I EXPOSED THE CAR FINANCE SCAM 

I used car vertical prior to buying my new tts s recently. 5 star for the money

We need the link for the form please

These videos are great. The stuff you did with Porsches sales tricks too. But if you could just JUMP a Sterrato at the end of every video, you would double the views.

@MarkMcCann64 can we please have the link to the form?

Where is the link to the form plz

No doubt being financially free and able to afford these luxuries cannot be overemphasized, making smart plans and setting up diversified investment portfolios is quite essential.

I'll have to be financially stable in every sense before purchasing my first supercar. The best thing to do with your money is to invest rightly because money left saving will end up with no returns.

Absolutely. I recently connected with Folmar Advisory, a reputable advisory firm that matches individuals with skilled financial advisors. Their personalized approach has had a positive impact on my financial journey.

FOLMAR ADVISORY sounds interesting. How did you find them?

I discovered Folmar Advisory through online search of the name. Their commitment to client satisfaction and financial education is impressive. They connect clients with advisors who align with their goals and values.

It’s absolutely on our list, we’ve already heard some crazy stuff, thanks for watching

@@MarkMcCann64 this would be good for a collab. I spent 25 years in insurance.

Yes this! The "free legal cover" that supplies a hire car for £400 quid a day if you have an accident then forces you to sue the other party to pay for it or you are liable to pay.

@@CozzyKnowsBest yes

💯 insurance

How would you know when you left the comment before watching the video? 🤔

@@Nicky_Nacky_Nooo Why do you care?

Banger!

Crazy what you can achieve when you have the money to hire very good editors and script writers

@@caio5987 This is not like that.

Yeah who doesn't do the maths & think hang on a sec, why am I paying 25k for a 15k car 🤦

They get caught up on the monthly cost too. Friend of a friend did this. They obsessed with their “budget” of x per month. They didn’t like it when I pointed out the car they bought on some silly 6 year deal costs more than twice the first one they looked at that was £30 more than her “budget”. It’s scary how much of the general public doesn’t understand basic maths.

I looked at it myself when I didn't really know just by googling for financing cars on reddit and it was immediately clear that it was the worst way forward, particularly where the finance loan isn't even actually secured against the car. Literally just pissing money away where you could get an actual bank loan anyway with a lower rate, use 0% deals with Monzo, or just buy within your means.

@@Thireen probably the same people who get mortgages from the bank end up paying 4 times the original price for a house all finance is a con all you can do is try to get the best deal and take the nock but now you can claim back some of that money for the car finance so happy days

Very true but the people selling the finance should have also been more transparent and not so underhand.

Literally done the same thing today. I could’ve bought the car in pure cash but the bank loan is so flexible and the rate is lower and zero balloon payments.

Same here, but I’ve not bought a new car since interest rates have gone up, got spoiled too long with the 2.9%. Some people however can’t get bank loans because the bank knows they probably can’t afford it or it’ll stretch them too much, and that’s when they fall victim to the higher interest rates offered by finance companies through dealerships. I’ve given up with the British ‘keeping up with the Jones’s next door’ attitude with cars, and have now instead gone with the German ‘Alt aber bezahlt’ ideology. (Old but paid off)

this is the way, been doing this for 25 years, we also buy dealer demos where they have a lot of stock and you could often get 30% off list on a three month old car with 2k to 3k miles on the clock

​@@ericpisch2732And the demos are usually fully specced. Thats my experience in S.Africa anyway.

Same as me mate.Paying 2.9% and my savings are making 5.5%.Win win

Tuff life

Jane likes cars that loose value. Hence the problem with finance and paying a massive extra finance amount.

She’s probably stopped gobbling him off until he gets her what she wants

I nearly cried when she got her (latest) car I was so happy for her.

@@fasthracing hahaha.....yeah soooooo happy. Now where did I leave the keys to my 10 year old ford fiesta!!!!

We love making them too, thanks for watching and your support, enjoy

Not only the uk should see Australia we’re worse

@@MarkMcCann64 Reckon it would be similar in the south of Ireland?

Love the new advice videos mark it’s making more people aware now of what is really happening in the motoring world.

When you actually learn about money! You'll find the entire system is designed to screw you over. We got sold out by Oliver Cromwell. Go look up national debt. It's over when the default happens, and it will in our lifetimes. All by design for the elites to come in and mop everything up for pence.

i'll just pull £6k out my arse shall i?

