Anyone here have experience with Planet42?

[SantaMuerte]

Howdy guys

Long story short, I underwent sequestration a few years ago and am still waiting for account liquidation to be completed so it will only be another one to two years before I can start the rehabilitation process.
Since I can't get vehicle finance until rehabilitation is complete the attorneys suggested I go through a rent to own service if I need a new car. I have come across Planet42. Their hellopeter page has a lot of bad reviews but also good reviews. A lot of them I would chalk up to customer stupidity when I read what's going on. Is there anyone here that has gotten a vehicle through them that can elaborate on the experience and how they structure payments? Or can anyone perhaps suggest another trustworthy rent to own service? My budget range that I'm looking at would be a car between R250k to R400k, nothing older than a 2014 model.

I just feel like it's not viable paying for services and such on my old faithful anymore when it's worth like maybe 50K if I sell it so I do want to get another car in the next 6 months or so.

 

[souljazk]

My 2c:

1. 250-400k is a decent bit of cash.... If you were sequested, I'd get into the bare minumum of debt, judging by the definaition of sequestration.
1.1 I'm sure a Polo or Corolla for 80-120k would do just fine, unless I'm missing something.

2. I assume you're now classified as high risk? So in theory a rent-to-own solution, would have to take that risk into account, which will obv translate to a higher overall cost of the loan.

2.1 This higher cost would assumidly exclude your service, insurance and running costs, which will directly affect your monthly cashflow.

3. What is your liquid $ situatiion like? I'd keep the current car and save up atleast 50-100k in cash / investments to help get you out of unexpected issues, which I assume is part of what got you into sequestration initially?

All the best

 

[SantaMuerte]

And as if on queue, my car broke down today. Was sitting in traffic and there's a loud bang. I notice the car's temps rising. Park off at the garage to check water. Water pisses right through as you pour it in. Age of the car starting to show. Luckily it doesn't look like there's any damage to the motor or radiator. Seems to just be the water pipe and container holding the water that exploded. Awaiting full inspection and report from the mechanic.

1.1 I'm sure a Polo or Corolla for 80-120k would do just fine, unless I'm missing something.

Some might call me a spoiled brat or whatever, but that's just not me. It's not my style. I'm only 33 and want to enjoy my life and drive a sports car while I can. You won't catch me dead going from a BMW back to something like that unless I really had no choice.

2. I assume you're now classified as high risk? So in theory a rent-to-own solution, would have to take that risk into account, which will obv translate to a higher overall cost of the loan.

This would probably be correct. They do not outline any rates on their website which is why I made this post, hoping someone may have had experience with this and could advise on what interest I would realistically be looking at, or if there was an alternative. I found a place called Clear Future which are sequestration attorneys that offer a rent to own service like this since I made the post, but can't find much on them so I am doubting their legitimacy. Thought about it more over the last few days. See last paragraph.

2.1 This higher cost would assumidly exclude your service, insurance and running costs, which will directly affect your monthly cashflow.

Also correct.

3. What is your liquid $ situatiion like? I'd keep the current car and save up atleast 50-100k in cash / investments to help get you out of unexpected issues, which I assume is part of what got you into sequestration initially?

My situation is a lot better than at the time of sequestration. Back then I had no choice. I was earning well for my age, but I was also living according to that income, so I had large spending habits with credit cards almost maxed at high limits. I lost my job pre-covid and was stranded in a sector where there was a decline in hiring, especially at what my earnings bracket was. I took what I had and underwent sequestration to avoid everything I worked my arse off to get from being taken away.

I am in a position where I can easily put 10 - 15K a month into a savings account from March next year and still live comfortable with the rest I have. If I was not sequestrated I could have gotten finance for a car well above the R350K mark. I just don't see the need to spend more than R400K max. I'm a brat, but not that big of a brat where I must have an M3.

I might just take 30K or so and put it into my current car just to get her purring like she used to and then save up for 2 years and go buy a car cash. Might just be the best option in the end. No getting screwed with interest and no need to finance something. When my sequestration is finally lifted I'll probably opt to keep debt to a minimum and just build a credit record again with small stuff to the point where I can go the home load route to buy a house.

