BCA

[A & S 20]

Anyone have a stocking loan with BCA, a rich cash company like BCA not doing anything for its customers. How can one pay off for a vehicle when they can't sell it due to lockdown. 

BCA Profiteering from the lockdown - only thing they are offering an extension for 28 days when car comes 120 days on the scheme, they want to charge £25 per vehicle also the interest on these vehicles may increase to double.

The few companies I know of are freezing/suspended accounts to help their customers

Net Gear

Top Gear

Close brothers

Auto trader 

Ebay motors group

Car Gurus

 

 

[justina3 518]

That’s very poor of them i remember reading there standard t&c’s Which allow for a similar extension so basically they have offered there customers nothing. 
 

surprised me that has thought they would have done more, have they announced this or just word and mouth?

[A & S 20]

1 hour ago, justina3 said:

That’s very poor of them i remember reading there standard t&c’s Which allow for a similar extension so basically they have offered there customers nothing. 
 

surprised me that has thought they would have done more, have they announced this or just word and mouth?

Called them yesterday, that's all they offered which is pants. Some young lad on the end of the phone, never spoke to him before, asked for management, no one available. Told him we are not going to be able pay you'll have to come and take the cars away. He couldn't answer anything really because he hasn't been told anything else. 

[justina3 518]

1 minute ago, A & S said:

Called them yesterday, that's all they offered which is pants. Some young lad on the end of the phone, never spoke to him before, asked for management, no one available. Told him we are not going to be able pay you'll have to come and take the cars away. He couldn't answer anything really because he hasn't been told anything else. 

That really sucks such a huge company with no info being fed to the front line staff no excuse for it, I would hold out for common sense it makes no sense what so ever for them to come and collect cars they would have trucks out all over the country the cost would be crazy instead of just coming up with a decent deal to help dealers out. 

I think it will be a case of watch this space, do you have an account manager maybe try them instead. 

Hope it works out for you. 

[New year revolutions...... 197]

It would appear HSBC have them by the gingogs so theres probably not much they can do

It's always in the small print

[A & S 20]

24 minutes ago, justina3 said:

That really sucks such a huge company with no info being fed to the front line staff no excuse for it, I would hold out for common sense it makes no sense what so ever for them to come and collect cars they would have trucks out all over the country the cost would be crazy instead of just coming up with a decent deal to help dealers out. 

I think it will be a case of watch this space, do you have an account manager maybe try them instead. 

Hope it works out for you. 

Yes I do have an account manager have been speaking to him directly, he's been waiting to hear from the people above him. We are all in limbo. 

[poor-trader 15]

NextGear are extending all vehicles due to expire by 60 days. They also seem to be cancelling most/all margin payments. In fact, when I looked at my bank schedule today there are no payments showing for the next 3 months. It is taking a while to do apparently as the software isn't working as they'd hoped and staff are having to change the payment schedule for each car with each dealer manually whilst working from home.

I mean, frankly, if someone doesn't/can't pay what are they going to do? Take all the cars away and do what with them? They can't sell them and they'd just make a huge loss. On top of that if they put all their dealers out of business when this is over they're out of business  and Manheim has far less customers to sell to as well. So they seem to have been sensible.

I have no idea what BCA are up to. They seem to still be trying to flog cars by buy-it-now style methods and are encouraging purchasers to come and collect them. No one should be collecting anything. The law is pretty clear, they should be shut. 

Edited March 28, 2020 by poor-trader

[Casper 272]

35 minutes ago, poor-trader said:

NextGear are extending all vehicles due to expire by 60 days. They also seem to be cancelling most/all margin payments. In fact, when I looked at my bank schedule today there are no payments showing for the next 3 months. It is taking a while to do apparently as the software isn't working as they'd hoped and staff are having to change the payment schedule for each car with each dealer manually whilst working from home.

I mean, frankly, if someone doesn't/can't pay what are they going to do? Take all the cars away and do what with them? They can't sell them and they'd just make a huge loss. On top of that if they put all their dealers out of business when this is over they're out of business  and Manheim has far less customers to sell to as well. So they seem to have been sensible.

I have no idea what BCA are up to. They seem to still be trying to flog cars by buy-it-now style methods and are encouraging purchasers to come and collect them. No one should be collecting anything. The law is pretty clear, they should be shut. 

Seen a video online that police were stopping people with transporters and sending them home on route to bca . Copart I noticed only doing deliverys there loads of places and businesses still opening and operational that should really be closed inc some shops .

[Lakeside 94]

20 hours ago, poor-trader said:

 

I have no idea what BCA are up to. They seem to still be trying to flog cars by buy-it-now style methods and are encouraging purchasers to come and collect them. No one should be collecting anything. The law is pretty clear, they should be shut. 

I noticed that too, although we won a car online just before the lockdown from BCA Walsall, we was told the car would now be locked in and we wouldn’t be able to collect until after the lockdown is lifted. No storage fees will incur but we was told the car still needed to be paid for within the time frame.

[A & S 20]

Going to phone them up again tomorrow, see if they will be more lenient on us or we will default and I will withdraw from the facility and let them take the all the cars back. We are still getting enquiries from customers, telling them we are in lock down so can't sell them cars. BCA know what's going on unless they are on a different planet.

[New year revolutions...... 197]

9 minutes ago, A & S said:

Going to phone them up again tomorrow, see if they will be more lenient on us or we will default and I will withdraw from the facility and let them take the all the cars back. We are still getting enquiries from customers, telling them we are in lock down so can't sell them cars. BCA know what's going on unless they are on a different planet.

