Car Finance Fuels Debt Bubble Drivers Have To Cut Spending

 
Drivers with Finance Agreements Struggling to make Payments

Surveys have shown that almost 50% of drivers with finance agreements have had to cut back on spending to meet car finance payments.

 
 
Early Termination Penalties 

Some drivers have been hit with large penalties for handing their cars back early, because they couldn’t afford payments.

Fears Mount as Car Finance Debt Bubble About to Burst

Almost 50% of drivers using car finance deals, admit that they don’t understand the small print or even know just how much they have borrowed.

That amounts to just under 3 million UK drivers with 90% of drivers polled admitting they have no idea what all the small print in their contracts means, or how much finance they have committed to.

5.9 Million Finance Agreements Active

 

According to figures released by the FLA 5.9 million drivers in the UK currently have a car related finance agreement in place.

3 out of 5 drivers openly admit that they have signed a car finance deal tying them into several years of payments, without having a good understanding of exactly what they have committed themselves to.

 
 
Excess Mileage Trap

With the popularity of mileage limited finance deals on the increase, many drivers are exceeding their agreed mileage limits and facing additional costs of up to 30p per extra mile.

With most of the drivers unaware of what the excess mileage means in real terms, they are dealing with a ticking timebomb of potential debt.

Unmanageable Debt Further Burden to Cash Strapped Families

With almost 1 million cars acquired on finance last year alone, the resulting unmanageable debt could be very damaging to drivers that find themselves in negative equity and saddled with large excess mileage bills.

The result could be severe damage to their credit ratings, causing long term challenges and maybe even loss of credit altogether.

Personal Credit Scores

Many people weren’t aware that submitting multiple applications for credit, can also adversely affect their credit score, reducing the possibility of being accepted by lower rate finance companies.

High Use of Car Finance

“Much of the concern over rising consumer debt is caused by car finance deals”

Approx. 90% of UK drivers fund cars using some form of finance, tempted by cleverly marketed offers that hide the actual cost landing people in a lot more potential debt than they expect.

Fears That Drivers Are Accumulating too much Debt

Speculation of mis selling, and irresponsible lending have led the financial conduct authority to launch a review of the automotive industry, to investigate such claims.

Easy Car Finance Fuelling Ticking Timebomb

With so many people struggling to pay finance agreements, fears are that people are being driven into deeper debt and the situation could cause a problem for the wider economy.

 

What Is A Viable Alternative To Car Debt

Clearly car finance is a massive financial burden to may families but there is a viable alternative that can offer savings of 80% or more.

Crowdfunding is a realitively new concept but gathering popularity very quickly - MORE...

 

Simon Dixon Explains Crowdfunding - Click Here for short video

 

 

 

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WHAT OUR CUSTOMERS SAY

Choosing a Good Tuner is as important as choosing a Good Doctor.

You will be presented with a bewildering selection of companies, all claiming to be the best in the industry. Unfortunately the industry has been flooded with “Get Rich Quick” merchants all desperate to take your money from you. In many cases the “Get Rich Quick” operators have invested in “Cloned” counterfeit remapping tools off the internet. They have little “if any” industry knowledge, experience or liability insurance…

Don’t get sucked in by a good story and what appears to be an incredible price. Instead of taking the word of self-acclaimed tuning experts, a search on google will reveal some very interesting, yet disturbing facts about a few “so called” professionals. Unlike some testimonials “Bert for Bognor says we are Brill” our customers are real people. Don’t take our word for it, ask the people that know best “Our Customers”

Had my Audi A3 mapped by mike last week and the power and mpg gains are Insane! This is the 7th car Mike has tuned for me over the last 10 years for me so that speaks for itself. Had 1 other car remapped by a different tuner and the results were poor compared to mpg. See you when I get my next car.

