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  1. #281
    Burnout Burnout is offline
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    Fears that complex car 'hire-purchase' deals are leaving buyers vulnerable - Independent.ie

    Fears that thousands of motorists are taking out finance deals without being aware of the pitfalls have prompted the State consumer protection body to launch a new study.
    The Competition and Consumer Protection Commission said personal contract plans (PCPs) were now one of the most popular ways to finance the buying of a car.

    There are also concerns whether the lenders providing PCPs are regulated, and about the regulatory status of car salespeople offering the deals.

    Not regulated, how unusual.
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  2. #282
    artfoley56 artfoley56 is offline
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    Quote Originally Posted by Burnout View Post
    Fears that complex car 'hire-purchase' deals are leaving buyers vulnerable - Independent.ie

    Fears that thousands of motorists are taking out finance deals without being aware of the pitfalls have prompted the State consumer protection body to launch a new study.
    The Competition and Consumer Protection Commission said personal contract plans (PCPs) were now one of the most popular ways to finance the buying of a car.

    There are also concerns whether the lenders providing PCPs are regulated, and about the regulatory status of car salespeople offering the deals.

    Not regulated, how unusual.
    given the state of regulation here, would you feel any better if they were "regulated" ?
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  3. #283
    Orbit v2 Orbit v2 is offline

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    They were talking about this on the radio and said one of the things that prompted the study was a lot of questions from consumers, wondering whether or not they owned the car at the end of the contract. Which suggests that these people didn't understand what they were signing up to.
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  4. #284
    Vega1447 Vega1447 is offline
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    Quote Originally Posted by Orbit v2 View Post
    They were talking about this on the radio and said one of the things that prompted the study was a lot of questions from consumers, wondering whether or not they owned the car at the end of the contract. Which suggests that these people didn't understand what they were signing up to.
    About two years ago a Renault dealer here in Limerick had a setup where they had their cars (along with Dacia's) on display in the Castletroy SC.

    If you wandered over to have a look you were given the invitation to attend a meeting/sales pitch in their hq on the Dock Rd.

    They refused point blank to give me any info at the stand. A bit reminiscent of time share sales guys when on holidays.

    I didn't take up the invite ....
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  5. #285
    odie1kanobe odie1kanobe is offline

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    Quote Originally Posted by Orbit v2 View Post
    They were talking about this on the radio and said one of the things that prompted the study was a lot of questions from consumers, wondering whether or not they owned the car at the end of the contract. Which suggests that these people didn't understand what they were signing up to.
    Some people are thick as pig5hit and even when you explain that at end of the 3 yrs if you make a payment of €X they will still assume that at the end of 3 years the car is theirs and they don't need to make the payment.
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  6. #286
    robut robut is offline

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    Mercedes Ireland executive unleashes unprecedented attack on new car market 'pre-regging' practice

    The new-car sales bubble is in danger of bursting because dealers are artificially inflating ‘sales’ figures, it is claimed.

    Dealers and distributors are being blamed for registering thousands of cars at the end of each month to bolster ‘sales’ figures - even though they have no ‘real’ buyers for them.

    The practice, perfectly legal, is called ‘pre-regging’. The ‘pre-regged’ cars are usually sold for thousands less over subsequent months as ‘nearly new’ or ‘newsed’ vehicles.
    Bold part .. BIZARRE ( Shades of the pre 08 light touch regulation in financial sector )

    Ciaran Allen, passenger sales manager for Mercedes in Ireland, didn’t specifically name any brand but warned that the law of supply and demand will “bring down the house of cards” on several dealers because the practice is not sustainable.

    The figures show how 8,500 cars (22pc of total) were registered in the last three days of January; 40pc of the total for February and 44pc for March and April.

    One unnamed brand ‘sold’ 48pc of their monthly total in the final three days of January.
    Mr Allen said: “We are being asked to believe that 34,000 people who bought a car this year did so in the last three days of the month.”

    And while the new-car market is officially down 14,000 - 10pc to 125,000 - to the end of August, Mr Allen believes the real figures represent something closer to a 14pc decline.
    Anyway read the rest ... salutary warning it seems. Similar to the few who spoke up and were correct pre the crash in 07/08
    Last edited by robut; 27th September 2017 at 09:17 PM.
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  7. #287
    robut robut is offline

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    MORE:

    Mercedes Ireland warns new car market here is dysfunctional .. Fake registering, not UK imports, is the greatest threat to the heath of the industry, according to Irish executive

    RE PCP:

    If correct, those figures paint a picture of an Irish car industry beset on one side by the rising tide of cheap UK imports, and on the other by dealers and distributors selling cars to themselves to generate volume figures - cars which then have to be sold on at a massive discount, further distorting values. The concern is that the twin effect will put further pressure on used car values, which could present serious problems for those dealers which have guaranteed the future value of cars sold on Personal Contract Purchase, or PCP plans.
    His biggest worry remains the state of the market, however. “If a country has a population of four-million people and a car market of, for argument’s sake, 100,000 and you’re trying to artificially push that volume to 150,000 - well, that can’t go on for ever” said Allen. “When the market is jumping up at rates of 20 per cent or more, then it can absorb that kind of sales dumping. But now we are starting to see those actions coming home to roost.”
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