shimself
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Post by shimself on Mar 25, 2017 19:40:05 GMT
Student "loans" are really a disguised income tax, payable on average-or-above incomes only, with a lifetime cap. The LibDems were crucified unfairly for something that, in all but name, is very similar to what they promised. said he (Nick Clegg). And then did just that. At the time I thought that what the coalition came up with wasn't so bad in fact, but big simple promises need to be kept. As we ( all?) hope Trump will find out soon (this being the day that Obamacare was not killed off)
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hector
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Post by hector on May 2, 2017 13:34:45 GMT
The Times today -
Britain’s £40 billion car finance market could be heading towards a mis-selling scandal because of concerns about the reliance on debt to buy vehicles.
Nearly 90 per cent of new cars are sold using finance deals, most of which mean the owner in effect leases a vehicle for three or four years rather than buys it outright.
These so-called personal contract plans (PCPs) allow people to secure cars for monthly payments, helping to cause a motoring boom. Experts fear, however, that many customers are being sold loans without having the terms properly explained to them.
Analysts suggest a financial downturn could result in thousands of drivers unable to keep up payments, leaving dealers with a glut of second-hand cars they would struggle to sell.
The Times can reveal that T*e Ca* Fi**nce *om*pa*y, a provider of finance to those with poor credit histories, appears to be in financial trouble. Six directors of the “sub-prime” lender have quit since the beginning of March and its accounts are listed by Companies House as overdue.
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ozboy
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Mine's a Large One! (Snigger, snigger .......)
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Post by ozboy on May 2, 2017 13:38:24 GMT
The Times today - Britain’s £40 billion car finance market could be heading towards a mis-selling scandal because of concerns about the reliance on debt to buy vehicles. Nearly 90 per cent of new cars are sold using finance deals, most of which mean the owner in effect leases a vehicle for three or four years rather than buys it outright. These so-called personal contract plans (PCPs) allow people to secure cars for monthly payments, helping to cause a motoring boom. Experts fear, however, that many customers are being sold loans without having the terms properly explained to them. Analysts suggest a financial downturn could result in thousands of drivers unable to keep up payments, leaving dealers with a glut of second-hand cars they would struggle to sell. The Times can reveal that T*e Ca* Fi**nce *om*pa*y, a provider of finance to those with poor credit histories, appears to be in financial trouble. Six directors of the “sub-prime” lender have quit since the beginning of March and its accounts are listed by Companies House as overdue. I brought this issue up several months back. Got pooh poohed at the time I vaguely recall? PS - Probably doesn't need a financial downturn either to precipitate? PPS - If it's in The Times, no need to use **** ?
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adrianc
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Post by adrianc on May 2, 2017 15:02:43 GMT
The Times can reveal that T*e Ca* Fi**nce *om*pa*y, a provider of finance to those with poor credit histories, appears to be in financial trouble. Six directors of the “sub-prime” lender have quit since the beginning of March and its accounts are listed by Companies House as overdue. PPS - If it's in The Times, no need to use **** ? They're not a P2P platform's borrower anyway, so no need. But I'm not sure that you can really do much extrapolating from one sub-prime lender going south to the entire market... There's a place in the car finance market for sub-prime lenders, but new cars aren't it.
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ozboy
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Mine's a Large One! (Snigger, snigger .......)
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Post by ozboy on May 2, 2017 15:16:21 GMT
PPS - If it's in The Times, no need to use **** ? They're not a P2P platform's borrower anyway, so no need. But I'm not sure that you can really do much extrapolating from one sub-prime lender going south to the entire market... There's a place in the car finance market for sub-prime lenders, but new cars aren't it. Absolutely, take your very valid point adrianc. However, as food for thought, and "balance", here's a short story :- MANY years ago, before I arrived in this fair isle as a wide eyed young man, I was listening to the radio in Oz and a short, small snippet popped up in the news that an MP had asked obscure Questions in State Parliament about a certain Building Society. Now, I was heading over here soonish, and am quite risk averse anyway, so I pulled all my dollars out immediately. The Building Society went bust around two weeks later I recall.
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hector
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Post by hector on May 3, 2017 11:39:18 GMT
I flagged it up as I believe a number of car finance &/or car dealerships do borrow from P2P sites for such funding
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rick24
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Post by rick24 on May 3, 2017 11:43:24 GMT
The general subject of the risk of the subprime car financing sector has also come up elsewhere within the last few months, can't remember whether it was the Guardian or the Financial Times (Alphaville?).
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ilmoro
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'Wondering which of the bu***rs to blame, and watching for pigs on the wing.' - Pink Floyd
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Post by ilmoro on May 3, 2017 12:23:36 GMT
Sub prime car loans warnings have been floating about in the press for more than a year, mainly driven by concerns in the US (surprise, surprise), so not surprising it has spread to more mainstream vehicle finance.
Interestingly RS response is to buy the two companies (or part of one) in this business that they were wholesale lending to. Hopefully they havent purchased a poisoned chalice.
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angrysaveruk
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Say No To T.D.S
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Post by angrysaveruk on May 3, 2017 12:41:47 GMT
People are heavily over socialised these days due to social media - thinking they are some kind of minor celeb in their own little world. No doubt alot of people are driving round in cars they cant afford so they can post pics on facebook about how well off they are, it is all going to go south at some point.
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shimself
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Post by shimself on May 3, 2017 19:22:43 GMT
Sub prime car loans warnings have been floating about in the press for more than a year, mainly driven by concerns in the US (surprise, surprise), so not surprising it has spread to more mainstream vehicle finance. Interestingly RS response is to buy the two companies (or part of one) in this business that they were wholesale lending to. Hopefully they havent purchased a poisoned chalice. I think RS were driven by the FCA moaning that they shouldn't lend to lenders
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drgonzo
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Post by drgonzo on May 21, 2017 10:23:12 GMT
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DiQ
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Post by DiQ on May 25, 2017 8:58:15 GMT
All the car finance is propped up by the second hand market. I've heard stories of people coming to the end of their lease term and the finance company has called them offering an "upgrade" for no extra money down with the same monthly payments. That's how well it's going for them now.
But who is going to buy a second hand diesel in 3-4 years time? Many people who live and work in cities won't be able to use them and anyone who cares about what their kids are breathing won't be interested.
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