U Can Car Credit

debsnglynn

got a car through them in november 2007 the car they sold me was a vauxhall astra 2005 model,

the price was £8300.00 they got me finance from a company called marsh finance.

the contract looks like this



Amoint of credit £8200.00 term 60 months

total amount payable 15776.80 APR 33.2%

59 installments of £259.78

final installment £348.78


Total cash price £8300

Deposit cash £100.00 Trade in £00.00 (Yet i traded my old car in and they said it was £1000.00 minimum. I did not pay a deposit)

Interest £7161.80
Doocument fee £225.00
Option to purchase fee £90.00(DONT KNOW WHAT THIS MEANS)
Total charge for credit £7476.80



anyway i need a seven seater now so caontacted the company who financed the car and they said the settlement figure was £7000.00
so i valued the car and it was £3000.

£4000 left to pay so they cant help me.

i asked them if i can mutually terminate the agreement as i am thinking of leasing a car,

they said i can mutuall terminate and hand back the car but i have to pay £3072.36

and i have paid to date £4816.04


Help!!!

debsnglynn

i feel i have been ripped off is there anything i can do?

Emmzi

debsnglynn wrote: »

i feel i have been ripped off is there anything i can do?

33% APR is high but not illegal.

No, I do not think there is anything you can do.

Malky

Nothing you can do I'm afraid. If you thought you were getting ripped off, you must have had an inkling at the time?
To take out a loan that pays back nearly £16K on an £8K car to start with was putting you in negative equity the second you signed the agreement.
The value of your car was, unfortunately, only heading in one direction and you don't need me to tell you which way that is.

PNPSUKNET

Thats a similar type of company that carshaft deals with, they seem to rip a lot off

wagonlad

Hi debsnglynn,

Im now in a simular situation with marsh, have you had any luck ?

Thanks

nomoneytoday

IMHO, until the 60 months are up, you would either have to clear the debt or move the negative equity onto the next car (not a good idea) to cover it.

Alternatively, is it a regulated HP agreement? If so, and you have paid half you may be able to VT the car, depending on the wording in your agreement.

wagonlad

Hi "debsnglynn"

As "nomoneytoday" says VT is the magic phrase, since my last post on here I started a post entitled Default (have a look) and someone mentioned VT (volantery termination). When I mentioned this to marsh today they changed (i found out a something they did not want me to know). You need to be half way through your term for this to count.
For me I have one month till half term then i can hand the car back and owe them nowt, it is possable to do this before half term but you need to pay the equivelant to half term payments plus admin fee (they gave me this info)
So from this morning when I would need to pay them £7500 to get out of the contract I now owe them nothing.
Hope this helps.

Marc