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Car finance and covid19

  • 17-03-2020 10:14am
    #1
    lcstress2012
    Registered Users, Registered Users 2 Posts: 598 ✭✭✭


    What happens with direct debits with cats on pcp finance with covid19? If people are out of work then they’re not getting their usual salary. Will the finance companies stop the payments do you think ?


Comments

  • #2
    punisher5112
    Registered Users, Registered Users 2 Posts: 24,644 ✭✭✭✭punisher5112


    lcstress2012 wrote: »
    What happens with direct debits with cats on pcp finance with covid19? If people are out of work then they’re not getting their usual salary. Will the finance companies stop the payments do you think ?

    I doubt it.

    If you owe money they want it.

    If it's an issue and you won't be able to I would suggest you get in touch with them as it will be worse for you if you don't.


  • #3
    Marcusm
    Registered Users, Registered Users 2 Posts: 10,632 ✭✭✭✭Marcusm


    Direct debits are essentially automated so unless there is a government moratorium it will be up to you to contact them and seek a deferral.


  • #4
    Abbey127
    Banned (with Prison Access) Posts: 127 ✭✭Abbey127


    My friend has had a few cars on fiance drives it for few months to a year.then just stops paying so they take car off him or he says to them that he is moving abroad and wont be paying anymore. Dont no how he doesnt have bad credit he goes and gets another car again after a few months.


  • #5
    NIMAN
    Registered Users, Registered Users 2 Posts: 34,694 ✭✭✭✭NIMAN


    Abbey127 wrote: »
    My friend has had a few cars on fiance drives it for few months to a year.then just stops paying so they take car off him or he says to them that he is moving abroad and wont be paying anymore. Dont no how he doesnt have bad credit he goes and gets another car again after a few months.

    Totally unbelievable story.

    So he goes and gets another loan? Must be using a different name and address each time he gets a car


  • #6
    ShadowHearth
    Registered Users, Registered Users 2 Posts: 22,929 ✭✭✭✭ShadowHearth


    My bull**** and troll readings are off the charts!


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  • #7
    Abbey127
    Banned (with Prison Access) Posts: 127 ✭✭Abbey127


    So what happens then if he was to move to Australia is a few months and still gets a car on finance like a bmw 420 high spec. knowing the car will be taking off him , but doesnt car as moving abroad?


  • #8
    [Deleted User]
    Posts: 17,728 ✭✭✭✭ [Deleted User]


    Abbey127 wrote: »
    My friend has had a few cars on fiance drives it for few months to a year.then just stops paying so they take car off him or he says to them that he is moving abroad and wont be paying anymore. Dont no how he doesnt have bad credit he goes and gets another car again after a few months.
    Abbey127 wrote: »
    So what happens then if he was to move to Australia is a few months and still gets a car on finance like a bmw 420 high spec. knowing the car will be taking off him , but doesnt car as moving abroad?

    On PCP or HP there's generally a deposit.
    Is he after losing a FEW deposits also?

    What deposit does one need in Ireland to get a new bmw 420 high spec? surely he'd care about that deposit?

    Does this chap exist or are you running a plan by us?


  • #9
    Abbey127
    Banned (with Prison Access) Posts: 127 ✭✭Abbey127


    Augeo wrote: »
    On PCP or HP there's generally a deposit.
    Is he after losing a FEW deposits also?

    What deposit does one need in Ireland to get a new bmw 420 high spec? surely he'd care about that deposit?

    Does this chap exist or are you running a plan by us?


    He is trading his car in not sure how much its worth 2009 Volkswagen scirocco?? And no I'm not running a plan he just doesn't go into detail about it so I'm sure its dodgy.


  • #10
    mickdw
    Registered Users, Registered Users 2 Posts: 23,688 ✭✭✭✭mickdw


    Abbey127 wrote: »
    My friend has had a few cars on fiance drives it for few months to a year.then just stops paying so they take car off him or he says to them that he is moving abroad and wont be paying anymore. Dont no how he doesnt have bad credit he goes and gets another car again after a few months.
    Id say your friend is using one of those schemes that lease to no hopers. A high monthly rate for average used cars with just enough up front to cover a missed payment or 2.
    With these kind of deals you are free to finish up the deal anytime.


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