These opinions are based on what happened to me and I think I am certainly not the first, or the last, to suffer at the hands of these people. I hope this helps you.
- Why do they have such good reviews? because they pay customers £10 to write them. I received such an offer and declined. But it is amazing what some people will do for a tenner.
- At the last minute, having agreed the amount they are willing to loan to you on your car, they ask you to prepay three months re-payments out of the funds before they send them, thereby effectively reducing the loan amount. I suggest you say 'no thanks' and walk away. They will probably drop the requirement.
- When you come to settle your loan (which you need to do asap) you will realise that you have not been given any instructions as to how to do this. There is nothing, anywhere. In the paperwork, or on the website. If you email every email address you can find, including that of your 'account manager' you will probably not get a reply. It is not in their interest to settle a loan, given the extortionate level of interest that is accruing.
- When you finally do attract their attention, you will probably find that another payment date has passed and more interest has accrued. You can try arguing that you have been trying to settle this for x weeks but they won't budge. Plus all the time you are arguing, the interest is still running.
- When you finally do get a settlement figure, ask for a full statement showing how the interest is calculated. If you were foolish enough to agree to x months payments being taken in advance before they sent you the money (see my earlier point), you will find that you have still been charged interest on the full amount. Totally wrong, but they won't budge. Don't forget, while you argue this, the interest is still running.
- After all of this, you will be left totally deflated and feeling like you wished you had never ever come across Car Cash Point. But its not over. While it only took them a day to acquire your log book and register a HPI on your car, it will take them up to a week (or possibly more) to return your log book and cancel the HPI, during which time your car is unsalable.