 

[TheJudge]

Have you considered a Suzuki Swift?

 

[SantaMuerte]

Have you considered a Suzuki Swift?

I would never xD

Not to mention that car will fall into the first pothole it sees here in Margate. We have holes so big I've seen cherry SUV's fall into them xD

 

[Rickster]

Man...if only i had R400k to spend on a car.

 

[fmn716]

Hi to be honest, you better off saving a bit and sticking it out the interest rates and monthly payments for a car in that range will probably be 20-25k monthly.

I can honestly tell you that even after a rehabilitation to get you back where you will need to be you will need to consider:
*No open creditors before sequestration
*the rehab judgement will only fall away after 5 years
*you will need to build up your credit record again
*you will struggle to get vehicle finance even after a year of a clean record with a rehab order.

Best is to stick it out and save up you will save so much money

 

[Fluke]

Some might call me a spoiled brat or whatever, but that's just not me. It's not my style. I'm only 33 and want to enjoy my life and drive a sports car while I can. You won't catch me dead going from a BMW back to something like that unless I really had no choice.

If you want to drive a sports car, why not buy/rent/lease/own one instead of a mid-range BMW sedan? Plus the argument about potholes is just trying to justify your reasoning.

 

[Deago999]

Some might call me a spoiled brat or whatever, but that's just not me. It's not my style. I'm only 33 and want to enjoy my life and drive a sports car while I can. You won't catch me dead going from a BMW back to something like that unless I really had no choice

I'm going to try and be as civil as possible replying to this.

You absolutely right - this is 100% unadulterated unambiguous spoiled brat mentality.

I sincerely hope there were a few corolla and polo drivers that slowed down just to wave at you as they went by your broken down BMW.

Are you so shallow that you feel you need a BMW to impress people and do 200 on the highway to prop up your apparent fragile image?

The potholes thing is nonsense... there are people driving polos, corollas and Swifts in your area who cope just fine... imagine steering to avoid them.

It might be a bit unfair to take personal potshots but I hate to break it to you but your "unless I really have no choice" scenario now.. you in it... you have 0 working car and 0 lines of credit. This is the no choice zone.

I really think you need to reassess.

 

[SantaMuerte]

Hi to be honest, you better off saving a bit and sticking it out the interest rates and monthly payments for a car in that range will probably be 20-25k monthly.

I can honestly tell you that even after a rehabilitation to get you back where you will need to be you will need to consider:
*No open creditors before sequestration
*the rehab judgement will only fall away after 5 years
*you will need to build up your credit record again
*you will struggle to get vehicle finance even after a year of a clean record with a rehab order.

Best is to stick it out and save up you will save so much money

This is the approach I decided to go with yeah. I'm going to save up and buy cash. Rent to own is more of a scam than anything else. You'll pay for more than what a car is worth going that route.

My car is fixed now. It was just a few things that went with age which I should have expected. For a BMW the bill wasn't even that bad. It was less than what I initially expected. I was told by the mechanics that the car is actually in great shape for a 2003 model and still sounds perfect. Just need to do a regular service next month and she is good as gold again.

 

[SantaMuerte]

Man...if only i had R400k to spend on a car.

Hmmmm there are better and newer options like the 2016 / 2017 M235i in the same price range. Couple of 2016 C250 AMG's etc.
Or for a bit more comfort and a little less speed 2016 A5's and A6's for R250K - R280K.

I would even settle for a 2015 / 2016 520D which you can also pick up in the low R200K mark these days.

 

[SantaMuerte]

I'm going to try and be as civil as possible replying to this.

You absolutely right - this is 100% unadulterated unambiguous spoiled brat mentality.

I sincerely hope there were a few corolla and polo drivers that slowed down just to wave at you as they went by your broken down BMW.

Are you so shallow that you feel you need a BMW to impress people and do 200 on the highway to prop up your apparent fragile image?

The potholes thing is nonsense... there are people driving polos, corollas and Swifts in your area who cope just fine... imagine steering to avoid them.

It might be a bit unfair to take personal potshots but I hate to break it to you but your "unless I really have no choice" scenario now.. you in it... you have 0 working car and 0 lines of credit. This is the no choice zone.

I really think you need to reassess.

