Just come across this... shattered dreams 😕 (1 Viewer)

[Minxy]

In Germany financing a MH over 10-12 years is common, it is seen as a longer term and more secure investment than a car, we did our first MH over 10 and paid it off after 7, the next (current) MH was paid for cash, the standard pension lump sump method, but without a long term finance we would not have had our first 10 yrs of MH life and only just be starting.

But aren't the rates for loans in Germany a lot lower than the UK?

 

[Roby2008]

But aren't the rates for loans in Germany a lot lower than the UK?

I think they were at the time, this was 2013 when we took the loan, it wasn´t excessive though and payments were in the region of 300€ a month, this was in the days when a new MH was 42000 inc 19% Msw (VAT).
I have no clue what interest rates are these days, as other funsters have said, if you can´t pay for it outright then don´t buy it, that´s what we do these days, zero credit.

 

[Otter Spotter]

Just had this through, just proves how dealers sell cars

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[Simon G]

We paid the balance of £126,000 on our van by acquiring 13, zero % credit cards from 11 different lenders - (some in my name, some in the wife's name) with repayment times between 18 and 27 months. We then put money away each month in a 'high' interest savings account until it was time to pay them off in full.

Wow! Good that the dealer was willing to do it, would have cost it a bit in fees. Plus you got Section 75 protection! Way to go...

 

[Fulham Dave]

Wow! Good that the dealer was willing to do it, would have cost it a bit in fees. Plus you got Section 75 protection! Way to go...

Yep! Advised him before we funalised the deal and he was fine with it - if I recall correctly, I think we agreed to split the fees

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[Lenny HB]

We paid the balance of £126,000 on our van by acquiring 13, zero % credit cards from 11 different lenders - (some in my name, some in the wife's name) with repayment times between 18 and 27 months. We then put money away each month in a 'high' interest savings account until it was time to pay them off in full.

You were lucky most Motorhome dealers won't accept CC for payment.

 

[Lenny HB]

Wow! Good that the dealer was willing to do it, would have cost it a bit in fees. Plus you got Section 75 protection! Way to go...

Section 75 only applies if the total purchase price is £30k or less.

 

[CAB96]

Not sure I followed it properly, did he get his money back from the finance company?

 

[Nanniemate]

Part of the work I used to do as an IFA involved credit broking and digging people out of the sh1t. It never ceased to amaze me the number of people serving in the Armed Forces who were completely irresponsible when it had come to borrowing money. I put it down to having a reasonably decent disposable income, which made many of the nicer things in life accessible on the never-never, but without much thought of the longer term implications of snowballing debt.

Fed housed and clothed taken at source so no need to budget . Then out into civvies Street and the poor guys no clue at handling their finances.

It's not changed goes down to the financial education (from parents) before going in .
My father told me a story about one of his colleagues being dragged into see the commanding officer as he had been bouncing cheques all over town.
He thought as long as he had cheques in the book he could write them and it would be paid.
No one explained to him that he had to have the money in the bank to start with .
That was in the 1950s.

 

[MisterB]

The reality is that most ex service personnel are more than capable of dealing with finances and whatever else life throws at them. The few who struggle are potentially the same percentage who might struggle whether they had been in the Services or not, sadly of course there are those that have been affected unbelievably by their time in the Services and no amount of 'entry in civilian life' courses/education would prepare them.

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[Northernraider]

Found the same advert 12th dec last year, I'm sure I've seen it before that as well.
And he has to keep paying ebay fees every time as it says sold on the previous ad certainly not a happy fellow

More money than sense.

That was apparent when he bought his first motorhome brand new and took out that ridiculous amount of finance.

I thought people were supposed to get wiser with age but that was downright stupid.

 

[Jim]

Fed housed and clothed taken at source so no need to budget . Then out into civvies Street and the poor guys no clue at handling their finances.

Maybe in the 1950's, Today a soldier pays as he goes for for every item on his plate and the tea in his mug, he pays for his accomodation and must budget wisely. Unpaid bills can be discipliniary offences, I'd say a young soldier these days has to have more budget responsibility than many.

 

[Jim]

Just had this through, just proves how dealers sell cars

Selling my monthly budget, I fear this happens a lot with motorhomes. Some people have no idea what they will eventually pay or what the onerous terms are, but when that dealer says, "I think we can get you this with only an extra £60 a month more than you are paying now." They bite his hand off.

