G.E. Money Car loan

M

Margie

Registered User
Messages
162
I met with a cousin of mine over the weekend who's in a spot of financial bother. One thing I couldn't understand was the savage repayments she has (monthly for five years) for a car which she bought a year ago. they're crippling her.I advised her to enquire about backing out of this loan altogether and getting something cheaper. My friend is a car sales rep who can get her a brand new car for half what she's paying every month.But is this possible and how would she go about this? Would she lose what she's paid off the car so far.
 
Yes you're quite right- GE Money can charge over twice the Tesco/ Bank Of Ireland/ Halifax low rate of typically 6.9%. When i check with them recently, they wouldn't reveal their rates!- But because I knew how, they finally agreed that rates are typically up to 17%! So be warned...

In essence, GE Money are a sub prime type lender and trade on that basis- so your friend should get far away from them if she has some regular income etc- She could go to her local Credit Union- I even see one offering 6.9% [broken link removed]

P.s. One thing a friend found with GE was that they were particularly bad on customer service- He proved this when he emailed them- they didn't like answering! But luckily he had his proofs and brought them to the Ombudsman. Also they claim to be a paid up member of the Plain English Campaign! Read some of their letters/email and you'll see if they match to the standards...
 
What, if any, are the penalties for clearing the loan early? The loan agreement terms & conditions should clarify.
 
Banking2006 said:
Yes you're quite right- GE Money can charge over twice the Tesco/ Bank Of Ireland/ Halifax low rate of typically 6.9%. When i check with them recently, they wouldn't reveal their rates!- But because I knew how, they finally agreed that rates are typically up to 17%! So be warned...
Click to expand...

Seems very odd to me since it clearly states below their [broken link removed] "A sliding scale of APR rates from 8.99% to 16.99% apply depending on individual applicant status. This is a variable rate loan and the rates are subject to change."
 
I don't know what the T & C's say but maybe instead of being penalised could she get a different car with cheaper payments?
 
Margie said:
I don't know what the T & C's say but maybe instead of being penalised could she get a different car with cheaper payments?
Click to expand...

To get appropriate advice from here, imo, you would need to find out the exact type of loan she has eg lease or term loan (variable or fixed). This thread might also be relevant to your friend.
 
Great Demoivre, exactly what I was looking for. That thread was very helpful.
 
Most GE Money car related products are really HP agreements- most customers might be unaware, as all they want is finance for their motor!
 
i had a HP agreement with GE and at one point i enquired about ending the agreement. Basically i would have had to return the car to the dealer and they would sell it and if it sold for more than i owed i would receive the extra money and if it sold for less i would have had to make up the difference!!!! decided this wouldn't be the best option for me at the time as didn't think they'd worry too much about what it sold for and i could have ended up still owing money!! have since cleared the HP loan.
Just my experience with them!
 
You must log in or register to reply here.
Back
Top