Let me be blunt, but civil.

I sincerely hope there were a few corolla and polo drivers that slowed down just to wave at you as they went by your broken down BMW.

They did not, because in coastal towns you will actually find that people in general are more civil compared to down there in the big cities and offer assistance instead of being dicks xD

Are you so shallow that you feel you need a BMW to impress people and do 200 on the highway to prop up your apparent fragile image?

I don't need to impress anyone. Everything I do or buy is for me. I don't give a damn what other people think of me or my "image". I don't have an "image" to uphold. I buy what I like or want because I work my arse off to be able to afford them and enjoy them while I still can. When you already survived a heart attack at age 31 you realize that life is for living and to enjoy it while you have the time to do so. After that cardiac event I have had plenty of time to reassess life and the purpose thereof. Money ain't going to the grave with you and if you don't have dependents relying on you what's the point of not spending it if you can afford to.

It might be a bit unfair to take personal potshots but I hate to break it to you but your "unless I really have no choice" scenario now.. you in it... you have 0 working car and 0 lines of credit. This is the no choice zone.

Yeah no sorry bud but that scenario ain't even close to being in the vicinity right now. As stated above, car is fixed with a bill that was quite low and inspection revealed the car is actually in great shape.

 

[Fluke]

I mean, for someone who states they don't care what others think - you do actually seem to.

 

[SantaMuerte]

I mean, for someone who states they don't care what others think - you do actually seem to.

Oh please provide me with your qualified psychological analysis for this. I am dying to hear how you could draw this conclusion when you know absolutely nothing about me as a person or my comings and goings or the friends I hang out with that I need to "impress" or seem to care what they think

 

[mikewazar]

You at 33 sound like me at 23. Hope things improve and you make sound, informed, sustainable decisions so at 43 you’ll be in a place where you don’t need to be asking randoms on a forum for advice.

If I ever heard from one of my clients that they were asking these questions on public forums I would advise against ever listening to anyone besides someone charged with a fiduciary obligation towards their personal wellbeing.

 

[TRINITRON]

When my sequestration is finally lifted I'll probably opt to keep debt to a minimum and just build a credit record again with small stuff to the point where I can go the home load route to buy a house.

Wait, so you haven"t purchased any property yet?

Were you using your cc on just tech toys, clothes etc?

 

[TRINITRON]

I buy what I like or want because I work my arse off to be able to afford them and enjoy them while I still can.

But how were you at risk of losing your items if you bought them?

Were they not paid off?
Were you not clearing your cc monthly?

After you lost your job surely your only real expenses should have been rent and food? Both of which could have been solved if you went back home (assuming your parents and their house were still around)

And then resolved fairly easily when you got the new job, even if it paid less...

 

[SantaMuerte]

But how were you at risk of losing your items if you bought them?

Were they not paid off?
Were you not clearing your cc monthly?

After you lost your job surely your only real expenses should have been rent and food? Both of which could have been solved if you went back home (assuming your parents and their house were still around)

And then resolved fairly easily when you got the new job, even if it paid less...

Again, it goes back to the previous uninformed clown I quoted and asked for his qualified psychological analysis. It must be nice to make remarks and draw conclusions when standing on the outside looking in and you have no idea what's going on behind closed doors?

One parent passed away and the other was out of the country with whom I had no relationship at all if you must know.

Think I made thousands of rands in credit card purchases to wear expensive designer clothes for my "fragile image"? Think again. Sure, some of the stuff on my credit cards were tech, but a small percentage thereof. Where that money went isn't your or anyone else's business for that matter. It was used for the greater good and not even on myself.

You also appear to have absolutely zero understanding of what sequestration means or the implications of not doing it and simply waiting for creditors to send the sheriff to attach your goods. Whatever you own is up for grabs when creditors come after you. It doesn't matter whether you bought it all in cash or even if you received whatever you have for free. If you have property or are paying off property when you sequestrate it forms part of the estate and gets sold to pay creditors.

 

[mikewazar]

Again, it goes back to the previous uninformed clown I quoted and asked for his qualified psychological analysis. It must be nice to make remarks and draw conclusions when standing on the outside looking in and you have no idea what's going on behind closed doors?