Steve Taylor

Mike has done a brilliant job. Had both mine and my wife’s cars done and after a 20 mile drive, the difference is obvious. Power delivery is like a very different car. My Astra 1.8vvt used to have a couple of flat spots, now they’re gone, it is now a smooth delivery with lots of power all the way through. My wife’s 1.6vvt now feels more like a 1.8 and her fuel economy has improved by 10mpg, mine by 5mpg. So definitely worth doing, even on N/A cars, the remap has improved drivability so much.

Paul Harrison

I took my wife's little 1.2 normally aspirated corsa to see what could be done as it seemed a little flat on the uptake.. Great service ..all questions answered in as much detail as you can understand what the process is going to be ... The difference was brilliant... a lot smother on the uptake with a little pep to get it off to a good start ... Friendly ... good knowledge of the industry & would recommend for sure Thanks a again for the great service ... keep up the good work Many thanks Ian

Ian Hancox

Took my tired VW Golf 2.0TDi mk6 to Mike hoping he could give the lackluster engine a bit of life, boy was I in for a pleasant surprise! Mike listened to what I was looking for, booked my car in and got on with it. Once completed we went for a test drive and i could immediately feel the difference. My car pulls away pretty sprightly but then as the turbo joins in the car feels like its going to take off. Most impressive difference is mid range to high range rpm accelleration, like from 25 to 70mph,its just so quick now.

Craig Cousins

Had my Renault Clio RS 200 2.0 remapped. What a brilliant experience, brilliant guy and brilliant results! I would 100% recommend this company for you. I had low down deficiency in power due to the natural aspiration type engine my car has, afterwards it was straight on the power. he gave me a custom map to suit me with more power mid-hi level revs as well as low down and I can really feel the difference through the gears. Fantastic experience overall, extremely pleased!!!!

Connor Roberts

First just to say a big thank you. Started the afternoon with a warm welcome and a nice cup of coffee. Had a really good chat and then a really good map put on to my ecu. (Mg Zr 1.4) used to hit a rev limiter at about 6500rpm. Now nearly 8000rpm. And pulls like a train. Once again thank you.

Lee Fletcher

I went for a remap on my T5 as it had a awful flat spot around 2800 rev's I got great personal service and its like having a new engine in the van smooth power and greater economy.... Highly recommended wish I'd done it months ago it would have paid for it self already thanks a lot hill's are no longer a drag

Adrian McManus

Popped in to see Mike on Friday to have my A4 2.0TDi 170hp remapped. Have to say I was a little pessimistic at first having being told by another firm that remaps on these were a nightmare so was expecting the worst! Thankfully, nothing of the sort, straight in, one error message unknown but Mike worked it out and all done in no time. Straight out for a test run and the drive is very different, certainly mid ranged (where these engines seem to suffer) pulls away nicely and can definitely feel the benefit. Best money I've ever spent on a car in, well, forever! Thanks again Mike

Mark Patterson

Absolutely brilliant! Took my Ford Fiesta there and ask for a power and acceleration and boy did I get it, didn't expect to notice that much of a difference from the 1.2 but my god I have, normally up hills I have to change down a gear and now it just pulls and pulls in 5th, acceleration is so much better and I'll be taking my 2.0 golf there when I buy it, thanks Mike and what a great brew maker he is!

Ceiran Linton-Bird

Had my 320d remapped by Mike yesterday. Very impressed with the results. Noticed it straight away after having it done. Service was also great, talked me through all of it to get exactly what I wanted out of it. Highly recommend mpg tuning.

James Aston

Took My Saab 93 into Mike. He explained the process and what he was going too do. Consulted with me to see what I was after and started work. The car now feel as it should have all along, responsive, no flat spots and better MPG too boot. Mikes an honest down to earth guy and I would most definitely use him and recommend him.

Josh Neale

Took my Civic Mk VIII 2.2 CDTI to Mike following a recommendation from a friend who's had his last few cars remapped at MPG., professional service and answered any questions I had. Customised remap that gave me a good balance between performance and economy. Mike was happy to let me watch the whole procedure and explained what he was doing. Makes a good brew as well! Would highly recommend, Will definitely bring my future motors here.

