I messed up car finance

Vaad

Everything was going so well

I Took out car finance on a new car at the time everything was fine. now its 3 weeks later and my life is going to hell.

I can't afford the car / insurance and I have no idea what I can do about it. I just went to phone Finance company ( Blackhorse ) but they were shut. Anyone know what I can do ?

I Can't sell the car because its go money owing on it.
The Agreement form says i have no right to cancel this policy.

I am not a home owner I am still living with parents. ( I am 23 with 20k worth of debt )

Please help me

jonesMUFCforever

As a new poster I'll give you the benefit of the doubt but the story has troll likeness.
Perhaps you you could put some meat on the bone of your story - if you had debt why did you buy the car? What made you think everything was going so well?

Have you made enquiries anywhere to see its market value now - if so what is the difference between this figure and what you owe.
Where did you sign the credit agreement?
Is there any anything in the agreement about cancellation or early settlement??
Please post back with more information.

Vaad

At the time I could afford the car. But things have happened with work ... well now i just cant afford it and i want out before i get into deep.

The agreement says that after i have paid off 10k they will take the car back as final payment keeping in mind of condition of car.

The market value of the car is about 13.5k to sell private and 15k via dealer and I owe 20k

Do you think if i rang them told them I could not afford the car that they would take it back and let me pay the remainder off monthly spreading that over the 5 years?

shellnapier

how the heck.... did u tak out 20k finance on a car 3 weeks ago and its drop 6.5?????

shellnapier

and if it was 3 weeks ago, u wont even had made a payment yet... as they normal take 6 weeks first one and its double., so dont you have some kinddof cooling fof perido

darich

shellnapier wrote: »

how the heck.... did u tak out 20k finance on a car 3 weeks ago and its drop 6.5?????

I wouldn't be surprised if you bougtht a new car for 20k and tried to trade it in a month later only to be offered 13,5k. Dealer then sells it on again for around 15k making a nice profit on both sales.
But i've read the post as the op already had debt and the car simply added to it rather than actually be the debt. I may have read it wrong though.

shellnapier

i know car dealers, got one in my family acuttly and i know how cars drop..... my car has drop 4k in a year.... n were 1500 neg n finance but i would enevr ahv thought that.... im sure if he ahsnt payed first payment there must be something in terms n condtions

iolanthe07

i want out before i get into deep.

You already are in deep, sunshine. Pleading with the finance company seems your best bet, as they have clearly been just as irresponsible as you in creating this mess.

Robert_Sterling_3

jonesMUFCforever wrote: »

Where did you sign the credit agreement?

Original message edited out.

Vaad

Phone the finance company they said they would take the car away and I will have to pay off at least half of the finance.

they also advised me to phone CCCS ( Credit Advice )

But i was wondering if i do that i will be car less of course.. So my friend came up with an idea of taking the car back to Mazda sit down with them and say look i cant afford the car is there anything you can do. hopefully they will give me 12.5.. 13k in a Part Ex .. Get an early settlement figure from the bank as its only been 3 week hopefully it will be low. And put the diffrence towards another car in the 6-7k Regon. Giving me a total of 10k on car + Intrest from bank.

But this car wouldn't be a high tax , insurance group and a fuel drinker. So i could afford it. Does this sound feezeable ?

jonesMUFCforever

Robert_Sterling wrote: »

Original message edited out.

The reason I ask is that dependent on where the credit agreement was signed the OP may still have time to halt the agreement under a cooling off period if he's quick.