ve paid weekly amounts of £52.93 that some months have 5 weeks in them instead of 4,so i can only presume that is why my finance will end early
what is worrying me is that my signed finance agreement is for 48 months which means i will be paying around an EXTRA £500
am i missing something??
Or am i about to ripped even more
Thanks for reading
Steve

Rotty · 16 Mar 2008 at 21:06

looks like you have been paying a months payments is 4 weeks so you are making 13 monthly payments a years as oppsed to 12, so yes you should pay it off 3-4 months early

Feek · 16 Mar 2008 at 21:07

Check and see if there's a penalty clause for paying off early.

Artic7 · 16 Mar 2008 at 21:08

Rotty thanks for the quick reply,just worried that they will make pay the extra as the original agreement was for 48 months,i will ring them in the morning and check.
Just wanted it confirming
Thanks for your help

[TW]Fox · 16 Mar 2008 at 21:11

Out of interest what age/model car did you get for this deal?

Artic7 · 16 Mar 2008 at 21:13

It was a Renault Scenic 51 plate it has been a fantastic car but cost a bloody lot of money

Rotty · 16 Mar 2008 at 21:15

Companies like this are scum, pray on people who have little choice and sell them a vastly overpriced car with a crappy finance deal

[TW]Fox · 16 Mar 2008 at 21:17

Yea - you go onto their website and you can't even see what cars they have. It's all about the finance package and oh, yea, we've got some cars as well as if the car is second to it all.

memphisto · 16 Mar 2008 at 21:17

there will be no penalty charge.

you will simply pay off yer loan early. in fact its probably worth ringing yer nearest welcome finance branch and asking them, as you may find due to paying it off early you may save a few quid on yer final weekly DD due to interest rebates etc.

Artic7 · 16 Mar 2008 at 21:19

I know we were desperate for a car travelled along the m62 to wakefield went in a K reg Ford escort which only just got there and came out with a newish car we were pleased with,but regretted it ever since,i can`t wait to pay the nasty people off

memphisto · 16 Mar 2008 at 21:22

weird aint it ?

the people at welcome car finance are the nasty ones, yet if you knew what you were getting into at the start as per the op then why didnt you just say no ?

why didint you instead save up a few quid and buy a second hand car outright ?

not that i have anytime for welcome car finance or there ilk however i do find it amazing that given the details upfront peope sign for the vehicle, then complain.

Artic7 · 16 Mar 2008 at 21:36

memphisto said:
weird aint it ?

the people at welcome car finance are the nasty ones, yet if you knew what you were getting into at the start as per the op then why didnt you just say no ?

why didint you instead save up a few quid and buy a second hand car outright ?

not that i have anytime for welcome car finance or there ilk however i do find it amazing that given the details upfront peope sign for the vehicle, then complain.

Ok memphisto i can see your point we drove about 100 miles in a old banger then we saw a nice shiny newish car and couldn`t say no,so no i shouldn't complain or moan because it was my choice, but i regret it that i said yes, so automatically i blame them reguardless

memphisto · 16 Mar 2008 at 21:39

stevebiggins said:
Ok memphisto i can see your point we drove about 100 miles in a old banger then we saw a nice shiny newish car and couldn`t say no,so no i shouldn't complain or moan because it was my choice, but i regret it that i said yes, so automatically i blame them reguardless

lol

cant argue with yer logic

except really shoudlnt you blame yerself

also sorry to be a stickler but

stevebiggins said:
In January 2005 like a idiot because we could not get finace anywhere else i bought a car from Welcome car finance

that suggests you've been a naughty boy before in terms of repaying outstanding credit etc, therefore its was more you who put yerself in a situation where you couldnt say no because well no one else would lend you the money

Artic7 · 16 Mar 2008 at 21:41

You learn by your mistakes

Just read what you added yeah thats enough now leave me alone mate!!!!!

mame · 16 Mar 2008 at 21:54

look on the bright side, you have obviously taken care to make and keep track off all your payments, so once you have paid off the full amount it should boost your credit rating.

Artic7 · 16 Mar 2008 at 21:55

mame said:
look on the bright side, you have obviously taken care to make and keep track off all your payments, so once you have paid off the full amount it should boost your credit rating.

Cheers for that mame, yeah we are back on track now

gillywibble · 16 Mar 2008 at 21:59

I can see memphisto's point, but there are too many loan sharks out there that quite clearly get away with extortionate prices and interest rates.

memphisto · 16 Mar 2008 at 22:05

Gillywibble said:
I can see memphisto's point, but there are too many loan sharks out there that quite clearly get away with extortionate prices and interest rates.

this is 100% true, however there are tens of thousands of people who get away without repaying loans, which leads to said loan sharks and high interest rates.

It is a risky business lending money and welcome I believe are one of the only companies who are willing to lend it to those with bad credit at the moment.

so if you have got yourself in that position and cant get loans with the major banks then there are companies willing to take the risk however they do charge a premium for risking there money on those customers.

but then the flip side would simply be, anyone with bad credit would never get a loan again. at least this way credit can be repaired and allow those people who let things get away with them, or blatantly had no intention of repaying the loans but years down the line want to try again an avenue of finance.

without them these people would most likely be stuffed.