Dan Wright

Had my remap done here at mpg on Audi a3 2.0ltr tdi I wasn't expecting it to be that much different, went for a test drive afterwards and I was really shocked at the difference in throttle response and power is amazing. My turbo kicks in earlier and now pulls much better in every gear and really good value for money thanks mpg really happy.

Steve Willis

Just had my BMW 320d remapped and it is absolutely superb the power is unbelievable and the service is outstanding would recommend it to anybody he has transformed my car from 160 bhp to 207 bhp no smoke at all and the power delivery is awesome throughout all of the gears really happy

Tom Dawson

Took my x reg fiesta zetec s into mpg two days ago wow wot a difference was sluggish and some faults it's like sh## of a shovel now drives a lot smoother doesn't try to stall when stationary I'm over the moon very nice chap and great service. best time and money ever spent on a car thanks again mike

Steven Fluff Kelly

Had my Astra 1.9cdti remapped here with EGR delete for a great price, I have now got the full power and yes it's rapid lol.... Mike was helpful and talked me through it all and also good after care as well. Thanks again

Scott Walker

Brilliant service, absolute cracking guy very understanding and helpful. Went thru the whole process with me explained everything in detail would definitely use again and recommend to anyone Great cuppa and my cars immense, Can't thank you enough cheers Car: Peugeot 206 2.0HDI 90hp - Dan wanted me to turn this car into a Ferrari, which obviously we couldn't do but were able to improve power considerably and certainly to Dan's satisfaction.

Dan D Man Startin

Although they where unable to suit my needs due to my car they have gave me a lot of information about the market and are willing to offer help to avoid cowboy traders, a company that genuinely cares for customers and will offer help to non buyers is a massive plus in my eyes and should be highly trusted

Keiran Orchard

I took my vauxhall astra gtc sri into Mike at mpg, nice genuine guy, talks you through everything he does and does a brilliant job! The difference in performance is noticeable immediately after seeing him!Highly recommend anybody to go to him for a genuinely good and safe remap! Thank you mike!

Jay Smith

A 5 star company had the map on my car for over a month and still putting a smile on my face when giving it some. Highly recommended will definitely use again in the future

James Mitchell

Had my T5 remapped today. Over the moon with the results! Really reasonable price and customer service is second to none! Would highly recommend!

Ethan Tunnicliffe

I had my remap done and I'm really pleased with MPG Tuning. Great atmosphere, great service and I will recommend it to all my friends. Thank you once again. Renault Megane 2.0 Turbo petrol with 165 hp standard

David Wojtasik

Had my Corsa C 1.3 CDTI remapped today and I am very impressed with the performance tune i got. Car feels much more powerful and power through all gears at low revs! Would definitely recommend MPG Tuning to anyone wanting a remap!

Ryan Arnold

Been see mike with my vw caddy and was very pleased with the results thanks great service and great banter

Rob Hird

2.0 TDI Mondeo - Feels like a new car, would recommend.

Steven Dagley

Had my 5 series 3.0 petrol mapped here, fantastic results and service

Gerald Clark

Took my Astra estate for a remap , excellent job feels a lot more responsive !

Umair Khalid

Very happy with my remap made a huge improvement to my car highly recommended

Adam Burton

Took my BMW E46 330 CD sport there for a remap and I was very impressed with the results

Matt Perry

WE USE ONLY THE MOST ADVANCED AND UP TO DATE EQUIPMENT AND SOFTWARE AVAILABLE IN THE INDUSTRY.

Our lead technician has over 12 years’ experience in the tuning industry and long term connections with some of the Worlds most experienced data programming and tuning specialists. We are extremely passionate about our customer satisfaction and strive for a perfect result every time.

Contact us today to discuss options for a professional ECU remap or Call Us: 07789 266 194