Brexit and Credit

15 posts in this topic

Good afternoon, 

 

This is my first real post here so please take it easy! Unfortunately I'm British I would quite like to stay in Germany. I'm currently looking at financing a new car, is it wise to attempt this?

 

I still don't know what's happening, from what I read I think I'll be able to apply for residency and it's as easy as that. Can anyone shed any light? 

 

Thanks in advance 

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If you want or need credit what's the problem in applying?  I don't know many British ex-pats here, but one I do know financed a car in July with no problem.

  

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43 minutes ago, GregHem said:

Good afternoon, 

 

This is my first real post here so please take it easy! Unfortunately I'm British I would quite like to stay in Germany. I'm currently looking at financing a new car, is it wise to attempt this?

 

I still don't know what's happening, from what I read I think I'll be able to apply for residency and it's as easy as that. Can anyone shed any light? 

 

Thanks in advance 

 

I'm not sure either, I received letters from the kreisverwaltungsreferat just prior to 31-3-2019 and 31-10-2019 basically saying they would contact me again regarding what I needed to do once the brexit deal and arrangements were clear but I have had nothing recently.:unsure:

If you have an established bank account and regular income  it should not be a problem applying for credit.

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1 hour ago, GregHem said:

Good afternoon, 

 

This is my first real post here so please take it easy! Unfortunately I'm British I would quite like to stay in Germany. I'm currently looking at financing a new car, is it wise to attempt this?

 

I still don't know what's happening, from what I read I think I'll be able to apply for residency and it's as easy as that. Can anyone shed any light? 

 

Thanks in advance 

Have you already registered( Anmeldung) in Germany, have a job, health insurance etc?

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1 hour ago, GregHem said:

Good afternoon, 

 

This is my first real post here so please take it easy! Unfortunately I'm British I would quite like to stay in Germany. I'm currently looking at financing a new car, is it wise to attempt this?

 

I still don't know what's happening, from what I read I think I'll be able to apply for residency and it's as easy as that. Can anyone shed any light? 

 

Thanks in advance 

 

If they ask any questions just point them in the direction of the 600 page withdrawal agreement.

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Thank you for the replies, the problem is not so much actually getting credit, despite car salesmen presuming that I'm on holiday and do not live here. 

 

The issue is more if/when I take out a 3 year finance, and there's some kind of hard brexit or Boris makes a mess of it, where would I stand if I have to leave the country.

 

No car but still paying finance etc, potential to be a very difficult situation. 

 

(I have a full time open contract job with health insurance etc etc) 

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If you are legally in Germany, registered, pay health insurance, have a job etc. then why would the German government kick you out just because of a hard brexit?

 

If you are not breaking any laws, you are paying taxes to the government, and you are a good citizen then there is nothing to worry about. 

Yes your status is still a bit in limbo because of the situation but the German government and the local authorities are aware of the situation and have said that people will be given time to get the appropriate residency papers.

 

If however you do decide to leave the country and you still have credit then you have to pay it off.  If you leave then it is likely that you will sell the car anyway so that helps, and then you have to find any difference and pay it completely or continue to pay the monthly amounts until the payments are done.  That is no different than if you today decide to move to Spain, France, USA or anywhere else.  You need to finalise your situation before leaving.

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1 hour ago, GregHem said:

 

The issue is more if/when I take out a 3 year finance, and there's some kind of hard brexit or Boris makes a mess of it, where would I stand if I have to leave the country.

 

 

 

You do not really have long to wait.

 

The withdrawal agreement should gain Royal assent on Thursday (making it official law in the UK).

 

Then on the 29th January the EU Parliament will vote on the Withdrawal agreement making it an official treaty (assuming it passes) between the UK and the EU.

 

Do you need your car credit now or can you wait til the 29th January?

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1 hour ago, dj_jay_smith said:

If you are legally in Germany, registered, pay health insurance, have a job etc. then why would the German government kick you out just because of a hard brexit?

 

Yeah, they don't kick us Americans out and we left in 1776.

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RenegadeFurther, it can of course, I'm just skeptical whether it will become any more clear by then, we've had 3 years of uncertainty and now there's 'information' but it's still all up in the air. 

 

Ideally come the 31st it will be black and white, I know there's this transition period however I just feel this will drag on further and further. 

 

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38 minutes ago, GregHem said:

RenegadeFurther, it can of course, I'm just skeptical whether it will become any more clear by then, we've had 3 years of uncertainty and now there's 'information' but it's still all up in the air. 

 

Ideally come the 31st it will be black and white, I know there's this transition period however I just feel this will drag on further and further. 

 

 

Citizens rights are in the withdrawal agreement.

 

The transition period is for a trade deal.

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In addition to above.

 

Any type of credit application that is automated / online will probably have algorithms applied. Nobody really knows what algorithms are applied to credit decision making, but a field usually asked about is identity and therefore nationality. So...

 

Given that even general financial markets constantly take a beating due to the highs and lows of brexit uncertainty, it would not be out of the realms of possibility that a Brit in EU / or an EU 27 in UK (and the brexit consequences / risk assessments attached) *might* get flagged as such in whatever secret algorithms are used to make automated credit decisions post-brexit.

 

I did all my new contracts / financial arrangements / insurance renewals this side of brexit - just to be on the safe side.

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I think now there will be no problem.The problem was the uncertainty over if it would be a hard Brexit.

It`s all well and good to say they wouldn`t kick someone out who paid taxes has been here so many years etc but I don`t think finance companies thought of it like that because of all the uncertainty there was alway the chance Germany would kick you out but that`s no more a threat.

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I heard that if we goto a no-deal, that between 2 and 3 am, in the winter time ( of course ), you will hear a knock on the door - you will be taken to an old wooden train, without heading  or seats, the train will  take you to Dover free-of -charge ( no water or food) and dumb you there.

 

Course, the person who said it to me could have been joking

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7 minutes ago, yesterday said:

I heard that if we goto a no-deal, that between 2 and 3 am, in the winter time ( of course ), you will hear a knock on the door - you will be taken to an old wooden train, without heading  or seats, the train will  take you to Dover free-of -charge ( no water or food) and dump you there.

 

That's all correct but first they will give you Gonorrhea. 

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