payasyougoauto.ie

Ultimate Seduction

Anyone know anything about this crowd, or better still, has anyone dealt with them..

What's the catch?

Here's a bit from there website..

This is a very creative scheme that allows clients to upgrade their vehicles based on their repayment capacity today and not on credit issues that haunt them from the past. Many of our customers have legacy credit issues such as mortgage arrears , repossessions , credit union loans or in some cases bigger issues such as a business collapse. The scheme ignores all of that and focuses on the customers ability to pay today based on their income of today. All applicants must be in full time employment or self employed.

Pay As You Go is an interactive scheme that allows a customer to pay off the value of the car over a 24/36 month period by paying the dealership directly. It is designed to specifically avoid the bureaucracy of banks and traditional loans avoiding issues such as direct debits , standing orders , interest charges and general fees.

It is about assisting people and giving people a second chance specifically those that are currently going through or exiting personal insolvency or bankruptcy.

We guarantee 95% approval.

Once approved a client can choose/order from a selection of vehicles assuming that they have a cash deposit.

Pay As You Go is a unique interest free motoring concept that's allows you to upgrade on a continuous basis. Ownership is guaranteed. This is not a rental scheme.

We supply cars , vans , crew cabs , taxi and offer full mobility exemptions.

In the first 4 years over 18,000 people made direct contact to discuss their specific car needs. In 2015 the scheme expanded by launching Pay As You Go Pro , Premium and Pay As You Go Express. 2016 was the biggest sales year for Pay As You Go. Then In 2017 the scheme delivered its first €35,000 + vehicle. During August 2017 we launched Pay Go FaceTime which allows you to apply , get approved & drive away all in the same day. Another first in the Irish motor industry.
2018 will be our 5th year.

bear1

If it sounds too good to be true then it usually is.

colm_mcm

It’s like PCP without the advantage of having a new car.

Heres Johnny

I've been following them for a while I don't think it's a scam and they've carved a bit of a niche for themselves.
I imagine they price cars high enough and its a good scheme but I just wonder why they take the risk they do. I don't know how they manage risk and what powers of repossession they have as I believe they have to give buyer title so they can insure it.

tedpan

'We guarantee 95% approval'

What does that even mean?

bazz26

Is this the motoring equivalent of a payday loan?

colm_mcm

tedpan wrote: »

'We guarantee 95% approval'

What does that even mean?

Mr Tedpan. We’ve reviewed your application. You got 95% approval. Better luck next time.

tedpan

colm_mcm wrote:

Mr Tedpan. We’ve reviewed your application. You got 95% approval. Better luck next time.

Thanks for the laugh!

Ultimate Seduction

I imagine that figure is garbage that's what got me questioning it, but mardaunt motors is a very reputable dealer in clommel for years

Ultimate Seduction

Ah! I just see there is a 210 euro application fee to be paid before application, so I assume it you are unlucky enough to be part of the 5% refused you lose out on 210 euro.

Something tells me it's probably 95% refusal rather than accepted

mickdw

I figure they operate by offering overpriced cars on high interest deals with enough deposit upfront to ensure zero risk if they need to take the car back.

Heres Johnny

No interest as such, but higher price offsets this if they are indeed more expensive.

James Bond Junior

Affiliated with the mordaunt group. Not a good thing.

darragh o meara

This dealer is local to me and he does seem to shift a good few cars from this scheme. I would imagine that there is some form of tracking device in the car that can disable the car should you go rouge on the agreement, that's how it works in the states anyway, and some finance companies here do the same..

The deposits can be pretty high on some of the better cars, so if you can manage to get that together you should be safe for the rest. I've looked at this a good few times and I can't really see where the catch is. You pay a sizable deposit and they are free to disable and repossess the car should you stop paying.

I'd imagine that there is some underwriter there to take some of the risk.

drunkmonkey

tedpan wrote: »

'We guarantee 95% approval'

What does that even mean?

It means deposit rates are so low institutions are getting creative and offering loans to people who shouldn't really be getting credit.

This didn't turn out well the last time it started happening.

Ultimate Seduction

60% up front payment then 40% spread over 2 years..

Bigsliothar

Ultimate Seduction wrote: »

60% up front payment then 40% spread over 2 years..

Hardly payasyougo!!!

Ultimate Seduction

Bigsliothar wrote: »

Hardly payasyougo!!!

I know. Ridiculous that it's pitched as affordable! If I had 60% of a new car I'd just buy a newish second hand for cash

Ultimate Seduction

Bigsliothar wrote: »

Hardly payasyougo!!!

I know. Ridiculous that it's pitched as affordable! If I had 60% of a new car I'd just buy a newish second hand for cash

Wheety

€210 application fee
€250 documentation fee
€250 minimum monthly payment
€10 a month fee too

Also had to laugh at one of the T&C's saying any legal letter from the client will result in immediate ending of the agreement.

Interesting that they seem to be at pains to stress they're not a finance company. Probably lose some protections as a customer.

Also, they say because you're paying weekly there's no warranty. And there will be spot checks on the car during the life of the agreement and this cost is not covered in the price of the vehicle.