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The Guardian Newspaper offered some advice to a driver who bought a car from failed on-line provider, Autoquake. It seemed MW of Farnham in Surrey bought an £8,000 car but was seduced into taking out a warranty costing £859 which included breakdown cover, which he was very pleased with. However, after a month the administrator wrote to Read more »

A good friend of mine reports on the crooked activities of the motor industry and has recently expressed his concerns over the direction that many of the online (bucket shop) advertisers as well as even some lenders are going. The latest scam revolves around delivery of your new car. The driver turns up with your car and an invoice for £250 delivery charge. They even carry with them a GPS credit card terminal on which you can make the payment. They point out the charge was included in Read more »

Knowing what you are doing when it comes to car finance is so important. I know I bang on about it all the time but let me be quite clear if you guess and get it wrong it could end up costing you a fortune. In a recent edition of Auto Express a lady bought a 5 year old Mini Cooper S Convertible for £10,500 from a main dealer under the Cherished Car scheme. On her way home a warning light came on and the ABS cut in when it didn’t need to. Already a clear case of faulty goods. She returned to the Read more »

Auto Express recently carried a story, explaining how Stephen Larkin from Newcastle ordered a Skoda in March and was told that delivery would be delivered by early July at the latest. After passing this date he decided to cancel the order and wrote to the dealer saying he wanted to cancel the order as they hadn’t delivered the car and asked for his £1,000 deposit back. He sent numerous letters and calls to the dealer without joy along with no help from Skoda, all they said was that it was down to Read more »

Dealerships and garages are still failing which means that whether you are buying new or used from a dealer you need to use the credit card technique that I recently explained in order to protect yourself between paying for a car and taking delivery. According to Experian 35 garages and related businesses failed in July this year compared to 50 last year. So whilst it is an improvement it’s not worth taking the risk and don’t forget that using the credit card technique could help to increase your Read more »

I have mixed views over my next piece. You see over the years I have recommended to clients that they make use of the law wherever they can to save money. One area that I have heavily promoted is covered by sections 99 and 100 of the Consumer Credit Act, better known as Voluntary Termination, whereby once you have paid half the total cost of the finance, you can simply hand the car back to the HP provider and they have to stand any loss between what would normally be required to Read more »

I have issued another general warning about the lack of money available to lend and the subsequent repercussions. I have had many people writing to me explaining that they had strong credit but have been declined for loans on several occasions and are now being told that they have dropped into the sub-prime category, which means they will pay high rates of interest if they are able to secure finance at all. The reason for this is the fact that whilst there are still lenders willing to offer low rates Read more »

According to Experian, the credit reference agency, automotive fraud increased by 35% during the first half of 2010. 34 in every 10,000 applications were considered potentially criminal. The majority were recorded in the second quarter showing an upward trend. First party fraud overtook third party identity fraud during April to June as the most common type of attempted fraud. First party fraud is typically where individuals attempt to hide adverse credit history or misrepresent their employment status to try and secure credit and other Read more »

There has been an upsurge in companies known as claims management companies who claim to rid you of credit card and loan debt by claiming that contracts are ‘unenforceable’. In an investigation the BBC found that some firms were claiming very high success rates as high as 93% but when pushed could not provide evidence of anything like that. They were also accused of using misleading statements by Read more »

The Treasury Select Committee has questioned whether individuals should be charged for copies of their credit report. At the moment it costs £2 or you can obtain a copy for free but it requires you to apply online to one of the credit reference agencies, provide credit card details as though you were going to pay monthly for anytime access, then cancel as soon as you’ve downloaded your current report, Read more »