> Mandy feels that her family should never have been put in the position they now find themselves in. Her 23-year-old daughter, Victoria, was sold a second hand Audi A1 on a five-year hire purchase deal in early 2017.
> Victoria put down £300 as a deposit and has to pay £329 a month for five years.
I mean, she doesn't even have a full time job and is paying way over the odds for that car. I way paying a little over that on a band new Audi A5 sportsback!
These are the same idiots who complain they can't afford a house while partying hard every weekend and going to Ibiza twice a year.
Anonymous B joined in and replied with this 6 years ago, 36 minutes later[^][v]#1,010,717
> Mandy feels that her family should never have been put in the position they now find themselves in. Her 23-year-old daughter, Victoria, was sold a second hand Audi A1 on a five-year hire purchase deal in early 2017.
And somehow this is anybody's fault but Victoria's?
Svet !jzYkdX7lIw (OP) replied with this 6 years ago, 3 minutes later, 39 minutes after the original post[^][v]#1,010,719
@previous (B)
I know exactly what happened. She went to a second hand car supermarket looking for an average car, sat in an Audi and was overwhelmed with the feel of the leather, gadgets and upholstery then decided this was going to be her car.
Anonymous B replied with this 6 years ago, 9 minutes later, 49 minutes after the original post[^][v]#1,010,722
I think she probably went in and said "I want something cheap" and the salesman went straight in for the Audi, and she was too unconfident to actually ask for something she wanted.
Sheila LaBoof joined in and replied with this 6 years ago, 39 minutes later, 1 hour after the original post[^][v]#1,010,732
this chick must be super important to make the news
Svet !jzYkdX7lIw (OP) replied with this 6 years ago, 6 minutes later, 1 hour after the original post[^][v]#1,010,737
@previous (Sheila LaBoof)
Not really. The BBC website is more like a magazine than news.
Sheila LaBoof replied with this 6 years ago, 59 minutes later, 2 hours after the original post[^][v]#1,010,758
oh, the title of the article should be "Look at this Stupid Bitch"
q. joined in and replied with this 6 years ago, 2 hours later, 5 hours after the original post[^][v]#1,010,852
i couldnt afford that car either, wheres my money?
this economy is a pile of bullshit
Anonymous E joined in and replied with this 6 years ago, 10 minutes later, 5 hours after the original post[^][v]#1,010,854
I miss the cynicism of gen-Xers.
Svet !jzYkdX7lIw joined in and replied with this 6 years ago, 3 minutes later, 5 hours after the original post[^][v]#1,010,855
> Mandy Quinn says more thorough affordability checks are needed
This is the worst part. You should have realised you can't afford it.
Lib Life joined in and replied with this 6 years ago, 14 minutes later, 5 hours after the original post[^][v]#1,010,860
They should make some rich MAN pay for that car for her. A human being has a right to a automobile.
And if rich people can have a nice one then it totally fair and right that she should to.
(Edited 43 seconds later.)
Anonymous E replied with this 6 years ago, 7 minutes later, 5 hours after the original post[^][v]#1,010,863
@previous (Lib Life)
None of that is actually in the article.
Meta !Sober//iZs joined in and replied with this 6 years ago, 2 minutes later, 5 hours after the original post[^][v]#1,010,865
Okay so the total price is 300+(60*329)=20,040 GBP = $25,897.84
Base price on a new Audi A1 is apparently £18,540 = $23,536.57
Probably not totally fair comparison though, as you'd be financing the new Audi also.
So go to bankrate.com and do the math on a 5 year note for £18,540 at 5% and we get monthly payments of £349.87 for a new Audi A1 on a 5 year note at 5% interest.
So she's basically paying slightly less per month than a new one. It's a shitty deal but not, like, shitty enough for a news story imo.
We're missing a lot of important data, though. What year is the secondhand Audi? Is it almost new with low miles? A clapped out banger with 100k on the clock? What options/trim level was it?
Hey Chevy or Ford guy replied with this 6 years ago, 3 minutes later, 5 hours after the original post[^][v]#1,010,866
@previous (Meta !Sober//iZs)
100,000 miles is not really high on a well made automobile these days.
Svet !jzYkdX7lIw replied with this 6 years ago, 5 minutes later, 5 hours after the original post[^][v]#1,010,871
@1,010,865 (Meta !Sober//iZs)
Most car supermarkets sell cars between 1 and two years old with around 20k to 40k miles. Most of their cars are former rental cars.
A lot of new car finance in the uk is really low and sometimes zero APR where is used cars often have a much higher APR.
Anonymous E replied with this 6 years ago, 8 minutes later, 5 hours after the original post[^][v]#1,010,874
@1,010,865 (Meta !Sober//iZs) > It's a shitty deal but not, like, shitty enough for a news story imo.
I think the news story is about arranging financing for people who will likely default. Whether you think the naivete of young people or the people preying upon the naivete of young people is the real tragedy here... That's up in the air, I guess. Maybe both are regrettable.
There used to be a time when giving out bad loans was a self-policing process because the people doing it would lose out. Now we have whole industries centered around it.
(Edited 1 minute later.)
Meta !Sober//iZs replied with this 6 years ago, 54 minutes later, 6 hours after the original post[^][v]#1,010,885
@1,010,871 (Svet !jzYkdX7lIw)
Zero APR is a scam and the money will be paid elsewhere. Banks aren't lending money for free. In the US it's common for dealers to offer "zero APR" or "cash back" where you can pick 0% or, $10,000 cash back (or whatever).
@previous (E)
Doubtless the young lady in the story could have made better decisions. Did she really need a luxury car? Audis are just tarted up Volkswagens. Instead of an Audi A1 she could have gotten a Volkswagen Polo which is essentially the same car. Probably could have gotten a newer Polo in better shape than an Audi A1 for the same amount (comparable to buying a Toyota Camry vs. a Lexus ES). She could have shopped around for a better deal, compared rates, gotten financing from a bank, etc.
> There used to be a time when giving out bad loans was a self-policing process because the people doing it would lose out. Now we have whole industries centered around it.
I am a huge believer in banks being forced to accept the consequences of their decisions. Bank goes bankrupt because they gave adjustable rate mortgages to people with no chance of ever making the payments? Too fucking bad. No one put a gun to your head and forced you to start writing subprime mortgages. I don't like this "too big to fail" thing. I think failed banks should be liquidated like any other firm that goes bust from bad decisions.
Interest is what the bank charges for taking the risk of a loan. High interest rates should serve as a signal to borrowers that if no one is willing to lend them money for less than usury rates then borrowing money in their current situation is a bad idea.