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Question about Car Finance Direct

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  • 24-01-2004 5:59pm
    #1
    miju
    Banned (with Prison Access) Posts: 8,486 ✭✭✭


    hey ppl my uncles in a bit of a muddle so he asked me to ask ya'al something

    first off HAVE THEY WOUND UP? because he has been told they have by Bank of Scotland (financiers of his car) but checking the CRO site they are still in operation

    secondly, he was told that they could re-finance said car after 2 years and now the 2 years are up they wanna do so, so how can they go about it if they've folded up. it seems all their premises have been shut but people are still answering the phone number and fobbing him off

    also, whats the deal regarding payments of his car loan ie: does he still have to pay car finance direct or the financiers etc etc

    any help greatly appreciated as he's gettin a bit peeved getting the runaround


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    #2
    Victor
    Registered Users Posts: 78,370 ✭✭✭✭Victor


    I **presume** CFD were either bought out by BoS or were a subsidiary or whatever and that organisation is now being liquidated.

    An option to renew the finance may be contained in the contract he signed - this is realisticly the only thing he could hope for.

    It is quite possible he could get much cheaper finance elsewhere today.

    If the CFD is being liquidated he should receive formal documentation from the liquidator saying where he should pay.


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    #3
    Lawdie
    Registered Users Posts: 863 ✭✭✭Lawdie


    Although they carried the name car finance direct, they did not finance you uncles car.
    BOS are the finance company which the loan is contracted. CFD acted as credit intermediary and placed the finance with BOS (at a high rate).

    CFD going liquid does not affect the signed contract with BOS, also neither BOD or CFD need to advise that CFD are no longer trading. It would of been nice but not legally required.

    If you uncles has a clean ICB (missed no repayments) he can request another loan when hes trading the car in. Note hes paying higher interest for been a high risj client.

    If he stops paying his ICB record will go bad, not smart for someone who required a high risk company in the first place. BOS did specialise in this area, until it proved too high risk!

    Hope this helps


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