Could Be Dangerous.

A place to talk about anything well just about anything (this is a family show remember).

Re: Could Be Dangerous.

Postby markcrook » Thu Apr 01, 2010 11:14 am

Poodle Jewel wrote:
Rosco532 wrote:Poodle Jewel......Do you mind if I ask ....what does ''Split the Loan'' mean.....and is this a common practice with finance Co. in this country....???...Im afraid I've never heard about this before...
Would be a shame to see some one else fall into this trap.

Cheers

The whole loan all up was 16,000 but because i`m single they would only finance me for 11,000..so the other 6,000 goes ( i don`t know where) and they loan you 11 (split the loan ) BUT at the end of your usually 5 year term you still owe them that 6,000....If this had of been explained when i bought the Getz I NEVER would have gone ahead...so here i am thinking i have almost paid off my car but there is 6,000 owing. I have never heard of this either amd it seems no one i know has either.


HI PJ,

This was common practice in the UK a few years ago and heavily critisized!

We had a similar car loan prior to emmigrating, basicaly after we had paid the initial sum off and we were left with a couple of options, either pay off the remainder in a lump sum, refinance it or return the car - as we were leaving the country we returned the car! Which meant we got a V on our credit rating (which meant that we had voluntarily returned the car, I think) but as we were moving half-way across the world we weren't to concerned as it didn't follow-us.

This does leave you with nothing to trade in or sell privatley to provide a deposit for your next purchase - but left us debt free as the private sale value or trade in value was less then the outstanding loan!
Knock me down I get right back up again,
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Re: Could Be Dangerous.

Postby Rosco532 » Thu Apr 01, 2010 11:26 am

This does leave you with nothing to trade in or sell privatley to provide a deposit for your next purchase - but left us debt free as the private sale value or trade in value was less then the outstanding loan![/quote]

This was my fear for JP.......A GREAT lesson for all of us!!!!, We are past the HP stage BUT we do have 16 grand children constantly asking for advice.....

Cheers
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Re: Could Be Dangerous.

Postby Poodle Jewel » Thu Apr 01, 2010 12:07 pm

NO ONE Will trade that car with this type of loan..the 16,000 grand does include interest.I`m sure they are all looking at me thinking i must be some idiot to accept that loan, so unless i get rich i am stuck with it and by the time i pay it off it it won`t be worth anything anyway..It all sounds a bit weird anyway..That particular finance company has sold out to a company called ALphera who i have got on the net to,there page is down so i rang their head office in Victoria Twice and they haven`t got back to me...the finance lady where i was going for the camper van said they are owned by BMW and the $6,000 would go on another loan at the end of the term..she suggested i pay as much as i can either weekly or fortnightly and by the term is up at least i will owe less. What a pain in the proverbial.
The Lord is my shepard,i shall not want......only sometimes.
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Re: Could Be Dangerous.

Postby xmasbaby67 » Tue Apr 06, 2010 10:43 am

Also just check if there are any penalties for paying it off early though PJ.

Gosh I feel for you but like you said you are stuck with it now :evil:

But on the up side you have a car and camping gear so you can still go camping!!!! :+

You also have your gorgeous furry kids!! ::)
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