Carcraft collapses leaving hundreds without jobs and customers out of pocket | This i

[Legal Beagles]

Used car supermarket Carcraft has fallen into administration, leaving 500 people without jobs and potentially thousands of customers out of pocket.Customers have been warned that any existing warranty, MoT, roadside assistance or servicing deals they have with the firm are no longer valid.Administrators Grant Thornton have confirmed that they will be getting in touch with... Read more »
Read More -> Carcraft collapses leaving hundreds without jobs and customers out of pocket | This is Money


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[Amethyst]

Re: Carcraft collapses leaving hundreds without jobs and customers out of pocket | Th

from Manchester Evening News.... http://www.manchestereveningnews.co....u-need-9158546

We’ve asked the questions you want answering. This is what Grant Thornton has told us...

If I have a finance deal, an MOT, a service plan, or a warranty with Carcraft, what happens now?
Carcraft did not provide finance. This was provided by third-party funders and a sister company; All In One Finance Limited, which is not yet in administration.
Carcraft is not in a position to fulfil the other services listed. It is our intention to explore whether an alternative provider is prepared to offer this service to customers at competitive rates.


If I have bought a car from Carcaft recently, having paid my deposit, and being due to pick up my car in the next few days, what happens?
We are currently working to better understand the volume and nature of orders outstanding where deposits may have been paid. Customers who have paid a deposit for a car can contact the administrators via carcraft@uk.gt.com.


What will happen with all the thousands of cars out on the lots?
Many of the cars are owned by finance houses on stocking plans who will recover their assets and deal with as they see fit.
Many of these, and the remaining unencumbered stock, will be realised over the following weeks through auction houses.


What happens to customers with a Drive Happy Plan?
As circumstances will differ, customers concerned about their Drive Happy Plan should contact carcraft@uk.gt.com for guidance.


How can I find out more information?
A helpline has been set up for customers 0800 923 9495.

[Koujar]

Re: Carcraft collapses leaving hundreds without jobs and customers out of pocket | Th

I actually worked for carcraft for the last 3 months. The drive happy guarantee was free for first 12 months and charged at £1995 to extend a further 4 years, much of this was added to the customers finance agreements if they were prime risk customers normally with GMAT finance or rate setter. Sub prime customers would have had a separate agreement by in house(sister company) to top up the loan . I would check how this was financed to see if you can get that part of loan removed as if you have a hire purchase agreement as opposed to a personal loan you do not own the product until you have paid in full. So if you have a hp agreement get onto the finance company to complain.

[Amethyst]

Re: Carcraft collapses leaving hundreds without jobs and customers out of pocket | Th

Ah interesting, thanks Koujar, What is the finance company called ? (the sister co)

[Koujar]

Re: Carcraft collapses leaving hundreds without jobs and customers out of pocket | Th

I didn't work in finance dept but believe it's called all in one finance. I know in the past a lot of customers had top up loans too.
the company at the time of closure was actually in a transition period which was trying to go down the conventional route of selling cars and was one of the most compliant companies I have worked for. Their downfall was due to earlier business practices and excessive outgoings, whoever completed the due diligence last year when company changed hands must have been given books from another company.
what I noticed was the company was run by accountants who only had interest in numbers not people !!!!

[Koujar]

Re: Carcraft collapses leaving hundreds without jobs and customers out of pocket | Th

Ok I don't know if this helps,but people who took out the 3,4 or 5 year Drive happy guarantee can cancel it upto 30 days from purchase. So there is a possibility that many people can still cancel and save themselves a fortune. As the head office is now closed they will have to contact the administrators, it does also have to be put in writing too. Hope this will help some people, but they need to act quickly. Also contact the finance companies to let them know you wish to cancel agreement. Prime classified customers will probably have it included in their main loan and either be with GMAC or Ratesetter. Sub prime customers will have a separate loan with either ' premium credit' or if it was actually on the main loan it would have been with MARSH finance which actually was a part of carcraft
good luck and hopefully this info can be publicised to help as many as possible