M&G closing down

[kdevitt]

Sorry - I should have been clearer, I didn't necessarily mean BMW dealers.....

They're already undercutting the price of the Irish sold cars with the UK ones they're importing themselves, obviously this screws over those who bought through PCP. To make matters worse, they then went and cut 9% off all new car prices, furthermore screwing those on PCP's. APR on the PCP plans had jumped up too - mine was at 2.9% or so, refinancing was at 4.9%, and that's if you can get them to offer a PCP - any garage I spoke to is now heavily pushing traditional HP plans.

I think the writing is on the wall for PCP packages as a whole - BMW Finance will take the hit on the current plans - a lot of people have their full equity wiped out so the keys will be handed back and another PCP plan will be the very last thing they want. Central Bank will have to regulate the product sooner rather than later too.

[Big H]

I think the writing is on the wall for PCP packages as a whole - BMW Finance will take the hit on the current plans - a lot of people have their full equity wiped out so the keys will be handed back and another PCP plan will be the very last thing they want. Central Bank will have to regulate the product sooner rather than later too.

Bank of Ireland is the biggest provider of finance for PCPs in the Republic, with Ford, Toyota, Opel, Hyundai and Kia all using the bank.
BoI must be sweating buckets....

[JohnH]

Bank of Ireland is the biggest provider of finance for PCPs in the Republic, with Ford, Toyota, Opel, Hyundai and Kia all using the bank.
BoI must be sweating buckets....

Why? Last time they fucked up the government bailed them out.

[kdevitt]

Bank of Ireland is the biggest provider of finance for PCPs in the Republic, with Ford, Toyota, Opel, Hyundai and Kia all using the bank.
BoI must be sweating buckets....

I'd imagine so, although theres always the chance that they'll kick the issue down the road and keep refinancing for people to prevent them from realising a loss.