Lenders like Alpha instead finance a vehicle under our name for the duration of the contract term. Then at the end of the term, the customer can transfer the car into his or her name, upgrade into a newer model, or move on to something else. In a way, it is like a long-term hire.
Is Alpha finance legit?
Alpha Financial Group Is a SCAM, they operate fraudulently.
They stopped contact, I could see my account which now appears like a virtual account.
How do I qualify for car finance?
You will need to supply a certified copy of your Identity Document / Passport. You will also need to provide proof of income and proof of address. If you are self-employed you will need to supply a few months’ worth of bank statements to prove your income.
Is alphera finance part of BMW?
ALPHERA Financial Services is unlike other car finance providers. As part of the BMW Group, we’re a motor company, not a bank. So our products and services are always developed specifically for vehicles, drivers and the motor trade, and nothing else.
What is Alpha car finance? – Related Questions
How do you get a settlement figure from alphera?
You can obtain a settlement figure by logging into your MyALPHERA Finance account or calling our Customer Service Centre on 0370 5050 125. Depending on your agreement type, you might be able to withdraw from your finance agreement within 14 days of signing, by paying back the balance financed, plus any interest.
How do I contact alphera finance?
If you can’t find the answer to your question, or if you’d like further information on any aspect of your ALPHERA agreement, you can contact our Customer Service team on 0370 5050 125. We’re on hand to take your call between Monday to Friday 8.00am to 7.00pm, Saturday 9.00am to 5.00pm.
How do I pay my alphera finance?
How can I make payments on my agreement?
- Direct Debit: Please contact us on 0370 5050 125 and request a Direct Debit Mandate Form.
- Bank transfer: Please call us on 0370 5050 125 and we will provide you with the correct bank details to set up the transfer.
How do I change my address in alphera finance?
How do I update my personal details? If you’ve changed your name or moved house, please let us know so that we can keep your records up to date. Simply give us a call on 0370 5050 125 with your agreement number to hand, or notify us through the online contact form.
What happens if you have an accident in a car on finance?
In short, if you crash a car on finance, you’ll need to go through your insurance company to cover the cost of repairs. This means you’ll also need to pay any policy excess if the claim is being made on your policy – for instance, if you were deemed at fault for the accident.
Can you change the name on a car finance agreement?
Unfortunately, you can’t simply change names on a car finance agreement. Every loan is tailored to the borrower’s individual circumstances and, as someone else’s circumstances will be different, they can’t be easily transferred.
Who legally owns a car on finance?
The finance provider will be the legal owner until the end of the agreement. Lease Purchase works in a similar manner, however you are not obligated to purchase the car at the end of the agreement. Instead you will have an option to pay a lump sum and complete the deal.
Can I return my car on finance?
Returning the car
If you’ve already paid half the cost of the car or make up the difference between what you’ve already paid and half of the car’s cost, you have the right to return the car to the finance provider under the Consumer Credit Act 1974. This is called ‘voluntary termination’.
Can I trade in my financed car for a new one?
Yes, you can trade in a financed car, but the balance of your loan doesn’t just disappear when you do so — it still has to be paid off. In most cases, the loan balance should be covered by the trade-in value of the vehicle, but that will depend on a variety of factors, including condition and age.
Can I transfer my car loan to a family member?
“When you transfer a car loan to another person, you are essentially selling the car, and the process is very similar to a car sale. Put simply, the person taking ownership of the car will have to refinance the car, get it registered, and obtain car insurance in their name.
Can you change the name on a loan?
Name changes or corrections are acceptable on loan accounts if due to misspelling, incorrect setup of the account, or certain legal conditions. Borrowers may fax or mail documentation to request a Name Change or Correction on a Loan Account.
How do I take my name off a car loan?
To remove your name from a car loan, there are really only three paths to take – refinance, sell the car, or pay off the loan. Even if you’re divorced from your co-borrower and don’t drive the car anymore, you could still be held responsible for the loan unless you officially remove your name from the title.
Can I refinance my wife’s car loan?
While refinancing a car loan can remove a cosigner or co-borrower, you can’t refinance the car in someone else’s name and remove your name from the title. This can only be done by selling the vehicle.
Does selling a financed car hurt your credit?
Sell the vehicle.
If your car is worth as much as or close to the balance on your account, selling it could enable you to pay off the loan without harming your credit.
Can I sell my car loan to someone else?
A straight sale is generally a simpler alternative to car loan transfer. The buyer applies for a loan of their own, and you use a portion of the money they give you to pay off your lender. After you transfer the payoff amount to your lender, they release your title, which you then transfer to the buyer.
How do you buy a car that is not paid off?
Here are the details of each option for buying a used car that hasn’t been paid off:
- Ask the Seller to Pay Off the Car Loan.
- Go With the Seller to Pay Off the Lien.
- Set Up an Escrow Account for the Vehicle.
- Get a Loan to Pay the Lien.
- Have a Dealer Broker the Automobile Sale.
- Buy a Certified Pre-Owned Vehicle.