Financing makes sense when done properly. Use your cash for growth investments and use other people's for depreciating assets. Why do you think rich people have mortgages and loans?

Financing a depreciating asset is by far the most logical thing to do

​@@jakeevans1129save it ?

Mercedes tried to get my wife to a 19% interest rate. We got 3% rate at the bank. Never finance from dealer other than zero percent rate if available.

I thought I was the only one thinking that, OMFG I hope his wife puts out a good show in the evening :))

Right? For me the only viable finance is in houses, there yes, hardly you can loose money, but buying any other stuff that I can't afford is a no go, no matter what it is.

at my current rate, putting 10k down on that same purchase price it would cost 152k... those are horrible rate. i know used vehciles normally have higher rates than used, and i've never purchased a used vehicle or not on finance anyway.

That’s no different to a mortgage

I agree with your observation and there is no logic. Opening credit markets has basically enabled people to do a lot more things and the car market has been a major beneficiary. This can be especially seen in the car industry where the majority of cars are being bought on credit. That is partly why you now see so many new cars on council estates. Nothing wrong with that if you can afford. Personally I think a lot of buyers are aware of the cost but are desperate to have what I call a “look at me” car. The issue I have is after the novelty has worn off they start claiming they have been duped when firstly, they willing entered into a contract knowing the terms and conditions, and secondly, they have a poor credit history, that is why they have to pay more in the first instance. It’s basic economics that is why we have the term risk and return and they are a higher risk. Ultimately if you want the prestige of owning a depreciating asset then you have to be prepared to pay for it.

Like the extended warranties and other items offered at closing. Always detest that part of the car buying process.

Agreed, this and the Porsche GT3 expose are streaming platform quality!

Good advice for the minted only though

Except Martin Lewis has already done quite an in-depth explanation of this some time ago? 🤔🤣

​@@caio5987money is money 🤷🏽‍♂️ anyone can make savings if they research properly & shop around

I'm pretty sure Martin Lewis would say buy a 3 year old Hyundai for cash and live within your means

Surely you could have worked that out in your head before you bought the car, it isn't huge figures. No one forced you to buy the car.

@@paulwincott2987 by her profile photo her noggin doesn't do much work at all

When I bought my first car, was offered something similar. my dad stepped in and offered me an interest free loan...IF i saved the equivalent i would have been paying in interest. Owned 3 houses by age 30 amd never had to finance a car.

Imagine if he/she wasn't wary

As you're aware, it's not illegal whatsoever, they just don't like it 🤣 personally, I wouldn't have bought the car based on that comment. Just because one loophole they use has been closed off, dealers will ALWAYS find a way around it to maximise their profits.

As pointed out it's not illegal to pay off early. If you do so within the first month there's no penalty charge. You shouldn't have told them that's what you were going to do.

most people cant get an unsecured loan for those kind of amounts

I don’t think you’ll get a sub 6% loan now bud

@@intranix Most people probably shouldn’t be buying expensive cars on tick then, should they.

Yeah, good luck getting a bank loan for those figures in the current market. Also, if something goes wrong with your purchase, you have no support from the bank, whereas a finance company has liability as well as the dealership, due to the consumer credit act In addition, not everyone would get an unsecured loan for the amount they want to spend on a car - finance is easier as it's secured debt.

@@mikey_bb 👍

They sell modified vans entirely different

@@JamesFretwell-wn2qm a set of wheels and budget tyres at best, body kit, and they then want to charge a stupid premium for the privilege.

@@Metal05 Don't buy it then, no ones forcing you.

@@Drzee1968 don’t worry I’m not. Just pointing out the ridiculous price for things since Covid. The way these companies like Porsche have just over inflated prices for the sake of it. 🤷🏼

100% I always go through my local credit union. Interestingly, the ram dealership I got my last truck through offered half a point lower than the rate I was given through the CU. Have perfect credit. My thinking was, I would accept and refinance few months later as the CU had a deal that they would beat any rate to refi. I just had a bad feeling and am always assuming dealers are sketchy so I declined. Wonder how they had a lower rate.

@@drewjames8594 Stellantis dealers are all pushing their volume and trying to usurp Chevy from the number 2 spot in sales. If this means lowering their rates then that's what they'll have to do.

Bro if you take cash nowdays they even try to make you finance still. Ok youre might be right on "force". But they will do anything to make you finance. Im telling you because i bought a new car recently i had cash, and my own check from a credit union already approved. Literaly one dealership did not want to sell me the car unless i financed with them. Like dead ass

@@Mainstreamirl Bloody hell I didn't know it had gotten that bad. Isn't it illegal for them to force you finance instead of buying cash?