One parent passed away and the other was out of the country with whom I had no relationship at all if you must know.

Think I made thousands of rands in credit card purchases to wear expensive designer clothes for my "fragile image"? Think again. Sure, some of the stuff on my credit cards were tech, but a small percentage thereof. Where that money went isn't your or anyone else's business for that matter. It was used for the greater good and not even on myself.

You also appear to have absolutely zero understanding of what sequestration means or the implications of not doing it and simply waiting for creditors to send the sheriff to attach your goods. Whatever you own is up for grabs when creditors come after you. It doesn't matter whether you bought it all in cash or even if you received whatever you have for free. If you have property or are paying off property when you sequestrate it forms part of the estate and gets sold to pay creditors.

Looking at your Carb profile (threads and replies) shows reckless spending habits.

Some even mentioned in your own posts in this thread:

I was earning well for my age, but I was also living according to that income, so I had large spending habits with credit cards almost maxed at high limits. I lost my job pre-covid

The past is the past, you have a second chance to do things differently. Don’t waste it.

 

[mikewazar]

You also appear to have absolutely zero understanding of what sequestration means or the implications of not doing it and simply waiting for creditors to send the sheriff to attach your goods. Whatever you own is up for grabs when creditors come after you. It doesn't matter whether you bought it all in cash or even if you received whatever you have for free. If you have property or are paying off property when you sequestrate it forms part of the estate and gets sold to pay creditors.

In simple terms, you could not service debt you built up and it put you into a spot where you have been given a chance to start over.

Everyone here is just trying to communicate to you that given such a chance and immediately running to wanting a car you cannot afford [hyper fixation] is unwise. Look at your financial position from a broader point of view and perhaps realise the car you drive might not be the first thing to put your attention into.

I have no doubt that you’ll eventually be in a position to buy whatever car matches your style, but to get there, plan realistically, invest into productive assets, and let the car be the prize you get for turning a bad situation around at the end.

 

[AinsleyHarriott]

Bro is dumb

 

[TheJudge]

In simple terms, you could not service debt you built up and it put you into a spot where you have been given a chance to start over.

Everyone here is just trying to communicate to you that given such a chance and immediately running to wanting a car you cannot afford [hyper fixation] is unwise. Look at your financial position from a broader point of view and perhaps realise the car you drive might not be the first thing to put your attention into.

I have no doubt that you’ll eventually be in a position to buy whatever car matches your style, but to get there, plan realistically, invest into productive assets, and let the car be the prize you get for turning a bad situation around at the end.

Must admit I avoid debt like the plague. I get that loans have their place and can even lead to profit if used sensibly in some sectors but there's a reason I have a shitty old Polo. Costs minimal and I just don't spend enough time in it to warrant any kind of quality of life expenditure that would translate into some or other gain for me.

The wife we got a new car but because she drives far and safety is important in that scenario. I don't generally need to go above 60 (when I'm not at home or in an office) so am far less likely to need to rely on advanced safety.

Next big expenditure will be two new couches (the boys have destroyed ours) and new mattresses for the boys.

[insert 'alright grandpa it's time for bed' here]

 

[SantaMuerte]

In simple terms, you could not service debt you built up and it put you into a spot where you have been given a chance to start over.

Everyone here is just trying to communicate to you that given such a chance and immediately running to wanting a car you cannot afford [hyper fixation] is unwise. Look at your financial position from a broader point of view and perhaps realise the car you drive might not be the first thing to put your attention into.

I have no doubt that you’ll eventually be in a position to buy whatever car matches your style, but to get there, plan realistically, invest into productive assets, and let the car be the prize you get for turning a bad situation around at the end.

Let me just clarify. I am financially stable and can more than afford to drive a R400K car. Far more in fact. That is not the problem. The problem is waiting for the sequestration period to lapse in order to rehabilitate through an attorney to be able to finance traditionally again, hence looking into rent to own.

I was simply curious about wanting to know if anyone went this route and what their experience was and somehow it turned into a slugfest about how I'm all about image.

Whether I buy a car before a house is my business. Quite frankly I am not ready to buy a house in this country right now and that's my preference. I have no problem with renting and I actually prefer it. It's got absolutely no shits to do with anyone where my priorities lie just like I don't care about yours and it's not my place to lecture you about your priorities. Everyone should do what makes them happy.

