SteveT
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Post by SteveT on May 18, 2015 13:12:34 GMT
Having communicated the dealer's offer to buy the car at a price that covers capital + interest in case of default as part of the loan particulars, I think FS would be obliged to step in and cover any shortfall if that didn't happen. On that basis I'm taking them on trust and I've had a modest bite.
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bugs4me
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Post by bugs4me on May 18, 2015 13:58:03 GMT
Having communicated the dealer's offer to buy the car at a price that covers capital + interest in case of default as part of the loan particulars, I think FS would be obliged to step in and cover any shortfall if that didn't happen. On that basis I'm taking them on trust and I've had a modest bite. Semi-positive news and as FS have effectively achieved an underwritten offer for the vehicle by a third party in the (hopefully) unlikely event of a default, it would enhance the offer if the undertaking was made by FS themselves IMO. I think potential lenders would be more inclined to jump in.
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sqh
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Before P2P, savers put a guinea in a piggy bank, now they smash the banks to become guinea pigs.
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Post by sqh on May 18, 2015 16:05:52 GMT
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sqh
Member of DD Central
Before P2P, savers put a guinea in a piggy bank, now they smash the banks to become guinea pigs.
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Post by sqh on May 18, 2015 16:33:27 GMT
You may have inadvertently given out your post code there?? I always change the search criteria to FS HQ (HP9 1LZ) for posting on an open forum. Well spotted, my postcode should be P2P MUG
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sqh
Member of DD Central
Before P2P, savers put a guinea in a piggy bank, now they smash the banks to become guinea pigs.
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Post by sqh on May 18, 2015 18:01:37 GMT
Well spotted, my postcode should be P2P MUG P2P MUG looks like a nice semi-rural area, I'm jealous!!  It's my neighbours you should be jealous of. I've got a small plot surrounded by 3 mega properties, 2 have outdoor swimming pools and the other one has an indoor pool.
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sqh
Member of DD Central
Before P2P, savers put a guinea in a piggy bank, now they smash the banks to become guinea pigs.
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Post by sqh on May 18, 2015 20:11:19 GMT
It's my neighbours you should be jealous of. I've got a small plot surrounded by 3 mega properties, 2 have outdoor swimming pools and the other one has an indoor pool. Thanks for that, I was struggling without that last bit of info, I'll be round later to collect the protection money.   Be careful, not all properties have normal occupants around here. Two of them had an argument about who owned the ditch between their gardens. It lasted years, and the legal costs were more than the price of a new Range Rover.
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11025
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Post by 11025 on May 19, 2015 17:41:37 GMT
It is actually last of the older model. In actual fact the funding secure value of the 2013 compared to the loan amount is pretty realistic though , new shape ones are not that cheap yet , left or right hand drive they are still pretty desirable.
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Post by tybalt on May 22, 2015 16:42:30 GMT
Some years ago I lived in France and one of the postings on a forum was somebody who needed to register a RHD Rage Rover and had been quoted £1,700 for the LHD Xenon headlamps which he needed in order to obtain a CT (French MOT) I wonder which way the headlamps did on this LHD.
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Post by bracknellboy on May 22, 2015 19:14:13 GMT
Some years ago I lived in France and one of the postings on a forum was somebody who needed to register a RHD Rage Rover and had been quoted £1,700 for the LHD Xenon headlamps which he needed in order to obtain a CT (French MOT) I wonder which way the headlamps did on this LHD. Was the fact that he had RHD headlamps in Fr the source of the contretemps which led to the conversion into a Rage Rover ?
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mikes1531
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Post by mikes1531 on Apr 11, 2016 16:52:24 GMT
Having communicated the dealer's offer to buy the car at a price that covers capital + interest in case of default as part of the loan particulars, I think FS would be obliged to step in and cover any shortfall if that didn't happen. On that basis I'm taking them on trust and I've had a modest bite. The above quote, now nearly a year old, refers to the old loan that's being renewed now. I note that the description of the new loan makes no mention of any agreement to repurchase. Have fundingsecure said anything about this? With the car being a year older, I'd be surprised if its actual value would be the same as it was the first time around. So without a repurchase guarantee I'm going to stay away.
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mikes1531
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Post by mikes1531 on Apr 11, 2016 17:16:18 GMT
I note that the description of the new loan makes no mention of any agreement to repurchase. I was looking in the wrong place -- although the detailed description is no longer on the loan page, it's still available via the 'magnifying glass' link near the top of the new loan page. I now can see that the description of the loan is identical to what it was last May. I'm still surprised to see the value of the car is unchanged after nearly a year, so I'd like to have fundingsecure's assurance that the motor trader still is willing to buy the car at the same price despite it now being a year older before investing in this loan. (Has the engine even been started in the last 11 months?) Finally, inasmuch as this loan is being renewed so as to give the borrower a bit more time to repay the loan, can we have FS's assurance that if the loan still is not repaid by the end of this six-month extension they promptly will arrange for the motor trader to purchase the car at the agreed price?
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kermie
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Post by kermie on Apr 11, 2016 19:38:53 GMT
Am with you on this one mikes1531. After 12 months, the car should really be re-valued. In addition, based on the drawn-out delays when the loan came to the end of its term, I don't want that again where there is plenty other loans to choose from. |
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skippyonspeed
Some people think I'm a little bit crazy, but I know my mind's not hazy
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Post by skippyonspeed on Apr 11, 2016 22:50:57 GMT
Valuation/security is meaningless if it is written off in accident and the insurance company don't pay up for some reason.
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mikes1531
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Post by mikes1531 on Apr 12, 2016 3:41:41 GMT
Valuation/security is meaningless if it is written off in accident and the insurance company don't pay up for some reason. : I was under the impression that fundingsecure had possession of the car and that it was in storage for the duration of the loan. Do you know something different?
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skippyonspeed
Some people think I'm a little bit crazy, but I know my mind's not hazy
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Post by skippyonspeed on Apr 12, 2016 7:14:30 GMT
Valuation/security is meaningless if it is written off in accident and the insurance company don't pay up for some reason. : I was under the impression that fundingsecure had possession of the car and that it was in storage for the duration of the loan. Do you know something different? Thank you for correcting me....I still wouldn't lend money on a vehicle that isn't particularly rare, or, from my point of view, desirable. Who knows, this time next year Chelsea tractors may have completely lost their fashion image and the world and his wife could be trying to off-load. Even something like the VW scandal could knock thousands off the value and unlike a property crash I doubt there would be any sort of recovery
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