The operative word is OR not AND.

Carcraft offer good rates on high margin cars to low risk people. It's all
about finance and warranty, very little to do with cars. If you know what
you're doing it's not the worst way to buy a car. Talk cash to them and they
show less interest, and are tough to get discount.

"Tim S Kemp" <news@timkemp.karooSPAMTRAP.co.uk> >

Is Carcraft the same kind of operation, then?

I had assumed (not knowing much about it, admittedly) that places like Yes
and Approved negotiated the finance first, then found a car to match,
whereas Carcraft gave you more options (such as paying cash, or
self-financing, etc) in addition to using their own finance house.

What about the adverts for Carcraft that say "we can pay off your finance
(even negative equity), upgrade your car and reduce your monthly payments".
I'd assumed this was by extending the term - charging a ridiculous rate of
interest doesn't seem to make this kind of deal possible.

I'm probably being naive!

All the places that tie the car to the credit are bad news. Any dealer who
can be arsed can get credit for the worst people - ex bankrupts, CCJs,
whatever. Yes the rate will be bad but the car will be the right price. Yes
/ Approved  / Carcraft etc are making money at both ends - they are finance
houses with movable security for the finance.

Mate of mine has just bought a car from Approved Car Finance. It's a 1998
Suzuki Baleno which I see go in Autotrader for about £1500 to £1995

The purchase price was £5000 - he gets £1000 trade in for his old vehicle
and £225 cash back on the deal.

So he's financing £4000 at 29% and paying £39 a week over 3 years.

So for a £2k car, he's paying £6084 !!!!!

And he thinks he has got a good deal!!!

Be warned won't you???