Car payments ruining family's life

Discussion in 'News and Current Affairs' started by SpokeyDokey, 29 Jun 2019.

  1. SpokeyDokey

    SpokeyDokey Nearly 63 - oh dear! Moderator

    Erm... 21 year old university student puts down £300 deposit on Audi A1 (to get her to and from lectures) and commits to £329 pm for 5 years repayments thus causing family stress.

    Although... it's not her fault according to her mum who is clearly a disciple of blame culture imo.

    What do fellow CC-ers think?

    https://www.bbc.co.uk/news/business-your-money-48776454
     
    meta lon likes this.
  2. Diogenes

    Diogenes Opinions, schminions

    She's an adult and should take responsibility for her actions.
     
  3. Freds Dad

    Freds Dad Veteran

    Location:
    Gawsworth.
    As a student how did she pass the credit checks and prove that she could afford the payments.
     
    Last edited: 29 Jun 2019
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  4. sheddy

    sheddy Guru

    Location:
    Suffolk
    Too dim for University ?
     
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  5. Crackle

    Crackle Squatter

    There's two stories here isn't there, maybe three. One, naive girl gets scammed and possibly a side story about how why this has fallen on her parents and two, the deep, perilous, scam like nature of car finance and dodgy dealers and how the industry now relies on HP and personal lease to sell new cars. The latter nature of dodgy car salesman has always been so, offering their own finance with interest not expressed in APR or up front fees explained, trying to sell extras from car seat cleaning fluids to up front service costs, it's a deeply dodgy industry which need regulating within an inch of its life.
     
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  6. welsh dragon

    welsh dragon a permanent vacancy now exists

    I feel sorry for you as you will probably have to bear the brunt of your childs stupidity. This sort of thing seems to be the norm these days.

    Not every child is like this but a significant number are and it's always the poor parents who have to take the hit.

    Realistically she should suck it up and take responsibility, but as we all know, families are complicated and I have no doubt loyalties and allegiances will be made, argument will be had and tears will be shed and in the end the outcome will be the same.

    I hope it works out for you and yours.
     
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  7. Bromptonaut

    Bromptonaut Rohan Man

    Location:
    Bugbrooke UK
    PCP and similar products are without doubt heavily oversold and the finance tail is wagging the motor car selling dog. Even those of us who can afford to pay cash for a car find the best deal is to take the finance and pay it off immediately.

    However she got herself into this mess. Anybody bright enough to go to university should be able to understand what £300/month for x/years is and that time might come when she cannot afford it. She should have been given illustrations which would show amount payable in total and any final 'balloon' payment. If she's now out of work she needs to talk to the lender. There's advice on the websites of charities including Step Change and National Debtline.

    She needs to be robust with debt collectors but also needs to explore what rights the finance co has to re-possess. Best thing may to to hand in the keys but she needs advice. Parents shouldn't feel obliged top help. She won't go to jail or get a criminal record but her credit history will take a massive knock.
     
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  8. Crackle

    Crackle Squatter

    It's not anyone Spokey knows, he's just reporting the article.
     
  9. welsh dragon

    welsh dragon a permanent vacancy now exists


    Missed that bit. Def to much sun ^_^ but the sentiment applies
     
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  10. DCLane

    DCLane Found in the Yorkshire hills ...

    She's an adult and should have thought it through. The parents have probably been over-protective since she was born *

    * That's my guess from experience.
     
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  11. Crackle

    Crackle Squatter

    Interestingly, there's a school of thought which says adolescence lasts longer than previously an there might be an economic link to why

    https://www.theguardian.com/society/2018/jan/21/adulthood-extended-adolescence-when-will-we-grow-uo

    However, one of the strongest influences on social development has always been economics. Teenagers, for instance, emerged in the 1950s when they spent wages on a scale unknown before; rebels with a consumer cause. So, today, what is really coming first? Is it improved knowledge of the human condition, or pressure created by unregulated capitalism, house prices, low wages and unaffordable childcare delaying parenthood. Is that why adolescence – aka living under the same roof – is extending?
     
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  12. Cycleops

    Cycleops Guru

    Location:
    Accra, Ghana
    Doesn't say if bought on HP or lease plan. I guess she's too old to need some guarantor.
    I would have thought she talked through the prospective purchase with her parents who should have been able to advise her of the pitfalls. If they've got a ounce of common sense they should have told its too much to take on and help her to buy a banger or a scooter or horror of horrors a bicycle!
    Maybe her parents live on credit so perhaps she learned it from them. Who knows.
    Why does she think she needs to drive a 20k motor? All comes from the parents I think.
     
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  13. Tigerbiten

    Tigerbiten Veteran

    Takes me back a few years .....
    I think if you swap house for car and mortgage for payment plan then there's not a lot of difference in the stories from then and now.
    Buy into what sound like a good deal with a little deposit and a lot of credit.
    But if something goes slightly wrong then your stuffed.

    Luck ........... ^_^
     
  14. marinyork

    marinyork Resting in suspended Animation

    Location:
    Logopolis
    What Crackle said.

    I always find it interesting which stories are reported on things like credit and which become popular. If you walk around a top 50 university in this country, or live anywhere near one you can easily imagine this story happening.
     
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  15. Cycleops

    Cycleops Guru

    Location:
    Accra, Ghana
    There's a lot of difference. I remember my father couldn't even go for a beer after taking out a mortgage on our first house. A house can only increase in value whereas a car will be almost worthless in five years. Young peoples expectations are higher and they think it's their right to drive around in a 20k motor.
    I was in Sheffield last year and a taxi drive told me most of his customers were students from uni. Too proud to take the bus or cycle.
     
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