What are some car finance horror stories?
There are cases where people were tricked into signing contracts with hidden fees. For example, a woman thought she was getting a great deal on a car finance. But later she found out there were all kinds of extra charges like processing fees that were not disclosed upfront. These fees added up to thousands of dollars over the course of the loan, and she struggled to make the payments as a result.
How can one avoid car finance horror stories?
Research the dealership or lender thoroughly. Look for reviews online. If there are a lot of negative reviews about their car finance deals, stay away. For example, if people are constantly complaining about hidden fees or bad customer service, it's a red flag.
PCP Finance Horror Stories: What are some common ones?
One common PCP finance horror story is when people don't fully understand the mileage restrictions. They end up going over the allotted miles and are hit with huge extra charges at the end of the contract. It can be a real shock when they get a bill for thousands of dollars just for driving a bit more than expected.
What are some car buying horror stories?
One horror story could be getting sold a car with a lot of hidden mechanical problems. The dealer promised it was in great shape, but after a few days, the engine started making strange noises and it turned out there were issues with the transmission too. Cost a fortune to fix.
What are some car financing horror stories?
One horror story is when people get stuck with extremely high interest rates. They thought they were getting a good deal but later realized they're paying way more than the car is worth in the long run. For example, a friend of mine was offered a 20% interest rate on a used car loan. He didn't read the fine print carefully and now he's struggling to make the payments each month.
What are some 'first car horror stories'?
One of my first car horror stories was when the engine suddenly overheated on a long road trip. I was in the middle of nowhere, and steam started coming out from under the hood. I had no idea what to do at first. Luckily, a kind passer - by helped me check the coolant level, which was dangerously low. It was a scary situation as I thought I'd be stranded there for a long time.
What are some 'car selling horror stories'?
One horror story could be when a seller thought they sold their car to a legitimate buyer. The buyer gave a fake check and took the car. By the time the seller found out the check was bad, the car was long gone and they had no way to track the buyer.
What are some 'car repair horror stories'?
I took my car to a so - called 'expert' mechanic. He said he needed to keep the car for a few days. When I got it back, there were new scratches on the body, and the interior smelled like cigarettes. And the original problem still wasn't fixed. I had to take it to another shop to get it properly repaired.
What are some car PCP horror stories?
Well, I've heard of a case where a person took out a car PCP deal. They had some minor scratches on the car which they thought were normal wear and tear. But when it came time to hand the car back at the end of the agreement, the dealer charged them a huge amount for the 'damage'. It was far more than what it would actually cost to fix those small scratches. This really caught the person off - guard and left them in a financial bind.
What are some car dealership horror stories?
I heard of a case where a customer was pressured into signing a very expensive financing deal at a car dealership. The salesperson was very pushy and didn't fully explain all the terms. Later, the customer realized they were paying way more in interest than they should have and it was a nightmare to try and get out of the deal.
What are some 'electric car horror stories'?
One horror story could be about an electric car suddenly losing power on a highway. Imagine you're driving at a good speed and all of a sudden, the car shuts down, leaving you stranded in the middle of traffic. It can be really scary and dangerous.