3 in 4 Brits use car finance, but 2 out of 3 can’t explain it

It turns out that most British car buyers purchase cars on finance, but most of us can’t even explain what it actually is.

Indeed, despite 77% of us buying new cars on finance, most of us are stumped when it comes to explaining terms such as Personal Contract Hire, Gap insurance and Personal Contract Purchase.

This means car finance is now harder for us to grasp than the theory of relativity.

New car finance though, continues to grow and indeed shot up by 10% last month.

Despite this, 2 out of 3 British drivers say they are “not confident enough” to use car finance jargon, not even to their own Mother.

The revelations are taken from a survey of more than 1,000 car buyers carried out by BMW Group Financial Services. The survey revealed that just 18% of British drivers are able to explain Personal Contract Hire.

This is remarkable when you consider that 9 out of 10 of us use PCP to purchase a car.

BMW Group Financial Services’ General Manager Suzanne Gray said: “These results go a long way to illustrating the state of the nation’s knowledge about finance.”

When we asked one punter to explain Hire Purchase to us, he grew nervous and twitchy before saying that he was both blind and deaf.

When we explained to him that it is thus illegal for him to be driving a Mercedes, he sped away.

Another punter said he refused to go on University Challenge “in case a car finance question came up.”

Fortunately, if you are struggling with common car finance terms, OSV are on hand to help out and you can read all about common car finance jargon, such as Personal Contract Hire and Personal Contract Purchase here.

Ayrton Senna’s First F1 Car Up For Sale

Love Ayrton Senna? Got £1 million lying around? Then read on.

The Brazilian legend’s first F1 car, the Toleman-Hart that nearly helped him to claim a debut victory at the Monaco Grand Prix, is now up for sale for a million big ones.

Many F1 aficionados will fondly remember how Senna battled valiantly in the rain, finishing runner-up to Frenchie Alain Prost in a tight race.

Others will have been watching Coronation Street instead.

And such an enduring image, coupled with Senna’s legend, means there should be no shortage of takers.

The problem though, is that it was first up for sale three years ago, priced at just £550,000. Embarrassingly it didn’t sell, but its owners have decided to slap on an extra £450,000 anyway. Wheeling and dealing, you see. Fluctuating market and all that.

Some will even argue that £1million is the right price. Senna’s debut was so heroic that his debut car has become synonymous with sporting history and it’s only right that it should fetch at least £1million.

After all, other great sporting memorabilia up for sale in the past has included Muhammad Ali’s boxing gloves, which sold for $1.1million, and Gazza’s tears, which sold for £500,000 and a six-pack of lager.

The Toleman-Hart is now 31 years old, and has been described as being in “exceptional condition.”

It is also said that it could even still compete in a race if you fancied it.

Sounds like they’re describing Sylvester Stallone to us. Can’t flog a dead horse boys.

Google Step Up Their Self-Driving Car Trials In U.S.

Google have been testing self-driving cars for 5 years, and have now expanded their trials by entering Austin, Texas.

Austin is the second test location, coming after Mountain View, California, and the search-engine miracle already has a self-driving Lexus SUV out on Austin’s streets as we speak.

The car does have a human driver onboard, and is currently mooching around whilst the said driver “relaxes in the back with a book.”

By expanding its test locations beyond the home of Google, the company hope to learn more about how its self-driving cars will be able to cope with various road conditions, differing traffic patterns, as well as different driving situations and a drunk Paul Gascgoine wandering into the road.

It is not known however, if Texan authorities have actually given Google their blessing, or if Google are just allowing their self-driving cars to mindlessly cause chaos and incite free-driving anarchy everywhere.

The company first sent a Lexus to “cruise” around Austin’s streets 2 years ago, and didn’t ask for permission then either. It is rumoured that Google are “just trying to antagonise George W. Bush and bring him out of his ranch.”

Google presently has a fleet of 48 self-driving cars, which ensures that it is the biggest operator of autonomous vehicles in the state of California.

The cars have been involved in 14 accidents since Google allowed them out onto the roads, though Google continues to blame human error for the incidents.

In one incident it was reported that “a human driver simply couldn’t help himself and had to touch the pedals.”

Nascar Daytona Ends With A Mega Car Crash

A 12 car-crash at Nascar Daytona last Sunday ended with spectators in hospital, whilst the drivers somehow managed to get away scot-free.

The mega crash involving twelve cars saw one – driven by Austin Dillon – fly upside down before it smashed into the track’s fencing.

Dillon proudly said afterwards: “I meant to do that.”

His car though, was smashed to smithereens after he clipped another intense car during traffic. His vehicle was flipped and slammed into the protective fencing.

Unfortunately, a handful of spectators bore the brunt of the smash and had to be treated for minor injuries.

Dillon meanwhile, was miraculously unarmed and could be seen flexing his muscles and pouting for the cameras soon afterwards.

Nobody involved however, has been reported to have any serious injuries.

The pileup did though, cause the race to be cancelled, with Dillon saying that he would have “preferred the opportunity to finish what I had started.”

His team had to remind him that he had no car left, after its engine had been totally removed.

Twitter was soon rife with dramatic images that depicted carnage and mayhem, a stark contrast to what was happening at Wimbledon, where the spectators calmly supped Pimm’s in the setting summer sun.

Former Toyota Exec Julie Hamp Released From Custody

2 weeks ago, we reported that Toyota’s highest ranked female employee, Julie Hamp, had been forced to resign from her job at the brand after she was arrested for allegedly smuggling illegal painkillers into Japan.

We can now happily report that she has been released from custody without charge. Yay!

Sadly, she cannot return to her old job because an unnamed Japanese man has already taken it.


The whole story was a big blow to Toyota’s efforts to diversify, as Hamp’s role was meant to represent how the Japanese brand were forward-thinking and all for equality in the workplace.

Unfortunately, due to her arrest for drug-smuggling, Hamp had to step down just a month after relocating to Tokyo from her home in the U.S.

It is not sure whether Toyota will welcome Hamp back in a reduced role now that she has got off scot-free.

A statement they released after her arrest read: “We are confident … that once the investigation is complete, it will be revealed that there was no intention on Ms. Hamp’s part to violate any law.”

Will Titterington
  • 9th July 2015

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