And for the conclusion, yes, I wisened up. Rent to own is pretty much a scam and not viable. It makes better financial sense to stick with what I have and save up to buy cash, which I mentioned posts ago I was going to do.

And that is the end of that. Case closed.

 

[mikewazar]

All the best

 

[TheJudge]

Let me just clarify. I am financially stable and can more than afford to drive a R400K car. Far more in fact. That is not the problem. The problem is waiting for the sequestration period to lapse in order to rehabilitate through an attorney to be able to finance traditionally again, hence looking into rent to own.

I was simply curious about wanting to know if anyone went this route and what their experience was and somehow it turned into a slugfest about how I'm all about image.

Whether I buy a car before a house is my business. Quite frankly I am not ready to buy a house in this country right now and that's my preference. I have no problem with renting and I actually prefer it. It's got absolutely no shits to do with anyone where my priorities lie just like I don't care about yours and it's not my place to lecture you about your priorities. Everyone should do what makes them happy.

And for the conclusion, yes, I wisened up. Rent to own is pretty much a scam and not viable. It makes better financial sense to stick with what I have and save up to buy cash, which I mentioned posts ago I was going to do.

And that is the end of that. Case closed.

There are no doubt options in SA to try and get finance to buy vehicles in your situation. I'm not gonna judge.

Only thing I want to add is that you would do well to judge a vehicle by it's value to you and not the book value alone. What I mean is that a cheap vehicle might cost more to maintain than the book value of the vehicle each year. That doesn't make it a bad investment to keep unless you can get a replacement that does the same job and costs less.

Is the time you spend in the vehicle combined with the role it plays in your daily life worth the investment in buying a replacement?

That's upto you. For me it's not but each to their own.

 

[TRINITRON]

You also appear to have absolutely zero understanding of what sequestration means or the implications of not doing it and simply waiting for creditors to send the sheriff to attach your goods. Whatever you own is up for grabs when creditors come after you. It doesn't matter whether you bought it all in cash or even if you received whatever you have for free. If you have property or are paying off property when you sequestrate it forms part of the estate and gets sold to pay creditors.

And now you yourself have made the assumption that I don't know what sequestration is...

My point was more in not having creditors that could attach your assets but I see you missed that part.
As most people live their lives never reaching that stage...

Anyways I'm sorry about the situation you caused, I do know that for many others its not so simple or straightforward and could be due to other underlying issues.

I am off the belief that most people would be much better off with CCs, but yes I should not generalise...

 

[TRINITRON]

Let me just clarify. I am financially stable and can more than afford to drive a R400K car. Far more in fact. That is not the problem.
It makes better financial sense to stick with what I have and save up to buy cash, which I mentioned posts ago I was going to do.

So you can't afford to buy the 400k car in cash right now?

Seems you and I have vastly different interpretations of financially stable...

There is a reason there is that popular saying about not getting something you cant afford to pay off in full... (if you ever need to)

But you are right, this is completely unrelated to what you were asking about. I just think the comments about not being able to go to a different brand after driving a BMW and then the comments about that 2014, 138k mileage car which happened to be a BMW was a bit asinine. And honestly I don't really understand your obsession with BMW cars or rather sports cars... In my experience BMW's lose their value the fastest, but I guess less so when you buying models older than 5 yrs

 

[Fluke]

What model of BMW do you have out of interest? I assume it's either an E39, E46 or E60 of some kind?




Also, I tried to find out and came across this. Hmmm.

 

[SantaMuerte]

What model of BMW do you have out of interest? I assume it's either an E39, E46 or E60 of some kind?




Also, I tried to find out and came across this. Hmmm.

It's an E46.

Stalker much? Is your life so boring that you have to be obsessed with the tedious minutia of mine?

So what is your point? The R300K on tech was the small portion. I had much larger debt than that. Like I said, I was living within a means I could afford. Nobody's business what I was earning at that point and nobody's business what I'm earning now.

 

[Fluke]

320i, 330i, what model? There's lots to check on a 20 year old car (sadly, I know) that might not seem obvious right now.