What a bargain, a new motorhome for just £60 a month. (Over just 120 months with massive ERC and a balloon as big as a the Hindenburg)

 

[tinkertaylor]

So he purchased a faulty motorhome, let's face facts they are complicated pieces of equipment and need things repairing and replacing anyway, especially one that hasn't been used with start stop battery issues..... He complained and got his money back, whats the problem with that?

He then mentions they brought it back and sold it on making more money which to me seems a bit salty from him and dilutes his argument. He's now attacking the rep of the company to try and do what, hurt the company who gave him his money back? If I was Brownhills I would be speaking to a solicitor.

Despite that he fought for us all and I respect and give thanks for that sacrifice, move on and find a new dream to follow, caravans are less complicated and offer similar benefits.

 

[The Wino]

In Germany financing a MH over 10-12 years is common, it is seen as a longer term and more secure investment than a car, we did our first MH over 10 and paid it off after 7, the next (current) MH was paid for cash, the standard pension lump sump method, but without a long term finance we would not have had our first 10 yrs of MH life and only just be starting.

A car is not an investment it's spending! Likewise most motorhomes except in the distorted market of the past few years.
It's a bugbear of mine when politicians call spending investment.

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[HarryML7]

Fed housed and clothed taken at source so no need to budget . Then out into civvies Street and the poor guys no clue at handling their finances.

It's not changed goes down to the financial education (from parents) before going in .
My father told me a story about one of his colleagues being dragged into see the commanding officer as he had been bouncing cheques all over town.
He thought as long as he had cheques in the book he could write them and it would be paid.
No one explained to him that he had to have the money in the bank to start with .
That was in the 1950s.

A problem in the 70's when when cash payment ceased, not surprising there where many bounced cheques when you gave a sixteeen year old a bank account when a few weeks previously they where only getting pocket money at home. High Street traders played a part, when they offerred pay later deals on the basis of the client having a service id card. Bank statements didnt always arrive on time when your address was fluid. Bouncing a cheque was treated seriously by COs and paymasters.

 

[Nanniemate]

A problem in the 70's when when cash payment ceased, not surprising there where many bounced cheques when you gave a sixteeen year old a bank account when a few weeks previously they where only getting pocket money at home. High Street traders played a part, when they offerred pay later deals on the basis of the client having a service id card. Bank statements didnt always arrive on time when your address was fluid. Bouncing a cheque was treated seriously by COs and paymasters.

Was was chatting to one lad . Doing everything right so he thought . Him and girlfriend trying to save but they were struggling to pay the bills. He checked his pay went into the bank every month and it tallied with the bottom right hand corner of his pay slip.
When we checked his slips there was a deduction in the region of £200. Asked what it was for he didn't know.
On closer investigation someone had put a decimal point in the wrong place and an extra £180 every month had been taken.for a number of years.
It took some time but he did get his money back . In time for their wedding. But it never crossed his mind that his employer could make this kind of error.
Good thing was he got it back no interest though as he should have checked

 

[the darkside]

A friend of mine has a mh on finance over 10 years,always going on he bought a new van over my pre owned van,mine is bought and paid for,no finance ! Hard work lots of overtime!he’s still got 5 years of payments payments and will have a van he’s paid well over what it’s worth,he moans when were away every month for a weekend Or booking summer European trips,he’s got a big millstone to carry for another 5 years that he can barely afford but can’t sell as he would still owe money

 

[Nanniemate]

A friend of mine has a mh on finance over 10 years,always going on he bought a new van over my pre owned van,mine is bought and paid for,no finance ! Hard work lots of overtime!he’s still got 5 years of payments payments and will have a van he’s paid well over what it’s worth,he moans when were away every month for a weekend Or booking summer European trips,he’s got a big millstone to carry for another 5 years that he can barely afford but can’t sell as he would still owe money

I had to have a reliable car for work and the vw polo turned out to be a dud the only thing I could do was part ex for new .
You guessed it, the interest free over 2 years Ford fiesta.
My cousin had bought one 6 months prior to me and commented that mine was newer than his. I looked at him and responded your finance will be paid 6 months sooner than mine.