DrivePay car finance??

pdw8

pdw8

pdw8

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Joined
26 Apr 2004
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Kent/London
One of my friends just got a nice 56 plate C-MAX yesterday and it turns out they got it from a local dealer using DrivePay finance. Basically its a scheme where you pay your monthly finance payment and then your are sent a code which you enter on a keypad in the car that gives you one month of driving. If you don't make your payment the car is disabled until its paid.

Has anyone else heard of or doing this as it sounds a bit extreme to me.
 
The car uses a third party remote immobiliser?

Sounds like they deal with trustworthy customers .....
 
Christ - I assume this comes with a horrific interest rate.

These types of companies including wonga etc are getting out of control now. its just preying in people who yes should know better but have no grip on money or reality and will only end up in a downward spiral!

If a car like that was desperately needed the likes of an old galaxy can be had for a few hundred, probably less than the first few months interest.

Edit: the only indicative figures I can find are between 28 and 40% apr, now that's frightening. A nominal £5k over 3 years at 28% means you'll pay about half the initial loan value again in interest....that'll go well for someone who's struggling
 
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Its sad but the poor end up paying so much for for everything.

We sell a product in the US that allows finance companies like this to remotely disable the car if they do not keep up with the finance payments. :(
 
[TW]Fox;23943863 said:
Just... Wow.
Click to expand...

Agreed, I feel sorry for people that are clearly exploited for their lack of knowledge but at the same time they should be educating themselves!
 
Lets say that he drove a Y reg Vectra and is on benefits/income support etc. No assets as renting a house with state assistance.
That said he is a good friend but he has had genuine medical issues so can only do lite work. He works for a charity at the moment but is on commission only.
Im just trying to build a picture of his possible credit status.

Actually my wife just said its a 54 plate!!!
 
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And if their systems go down and they can't get a code to you?

Surely this is EA style DRM on a car? :p

I'd also be interested in hearing how much he is paying per month on what kind of term and if he actually owns the car at the end. Must say I've never heard of them however.
 
pdw8 said:
Lets say that he drove a Y reg Vectra and is on benefits/income support etc. No assets as renting a house with state assistance.
That said he is a good friend but he has had genuine medical issues so can only do lite work. He works for a charity at the moment but is on commission only.
Im just trying to build a picture of his possible credit status.

Actually my wife just said its a 54 plate!!!
Click to expand...

So why not run the Y reg Vectra?

I work full time, have a fairly decent income and run an S reg Rover 600.
 
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