Car HP

Weesimba

Any suggestions would be helpfull on the situation below...

* Have a new car which I have had for 9 months.
* Cost was something around the £13000.
* HP charges meant loan was around the £16300 mark.
* 4 yr loan @ 332.72 per month
* APR is 12.9%
* Loan is with GE Capital Woodchester
* Outstanding Loan £13302 (Edited to answer question below)

Wife is now pregnant :j and don't need such an expense right now and to be honest the "trying to hold on to youth" car!

What is the best option?

Sell the car and take the (looks less now after getting figure) £3000 hit for difference between value and loan?
Phone GE see what they can offer? Anyone dealt with them?
..or take up the shortfall insurance taken up if it accidentally caught fire :eek: Only joking... well for the moment.

Thanks!

exessexmum

Weesimba wrote:

Sell the car and take the £6000 hit for difference between value and loan?
Phone GE see what they can offer? Anyone dealt with them?
..or take up the shortfall insurance taken up if it accidentally caught fire :eek: Only joking... well for the moment.

Thanks!

Do you know how much is outstanding on the loan? What is the repayment figure if you wanted to pay it off? To me it seems foolish to lose £6K, I would be tempted to see how much is outstanding, then to try and either negotiate a cheaper rate or move the finance to somewhere with a better rate. (This is of course assuming that the car will fit a baby and its related stuff (which is an awful lot for such a small person) in. Also try the OS forum for lots of "baby on the cheap" tips.

june1970_2

Have you looked it to what your car would sell for??
Why not go back to the garage you bought the car from and part ex it for something cheaper, my mate did that and i know she only had the car six months but i am not sure who her finance was with.

Weesimba

Would probably be worth around the 10-11K mark optimistically. Will go round to garage after speaking to the "lovely chaps" at GE!

Thanks