car finance

baz178

baz178

baz178

Associate
Joined
21 Jan 2013
Posts
794
Location
Leeds
Hi, what’s everybody opinion on car finance for a family member, girlfriend has been financing her brothers car now for around 6 years on pcp! He pays every month but he’s now asking for a 35k Ford used as he come to is end of the 3 years, I think he’s talking the mick.

would you do it for you family ?
 
There is a few problems with this not including the obvious one of him failing in the payments. If the car is not registered to the person taking the finance out then they could have an issue with it as could the insurers if the insured person does not declare that they are not the owner of the car.

Who's name is on the V5?
 
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Thekwango said:
Why’s he not financing it himself directly rather than using your gf/his sister?
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Because he’s rubbish with money and can’t get finance, he always pays every month I can’t knock him for that, but once he’s paid rent and that he not left with much.
 
baz178 said:
Because he’s rubbish with money and can’t get finance, he always pays every month I can’t knock him for that, but once he’s paid rent and that he not left with much.
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recipe for disaster by the sounds of it - tough one to be a part of. personally i'd trying to talk your gf into telling him to politely do one. if after 6 years of paying his sister back, on time, but he still hasn't managed to get his finances in order enough to be able to apply for finance himself, i'd be concerned your gf is just one missed payment away from being on the hook for his motor.
 
That’s a family issue you need to work through, I’m sure everyone here will agree about the car.

If he had bad marks on his credit file, they’d be clear after 6 years so it sounds like he has some kind of persistent debt. Getting him on another PCP term is just adding to the problem.
 
baz178 said:
Because he’s rubbish with money and can’t get finance, he always pays every month I can’t knock him for that, but once he’s paid rent and that he not left with much.
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so your g/f is leasing a car on pcp for her brother to drive.. so many cans of worms there already.
then shes worried if she doesnt do this he will cut access to his kids from her.
i assume the pcp company doesnt know hes the main driver? must be illegal surely.

a member of our extended family had financial issues ,but had to bite the bullet and pay higher interest on a pcp till his credit became semi usable again.
 
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gc123 said:
so your g/f is leasing a car on pcp for her brother to drive.. so many cans of worms there already.
then shes worried if she doesnt do this he will cut access to his kids from her.
i assume the pcp company doesnt know hes the main driver? must be illegal surely.
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That’s what I say but you can’t get through to her
 
baz178 said:
would you do it for you family ?
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We bought a car for a family member - see this post from 2019, but it was used and they really needed it, and in the end it worked out great for both of us. I wouldn't be forking over £35k on a PCP any day of the week though, doesn't matter who they are.
 
Journey said:
We bought a car for a family member - see this post from 2019, but it was used and they really needed it, and in the end it worked out great for both of us. I wouldn't be forking over £35k on a PCP any day of the week though, doesn't matter who they are.
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Agreed. I used to PCP my mum a Fiesta...it was £125/month...lol
 
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