Car payments are ruining our lives - BBC

Soldato
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Was reading this https://www.bbc.co.uk/news/business-your-money-48776454 and just thought to myself she is really trying to blame the finance company for her own daughters inability to use a calculator.

To me to stinks of the daughter who was at her first year of uni wanting to own a car she clearly could never afford. Like jesus christ a £300 deposit and £329 a month for a second hand A1.

I wonder when people who blame companies like this will look at their bank account and "You know what, I can't afford this, so some 2k car would better suit me" instead of "O must get a new/newish car so I can be as cool as my friends"
 
Soldato
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Always someone else's fault, surely she should take some responsibility rather than blame the company that gave her the 'loan'
 
Caporegime
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Always someone else's fault, surely she should take some responsibility rather than blame the company that gave her the 'loan'

Quite. The figures will have been spelled out in black and white before the moron signed for it. It's hardly come as a surprise that the total agreement will cost £20,000~. Accept the fact that you've not taught your children the value of money or basic money management skills.
 
Soldato
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A pretty stupid decision from her at the outset. A student with a part-time job and £329 per month going out on a car payment - not clever.

I bet she ran the decision through her parents too and so I have little sympathy for them.

I get the argument that somebody, somewhere along the line, probably should have told her you're not going to be able to afford this car. However, she was at least 18 years old and should have been able to make a decision herself.

Moronic.
 
Associate
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Yep seems that way. I hate reading stories like this when people blame everyone else for a problem that was clearly their own making. Also don't understand going to the press about it, you've not been conned or anything and all it does is make then look stupid.
 
Soldato
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Stupid is as stupid does springs to mind. Wonder what her original figure was after being persuaded ?

Have to be honest, willing to spend creep does, certainly starts to creep in whenever I’ve changed cars but I always make sure I can afford it. I myself started with 16k is my max but ended up spending close to 24k.
 
Associate
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I read that earlier and was similarly rolling my eyes at them blaming others for the lack of basic maths skills... part time job + student doesn't usually equate to £300/month car loan. Is it keeping up with the Jones, or just wanting to show off with something they shouldn't (and obviously can't) afford, or spoilt kid and parents just don't want to say no to her?

All these loans have a 14 day cooling period, so it's not like they can complain that they didn't get time to think about it and were pressured by the seller.

Next it will be someone complaining they've been caught modifying a pcp car against the t&c, or that they're unable to drive over speed bumps due to lowering their car too much... Is it a lack of common sense, or an inability to take ownership for their actions?!?
 
Soldato
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Quite. The figures will have been spelled out in black and white before the moron signed for it. It's hardly come as a surprise that the total agreement will cost £20,000~. Accept the fact that you've not taught your children the value of money or basic money management skills.

its amazing how many people only see the monthly figure and are not worried about the number of months
 
Associate
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A moronic culture of keeping up appearances, to be seen as well-off and aspiring to things that are well above their station. We are a pathetic country for this.
 
Soldato
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Quite. The figures will have been spelled out in black and white before the moron signed for it. It's hardly come as a surprise that the total agreement will cost £20,000~. Accept the fact that you've not taught your children the value of money or basic money management skills.

I know I'm tight but I felt sick signing a £300 a month 17k agreement when it's only 10% of my monthly income..
 

mjt

mjt

Soldato
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I know I'm tight but I felt sick signing a £300 a month 17k agreement when it's only 10% of my monthly income..
My £20k bank loan is on £300 repayments and that's probably about the same amount of my net income as well. F doing anything like that on anything other than a (relatively) well-paid, stable job. Idiots.
 
Associate
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This really boiled my piddle as well, i had to go take a quiet minute to myself in order to calm down.
Stupid bldy self entitled idiots trying to blame everyone else but take responsibility themselves - quite the modern way.
 
Caporegime
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My £20k bank loan is on £300 repayments and that's probably about the same amount of my net income as well. F doing anything like that on anything other than a (relatively) well-paid, stable job. Idiots.

Thing is, it's massively common. I was talking to some of the gents at work and it was a revelation that they're all mortgaged to the hilt! When I bought my place, the deal was that we bought somewhere that myself or my partner could afford to keep on our own with the lowest income. That way should one of us every lose our job or fall ill we're still safe.
I just cannot see the logic in having a mortgage that takes a massive chunk of your income and then spend huge amounts of your income on other fixed payments. What if something goes wrong?!
 
Associate
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I just cannot see the logic in having a mortgage that takes a massive chunk of your income and then spend huge amounts of your income on other fixed payments. What if something goes wrong?!

The problem is status, thats what a lot of folk are driven by.
Big fancy house, big fancy car, posh clothes...
Its all to look good, try and pretend to be further up the food chain than they are. Gives me a good laugh though.
 
Associate
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That article is trash, it doesn't even say how much the vehicle *should* cost but talks about finance costing £20k total.

Secondly, the financial ombudsman are about as useful as a chocolate teapot from my experience - I was mis-sold a car based on the spec/model and they deemed £500 was significant compensation.
 
Soldato
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We now live in a culture where everything is bought on the tick. People want what they can't afford, they want it immediately and no-one wants to save first.

What compounds issues is that the market is lining up to sell to these people... Don't understand 'APR' or how to workout compound interest? No problem, you probably can't afford this anyway but we can just extend the term...

I won't say that I don't use finance, I have a mortgage so obviously I do, but I understand the basics; my income and my outgoings. In this case I think the parents were wrong on two counts - one for paying the girls debts (having not dragged her back to the garage within the cooling off period when they first saw the car) and second, for moaning to the BBC. I mean, really?
 
Associate
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Thing is, it's massively common. I was talking to some of the gents at work and it was a revelation that they're all mortgaged to the hilt! When I bought my place, the deal was that we bought somewhere that myself or my partner could afford to keep on our own with the lowest income. That way should one of us every lose our job or fall ill we're still safe.
I just cannot see the logic in having a mortgage that takes a massive chunk of your income and then spend huge amounts of your income on other fixed payments. What if something goes wrong?!
mortgage is a little different tho - as it's hopefully an accruing asset, instead of a car which is pure depreciation. I know people that have been "advised" that for their 1st home they should basically stretch themselves as much as possible and go for near to the max mortgage they can borrow. With the thought that if houses all increase by a % then the higher you have to start with, the more it will gain over the same term. Also, youngsters getting their 1st house are likely to be at the start of their career ladder and should soon have pay increases to help.

No, I'm not advocating it, but I understand the perverse logic. But any (normal) car, realistically, is a money sink & status symbol - we all could manage with an older, slower, less bling car, but the majority dont. it's human nature to want to treat yourself - but inteligence keeps it within your means... part time job + student does not equal £300/month pcp - anyone with even basic maths should be able to work that one out.
 
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