@@DanielSadjadian nope. It’s in their interest to get you into finance. When I was in car sales, they used to call a cash deal a ‘flat deal’. The tactics you were told to employ to get people onto finance were endless. 😢

That’s mental, what year was this? You could get some money back

This was 2019 so going back about 5 years

This is common sense anyway. I don't see how this is a scam? You borrow money, you pay more back. No business is going to spoon-feed you free money. I wouldn't even call this a scam, it's taking advantage of broke people's desperation, and people are doing it by choice knowingly.

wouldn't this depend on your credit rating

@@mightywatcher5894in belgium if you go to bank there’s a fixt rate they show them on there websites only thing is a car older then 3 years is always a bit more expensive lets say a new car is like 2.2% vs a older car is 3.8% at the bank

100 percent true And also by using the dealership's financing leaving and financing through your own bank just to get a deal is scamming the dealership. If both parties agree to the deal and shake hands that should be it. I'm not saying there's no Shady dealerships out there. Do you research and if you like the deal you're getting and everything should be fine

I understand what you mean but he did just point out if you wanted a certain expensive car then you would need finance to purchase, otherwise you don’t get it, that’s pretty 💩 personally I wouldn’t buy it then.

Oh look, a dodgy salesman.

@@FreeAsABirdSydneyAustralia live within your means is the moral of the story

@@markmac9225I’d bet my life that the hero of the video Tom Harley once upon a time sold discretionary rate finance and he also would agree exactly with my initial comment

Manufacturers/dealers would not sell any cars (except for the very wealthy) if it wasn't for PCP/lease deals. HP would be far to expensive as would a bank loan. Car manufacturers would sell only base models that would be affordable. Don't think many people have a spare £40k+ floating around in their accounts to blow on a car

@wynhughes9072 Since when is it necessary to buy a £+40k car? Your reaction shows how much is wrong with society today, and of course banks and dealers will thankfully make use of that sentiment

@@scratastic1 you’ve got no clue how the real world works, jog on you 🤡

Can't see it as a scam either. All figures are there in front of you on the paper you have to sign . To me, if you buy a car with balloon payments etc etc you can't really afford it. Everyone wants maximum profit from whatever they sell. You don't have to buy it !

Bear in mind these guys are fairly well off, so cars to that value don’t excite them. The richer you get the harder it is to buy something that excites you. That’s not an insult to these guys. It’s just facts.

There’s a name for individuals like you

Smart? Informed? Prepared? "Those not easily duped by freaking car salesmen"? Not sorry. One of the reasons the world is in the spot it currently resides is because we have become loathe to tell anyone how stupid they have been. Nobody wants to correct anyone anymore and a lack of ability or expertise is shrugged off and accepted. Yes, stupid people get taken in by car dealers. And everyone else. It has always been this way and always will be.

Great thank you, how are you?

He probably did. There’s no way he’s gone with 8.9% apr. Even I wouldn’t go for rates that high and I’m no where near his level financially.

I hope so!

Not always an option

@@MarkMcCann64 you have plenty 😂

In Italy, if the price is superior than 5k, you can’t pay it cash. You’d be subjected by the law with fines from 3k-50k.

also its forbidden because your a mug if you sign up for it

Thanks for watching, enjoy

@@MarkMcCann64 hope Jane and senna love the g wagon bud 💯🙏

At the end of the day, someone who is offering finance has to “fleece” people for lack of a better term. If the cost for the institution to borrow money is 7%, they are gonna offer 8% to the consumer to make that 1% profit. Now obviously Helen could have her own reserve of money that may have cost her 3% on average over the time she accumulated it, so 8% is a ton, but interest rates these days ARE that high.

In the current market 8.9% is great...

I’m afraid that’s what the market is today bud. “Risk free” or gilts is about 4% but because rates and inflation are volatile the lower market rate at source is about 5%. Then everyone takes a slice before it gets to the end user. So 9% as a consumer is a pretty good deal.

Any other places you reccomend to.refinance??

@@chazs6057your bank

Always worth shopping around, but it's no guarantee that your own bank isn't always best or easiest though 🤷🏽‍♂️ it all comes down to the rate, payment & total amount paid - the best deal is the combination that makes the lowest of all of those.