DazV

My girlfriends just called to tell me she's fixed up a meeting with them about a new car.

Any word of warning, or are they a decent company ?

STi go fast

swings and roundabouts..they have a cack avarage APR (20%) because they sell cars and loans to ppl no one else wants (no offence meant) i would also check their car prices..i may be wrong but i doubt they are bargain prices compared with shopping around.

they also have a mad green uniform which i find rather silly looking


T

Mice_Elf

My brother tried them and after a meeting decided that they were not worth the air that they breathe and gave them a VERY wide berth.

Small selection of cars, whopping great APR and not very helpful, apparently.

DazV

Cheers for that - the daft thing is her credit rating is fine. Goodness knows where she got this idea from.

Anyway thats the perfect answer from you to tell her to not even bother talking to them!

STi go fast

"her credit is fine"

ahhhh, i was being tactfull before! if she has good credit then stuff this lot, they sell cars to people who have no money and would do better to get a bike and go find a job rather than stich themselves up with a 20% APR car loan (IMO)

T

NotoriousREV

Actually, if her credit is fine, they'll probably tell her to go elsewhere as they can only offer credit to undesirables.

DazV

I suppose I started it all off telling her to get rid of her rust bucket and goto a car supermarket and get something new.

She then tried that, found they only sold new which she couldn't really afford and started looking elsewhere on the net and found Yes! Car Credit.

I've told her to get a bloomin' loan and get along to the auctions with me and a wad of cash. I'll bring a mate who knows what to look for.

Anyone here done the auction thing ?

-DV

Clarebabes

Car supermarkets don't just do new, well, the one in Northampton doesn't. Can get cars from about £3k up to £20K there.

They buy in bulk and some of the cars may be imports - I should check this.

I know last time I went there they had a load of year-old Corsas for about £4K or so.

Yes! car credit - steer clear! I got finance from a normal dealer at 11% and I'm in negative equity - just think what it would be like at 20%!!!!

DazV

Thanks for that.

Columbia300man

I am the unfortunate one that had bad credit due to my girlfriend, most of you will know me, so i went to car credit and got an R reg astra for 4k 50,000 miles on clock in quite good condition really.

Well i had to get a car as i was stuffed without one, so i went through with it, WHAT A F***ING IDIOT I WAS!

After 2 months i had the offer of a Subaru which i could afford, and as people may know Yes car credit give you a payment holiday for 2 months so i hadent actually made a payment, so i phoned them up and told them that i couldnt afford it anymore due to the ex taking me to the cleaners, they said right we will get the car back(all over the phone) they came to my house and took the car. 2 weeks later i have a letter through my door, it is a bill from Direct Auto Finance for 7k, the car i paid nearly 5k for they had sold on auction for 2.6k and taken that off the finance bill which has left me with just over 7k to pay, why the fack did they tell me to give the car back, i should have got it in writing, am i screwed, this happened end of last week so i havent done anything about it yet, i am screwed if i have to pay this money.

well another little chapter in my life!!

TomM

DazV - DONT USE THEM!!!

I work in car finance and my company fund the sub-prime market, like YES! car credit and such like. These people are only good if you do have genuine bad credit and even then I would suggest other options. APR will be massive, dealer commissions ans GAP/PPP will be sky high - dont do it, if your missus has a good history then use someone reputable.

What YES do is get you down there, and then get you approved for finance from about 6 different lenders, they then tell you that you have been approved for £7k, your then taken out to the yard to view a selction of cars in your price range (<£7k), now these cars do not have prices on them, its up to the salesman to jusdge the buyers intelligence and knowledge of cars and judgement. These cars could only be worth £6250 but you will pay the full £7k. If you try to walk away then they selct the next acceptance with a slightly lower APR - problem is, not that many people walk away, they thing they are being done a favour!! - how wrong they are.

Its staggering how many people sign finance docs without reading the figures, Its not unusual to see deals go through for 45% APR - I **** you not!!!

I would 100% look into other methods of finance, dont become one of my customers!!!

TomM

Columbia300 Man - If your still inside 30 days (which I fear you probably are not) then you could have done something about it, after that the financial agreement is legally bounding to the sense that you have to cough up.

