UK CAR FINANCE IS IN BIG TROUBLE!

Today we're talking about what's happening with car finance in the UK at the moment and how it could affect you!
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[BigBossinStyle]

The last car I bought, when my wife chose her Mercedes, the salesmen started to get the finance ready. I explained I’m paying by cash (full bank transfer). He then said why don’t you put this cash down as a deposit and then finance the rest for a much better car. I explained to him I’m the sole provider in the household. If I die the payment won’t be met and my wife and kid will have that car taken off them. I said I’d rather pay with the cash I saved up and do right by my family. He was surprised I wasn’t trying to walk out with as expensive a car as possible

Right now I have in the household
2 mercs (family estate and a van)
2 matching sport bikes

All 4 vehicles no finance. I sleep well at night thanks 😂

Finance is not your friend! Save up and buy what you can afford even if it’s extremely modest! Later you can save up for better when your not making ridiculous monthly payments 👌🏾

[duncanpoundcake]

The finance industry, in trouble, yet again, for shady practices...surely not?

[Nicknofish]

Simple, the consumer should know what he or she is paying for. It's called transparency!!

[hotandsweaty]

Old bangers used to be the cars of choice for most. PCP plans put a stop to that and now the roads are flooded with new cars people cant afford to buy, but can afford to lease. My 20 year old diesel estate car suits my needs to the core and i have no one to impress. If i actually wanted a shiny new car, i can pay cash and watch it evaporate in value. Not.

[guss]

They did wrong stuff, got caught and are now crying! Utter shambles!

[bigeein]

Since Covid, everything has skyrocketed in price, apart from wages. Vehicles that used to be £500-£1000 are now £1500-£2000 and so on. Nearly new every day cars are now £15000 - £20000 it’s way out of hand and it’s feeding finance companies. Deals like PCP & lease hire are simply in place to get cars off the forecourt. They are not good deals for the owners, but good deals for franchises and loan sharks. Let’s be honest they need pulled into line

[brianiswrong]

Lets be honest Joe
If a customer needs to finance a 13 year old land rover product and cant get a bank loan, they are in a bad place in general.

[DarrellBethell]

This ruling already applies to mortgage lending. Why should car finance be any different, given that car purchases are often quoted as the the second biggest purchase we make in our lives. I agree with the analysis of the possible effects of the ruling

[peterjessop]

To be honest I don't see what the problem is. As a Financial adviser I've been through this twice. Once for Investments and the second for mortgages. Personally I think all that is required is disclosure of the level of commission being paid. That way the consumer can see if they can negotiate lower if the commission is excessive for the work carried out. I've never understood why car finance has been exempt from this honestly.

[gooseturbo]

Agree with this, Hopefully we can go back to a time when a buyer with cash was more appealing to the dealer. Someone wanting finance in a 2011 Landrover is crazy to me.

[KarmaCorner]

Get financed via a bank, better rates, or even better only buy what you can afford so you are not paying interest on a depreciating asset, but if you need finance then a bank offers better rates 99% of the time, and you have a better option to negotiate as you have the funds to shop around... simple

[carukchannel]

A year ago I was tempted to register for finance but after the last 6 months in the industry with issues with finance companies stitching up dealers, lawyers taking finance firms to court I have come to the conclusion I would rather stick pins in my eyes. Great video anyhow joe

[roystonvehicles]

When I worked at main dealer s back in the day, after we'd done the deal customer was handed over to the 'business manager' for a full rinsing, it was his job to get you, warranty, floor mats, paint work protection.

[Brightlight]

One final point, if you starve any asset of finances there is only one way prices will go.

[petegreenfield]

Weren’t the lenders incentivising dealers to screw their customers with higher interest rates than necessary, until the practice was stopped? They’re facing huge compensation payouts already.

[rmedh]

Or a shake up in car prices which are totally out of hand

[toms]

Luckily I don’t use finance & never have done. Spend what you’ve earned & if you haven’t got it you can’t spend it.

[StreetRider-iztg]

Finance companies and dealers have been screwing customers for years with high apr rates and hidden commissions. Looks like karma has arrived 😂
Bank loans are better rates.

[trevatkin]

Have taken finance in the past, depending on how much you need to finance I've always found the bank had better interest rates. And they have less claim on the car than a finance company does.

[kalex]

The feeling of owing your car outright and not have having monthly payments is priceless. I also buy my cars outright. Not only on that, but I try to buy slightly used vehicles as well. In this way I can drive a vehicle saving substantial amounts. leasing is a car is a very expensive long term and you own nothing at the end…like leasing your house….