Drivers face car loan crackdown to avoid new financial crisis

[AtW]

Borrowing in sterling to buy a car practically is stealing.

Cars depreciate quicker than sterling... or do they?

[northernladyuk]

So just steal a car instead.

Borrowing in sterling to buy a car practically is stealing.

[BrilloPad]

So just steal a car instead.

[_V_]

Nothing will change until Carney leaves in June 2019. Until then it's spray the great unwashed with money, and let his replacement bail out the lenders again. By then he will have either retired on £1m a year pension, or moved onto the next gravy train at another unfortunate host country...

[darmstadt]

Get down there, you know you want to: https://www.lingscars.com/

[_V_]

Boom time for insolvency lawyers

Personal insolvencies set to rise by as much as 30 per cent in 2017

[_V_]

Lots of statistics here:

Statistics Archive | The Money Charity

This might be why people are borrowing and not saving:

70p

The interest someone on the average salary would receive if they saved 3.3% of their income in an average savings account for a year

[PurpleGorilla]

Well when society stops putting kudos on owning a bottom spec 320d to put outside your little box of house we may move on.

But till then fill your boots with a sofa in a range of fookin fabrics.

Or a recession white Audi A1 [emoji23]

[NotAllThere]

next week we find out car loans are granted to day trip tourists and guess what, uk residents get to pay for the default.

You really do live in a paranoid parochial world, don't you.

Anyway, back in reality: The loans are being put into bundles and become tradeable assets. Anyone seen "The Big Short"?

[original PM]

"Drivers may face tougher affordability checks to qualify for car loans amid fears of a new financial crisis triggered by pay-as-you-drive deals.

The amount of money being borrowed to buy new cars has trebled over the past eight years to more than £30bn and there are growing concerns over the lack of financial checks made on potential borrowers.

Motorists can be offered loans worth more than their own salaries in a growing scandal which has echoes of the sub-prime mortgage boom which helped spark the global financial crisis.

Last night the Bank of England confirmed it is investigating car financing arrangements which could lead to regulators enforcing tougher affordability tests, potentially similar to those used on mortgages.

Nine in ten new car sales are now financed by "personal contract plans" which can enable people on low incomes and poor credit histories to afford brand new top-of-the range cars. "

Drivers face car loan crackdown to avoid new financial crisis*

Well when society stops putting kudos on owning a bottom spec 320d to put outside your little box of house we may move on.

But till then fill your boots with a sofa in a range of fookin fabrics.

[vetran]

next week we find out car loans are granted to day trip tourists and guess what, uk residents get to pay for the default.

[AtW]

"Drivers may face tougher affordability checks to qualify for car loans amid fears of a new financial crisis triggered by pay-as-you-drive deals.

The amount of money being borrowed to buy new cars has trebled over the past eight years to more than £30bn and there are growing concerns over the lack of financial checks made on potential borrowers.

Motorists can be offered loans worth more than their own salaries in a growing scandal which has echoes of the sub-prime mortgage boom which helped spark the global financial crisis.

Last night the Bank of England confirmed it is investigating car financing arrangements which could lead to regulators enforcing tougher affordability tests, potentially similar to those used on mortgages.

Nine in ten new car sales are now financed by "personal contract plans" which can enable people on low incomes and poor credit histories to afford brand new top-of-the range cars. "

Drivers face car loan crackdown to avoid new financial crisis