Now they should have told you what was going to happen with the car, where you under the impression the agreement would be ended??. These companies are extremely good at ******* people, they do it all day long. I would speak to a solicitor asap as the longer you leave it the less chance you have. These guys always act a millimeter inside the regualtions, Iam sure they should have told what the consequences of your actions will be in writing but you definately need to check asap, they were selling the car on your behalf - it had not been reposessed so you should have some knowledge that the car would be auctioned - in which case if you did know your shafted and owe them 7k.

I would advise talking to a solicitor asap!!! - And there is a lesson for everyone there, sorry it had to be at your possible expense!!

The Zohan

Daz

Agree with Tom - i think they where on Watchdog or the other consumer show a few weeks back - bad news. People get stuck with a car/credit deal from hell!


Suggest

Getting a loan from the bank or such and hunting around, look privately and save a fair bit of cash and get an RAC check to be sure. If lookingnearly new or warranty is a big issue then try a dealership. A lot of the warranties are not worth having and require a thorough read of.

Columbia300man

I sent them an array of letters telling them of my circumstances, and i told them i wanted out of the contract, this was within 30 days of me getting the car, just took them 2 months coming to collect it. i just cant find anything in the sale agreement that says anything about 30 days.

I am a tw*t!!

What can i do?

TomM

I will go and check with our legal team on this, I will post when I have some info. (it will be this morning)

Tom.

Columbia300man

thanks.

merkin

As a general rule, never buy financial products from anybody with an exclamation mark in the company name

STi go fast

but they look so cool in their little green body warmers!

TomM

Just spoken to our operations directory about this, and the news is mixed.

YES! Car Finance, like most vendors who operate in this market do not have a 30 day cooling period for finance agreements so once signed your legally bound, byt, what she did say is that if you wrote to them asking for the agreement to be unwound then they should have then told you what happens next and the plan of action they intend to take. She said you have to speak to a solicitor and show them the paperwork as there may be a chance that YES have operated outside the guidelines, for the sake of printing this Iam sure they havnt.

Also try and collate ALL paperwork, notes of telephones conversations, tims of letters, copies of letters etc etc and keep this together to be presented to the solicitor who will advise further.

As these companies all have different rules and regs you are going to have to see a legal begal sharpish, before you start paying them if possible. The legal person will advise you if YES have acted out of contract (which it sounds like they may have) - you may have a case but you need to see a solicitor!! - it has to be worth it otherwise you will be paying for a car you havnt got.

Dont expect YES to just pay up though, these companies are out for as much money as possible and you will find them a bitch to deal with, good luck and let us know how you get on. You should have been aware that the car was to be auctioned, and you would then be responsible for settling any leftovers (which obviously theres going to be) - if you knew this then your shafted, if you didnt I think you may have a case.

Sorry I cant be more help but as I said, each finance house operates its own way.

imatrukahs

Steer clear..is my advice....not only Yes car credit but all these type companies...how do i know????Well a relative used to own one of them who advertised on telly.........


If you got bad credit..suicide is a more viable option...

carl

Surely the cooling off period is a requirement of either the Consumer Credit Act or the Distance Selling Regulations?

Paulo P

iTrader: (42)

DazV

No don't do it. They were on watchdog and didn't look too good on there they have silly apr rates too and their cars seem to be silly prices. If she has a good credit rating as you said then why go to these people? Just get a loan or go to a decent garage and finance a car if you must but I would advise people to steer clear after what I saw. I know it's TV but these stories don't come from no-where. A woman got charged £7000 IIRC for a £3000 car that was sh1te and she still has to pay for it after she gave it back and they auctioned it for about £1000 (IIRC) Sounds like a ripoff to me [img]images/smilies/mad.gif[/img]

Paul

TomM

Carl - apparently not mate!

Ive worked in car finance (in I.T) for over 3 years and I thought it was a legal requirement than when underwriting a deal that the customer always has a 30 day cooling off period - doesnt apply to this sector of finance, the sub-prime market.

We dont have a cooling off period, and we are a large company!!