marksovereign
Prominent Member
I' don't know if any of you have seen this in the press :
Gleaming cars on road could spark next financial crash | Daily Mail Online
It'd be nice to hear everyones view.
My view is that provided you realise that on a PCP you are effectively renting the car for a fixed term and that you cant just give it back without incurring penalties ( Unless you've paid 50%) and that you are responsible for any damage or excess mileage, what's the harm in it? If you think you can afford the payments and read the contract properly?
The underlying issue is that the FCA is bothered about is that many of these agreements are securitised and sold on as bonded debt and there is potential for these bonds to become toxic as per the 2008 banking crisis if the agreements haven't been sold properly and proper affordability checks made.
Gleaming cars on road could spark next financial crash | Daily Mail Online
It'd be nice to hear everyones view.
My view is that provided you realise that on a PCP you are effectively renting the car for a fixed term and that you cant just give it back without incurring penalties ( Unless you've paid 50%) and that you are responsible for any damage or excess mileage, what's the harm in it? If you think you can afford the payments and read the contract properly?
The underlying issue is that the FCA is bothered about is that many of these agreements are securitised and sold on as bonded debt and there is potential for these bonds to become toxic as per the 2008 banking crisis if the agreements haven't been sold properly and proper affordability checks made.