need help with car finance i can no longer afford

flava322 wrote: »

where to start!

i joined this site in search of help with my car finance as i can no longer afford it due to change of lifestyle

i bought the car as i was desperate for a new one with mine breaking down i get a phone call to say a dealership has a car waiting in the showrooms for me to come down the next day so i go down and find the car i wanted they gave me the quote in monthly payments all sounds good so far...

i got the gap insurance forget the ipp thats a scam car works out at 7000 which sounded reasonable getting to the end it turns out that the broker is welcome finance who i wanted to stay far far away from as i kno theyre not good but ive already signed most the paperwork..got my final quote which turned out to be 13000!!! dont ask me why but as i was desperate i went thru with it BIG mistake

i can no longer afford the car after having it for 6 months and my road tax is coming up this month i really dont want to have the car for the end of the month what is the best way to go around this..as i have had a few potential buyers but the interest would kill me after the price of the car im stumped!?! what to do?

At first I thought I’m not going to get into this one as it seems such a hopeless case but here’s my opinion; They have had you for breakfast by the looks of things, and you don’t say what you have bought, but if I’m reading it right and the car started off at £7,000 and you ended up paying £13,000? (maybe that’s the total cost of finance?) anyway who knows what they ended up selling you and at what interest, whatever you do is going to be painful, the only way around it depending on the repayments is to trade right down and hopefully find a friendly dealer who could help you out of this car and into something cheaper and more economical, failing that you could sell it and re-negotiate the payments but you end up with no car, I don’t want to say it but these stories are happening up and down the country, salespeople are paid to create desire and cajole and baffle, It’s hard to read this because I know I could have worked the whole deal out for you and given you the consequences over the term of loan, but alas it’s way too late for that. Sorry I can’t be of more help. Motto: be prepared and don’t let the heart rule!

and if everything is in order, the best you can probably do is sell the car for the best price possible and try get an agreement with the lender to accept that amount as a lump sum to take off the loan.

Be aware there are some chancers on autotrader. Cars being on there for 6995 does not mean they sell for that price.

Hi i have read your dilemma, i have been in similiar sitations in the past, my eyes too big for my purse!lol.

Any how i presume the finance term is over 4 years??(2 yrs payments and 2 years interest), the last post about handing the car back and owe nothing is not applicable in your situation as you have only had the car for 6 mths. This is called a voluntary termination or T.A. to the credit companies, which you are able to do HALF WAY through your finance agreement, ie after 2 years if you have a 4 year finance deal or after you have paid for HALF of the car.

You also as i understand cannot sell the car until you have settled finance, as technically it is not your to sell as you have not paid for it!

Your best bet is First - get a settlement figure for your car from the finance company, usually has to be sent in the post so you know where you stand.

have you told the finance company about your change in circumstances - they may be able to help, possibly extending the term of finance to lower mthly payments (but will increase amount of interest paid in end), a payment holiday allowed??

the other option in dont pay, knacker up your credit file and let the finance company reposses your car.

Or try and keep up the payments until you can voluntary terminate.
Hope this helps!