Comments on: Buying a car? Do some research (A look at Kinsey’s report). http://www.liberatingconcepts.co.za/creditpress/2007/10/15/buying-a-car-do-some-research-a-look-at-kinsey%e2%80%99s-report/ Fighting Financial Over-Indebtedness in South Africa Wed, 08 Sep 2010 08:22:01 +0000 http://wordpress.org/?v=2.1 By: Sherryl http://www.liberatingconcepts.co.za/creditpress/2007/10/15/buying-a-car-do-some-research-a-look-at-kinsey%e2%80%99s-report/#comment-914 Sherryl Mon, 03 Dec 2007 09:15:17 +0000 http://www.liberatingconcepts.co.za/creditpress/2007/10/15/buying-a-car-do-some-research-a-look-at-kinsey%e2%80%99s-report/#comment-914 Just a word of advice.. I brought a car thru ABSA in 2003.. fixed monthly amount and no problems with their service. In Oct 2005, I decided to buy a new car.. I purchased a Peugeot 206, naturally the installment was more. I signed to pay a specific amount, and a balloon payment at the end.. Over the last 2 years, my installement has gone up by R300 per month as well as approx R35000 added to my finance.. I find out that theres a tiny detail they didnt explain to me.. my installment is linked to the interest rate? Which I never asked for.. Be CAREFUL and ask them to explain every little detail!!!! Just a word of advice..
I brought a car thru ABSA in 2003.. fixed monthly amount and no problems with their service.
In Oct 2005, I decided to buy a new car..
I purchased a Peugeot 206, naturally the installment was more. I signed to pay a specific amount, and a balloon payment at the end..
Over the last 2 years, my installement has gone up by R300 per month as well as approx R35000 added to my finance..
I find out that theres a tiny detail they didnt explain to me.. my installment is linked to the interest rate? Which I never asked for..
Be CAREFUL and ask them to explain every little detail!!!!

]]> By: admin http://www.liberatingconcepts.co.za/creditpress/2007/10/15/buying-a-car-do-some-research-a-look-at-kinsey%e2%80%99s-report/#comment-920 admin Tue, 04 Dec 2007 17:14:37 +0000 http://www.liberatingconcepts.co.za/creditpress/2007/10/15/buying-a-car-do-some-research-a-look-at-kinsey%e2%80%99s-report/#comment-920 Hey Sherryl, Thank you for the advice. It really is a puzzling situation buying a car on lease or residual. The issue of understandable contracts / credit agreements is one the National Credit Act is trying to address. I guess time will tell... Kind Regards, www.liberatingconcepts.co.za Hey Sherryl,

Thank you for the advice. It really is a puzzling situation buying a car on lease or residual.
The issue of understandable contracts / credit agreements is one the National Credit Act is trying to address. I guess time will tell…

Kind Regards,
www.liberatingconcepts.co.za

]]> By: Nick http://www.liberatingconcepts.co.za/creditpress/2007/10/15/buying-a-car-do-some-research-a-look-at-kinsey%e2%80%99s-report/#comment-1677 Nick Sat, 22 Dec 2007 14:54:24 +0000 http://www.liberatingconcepts.co.za/creditpress/2007/10/15/buying-a-car-do-some-research-a-look-at-kinsey%e2%80%99s-report/#comment-1677 Thanks for the interesting and helpful website. Crazily enough I found the cost of insurance a factor especially when compared with repayment value. For illustration, in January 2007 I was quoted R650 to insure a Chico 1.4 going for R60000 (2006 model). Interest rates at the time meant my repayement was ~R1250 R650 insurance. I then found myself considering cars where the insurance was less but the repayment was larger - giving the same total cost. Do you know on an analysis that considers the (insurance cost)/repayment? Difficult yes because so many factors determine insurance cost - in my case this was 52%. Thanks for the interesting and helpful website. Crazily enough I found the cost of insurance a factor especially when compared with repayment value. For illustration, in January 2007 I was quoted R650 to insure a Chico 1.4 going for R60000 (2006 model). Interest rates at the time meant my repayement was ~R1250 R650 insurance. I then found myself considering cars where the insurance was less but the repayment was larger - giving the same total cost. Do you know on an analysis that considers the (insurance cost)/repayment? Difficult yes because so many factors determine insurance cost - in my case this was 52%.

]]> By: Vehicle Finance South Africa http://www.liberatingconcepts.co.za/creditpress/2007/10/15/buying-a-car-do-some-research-a-look-at-kinsey%e2%80%99s-report/#comment-10399 Vehicle Finance South Africa Thu, 17 Jul 2008 13:39:19 +0000 http://www.liberatingconcepts.co.za/creditpress/2007/10/15/buying-a-car-do-some-research-a-look-at-kinsey%e2%80%99s-report/#comment-10399 An interesting thing to now consider when purchasing a car is the car financing. With all the new restrictions on finance alot of people are finding that they're selling their cars, then when going to get financing for a new vehicle end up finding out that they can't get financing. Make sure, before you buy a car that oyu can get financing for a new one.... An interesting thing to now consider when purchasing a car is the car financing. With all the new restrictions on finance alot of people are finding that they’re selling their cars, then when going to get financing for a new vehicle end up finding out that they can’t get financing.

Make sure, before you buy a car that oyu can get financing for a new one….

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