YOU HAVE YOUR SAY
EVERY week Money Mail receives hundreds of your letters and emails about our stories. Here are some about our article on the hidden costs of car finance.
HOW CANCELLING A CAR LOAN CAN DRIVE YOU ROUND THE BEND
Money Mail, July 22
I’VE only bought one car and I took out a personal loan, not hire purchase. When car finance can limit the number of miles you are allowed to drive and you don’t own the vehicle, you’ve got to ask why you’d sign up to it.
D. N., Horsham, W. Sussex.
A COLLEAGUE took out one of these contracts a few years ago, but went on to develop a medical condition which left him unable to drive. He ended up having to borrow money from his family to buy the car so he could sell it secondhand.
P. C., by email.
THERE are many motorists who think they can just hand the vehicle back at any time and avoid charges. While it may seem like a good idea to pay £500 a month for a nice car, you will probably be hit with heavy penalties if you have to give it up.
T. C., Renfrewshire.
I’VE only bought a car on finance once, just after I passed my test in 1985. It was such a bad experience, I swore I never would again. Since then I’ve saved up and bought the best car I could afford each time I’ve needed a new one.
E. T., Hartlepool.
I BOUGHT a car on finance a few years ago, but then I changed jobs and was given a company car. I’d driven about 2,000 miles when I tried to hand the vehicle back, but was told I was still liable for the cost of the loan and ended up £5,000 out of pocket.
N. T., Plymouth.
PERSONAL contract plans can be a good deal, but make sure you read the terms and conditions carefully. I returned a car on a four-year deal two years into my contract with no penalty but only avoided charges by choosing another vehicle.
I. N., Glasgow.
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