Can car finance company increase my variable payments, even though i never defaulted?
Bought a car through a dealer and a separate company did the finance and offered 9% variable interest, now the finance company went bust. It was then taken over by another finance company who have now increased the the rate to 30% interest. I have never missed a payment and always have paid my previous car finance deals off earlier than the term agreement. I know it says variable interest, but surely an increase of 21% is unfair?
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Financed cars is more expensive to insurance cause it requires full coverage. You can compare how much you would pay for full coverage of this car using this tool – carquotes.fateback.com
Can car finance company increase my variable payments, even though i never defaulted?
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