Do not default until you are sure of the legal position

As I said and you know its all in the paperwork

[justina3 518]

100 agree default will not go in your favour 100% you would have signed a personal guarantee which will indemnify bca against all loses such as collection costs resale cost storage they will hit you with so many bills your eyes will spin. 
 

have you tried applying for government support to settle the bill ? When are your cars due to hit maybe there taking it case by case if they send out a blanket take a holiday even garages that can afford to pay won’t. 
 

[poor-trader 15]

Not sure what planet BCA are on. They seem to be in denial about the current situation. They need to be planning for neither they or any of their dealers to sell a car for at least 3 months. It doesn't matter how strong a balance sheet any dealer has if most of it is in cars and it is impossible to turn a car into cash eventually they will hit a liquidity wall on a stocking loan.

I think actually dealers have the upper hand - I mean are BCA going to turn up tomorrow and collect a load of cars on Tuesday and flog them at auction on Wednesday? No, they are not. And no matter how much they may bill for the balance it could take months/years/never chasing people if they simply can't/won't pay. They must realise eventually pretty much every dealer on their books will start defaulting on the stocking loans.

I'm not sure how BCA are financed but maybe their financial position isn't as strong as we assume and, in fact, they can't afford to extend the loans as they themselves are running out of money.

If garages could afford to pay off their entire stocking loan in one hit without selling a car then I guess they probably wouldn't have a stocking loan. On top of that they may have a nice healthy balance sheet but if all their money is in other cars they won't have the cash. I rarely deal with BCA (thankfully, by the sound of it) but they must know how the industry works?

[andymc1973 199]

7 hours ago, justina3 said:

100 agree default will not go in your favour 100% you would have signed a personal guarantee which will indemnify bca against all loses such as collection costs resale cost storage they will hit you with so many bills your eyes will spin. 
 

have you tried applying for government support to settle the bill ? When are your cars due to hit maybe there taking it case by case if they send out a blanket take a holiday even garages that can afford to pay won’t. 
 

i didn't realise you had to sign personal agreements on stocking loans

[James01 21]

1 hour ago, andymc1973 said:

i didn't realise you had to sign personal agreements on stocking loans

When I used to have a facility I had to sign a personal guarantee.

I guess unless your company has assets in bricks and mortar what’s to stop you just walking away when times get tough leaving the facility provider to take the hit. 

[justina3 518]

2 hours ago, andymc1973 said:

i didn't realise you had to sign personal agreements on stocking loans

Not many loans these days do not require it the olden days of hiding behind a limited company are as rare as hens teeth. 

You only have to turn to social media to see the country up in arms about the banks offering CBIL loans and still asking for your pound of flesh. 

 

[New year revolutions...... 197]

4 minutes ago, justina3 said:

Not many loans these days do not require it the olden days of hiding behind a limited company are as rare as hens teeth. 

You only have to turn to social media to see the country up in arms about the banks offering CBIL loans and still asking for your pound of flesh. 

 

You haven't mentioned the mafia loan company that threw the towel  in today blaming Corona rather than miss selling and fca clamp down

I looked in their shop window every Saturday to look at their most recent managers special and it was always a 3rd hand big screen telly wob at unpreferential terms and dont forget to add the warranty as well,not a bit like car salesmen wanting to be paid for sales that were never going to happen is it

 

[metcars 397]

So why am I still getting emails from BCA this evening advising me of new stock available to ‘buy now’. And telling me to contact the relevant auction centre to arrange collection?

[Casper 272]

1 hour ago, metcars said:

So why am I still getting emails from BCA this evening advising me of new stock available to ‘buy now’. And telling me to contact the relevant auction centre to arrange collection?

Guess thats bca but the police would probably fine you for non essential travel 

[metcars 397]

I’ve not had the opportunity to drive passed a BCA site recently. I was assuming they were closed for all business? So, the IT guy must have left the ‘email shot machine’ running by accident? 

[poor-trader 15]

BCA claim to still be open, still selling cars via buy-it-now and open for collection at certain times. At least that's what it says on their website. 

[Casper 272]

5 hours ago, poor-trader said:

BCA claim to still be open, still selling cars via buy-it-now and open for collection at certain times. At least that's what it says on their website. 

They are still open for the time being as far as I'm aware . Why they need to be  i don't know heard stories of drivers and transporter companies being stop on the way in by police and told to go home as it not essential travel 

also heard there allowing you to buy online but not collect until lockdown ends so effectively cars sitting about 6 months seems no point 

whether or not its just hear say i don't know   

[Lakeside 94]

1 hour ago, Casper said:

They are still open for the time being as far as I'm aware . Why they need to be  i don't know heard stories of drivers and transporter companies being stop on the way in by police and told to go home as it not essential travel 

also heard there allowing you to buy online but not collect until lockdown ends so effectively cars sitting about 6 months seems no point 

whether or not its just hear say i don't know   

It may only be the buy it now stuff you can collect? Not sure if they have them grouped together in a certain place as we asked what would happen about a car we won online a couple of days before lock down, and was told it would be stuck there now until they reopen. No storage fees would incur but the car still had to be paid for.

Edited March 31, 2020 by Lakeside

[Casper 272]

11 minutes ago, Lakeside said:

It may only be the buy it now stuff you can collect? Not sure if they have them grouped together in a certain place as we asked what would happen about a car we won online a couple of days before lock down, and was told it would be stuck there now until they reopen. No storage fees would incur but the car still had to be paid for.

No sure..think they will be eventually forced to closed there branches